Mahindra's Trucks & Buses business comprises of Mahindra Trucks & Buses division (MTBD) and SML Mahindra (SML).

According to Vinod Sahay, Executive Chairman – SML, President – Aerospace, Advanced Technologies, Trucks, Buses & CE, M&M, “The CV industry continues to benefit from infrastructure-led demand and an ongoing replacement cycle in medium term. However, recent increases in fuel prices and pressure on freight economics has tempered fleet expansion and vehicle replacement decisions in the near term. We are closely monitoring the evolving cost pressures and broader macroeconomic uncertainties impacting industry sentiment and implementing appropriate mitigation measures.”