All auto stocks rose during early trade on Wednesday ahead of the March sales data amid expections auto wholesale volumes to be strong. TVS Motor Co., Eicher Motors Ltd., Mahindra & Mahindra Ltd. and Maruti Suzuki Ltd. traded over 3% higher as of 9:50 a.m.
The Nifty Auto index, which also constitutes auto component companies, rose 3.7%, while the benchmark Nifty 50 index was up 2.6%.
Based on the average of brokerage projections, it could be a strong finish to the financial year 2026 for two-wheelers, continued momentum in passenger vehicles, sustained demand in commercial vehicles driven by expectations of a GST rate cut, and improved tractor sales supported by early Navratri demand.
Shares of SML Mahindra Ltd. hit the 5% upper band on the NSE after March sales rose 6% year-on-year. Tractor maker Escorts Kubota Ltd. also traded higher as it reported 6.6% growth in sales at 12,119 units.
March Auto Sales: What Jefferies Expects
Brokerage firm Jefferies expects March auto wholesale volumes to be strong, with most Indian OEMs reporting double‑digit year‑on‑year growth, driven by robust registration trends seen in the first 18 days of the month.
Reported registrations were up 28–38% YoY for two‑wheelers, passenger vehicles and trucks, and 12% YoY for tractors, supporting healthy dispatch momentum. As a result, Jefferies forecasts wholesale growth of 21–25% YoY for players such as Ashok Leyland, Tata Motors PVs, TVS Motor and Eicher (VECV), while Maruti Suzuki, Bajaj Auto, Hero MotoCorp, Mahindra & Mahindra and Maruti Suzuki India are expected to see a still‑solid 10–16% YoY growth.
Hyundai Motor India is the key laggard, with volumes expected to rise by only about 4% YoY, significantly underperforming peers despite the otherwise broad‑based demand strength in March.
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