Archive · 14 Aug 2026
Mahindra aims to plug gaps in commercial vehicle push
Mahindra is a big car company in India that also makes trucks and buses.
It recently bought another truck and bus company called SML.
Now the two are joining together as one team named SML Mahindra.
They want to sell more trucks than they do today.
Right now, bigger companies like Tata Motors and Ashok Leyland sell more trucks.
Mahindra is building new engines so it can make bigger, heavier trucks.
The bigger trucks are called intermediate commercial vehicles.
Mahindra also makes electric buses for schools and offices.
It is being careful about making big city buses because the government pays money to support them.
Mahindra hopes to grow a lot over the next ten years.
Mahindra & Mahindra aims to gain commercial vehicle market share from leaders Tata Motors and Ashok Leyland using the combined SML Mahindra entity.
Two new engines are under development to launch heavier trucks, extending the two-axle range up to 18 tonnes in the intermediate commercial vehicle segment.
Mahindra acquired a 59% stake in SML Isuzu for ₹555 crore last year; it is transferring its Mahindra Trucks and Buses business to SML Mahindra for ₹525 crore.
The company plans to strengthen its electric bus portfolio, starting with school and staff buses, while staying cautious about the government-subsidized city e-bus segment.
SML Mahindra targets commercial vehicle revenue of ₹12,500 crore and aims to grow truck and bus market share from 6% in FY2026 to 20% in the next decade.
- Who
- Mahindra & Mahindra and its commercial vehicle subsidiary SML Mahindra, led by Trucks and Buses president and SML Mahindra executive chairman Vinod Sahay
- What
- The company plans to develop new engines, launch heavier intermediate commercial vehicles up to 18 tonnes, expand electric bus offerings, and grow market share against Tata Motors and Ashok Leyland.
- When
- The strategy was outlined at new product launches, following the SML acquisition last year and the recent transfer of Mahindra Trucks and Buses; new engines are expected over the next two years.
- Where
- India, with the company based in Mumbai
- Why
- To plug gaps in its commercial vehicle portfolio, challenge market leaders, and capitalize on India's million-unit commercial vehicle market.
- Companies involved
- Mahindra & Mahindra and SML Mahindra
- SML stake acquired
- 59% controlling stake in SML Isuzu for ₹555 crore
- Business transfer
- Mahindra Trucks and Buses to SML Mahindra for ₹525 crore
- New engine target
- Two-axle trucks up to 16-18 tonnes
- Current ICV truck market share
- 4-4.5%, with a target to double
- Revenue goal
- ₹12,500 crore consolidated CV revenue
- Market share goal
- From 6% (FY2026) to 20% in the next decade
- Q1 FY26 CV results
- Revenue ₹958 crore (+13%); profit ₹63 crore (-4%)