Mumbai-headquartered automotive major Mahindra & Mahindra has announced an ambitious growth plan for its commercial vehicle (CV) business, thanks to the recent strategic acquisition of a majority stake in SML Isuzu. The company aims to leverage this acquisition to accelerate its ‘Deliver Scale’ strategy across segments where it believes it has a strong ‘right to win.’

Dr Anish Shah, Managing Director and CEO, Mahindra Group, emphasised that the group’s disciplined focus on capital allocation remains intact. "We have seen significant growth across several businesses, and now, as we enter our third phase, the focus is on delivering scale," he said.

Shah also noted that Mahindra has turned around its CV business, once under scrutiny five years ago, and sees the acquisition of SML Isuzu as a strategic opportunity to cement its position further.

Today, Mahindra is the market leader in SUVs with a 23 percent market share and ranks fifth in the CV segment above 3.5 tonnes with a 3 percent share. Through the acquisition, Mahindra aims to become a more formidable player in the CV space.

"We are targeting a combined market share of 10-12 percent by FY2031 and over 20 percent by FY2036," said Rajesh Jejurikar, Executive Director and CEO – Auto and Farm Sectors, Mahindra & Mahindra. He acknowledged that Mahindra’s CV share, which stood at around 4-5 percent in FY2020, had dropped due to the impact of Covid-19. However, with renewed focus, especially in the LCV and ILCV segments, Mahindra is planning an aggressive recovery.

SML Isuzu brings strength in the intermediate LCV bus segment, holding a 16 percent market share. Mahindra expects that, combined, they could command a 21 percent share. "The synergies are substantial across cost structures, platforms, aggregates, supplier networks, and operations," Jejurikar added.

Growth, Not Cost-Cutting

Mahindra leaders were clear that the SML Isuzu acquisition is not about cost-cutting, but about building scale. "This deal is about growth, not about taking costs out," stressed Amarjyoti Barua, Chief Financial Officer, Mahindra Group. He highlighted that SML Isuzu will remain a separately listed entity and that Mahindra has no plans to rebrand it under the Swaraj name, even though it sees potential for the Swaraj brand in certain export markets.

Financially, Mahindra believes the deal makes strategic sense. Shah pointed out that the SML Isuzu business will be self-sustaining in generating cash for future investments.

The company sees SML Isuzu's operations as a ‘well-run and frugal factory,’ with most future investments primarily required to ramp up capacity.

Vinod Sahay, President - Aerospace & Defence, Trucks, Buses & CE, Mahindra, underlined how the product portfolios of Mahindra and SML Isuzu complement each other. SML Isuzu, for instance, is at an advanced stage in developing electric buses for school, staff and executive coach applications, an area where Mahindra's electrification expertise can add substantial value.

Sahay further highlighted how combining Mahindra and SML Isuzu’s supplier ecosystems will strengthen bargaining power, especially in critical areas like tyres, batteries and key aggregates. While Mahindra boasts strong sourcing power in tyres and batteries, SML Isuzu has an edge in CV parts.

Product synergy is another opportunity. SML’s strong CNG product line and Mahindra’s newer Furio and Cruzio models – offering 8-10 percent better fuel efficiency – will allow the combined business to offer compelling choices to customers across the LCV, ILCV and M&HCV categories.

With over 200 dealers and 400 touchpoints between them, Mahindra plans to optimise and expand network coverage for a wider reach.

While Mahindra is bullish on growth, Shah made it clear that there are no immediate plans for further acquisitions. "Now the business must prove itself," he said, reiterating the company’s strategic belief in building businesses that have a clear right to win, strong financial metrics and differentiated products.

Looking ahead, Mahindra is betting that a stable yet evolving CV market – especially in buses and light trucks, which the management stated will provide the runway needed for long-term growth, as the group consolidates its position as a dominant player across automotive categories.

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MG Group, a leading private coachbuilder in the country, revealed its new brand identity on 5 July 2025 at the company’s flagship event christened ‘Re-born’ in Bengaluru. The new brand identity announced a significant transformation for MG, from a contract manufacturer supporting high-volume OEM production to a product-led, brand-driven, mobility solutions provider.

In addition to a new brand logo, the company also introduced its new premium intercity coach ‘Tigra’, built on a BharatBenz chassis. Interestingly, the company revealed that the new coach is modular in nature and is available on all 13.5-metre coach chassis for domestic and international markets. The coaches will be produced at MG’s Coach Manufacturing Facility in Belagavi, Karnataka where it claims to have made substantial investments have been made in tooling, jigs and quality systems.

