Mahindra & Mahindra Targets 10–12% Market Share by 2031

Key Highlights:

• Mahindra & Mahindra plans to expand its truck and bus division to a $2–3 billion business in the next few years.
• The company aims to grow its market share from 3% to 10–12% by FY2031.
• Mahindra is in talks to acquire SML Isuzu, which could boost its market share to over 6% and revenues to ₹5,000 crore.
• The MT&B division has recovered well after the Covid-19 downturn and is seen as a core growth area.
• Mahindra holds a strong 21% market share in school and staff bus segments, but is not targeting heavy bus segments.

Mahindra & Mahindra (M&M) is planning to expand its trucks and buses division into a multibillion-dollar business. The company aims for a valuation of $2–3 billion in the coming years. This is part of its bigger plan to grow its presence in India’s commercial vehicle market.

Market Share of the company to Grow Four Times by FY2031

The Mahindra Truck & Bus (MT&B) division is now a major part of M&M’s future strategy. Currently, it holds a market share of about 3%. The company plans to increase this to 10–12% by FY2031.

Commercial Vehicles Now a Core Business

The MT&B division is being treated as a key growth area within the Mahindra group. The company's plans include increasing revenue, launching more products, and using partnerships and acquisitions for faster growth.

SML Isuzu Deal to Boost Market Share

Mahindra's planned acquisition of  SML Isuzu Ltd., known for its light commercial vehicles and buses, will raise the shares of the company. This deal is expected to raise Mahindra’s market share to over 6% and total revenues to ₹5,000 crore. It also brings the company closer to its long-term goal of 20% market share by FY2036.

Focus on School and Staff Bus Segments

While Mahindra is not focusing on heavy buses for state or intercity transport, it has a strong position in the school and staff bus segments, with a 21% market share.

Further Expansion Plans

Dr. Anish Shah, Group CEO and Managing Director of M&M, said during a press conference, “We feel fairly confident that we can get to a 10 to 12% growth in market share in FY31.”

Strong Performance in Recent Years

The Mahindra Truck & Bus (MT&B) division has done well in the past five years, according to Mahindra executives. Although it faced problems during the COVID-19 pandemic, including supply chain issues, the division has bounced back.

Also Read: Mahindra Sees Big Growth in EV Sales, Plans to Expand Further by 2030

CMV360 Says

Mahindra's clear focus and new targets show strong confidence in its truck and bus business. With smart planning and the SML Isuzu acquisition, the company is preparing for new growth in the commercial vehicle sector.