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Jan’26 wholesale numbers reported by major OEMs showed sustained YoY growth after the GST 2.0 rate cut as overall sentiments remain positive. Festivals, marriage season, rural traction from robust rabi acreage and near completion of a good Kharif harvest, discounts on MY25 models, reduced interest rates amongst others were the driving factors. PV dealer inventory was at healthy levels with new model launches and deliveries; only Maruti Suzuki showed weak sales. 2Ws and 3Ws maintained strong momentum. Announcement/ anticipation of price hikes by OEMs also led to some prebuying in Jan'26. Tractor volumes surged aided by government policies and subsidies. MHCV trucks outpaced LCV growth, while MHCV bus sales declined.

OEM-wise highlights

Mahindra & Mahindra: Sustained growth across all domestic segments. Healthy demand seen across CV industry

Overall group sales grew +31.0% YoY to 148.0k units. Total auto sales increased +23.8% (excl. T&B) to 104.3k units, and domestic UVs, +25.4% YoY (63.5k units). Auto exports grew by +5.1% YoY. 3Ws continued strong growth (+28.4% YoY) to reach 9.6k units. Combined day 1 bookings of XUV 7XO and XEV 9S reached ~94k units. Farm equipment volumes grew +47.5% YoY to 40.6k units (domestic: +46.3%, exports: +72.4%) aided by high reservoir levels.. Policy and budget support is expected to further influence mechanization in the coming months. Total T&B Division sales (CV > 3.5T, incl SML) increased +162.6% YoY to 3.1k units driven by SML. CV industry has shown healthy demand trends driven by infra spending, replacement demand, and strong rural activity. FY26 trajectory is robust led by continued government investments, fleet modernization, and resilient freight movement. FYTD YoY: overall: +20.0%, UVs: +19.2%, LCV (<3.5T): +13.7%, T&B: +21.9%, 3Ws: +28.4%, Auto exports: +22.5%, Tractors (incl exports): +22.8%.

Maruti Suzuki: Domestic PV sales were flat (weaker than industry growth), dragged by the Compact segment. Overall volumes and exports both recorded their highest-ever monthly levels.

Overall, 237.0k units were sold (+11.6% YoY). Total domestic sales (incl sales to other OEMs) of 185.9k units was flat YoY, exports surged to 51.0k units (+88.3% YoY). Domestic passenger cars declined by 10.5% to 87.0k units, UVs up +16.2% YoY to 75.6k units, translating to domestic PV sales of 174.5k units (flat YoY). LCV (Super Carry) declined by 7.8% to 3.8k units. SUV penetration as a percentage of total domestic PV sales (excl sales to other OEMs) was at 43.3% for the month (+580bps YoY, +200bps MoM). Export penetration stood at 21.5% of the overall portfolio (+880bps YoY, +970bps MoM). FYTD YoY: overall: +7.7%, domestic PV: +3.2%, domestic LCV: +9.7%, and exports: +31.7%.

Tata Motors PV: Strong domestic sales (incl EVs) continued.

PV sales grew +47.1% YoY to 71.1k units. Domestic sales rose +46.1% to 70.2k units, while exports surged 3.5x YoY. Total EV sales of 9.1k units (+72.7% YoY, +31.1% MoM) with 12.7% penetration (+190bps YoY, -90bps MoM). FYTD YoY: total PV: +11.7%, domestic: +10.4%, exports: >4x, and EVs: +38.6% YoY.

Hyundai Motor India: The company saw revival in domestic sales (its highest-ever monthly numbers), albeit slower than industry growth. Optimum dealer inventory (<4 weeks vs. its avg of 5 weeks for Jan’26). Strong exports growth continues.

Overall volumes increased +11.5% YoY to 73.1k units. Export volumes grew +20.9% YoY, while domestic growth showed momentum as retail sales picked up (+9.5% YoY to 59.1k units). VENUE (12.4k units) and AURA (8.0k units, aided by fleet segment) also saw their highest ever monthly sales. Exports from India, which is the management’s focus, had a 19.2% penetration in its portfolio (+150bps YoY, - 855bps MoM). FYTD YoY: overall: flat, domestic: -4.3%, exports: +18.7%.

Bajaj Auto: Domestic 2W sales saw a strong rebound (growth at par with the industry). Overall, exports and CVs continued their growth momentum.

