Mahindra Truck & Bus Division: Mahindra arm, SML combine to be 4th largest CV player

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Mahindra Truck & Bus Division: Mahindra arm, SML combine to be 4th largest CV player

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July 30, 2026

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Mahindra arm, SML combine to be 4th largest CV player

NEW DELHI: Mahindra Group has outlined an ambitious growth road map for its newly combined truck and bus business, targeting a 10-12% share of India’s heavy commercial vehicle (HCV) market by FY31 and over 20% by FY36, as it seeks to strengthen its presence across the commercial vehicle spectrum following the consolidation of Mahindra Truck & Bus Division (MTBD) with SML Mahindra.The combined entity will become India’s fourth-largest commercial vehicle player and will focus on intermediate and light commercial vehicles (ICV/LCV), buses and heavy trucks. It will command an estimated 23-24% share in the ICV segment, where the company said it aims to emerge as the industry leader over time. In LCV trucks, the combined share stands at around 13.5%.

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