Commercial Vehicles

Mahindra & Mahindra Ltd (M&M) on Wednesday said it has secured an order to supply 35,000 units of its light commercial vehicle Scorpio Pik Up to Indonesian state-owned firm Agrinas Pangan Nusantara. The vehicles will be supplied in 2026 as part of a cooperative project in the South-east Asian country. These pick-up vehicles for the Koperasi Desa/Kelurahan Merah Putih (KDKMP) project will play a crucial role in enhancing logistics for Koperasi (cooperatives) being set up across the country. It also said that the latest vehicle order surpasses the company's total export volumes achieved in FY25. Under the partnership, Mahindra and Agrinas Pangan Nusantara will work together to equip Koperasi with these vehicles to ensure effective and seamless flow of fresh supplies from farmers directly to the marketplace, thereby bridging the gap between producer and consumer. This collaboration aims to enhance rural logistics and enable villages to become independent centres of economic ...

Nomura, which has a 'Buy' rating on Tata Motors with a target price of ₹547, sees clear signs of a CV upcycle gathering momentum, driven by improving industry fundamentals.

Tata Motors stock outlook: Key drivers in 2026 will include the govt's sustained infra push and expansion in end-use sectors, both of which are expected to fuel positive momentum for the CV industry.

Tata Motors Q3 Preview: Nomura notes that MHCV volumes rose 24 per cent Y-o-Y, leading to a similar 24 per cent increase in revenues on both a Y-o-Y and Q-o-Q basis.

Ashok Leyland management believes MHCV industry would remain buoyant in H2, led by growth in broad-based consumption and increase in infrastructure activity.

Nomura expects TMCV's India business to be a key beneficiary of the anticipated recovery, supported by its dominant 46 per cent market share in the domestic MHCV segment in FY25.

TMCV remains the market leader in MHCVs, with retail market shares of ~49 per cent in heavy CVs, ~37 per cent in passenger buses, and ~30 per cent in light goods vehicles (FY25).

In the past one month, Ashok Leyland has outperformed the market by surging 18 per cent, as compared to 1.3 per cent decline in the BSE Sensex.

The momentum was not limited to retail-focused segments, the brokerage noted. The medium and heavy commercial vehicle (MHCV) industry showed clear signs of revival after a prolonged 15-month downturn.

According to InCred Equities, the CV downcycle that played out over six quarters between April 2024 and July 2025 appears to be bottoming out.

India's MHCV segment shows early signs of an upcycle as replacement demand revives, freight economics stabilise and GST-driven distortions fade, giving brokerages cautious optimism

Following Covid-related disruptions, large fleet operators overwhelmingly opted for the 12 per cent FCM route, claiming ITC benefits on truck purchases.

Tata Motors said that the growth momentum expected to continue through H2 across segments, while, the GST cut boosted consumption and utilisation, supporting MHCV cargo volume growth

At 2:24 PM, with ₹1.01 trillion market cap, Ashok Leyland was quoting 3 per cent higher at ₹171.15 on the BSE, the exchange data showed

Tata Motors will likely maintain its dominant share in the vehicle market segment, with support from India's economic growth, favourable infrastructure and construction spending, believe analysts.

In the past six months, the stock price of Ashok Leyland rallied 42 per cent, as against 3.7 per cent rise in the BSE Sensex and 17 per cent surge in the BSE Auto index.

Mutual funds redirect record inflows to fuel IPO boom, hitting 25-year high in new listings while selling bank and pharma stocks

NBFCs' vehicle-loan AUM is seen growing 16-17 per cent annually through FY26-FY27 to Rs 11 trillion by March 31, 2027, with used-vehicle loans expected to outpace new loans, Crisil Ratings said

Ambit expects TMCV's revenue and Ebitda to grow at a CAGR of 6 per cent and 7 per cent over FY25-28, respectively, on the back of high-margin and non-core revenues

With GST rationalisation & pick up in government capex, CV volumes are likely to improve going forward (expectations of positive YoY growth in FY26), according to ICICI Securities.