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Quick Pointers

• PV momentum to be sustained led by SUVs, CNG vehicles & EVs

• CV outlook for FY27 remains mixed.

FY26 concluded on a strong note as Mar’26 wholesale volumes saw sustained momentum across segments amid geopolitical tensions. However, continued gas and supply chain constraints might result in production cuts and cost pressure as the shortterm sentiment remains cautiously optimistic. PV growth during the month continued to be driven by non-metro locations, with SUVs still gaining preference. Inventory was 27-29 days in Feb’26, lower than 32-34days in Jan’26, indicating better wholesaleretail alignment. 2W growth remained broad based with urban slightly outpacing rural. MHCV growth slowed with the bus segment seeing decline. Replacement demand and government projects could be offset somewhat by supply chain risks and the impact on select sectors. Tractor growth was strong due to Chaitra Navratri and positive rabi harvest outlook, although fertilizer and other supply side risks can impact kharif preparedness.

OEM-wise highlights

Mahindra & Mahindra: Sustained growth across all domestic segments (except LCVs 3.5T, incl SML) grew +12.9% YoY to 4.3k units driven by Mahindra T&B passenger segment with mixed outlook for FY27 amid geopolitical challenges. FY26 YoY: overall: +20.3%, UVs: +19.7% (660.3k units), LCVs (<3.5T): +13.1%, T&Bs: +15.2%, 3Ws: +30.5%, auto exports: +18.3%, tractors (incl exports): +24.0%. Q4FY26 YoY: overall: +25.2% (431.6k units); UVs : +23.3% (183.8k units), LCVs (<3.5T): +14.0%; T&Bs: +35.9%; 3Ws: +36.8%; auto exports: +3.0%; tractors (incl exports): +36.1%

Maruti Suzuki: Domestic PVs saw decent growth; flat growth in mini segment, strong UV sales. Exports, which are well diversified, continue to surge Overall, 225.3k units were sold (+16.7% YoY). Total domestic sales (excl sales to other OEMs) increased +10.3% YoY (166.2k units); exports surged to 47.0k units (+42.7% YoY). Domestic passenger cars increased to 83.5k units (+5.4%), and UVs, +16.8% YoY (71.4k units). LCVs (super carry) increased by 34.2% to 3.2k units. SUV penetration amongst its total domestic PV sales was at 42.9% (+240bps YoY, -225bps MoM). Export penetration stood at 20.9% of the overall portfolio (+380bps YoY, +260bps MoM). Overall production volumes indicate SUV growth was stronger than passenger cars, which grew in mid-single digits. FY26 YoY: overall: +8.4% (2.42mn units), domestic PV: +3.5%, domestic LCV: +11.8%, exports: +34.6%. Q4FY26 YoY: overall +11.8% (676.2k units), domestic PV: +3.4%, domestic LCV: +10.0%, exports: +61.3%.

Tata Motors PV: Strong domestic sales (incl EVs) continue. Momentum to continue to remain strong and above industry growth in FY27 PV sales grew +29.1% YoY to 67.0k units. Domestic sales rose +28.2% to 66.2k units, while exports surged 3x YoY. Total EV sales reached 9.5k units (+77.4% YoY, +13.2% MoM) with 14.2% penetration (+385bps YoY, +95bps MoM). FY26 YoY: total PVs: +15.3% (641.6k units), domestic: +14.1%, exports: ~4x, EVs: +43.3% (14.4% penetration). Q4FY26 YoY: total PVs: +37.0% (201.4k units), domestic +36.0%, exports: 3x, EVs: +69.0% with penetration at +13.4%

Hyundai Motor India: Improved domestic sales, albeit slower than industry growth. Exports decline Overall volumes increased +2.5% YoY to 69.0k units. Domestic sales increased +6.3% (55.1k units), indicating sustained growth after weak 8MFY26. Exports (which is management’s focus) de-grew by 10.1% YoY (20.2% penetration). FY26 YoY: overall: +1.7% (775.0k units), domestic: -2.3% (584.9k units), exports: +16.4%. Q4FY26 YoY: overall: +8.7% (208.3k units), domestic: +8.5%, exports: +9.4%.

Bajaj Auto: Strong growth both in domestic and export markets Overall sales grew +20.4% YoY to 445.4k units led by both domestic and export sales. 2W volumes rose +20.5% YoY to 380.5k units: domestic volumes grew +20.3% (221.0k units) and exports grew +20.7% YoY (159.5k units). CV volumes remained strong (+20.0% YoY to 64.9k units) with growth in both export and domestic markets YoY. FY26 YoY: overall sales: +10.0% (5.12mn units) led by exports (+20.8%), while domestic grew slower (+2.9% to 2.87mn units). 2Ws: +8.4% (domestic: +1.8%, exports: +17.5%), CVs: +19.8% (domestic: +8.1%, exports: +49.2%). Q4FY26 YoY: overall sales: +24.3% (1.4mn units) with domestic and export sales similarly contributing to growth, 2Ws: +23.6% (domestic: +24.1%, exports: +23.1%), CVs: +28.2% (domestic: +23.9%, exports: +38.6%).