Eicher Motors: Royal Enfield: The company continued to record healthy doubledigit growth for the 4th consecutive month. De-growth continued in 350cc+ bikes for the 3rd consecutive month post GST 2.0 reforms. Overall volumes increased +14.5% YoY (104.3k units), with domestic sales up +15.7% (93.8k units), and international business growing slower than recent past (+4.6% YoY). Sub-350cc models grew +18.0% YoY (93.0k units), while 350cc+ models declined 8.0% YoY (11.3k units). Goan Classic 350 was launched in Jan’26; it is a bobber-inspired motorcycle priced at Rs2.19-2.22lakh (ex-showroom). RE has recently partnered with Krafton (BGMI) to enter the virtual gaming space. Launched first of its kind gymkhana in Bengaluru to skill-up riders across both off-road and tarmac conditions. FYTD YoY: overall: +25.3% (1.03mn units), sub-350cc: +27.8% (899.3k units), 350cc+: +10.0%, domestic: +24.8%, international business: +30.2%. VECV: The company saw strong growth led by sustained momentum in domestic LMD trucks and in exports. Overall volumes grew by 24.9% YoY to 10.6k units. Domestic trucks/SCVs led the growth (LMD < 18.5T: +42.6% at 5.4k units, HD ≥ 18.5T: +33.5% at 2.7k units), offsetting the decline of 20.7% YoY in domestic bus sales (1.65k units). Exports saw strong growth of +55.8% (700 units), and Volvo T&B grew +2.4% YoY (170 units). FYTD YoY: overall: +14.6%, domestic: +12.8% led by trucks (driven by SCVs: +21.5%), exports: +51.8%, Volvo T&B: flattish.

Hero MotoCorp: The company saw strong wholesale performance across segments. Scooters maintained strong momentum and overall exports continued to grow.

Overall volumes increased +26.0% YoY to 557.9k units with domestic sales up +26.1% (520.2k units) and exports up +23.5%. Motorcycle sales grew +23.9% YoY (driven by Xtreme and Glamour X) to 495.9k units. Scooter sales kept surging (~1.5x), driven by new offerings from Xoom and Destini. Total Vahan registrations for the month stood at 492.0k units (+19% YoY). e2W Vahan registrations reached 13.0k units (+21% MoM). HMCL has been recognized as an ESG leader among auto companies by NSE Sustainability Ratings & Analytics Ltd. FYTD YoY: overall: +7.1% (5.31mn units), Motorcycles: +4.2% (4.81mn units), Scooters: +45.9% (9.4% penetration), domestic: +5.3% (5.0mn units), exports: +45.5% (5.9% penetration).

TVS Motor: Strong growth momentum continues across segments.

Overall volumes increased +28.7% YoY to 511.8k units. 2Ws grew +27.5% YoY to 494.2k units with contribution from both domestic (+30.4% YoY to 383.3k units) and exports (+18.3% YoY to 110.9k units). Overall, motorcycles sales grew 25.7% YoY to 219.2k units, and scooters grew +30.3% YoY to 222.9k units. EV sales grew +49.9% YoY/ +6.0% MoM, to 37.8k units. 3W sales almost doubled with strong domestic and export volumes (total: 17.6k units). FYTD YoY: +23.3% (4.84mn units), every sub-segment grew in double-digits (except Moped: +2.5% YoY, while domestic 3W sales > 2x), scooters: +25.6% (1.96mn units), motorcycles: +24.0% (2.24mn units), group total exports: +34.3%, domestic: +19.8% (3.56mn units).

Ashok Leyland: Strong domestic CV growth across sub-segments continues. Overall volumes saw strong growth of +27.3% YoY to 21.9k units. Domestic volumes were up +31.0% YoY (20.1k units), with MHCV trucks growing +44.9%, MHCV Bus declining 27.7%, and LCV growing +32.6% YoY. Exports declined 2.4% YoY to 1.8k units, dragged by MHCV Bus (-13.2%). FYTD YoY: overall: +12.9% (172.9k units; domestic: +11.9% (158.3k units), exports: +25.0%); overall MHCV Bus: +18.6%, MHCV Trucks: +11.6%, LCVs: +12.4%.

Tata Motors CV: The company saw strong growth across segments, especially from HCV trucks and SCVs, which recorded subdued growth until Oct’25. Overall sales grew +29.9% YoY to 41.6k units (all segments, except passenger carriers, recorded double-digit growth). Domestic sales were up +29.1% YoY (38.8k units) and exports surged +42.0% YoY. MH&ICV grew +29.3% YoY (domestic: +30.0% YoY). FYTD YoY: overall: +11.3% (337.4k units), domestic: +8.5% (313.4k units), exports: +67.3%. Escorts Kubota: Persistent strong tractor growth is likely to continue in the coming months. Gradual recovery is expected in CE sales (declining YTD) with early signs of stabilization. Tractors continued on the strong upward trajectory (+46.9% YoY to 9.8k units) with domestic sales surging +50.8% to 9.1k units (aided

by positive rural sentiments, GST cuts, government policy support, and state subsidies; these are likely to continue to drive growth in the coming months) and exports increasing +8.3% YoY. FYTD YoY: Tractor sales: overall: +16.3% YoY, domestic: +15.1% YoY. Construction Equipment continued declining with slower infra execution (-3.7% YoY), although it is showing early signs of stabilization. Gradual improvement is expected from timely project awards, better on-ground execution and anticipated higher government investments in infra. FYTD CE sales: -16.3% YoY.

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