February Auto Sales Preview— Tractors Up In High-Single Digits; Flattish Trends In Other Segments: Anand Rathi

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Anand Rathi Report

In February 2025, tractor wholesale volumes would have grown in high-single digits YoY, on healthy agricultural activity and a favorable base. Passenger vehicles likely inched up a bit, supported by inventory filling, despite the high base.

Commercial vehicles are likely to have been flattish, mainly due to lower light commercial vehicles trends; medium and heavy commercial vehicles, however, would have grown, aided by the favorable base. Two-wheelers would have been flattish, partly due to the RBI’s tighter consumer lending norms.

Ahead, positive rural markets and higher disposable income, thanks to tax cuts, would keep PV and two-wheeler momentum healthy. We are sanguine regarding the auto sector.

Our preferred picks are Maruti Suzuki and Eicher Motors.

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