Tata Motors Tops CV Sales in September 2025; Mahindra and VECV Report Mixed Results

Key Highlights

• Tata Motors sold 35,862 CVs in September, up 19% YoY.

• Tata SCVs & pickups grew 30%, supported by Ace Pro & Ace Gold+.

• Mahindra sold 26,728 CVs, with 21% growth in 2–3.5T LCVs.

• VECV sales flat at 7,619 units, with exports up 47.4%.

• Mahindra heavy CV sales dipped 8%, impacted by GST 2.0 delays.

India’s commercial vehicle (CV) industry showed mixed results in September 2025 as manufacturers adapted to the new GST 2.0 regime and the beginning of the festive season demand. While Tata Motors led the market with strong sales, Mahindra and VECV recorded steady but mixed performances.

Also Read: Tata Motors Reports 35,862 CV Sales in September 2025: 19% Growth in Overall Commercial Vehicle Sales

Tata Motors Leads the Market

Tata Motors emerged as the top performer, selling 94,681 vehicles in Q2 FY26, up 12% compared to last year. In September alone, the company recorded 35,862 CV sales, a strong 19% year-on-year growth.

The Small Commercial Vehicle (SCV) and pickup segment drove much of this growth, selling 14,110 units in September, which is 30% higher than last year. Popular models like the Ace Pro and Ace Gold+ boosted the momentum. For the full quarter, SCV and pickups contributed 34,732 units, an 11% rise.

“September emerged as our best-performing sales month in FY26,” said Girish Wagh, Executive Director, Tata Motors. He credited the success to quick moves after GST rate cuts, better product availability, and active marketing campaigns.

Mahindra Shows Strong LCV Growth

Mahindra & Mahindra reported 26,728 CV sales in September, marking an 18% increase from last year. Its Light Commercial Vehicle (LCV) segment (2–3.5 tonne) performed particularly well, selling 23,342 units, up 21% year-on-year.

From April to September (YTD FY26), Mahindra’s LCV 2T–3.5T segment reached 114,176 units, a 12% rise compared to last year. However, its sub-2 tonne LCV sales fell slightly, with 3,386 units sold in September, down 2%.

“Retail demand during Navratri was very strong, with over 70% growth compared to last year,” said Nalinikanth Gollagunta, CEO, Mahindra Automotive Division. He noted, however, that billing numbers were affected by limited trailer availability.

VECV Reports Flat Growth

VE Commercial Vehicles (VECV), a joint venture between Volvo and Eicher, saw flat growth in September with 7,619 units sold, just 0.1% higher than last year’s 7,609 units.

• Domestic sales fell 2.8% to 6,652 units.

• Exports, however, grew strongly to 700 units, up 47.4% year-on-year, with heavy-duty exports soaring 276.7%.

• In the domestic market, light and medium-duty trucks (<18.5T) rose 7.2% to 3,801 units, while heavy-duty trucks (≥18.5T) declined 4.3% to 1,955 units.

Mahindra Heavy Commercial Vehicles Face Pressure

Mahindra’s heavy CV segment (>3.5T), which includes Mahindra Trucks & Buses and SML Isuzu, reported 1,904 sales in September, down 8% from last year.

“Some customers delayed purchases waiting for GST 2.0 benefits,” explained Vinod Sahay, Executive Chairman of SML and President of Mahindra Trucks, Buses & CE division. He expressed optimism that demand will bounce back as GST benefits are fully passed on to customers.

Outlook: Festive Season and GST 2.0 to Drive Demand

Despite mixed results in September, industry experts remain optimistic for the second half of FY26. The ongoing festive season, infrastructure push, new model launches, and reduced GST rates are expected to drive strong demand.

Bookings have already risen following the GST 2.0 announcement, and with growth in construction, mining, and transport activities, India’s commercial vehicle market is likely to remain on an upward trend.

Also Read: OEM Wise Electric Bus Sales Report for September 2025

CMV360 Says

India’s commercial vehicle industry showed a mixed but promising performance in September 2025. Tata Motors led with impressive growth, Mahindra’s LCVs showed strength, while VECV and heavy CV segments faced challenges. With GST 2.0 benefits, rising festive season demand, and increasing infrastructure activity, the coming months are expected to boost sales further. The industry outlook for the second half of FY26 remains positive, signaling steady recovery and growth opportunities ahead.