New Delhi: SML Mahindra Ltd on Thursday said it sold 1,044 vehicles in December 2025, up 67% from 626 units in the same month last year, reflecting sustained momentum in the commercial vehicle space. The growth was broad-based, with both cargo and passenger vehicle segments reporting strong double-digit expansion.
Cargo vehicle sales more than doubled on a year-on-year basis, rising 76% to 462 units in December, compared with 262 units a year earlier. Passenger vehicle sales also grew sharply, increasing 60% to 582 units from 364 units in the year-ago period, the company said in a regulatory filing.
For the nine-month period from April to December 2025, total vehicle sales stood at 11,335 units, marking an 18% increase over 9,593 units sold during the corresponding period of the previous financial year. Cargo vehicle volumes during the period rose 38% year-on-year to 3,820 units, while passenger vehicle sales increased 10% to 7,515 units.
The strong December performance comes amid improving demand conditions for buses and intermediate commercial vehicles, supported by higher infrastructure spending, replacement demand and improving utilisation levels. Industry executives have indicated that easing input cost pressures and better freight movement are helping support volumes, even as fleet operators remain cautious on fresh capacity additions.
SML Mahindra, formerly known as SML Isuzu, is a key player in the trucks and buses segment and part of the Mahindra Group’s broader commercial vehicle portfolio. The company’s latest sales numbers reinforce expectations of a gradual recovery in the CV cycle heading into the final quarter of FY26.