Anil Mohan Kamat, Chairman & Managing Director, MG Group, said, “This particular product is on the BharatBenz chassis, but we’ve made it compatible with other OEMs like Ashok Leyland, Tata Motors and Eicher Motors too.”

The event also saw over 400 orders for the Tigra coaches being placed by MG Group customers.  

The Tigra features mood-based lighting, ABS-moulded interiors for safety and PU leather on the seats to provide a premium feel for users. It also gets USB and laptop charging points on every berth, with digital displays designed to guide riders to their seats. DRLs and LED projector-type headlamps with integrated progressive indicators, fog lamps and LED tail lamps with indicators are visible on the outside.

For the unversed, MG Group entered the premium coach segment almost a decade ago. Since its inception in 1996, the company is said to have delivered more than 125,000 bus bodies across various applications, such as intercity, staff, school, mofussil and special purpose segments (ambulance and defence applications).

Sivakumar V, President – Strategy & Sales, MG Group, said, “In the bus and coach body-building industry, progress is never overnight. It’s built on strong relationships, consistent quality, and the ability to evolve with changing transportation needs.”

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Daimler India Commercial Vehicles (DICV), a wholly owned subsidiary of Daimler Truck, has launched its all-new BharatBenz Construction and Mining range, featuring the HX and Torqshift series models.

The company expects demand coming from India's mining and construction equipment sector, which is projected to grow from USD 16 billion to USD 45 billion by 2030.

The introduction of the HX and Torqshift series follows extensive real-world validation, with over 150 trucks undergoing customer trials across India's most diverse construction and mining sites. These trials reportedly showed significant improvements in uptime, operational efficiency and profitability, leading to full-scale production.

Satyakam Arya, Managing Director and CEO, Daimler India Commercial Vehicles, said, "India's construction and mining sector continues to be one of our strongest business pillars, powering the next phase of national development. We're seeing a decisive shift as large contractors invest in owned assets for better control and long-term returns. Many fleets are 8-10 years old and reaching the end-of-life, creating a major replacement cycle. Our extensive customer trials with 150+ trucks have validated the real-world performance and profitability impact these vehicles deliver."

The company’s new product range includes the –

1. Heavy-Duty Construction Vehicles: The HX series, comprising the 2828C HX and 3532C HX models, are built for extreme durability, high productivity, fuel efficiency and drivability. It is available in two configurations: 280 hp with 1100 Nm torque and 320 hp with 1250 Nm torque. Additional features include Hill Hold Assist, unitised front axle bearings, a wind deflector and advanced driver state monitoring systems.
2. Specialised Mining Applications: The Torqshift series – 2832CM and 3532CM variants – features Automated Manual Transmission (AMT) for ‘zero lag performance, unmatched comfort, faster TAT and enhanced fuel efficiency’ in demanding mining operations.
3. Ready Mix Concrete (RMC) Solutions: The 2828C RMC variant with a 9 cubic metre capacity is equipped with the OM 926 BSVI OBD-II engine, generating 280 hp and 1100 Nm torque, ensuring reliable concrete transportation across challenging terrains.

Pradeep Kumar Thimmaiyan, President & Chief Technology Officer, Daimler India Commercial Vehicles, said, "We designed the HX by listening to customers. Priority for vehicles with higher payload capacities, faster TAT and fleet managers demanding lower maintenance costs. Every component re-design addresses real customer challenges. We've prioritised driver safety with full EU ECE R29-03 cabin compliance and best-in-class safety features."

The HX series comes with several notable features:

• High Gradeability: Up to 60 percent in the 2828C and up to 54 percent in the 3532C, enabling confident climbing with a full load.
• 360deg Reliability: The frame, axle, braking, and engine are designed for integrated performance.
• Best-in-Class Warranty: Tailored for long-term ownership confidence.
• Hill Hold Assist: Prevents rollbacks on steep grades, crucial for mining and construction sites.
• Unitised Bearing at Front Axle: Reduces maintenance and extends service life, lowering total cost of ownership.
• Driver State Monitoring: Advanced safety technology that monitors operator alertness.
• Inter-Axle & Inter-Wheel Diff Lock (IRT 440-11): Provides superior traction control for challenging terrains.
• Bolster Bogie Suspension with Shock Absorbers: Enhances load capacity, stability, and ride comfort.
• G131/G131HD Transmission Options: 9F+1R synchromesh gears with a heavy-duty variant for extreme applications.
• New Improved Rear Axle (IRT440-11): Enhanced with higher capacity for superior performance.
• Wind Deflector: Improves aerodynamics for better fuel economy.
• Better Approach Angle: Optimised ground clearance for mining operations and challenging terrain.
• New Styling: A distinctive rugged design reflecting capability and durability.

