India's automobile sector began fiscal year 2027 on a mixed note, with two-wheelers and passenger vehicles (PVs) likely to post healthy year-on-year growth, while commercial vehicles (CVs) and tractors will likely see a sharp sequential slowdown amid seasonal and macroeconomic factors.
Two-Wheelers: Strong Growth On Low Base
Sales momentum remained robust across major two-wheeler manufacturers, largely aided by a favourable base and improving rural demand.
Bajaj Auto is likely to post sales of 3.91 lakh units in April, up 23.14% year-on-year and 2.9% sequentially. TVS Motor Company to post volumes of 4.99 lakh units, rising 15.9% year-on-year, while remaining largely flat month-on-month.
Hero MotoCorp will likely stand out with a sharp 89.09% year-on-year jump to 5.77 lakh units, though volumes declined 3.46% sequentially. Meanwhile, Eicher Motors will report sales of 1.12 lakh units, up 29.39% year-on-year with marginal month-on-month decline.
Passenger Vehicles: Double-Digit Growth Continues
Passenger vehicle makers will sustain double-digit growth, reflecting continued demand for SUVs and premium offerings.
Mahindra & Mahindra (PV segment) will report sales of 62,000 units, up 18.48% year-on-year and 2.87% month-on-month. Maruti Suzuki India, the market leader, may post 2.13 lakh units, up 18.89% year-on-year, though volumes will decline 5.11% sequentially.
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Tata Motors may record strong year-on-year growth of 38.91% at 63,250 units, while Hyundai Motor India may see a moderation of 7.78% year-on-year rise to 65,500 units. However, all major PV players reported MoM declines, indicating a high base effect from March.
Commercial Vehicles: Growth Moderates Sharply
The CV segment will witness a notable slowdown, with steep month-on-month declines across players due to demand uncertainty and post-fiscal year adjustments.
Ashok Leyland will report 15,150 units, up 12.88% year-on-year but down over 40% sequentially. VE Commercial Vehicles will see volumes at 7,625 units, rising 11.38% year-on-year but falling 42.72% month-on-month.
Tata Motors' CV segment may record 30,200 units, up 10.94% year-on-year but down 37.05% sequentially.
Tractors: Seasonal Slowdown After Strong FY26
Tractor sales may cool off after a strong FY26, reflecting seasonal softness and base effects.
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Escorts Kubota is likely to report sales of 9,550 units, up 9.41% year-on-year but down 21.2% month-on-month. Mahindra & Mahindra's tractor segment will post 42,000 units, growing 5.81% year-on-year but declining 6.74% sequentially.
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