Mahindra & Mahindra announced that its overall sales including exports in the trucks and buses business (CV>3.5T) for the month of March 2026 stood at 4267 vehicles, a y-o-y growth of 13%. Mahindra’s Trucks & Buses business comprises of Mahindra Trucks & Buses division (MTBD) and SML Mahindra Limited (SML). With regards to the LCV business, the domestic sales for these stood at 24,928, a growth of 11%. The financial year concluded with all time high volumes of 2,89,597 LCVs (<3.5T), delivering robust YoY growth of 13%.
According to Vinod Sahay, Executive Chairman– SML, President – Aerospace, Defence, Trucks, Buses & CE, M&M, “Despite the headwinds faced from global geopolitical tensions and elevated crude prices, the commercial vehicle industry has sustained its strong momentum, underscoring the sector’s resilience. Looking ahead, the trajectory for F27 remains mixed - while replacement demand and government-led projects are expected to support volumes, volatility in fuel costs and supply chain constraints could temper sentiment.”
Trucks & Buses Business (MTBD+SML) – March 2026
Category
March
YTD March
F26
F25
% Change
Cargo Vehicles
1692
1540
10%
15624
13006
20%
Passenger Vehicles
2575
2238
15%
15840
14302
11%
MTBD + SML Total
4267
3778
13%
31464
27308
Mahindra Trucks & Buses (MTBD) – March 2026
1086
946
10212
8791
16%
724
517
40%
4620
4296
8%
MTBD Total
1810
1463
24%
14832
13087
SML Mahindra Limited (SML) – March 2026
606
594
2%
5412
4215
28%
1851
1721
11220
10006
12%
SML Total
2457
2315
6%
16632
14221
17%
According to Nalinikanth Gollagunta, CEO, Automotive Division, M&M,“The Financial year ended on a very positive note, with Mahindra clocking its highest-ever volumes in both SUVs & LCVs (<3.5T) segments, a significant milestone for the company. In March, we achieved SUV sales of 60,272 units, a growth of 25% and LCV <3.5T sales of 24,928 units, a growth of 11% YoY. Total vehicle sales stood at 99,969 units, a 21% YoY growth”
Commercial Vehicles and 3 Wheelers Sales Summary (Domestic) – March2026
LCV < 2T**
3526
3530
0%
38120
38995
-2%
LCV 2 T – 3.5 T***
21402
18958
251477
217060
3 Wheelers (including electric 3Ws)**
10801
7752
39%
112003
85832
30%
** Above Sales Includes sales made by subsidiary company Mahindra Last Mile Mobility Limited
***Above Sales includes Bolero Maxx PUP HD 1.9 & HD 2.0
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