Quote on Auto Sales in September 2025 by Arun Agarwal, VP-Fundamental Research, Kotak Securities

Below the Quote on Auto Sales in September 2025 by Arun Agarwal, VP-Fundamental Research, Kotak Securities
In the month of September 2025, the retail sales post GST cut implementation remained strong across the automobile industry. However, the wholesale volume performance remained mixed for auto companies as some segments faced logistic challenges. Domestic passenger vehicle segment wholesale volumes is expected to have grown by mid-to-high single digits and was impacted on account of weak retail demand prior to September 22, and freight unavailability. The domestic two-wheeler segment wholesale volumes is estimated to have grown in double-digit supported by demand recovery during Navratri. Domestic commercial vehicle segment wholesale volumes also grew in double-digit yoy, largely led by strong growth in the light commercial vehicle segment. Tractor players reported robust volume growth in September 2025, driven by GST cut, better reservoir levels and early festive season. Exports remained strong across segments. Automotive OEM’s like Tata Motors, Mahindra & Mahindra, Eicher Motors and Escorts reported strong and better than expected wholesale volume in September 2025.
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