September Auto Wholesales Ahead Of Estimates; Festive Cheer, GST Cut Drive Demand — ICICI Securities Report

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Securities Report

In September 2025, wholesale volume performance was healthy across segments and was ahead of our estimates. Both retail and wholesale momentum picked up after September 22 (post Shradh period and GST rate reduction).

Two-wheeler segment continued to report healthy double-digit YoY growth led by strong retail momentum during festive season. Passenger vehicles wholesales also grew in double digit but were constrained by logistics-related challenges. Nevertheless, retail demand / booking remains strong.

Commercial vehicle segment continues to see recovery (grew in double digit YoY) and was 5% ahead of our estimate, led by healthy traction across both medium and heavy commercial vehicles and light commercial vehicles on a favourable base. Tractor segment reported robust ~49% YoY growth, and was ~35% higher vs our estimate.

Preferred picks: Maruti Suzuki India, M&M and TVS Motor in OEMs.

Click on the attachment to read the full report:

DISCLAIMER

This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.