Mahindra & Mahindra (M&M) is preparing to significantly scale up its Truck and Bus (MT&B) division, aiming for a $2–3 billion valuation over the next few years as part of its long-term growth strategy. The Mumbai-based auto major is targeting a market share leap from 3% to 10–12% by FY2031, positioning the commercial vehicle segment as one of its key growth drivers.
Speaking during a recent financial briefing, Dr. Anish Shah, Group CEO & MD of M&M, shared the company’s bold outlook: “We feel fairly confident that we can get to a 10–12% growth in market share by FY31.”
The division, once a niche player, is now considered one of Mahindra’s most scalable verticals, thanks to improved performance, robust demand recovery post-pandemic, and renewed strategic focus.
A pivotal component of Mahindra’s commercial vehicle roadmap is the planned acquisition of SML Isuzu Ltd., a company known for its strength in the light commercial vehicle and bus segments. This move is expected to:
- Immediately raise MT&B’s market share to over 6%
- Boost combined revenues beyond ₹5,000 crore
- Accelerate Mahindra’s long-term target of achieving 20% market share by FY2036
M&M has ruled out targeting the heavy bus segment, such as state transport or intercity buses, but it holds a dominant 21% share in school and staff bus categories. The company plans to expand its footprint in niche but high-potential commercial sub-segments.
Despite pandemic-induced disruptions, Mahindra’s Truck & Bus division has seen a strong rebound over the last five years, setting the stage for this expansion. The company is also exploring product diversification and synergies from acquisitions to drive value and market penetration in India’s fast-evolving commercial vehicle market.
