Two-wheeler segment continued to report healthy double-digit YoY growth led by strong retail momentum during festive season. Passenger vehicles wholesales also grew in double digit but were constrained by logistics-related challenges. Nevertheless, retail demand / booking remains strong.
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In September 2025, wholesale volume performance was healthy across segments and was ahead of our estimates. Both retail and wholesale momentum picked up after September 22 (post Shradh period and GST rate reduction).
Two-wheeler segment continued to report healthy double-digit YoY growth led by strong retail momentum during festive season. Passenger vehicles wholesales also grew in double digit but were constrained by logistics-related challenges. Nevertheless, retail demand / booking remains strong.
Commercial vehicle segment continues to see recovery (grew in double digit YoY) and was 5% ahead of our estimate, led by healthy traction across both medium and heavy commercial vehicles and light commercial vehicles on a favourable base. Tractor segment reported robust ~49% YoY growth, and was ~35% higher vs our estimate.
Preferred picks: Maruti Suzuki India, M&M and TVS Motor in OEMs.
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