January Auto Sales Review: Eicher, M&M, TVS Key Winners, Maruti Suzuki Shows Small Car Revival

January auto sales had more hits than misses and the outlook seems promising for most players to end the fiscal on a strong note. This month signified the fifth straight month of Eicher Motors Ltd. recording sales above its target of 80,000 per month, barring December sales which were at 79,500 units. However, this was still higher than the first half average of 72,000 units per month. TVS Motor Co. reported a 52% growth in exports, taking its overall growth at 17%, compared to the same time last year.

This month signified the second straight month for growth in small car segment for Maruti Suzuki India Ltd., after seeing 18 months of decline. How did the other companies fare this month compared to their performance last year? How did it compare to estimates? Here's a look.

Eicher Motors had a pivot in strategy post its second quarter earnings to focus on sales, rather than Ebitda margins and hasn’t looked back since. Its target of 80,000 units per month has been attained barring December, but seeing the company’s performance, some leeway is warranted. At roughly 91,000 units, this is much higher than envisaged. The company will report its third quarter earnings soon and commentary on new monthly average, among others, will be key. The company’s commercial vehicle arm beat estimates as well, registering a 20% growth.

Mahindra & Mahindra Ltd. crossed the 4.5 lakh sales mark for the first 10 months, a growth of 20%. It also crossed the 50,000 sales mark again in January. The car-maker has been ramping up the 3XO and Thar Roxx among others and new EV launches are expected to drive growth next year.

TVS Motor was always the third player by sales, lagging Hero and Bajaj Auto Ltd. While Hero benefits from higher sales of cheaper 100cc motorcycles, TVS is knocking on No.2 position by sales. It ramped up its monthly exports sales to over 90,000 per month this fiscal, that has helped volumes.

Bajaj had a decent performance showing 7% overall growth during January, but the domestic market two-wheeler sales fell 11%. This was a continuation from the previous month. The company lost some market share in the 100cc segment, due to pricing pressure in the segment, it said.

Maruti Suzuki grew its sales at 7%. This month signified the second straight month for growth in small car segment for the Alto-maker, after seeing 18 months of decline. The SUV portfolio saw steady growth this month. With the small car segment contributing to growth, it is expected to support overall sales led by new launches in the hatchback segment as well.

It was a disappointing sales month for Hyundai Motor, Tata Motor and Escorts, with all three missing estimates. For Hyundai and Tata Motors, this fiscal has been flat to negative bias.

Hyundai unveiled the Creta EV at the Bharat Mobility Expo, which is set to be launched in February. While, Tata Motors showcased the Harrier EV along with its new petrol SUV Sierra. They expect these launches to lead growth in fiscal 2026.