Mahindra Trucks & Buses Sales Surge 13% in February 2026

Mahindra & Mahindra Ltd. Trucks and Buses business reported strong growth in February 2026 with total sales of 3,018 vehicles including exports. This marked a 13 percent year-on-year increase and reflects positive momentum in India’s commercial vehicle sector. The result covers vehicles above 3.5 tonnes and includes both Mahindra Trucks & Buses Division (MTBD) and SML Mahindra Limited (SML).

The growth was driven by gains across cargo and passenger segments. Cargo vehicles accounted for 1,521 units in February, up 12 percent from 1,364 units in February 2025. Passenger vehicles including buses rose 15 percent to 1,497 units from 1,307 units during the same period last year. Year-to-date sales through February in FY2026 reached 27,197 units, up 16 percent from 23,530 units in FY2025, showing sustained demand in the commercial vehicle segment.

Segment-Wise Performance

MTBD Performance

Within MTBD, February sales reached 1,515 units, a 10 percent rise from 1,383 units in February 2025. Cargo volumes grew 16 percent to 1,035 units, while passenger vehicle sales declined slightly by 1 percent to 480 units. On a year-to-date basis, MTBD has sold 13,022 units through February 2026, 12 percent higher than the 11,624 units sold during the prior year period.

SML Mahindra Growth

SML Mahindra posted a stronger monthly performance with total sales of 1,503 units, up 17 percent from 1,288 units in February 2025. Passenger vehicle volumes rose 24 percent to 1,017 units, and cargo volumes increased 4 percent to 486 units. SML’s year-to-date sales through February stand at 14,175 units, a 19 percent increase over 11,906 units in FY2025, reflecting strong demand for buses and light trucks.

Factors Driving Growth

• Continued government investment in road and logistics infrastructure
• Accelerated fleet modernisation across commercial segments
• Strong freight activity and replacement cycles in the commercial vehicle market
• Sustained demand across cargo and passenger vehicle segments

Vinod Sahay, Executive Chairman of SML and President for Aerospace, Defence, Trucks, Buses and CE at M&M, attributed the growth to ongoing sector momentum. He noted that the commercial vehicle industry continues to show strong momentum since last quarter, reinforcing confidence in the sector’s trajectory. He also highlighted that while the outlook remains robust, the company remains attentive to external risks such as geopolitical developments and other macroeconomic factors.

Broader M&M Context

The February sales performance is consistent with Mahindra’s wider vehicle portfolio. In January 2026, M&M reported total vehicle sales of 104,309 units across all segments, a 24 percent year-on-year increase. SUV sales reached 63,510 units, up 25 percent, while light commercial vehicle sales below 3.5 tonnes grew 22 percent to 27,656 units. Three-wheeler sales expanded 28 percent to 9,566 units. These figures indicate strong demand across the company’s vehicle categories heading into the final quarter of FY2026.

Industry Landscape

The commercial vehicle segment in India, particularly vehicles above 3.5 tonnes, is closely linked to infrastructure spending, freight activity, and fleet replacement cycles. Government investments in road networks and logistics infrastructure continue to fuel demand for trucks and buses. Mahindra’s dual structure with MTBD focusing on medium and heavy commercial vehicles and SML catering primarily to buses and light trucks allows the company to capture opportunities across multiple commercial vehicle categories.

Global Presence

Founded in 1945, Mahindra & Mahindra operates across farm equipment, utility vehicles, IT services, financial services, and renewable energy. The company employs approximately 324,000 people and has a presence in over 100 countries. The strong domestic sales performance reinforces Mahindra’s position as a key player in India’s commercial vehicle segment while maintaining a growing global footprint.