Rajiv Chaturvedi, President & Chief Business Officer, Daimler India Commercial Vehicles, said, "Fleet operators increasingly demand maximum uptime and swift maintenance solutions. The HX range helps operators minimise project delays and optimise operations. We're seeing strong demand for factory-fitted features – GPS, hill start assist and driver comfort amenities. Also, safety innovations like reverse cameras and driver state monitoring are becoming customer priorities."

The new models will be available across BharatBenz's 385 dealer touchpoints in India and are supported by comprehensive service infrastructure and 15,000 hours annual maintenance contracts.

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Pune-headquartered alternative energy vehicle manufacturer EKA Mobility has appointed Sanjay Kumar Bohra as its new Chief Commercial Officer (CCO).

In his new role, he will lead the Financial & Commercial strategy for EKA Mobility and the group, driving growth, efficiency and value creation across the organisation. Bohra comes with around four decades of experience across finance, banking and Business Process Services (BPS).

Prior to joining EKA Mobility, he served as the Group CFO at Force Motors, having spent over a decade at the company, leading finance function across domestic and international operations. He has also worked with the likes of Citigroup and Tata Consultancy Services in his professional career.

Dr. Sudhir Mehta, Founder & Chairman, EKA Mobility & Pinnacle Industries, said, "We are glad to welcome Sanjay to the EKA family. His deep understanding of finance, coupled with a strong track record in business transformation and strategic leadership, will be instrumental in propelling EKA’s next phase of growth. He will play a key leadership role not just at EKA Mobility, but across our group, as we scale our operations and expand our global footprint."

Sanjay Kumar Bohra, said, "I am excited to join EKA Mobility at such a transformative time for the automotive and clean mobility industry. EKA’s bold vision, innovation-led approach, and strong commitment to sustainability are aligned with my professional ethos, and I look forward to contributing to the EKA and the group’s continued success and global expansion."

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The Indian commercial vehicle (CV) industry is likely to see wholesale growth of 3-5 percent in FY2026, backed by the resumption of construction and infrastructure activities. The report states that while domestic CV wholesale volumes saw a marginal 0.1 percent YoY increase in May 2025, retail volumes witnessed a 3.7 percent YoY contraction.

For the initial two months of the fiscal year 2026 (April-May 2025), CV wholesale volumes declined by 0.7 percent on a YoY basis. The decline in retail volumes, which also saw an 11.3 percent sequential drop in May 2025, suggests elevated inventory levels at dealerships.

Breaking down the performance by segment, the medium and heavy commercial vehicle (M&HCV) segment saw its retail sales volumes decline by 4.4 percent YoY in May 2025, with a significant sequential decline of 18.9 percent. ICRA noted that regional disruptions and the geopolitical situation had some impact on demand for the month. M&HCV (trucks) wholesale volumes are anticipated to register a modest 0-3 percent YoY growth in FY2026, following a 4 percent decline in FY2025.

Similarly, retail volumes in the light commercial vehicle (LCV) segment in May 2025 declined by 3.2 percent YoY and 4.9 percent sequentially, reflecting muted demand. LCV (trucks) wholesale volumes are expected to register a limited 3-5 percent YoY growth in FY2026. The increasing preference for pre-owned vehicles over new ones in this segment has also impacted demand recently.

Despite the subdued performance in May, ICRA forecasts a modest YoY growth of 3-5 percent in wholesale volumes for the domestic CV industry in FY2026, after a marginal 1.2 percent year-on-year decline in FY2025. While M&HCV (trucks) and LCV (trucks) segments are expected to see modest volume growth, the buses segment is projected to experience a relatively higher growth of 8-10 percent for the fiscal year.

The anticipated pick-up in construction and mining activities, coupled with a steady economic environment, is expected to support demand prospects for the LCV (trucks) and M&HCV (trucks) segments. Meanwhile, replacement demand is likely to be a key driver for volume growth in the buses segment.

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