M&M's wholesale volumes grew 10% (market share gains aided by a better geographic mix) while Escorts' volumes fell 2%. Royal Enfield's 2W wholesale volumes grew 19%, TVS Motors' 14%, Bajaj's and Hero's 2% each.
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Anand Rathi Report
In May 2025, tractor volumes were broadly in line with our estimate, growing in mid-single digits YoY, supported by unseasonal rains, an MSP hike and healthy agricultural activity. Two-Wheelers too were in line with our estimate, growing in mid-single digits YoY supported by the wedding season. Passenger vehicles were slightly below our estimate on a sluggish retail trend, with a low single-digit fall.
As we expected, commercial vehicles were flat. Ahead, rural markets, the monsoon, rabi output, cash-flow, better interest rates and higher disposable incomes thanks to tax cuts would maintain momentum. We have a neutral view on the auto sector.
Our preferred picks are Escorts Kubota and Maruti Suzuki.
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