Mahindra Trucks & Buses Sees 14% Sales Growth in October

Mahindra & Mahindra’s Trucks and Buses division has reported a strong performance in October 2025, achieving a 14% year-on-year growth in sales. The combined business, which includes the Mahindra Trucks & Buses Division (MTBD) and SML Mahindra Limited, sold a total of 2,034 vehicles during the month, up from 1,791 units sold in October 2025.

The surge comes as festive season demand and the government’s recent reduction in the Goods and Services Tax (GST) provided a much-needed boost to the commercial vehicle (CV) market. The company’s performance marks a notable recovery from September, when sales dipped by 8% to 1,904 units amid cautious buying ahead of the GST 2.0 rollout.

The revised GST rate, effective September 22, 2025, lowered taxes on trucks, buses, and ambulances from 28% to 18%. This policy change, coupled with the festive buying sentiment, helped stimulate demand across both cargo and passenger segments.

Cargo and passenger vehicles show robust trends

In October, cargo vehicles led the momentum with 1,255 units sold — an 8% increase from the 1,163 units sold a year ago. Passenger vehicles, meanwhile, posted even stronger gains, rising 24% to 779 units compared to 628 units in the same period last year.

While MTBD reported a slight 2% dip in total sales at 975 units, SML Mahindra recorded a solid rebound, with sales jumping 32% to 1,059 units. Within MTBD, cargo sales fell 3% to 748 units, but passenger vehicles grew 3% to 227 units. For SML Mahindra, cargo sales rose 29% to 507 units, while passenger vehicle sales surged 36% to 552 units.

Steady growth in year-to-date sales

Between April and October 2025, the combined Trucks and Buses business sold 16,622 vehicles, up 6% from 15,667 units during the same period last year. Cargo vehicles showed a healthy 13% year-to-date growth, reaching 8,139 units, while passenger vehicles remained steady at 8,483 units.

Outlook and industry sentiment

Vinod Sahay, Executive Chairman of SML and President of Aerospace, Defence, Trucks, Buses, and Construction Equipment at Mahindra & Mahindra, credited the sales uptick to strong festival demand and the GST relief. He, however, cautioned that the heavy commercial vehicle segment still faces headwinds, even as the intermediate and light commercial vehicle markets show signs of gradual recovery.

Analysts believe that the GST reform, combined with improved liquidity and infrastructure demand, could help sustain the positive momentum in the coming months.

Mahindra Group, founded in 1945, operates across more than 100 countries and employs over 3.2 lakh people globally. The conglomerate continues to hold leadership positions in sectors including farm equipment, utility vehicles, IT, and financial services, and remains the world’s largest tractor manufacturer by volume.