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ICICI Securities Report
In August 2026, barring tractors, wholesale volume performance was broadly in-line or ahead of the brokerages estimate. The auto sector continued to ride the GST cut-fuelled demand momentum while also benefiting from a favourable base.
The two-wheeler segment reported double-digit growth YoY, aided by robust exports momentum and healthy domestic demand. Passenger vehicles wholesales also expanded in double digits, led by strong traction across domestic PCs/utility vehicles and low channel inventory.
Export volumes, however, were impacted by logistical challenges. In commercial vehicles, volume growth accelerated, led by healthy underlying freight demand (ahead of our estimate).
Growth in the tractor segment moderated and was slightly below brokerages' estimates.
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While overall growth is likely to remain healthy in the run-up to the upcoming festive season, demand sustainability amid recent and potential vehicle price increases remains to be seen.
ICICI Securities preferred OEM picks: Hyundai Motors, Eicher Motors and Bajaj Auto.
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