Eicher Motors:

Royal Enfield: 6th consecutive month of double-digit growth, with 350cc+ segment recording growth for the 1st time post GST 2.0 reforms The management is focused on high-potential international businesses like Brazil. Overall volumes increased by +11.2% YoY (112.3k units), with domestic sales up +14.0% (100.4k units), and international business (IB) declining (-8.0% YoY). Sub-350cc models grew +12.2% YoY (97.9k units), while 350cc+ models increased +5.0% YoY. FY26 YoY: overall: +22.7% (1.24mn units), sub-350cc: +25.1% (1.09mn units), 350cc+: +7.3%, domestic: +22.7% (1.11mn units), IB: +22.6%. Q4FY26 YoY: overall: +12.3% (317.6k units), sub-350cc: +15.1% (280.8k units), 350cc+: -5.5%, domestic: +14.2% (285.4k units), IB: -2.4%

VECV: Upward trajectory continues led by sustained momentum in domestic LMD trucks

Overall volumes grew by 10.1% YoY to 13.3k units. Domestic trucks/SCVs led the growth (LMD < 18.5T: +28.6% at 6.4k units, HD ≥ 18.5T: +17.7%), offsetting the decline of 14.3% in domestic bus sales. Exports declined by 38.8%, and Volvo T&B declined by -18.2% YoY. FY26 YoY: overall: +14.8% (103.5k units), domestic: +13.9% (94.1k units) led by trucks (mainly SCVs), exports: +35.6%, Volvo T&B: -0.5%. Q4FY26 YoY: overall: +18.2% (33.9k units), domestic: +19.6%, exports: +2.5%, Volvo T&B: -0.5%.

Hero MotoCorp: Decent growth (although slower than expected). Demand led by 100-125cc, exports, EVs and ICE scooters (early festive tailwinds in rural segment) Overall volumes grew +8.8% YoY to 598.2k units with domestic +8.3% (552.5k units) and exports up +15.6% (driven by premium portfolio). Motorcycle sales grew +5.1% YoY to 532.4k units. Scooter sales kept surging (+53.2% YoY). Overall Vahan registrations were 542.4k units (+24% YoY) and VIDA registrations stood at 21,434 units (~70% growth MoM). FY26 YoY: overall: +9.7% (6.47mn units), motorcycles: +6.7% (5.84mn units), scooters: +48.2% (9.7% penetration), domestic: +8.1% (6.07mn units), exports: +40.1% (6.2% penetration). Q4FY26 YoY: overall: +24.2% (1.71mn units), motorcycles +21.3% (1.53mn units), scooters +53.6%, domestic: +24.2% (1.59mn units), exports: +23.6% (7.3% penetration).

TVS Motor: Strong growth momentum continues across segments (faster than industry) Overall volumes increased +25.2% YoY to 519.4k units. 2Ws grew +24.5% YoY to 498.1k units with contribution from both domestic (+25.1% YoY to 372.4k units) and exports (+22.7% YoY). Overall, motorcycles sales grew 18.3% YoY to 232.8k units, and scooters grew +30.9% YoY to 217.6k units. EV sales grew +44.3% YoY, +1.3% MoM, to 38.9k units. 3W sales increased by ~1.5x YoY (21.2k units) with both domestic and export surging. FY26 YoY: +24.1% (5.89mn units), all sub-segments grew in double digits (except moped: +6.7%, while domestic 3W sales > 2x), scooters: +26.8% (2.41mn units), motorcycles: +23.6% (2.71mn units), group total exports: +32.6%, domestic: +21.3% (4.30mn units). Q4FY26 YoY: overall: +28.3% (1.56mn units), scooters: +31.6%, motorcycles: +22.9%, group total exports: +24.3%, domestic: +29.8% (1.14mn units)

Ashok Leyland: Weaker-than-expected domestic CV growth dragged by domestic bus and LCV exports, offset by domestic LCV and MHCV trucks Overall volumes increased by +5.5% YoY to 25.4k units. Domestic volumes were up +5.5% YoY (23.7k units), with MHCV trucks growing +9.8%, MHCV bus declining 34.4%, and LCV growing +16.8% YoY. Exports increased +5.7% YoY (1.6k units), and MHCV trucks rose +142.3%. FY26 YoY: overall: +13.0% (220.4k units); domestic: +12.5% (202.4k units), exports: +18.5%; overall MHCV bus: +12.0%, MHCV trucks: +13.5%, LCVs: +12.6%. Q4FY26 YoY: overall: +17.4% (69.5k units), domestic: +19.4%, exports: -2.5%, overall MHCV bus: -14.3%, MHCV trucks: +26.4%, LCVs: +19.2%.

Tata Motors CV: Strong growth across segments continues, especially from passenger carriers and SCVs. Well positioned to capture emerging opportunities Overall sales grew +16.7% YoY to 48.0k units (all segments recorded double-digit growth). Domestic sales increased +17.9% YoY (45.8k units), and exports de-grew 3.9% YoY. MH&ICV grew +16.4% YoY (domestic: +16.3% YoY). FY26 YoY: overall: +13.6% (428.3k units), domestic: +11.6% (400.1k units), exports: +53.9%, EVs +59%. Q4FY26 YoY: overall +25.4% (132.5k units), domestic: +25.9%, exports: +17.4%, MH&ICV: +26%.

Escorts Kubota: Steady domestic performance with risks from geopolitical tensions. CE industry momentum picks up Tractors continued upward trajectory (+6.6% YoY to 12.1k units) with domestic sales growing +7.5% to 11.6k units (aided by positive rural sentiments and gradual onset of rabi harvesting, whose outlook is positive), while exports de-grew by 10.4% YoY. FY26 YoY: tractor sales – overall: +15.7% (133.7k units), domestic: +14.9% (127.0k units). Q4FY26 YoY: +21.1%, domestic: +22.8% (30.4k units). Construction equipment (CE) demand remained strong due to steady project execution, domestic infra-activity, continued investments and strengthening order pipeline (+24.6% YoY to 765 units)) with the management confident of sustaining volume growth and execution intensity amid supply chain constraints. FY26 CE sales YoY: -10.6% (5.8k units). Q4FY26 YoY: +9.2% (1.9k units).

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