Auto Sector Update : Retail & Dispatch Sales Pulse: October 2025 by Choice Broking Ltd
Auto OEM Dispatch – In Oct’ 2025, 2W sales surged, with EIM up 13.0% and TVS up 11.2% YoY, driven by premium demand. The PV segment saw robust growth in domestic sales, with M&M up 31.4% YoY, while MSIL rose 7.0% YoY, driven by strong domestic traction from GST cut and the festive season. The CV segment saw strong traction, with AL and EIM sales up by 16.4%/13.2% YoY, respectively.
Auto Retail Sales – The automotive industry in October 2025 recorded a 40.3% YoY surge in retail sales, driven by a strong momentum across 2W, PV, CV and tractor segments, partially offset by a modest 5.4% YoY growth in 3W sales.
CNG and EV Penetration – CNG penetration in the Passenger Vehicles (PV) segment experienced a rise, whereas it declined in 3Ws on a YoY basis due to a shift towards EVs. CNG adoption among Commercial Vehicles (CVs) last month was higher than the corresponding month last year. Electric Vehicles (EV) penetration across segments deepened, but the overall average in the last few months remained low, as adoption continues to be constrained by infrastructure and range concerns.
Inventory Analysis – Dealer inventory levels showed mixed trends across key vehicle segments in October 2025. Overall PV inventory trended lower, particularly at MSIL, but remained elevated at M&M. CV inventory, led by AL, exhibited higher levels amid robust festive demand.
Auto OEM Dispatches:
? In October 2025, 2W OEMs recorded a healthy growth, bolstered by strong export performance and domestic recovery propelled by festive demand and GST rationalisation. Following GST changes, dealers swiftly stocked up during the festive season, eventually leading to an improvement in the domestic market. EIM and TVSL led with YoY dispatch growth of 13.0% and 11.2%, respectively, driven by premium motorcycle demand and successful new launches. HMCL registered a 6.4% YoY decline in sales volume, impacted by Motorcycles sales. BJAUT achieved an 8.0% increase, driven by domestic demand recovery and 16.0% growth in exports.
? PV OEMs in October 2025 recorded robust sales growth. Among the top carmakers, M&M, MSIL and TTMT posted a strong 31.4%, 7.0% and 27.0% YoY growth, respectively, driven mainly by domestic recovery. However, Hyundai Motor India witnessed a decline in its dispatches.
? The CV segment recorded a strong growth in October 2025, with M&M’s CV division up 18.0% YoY, AL rising 16.4% YoY and EIH sales up 13.2% YoY. TTMT sales grew 7.3% YoY. The tractor segment posted stable growth driven by GST rate cuts; M&M advanced 12.5% YoY, while Escorts registered steady 3.8% YoY growth.
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