Domestic PV wholesales up 12.6% in January owing to GST tailwinds

Maruti Suzuki reports 25 per cent rise in bookings, Hyundai Motor's wholesales jump by 9.5%, and M&M records an increase in PV wholesales by 25.4%

Domestic passenger vehicle (PV) wholesales in India increased by 12.6 per cent year-on-year (Y-o-Y) in January to around 455,000 units, supported by improved demand due to the goods and services tax (GST) rate cuts implemented in September last year.

 

Partho Banerjee, senior executive officer for Marketing and Sales at Maruti Suzuki India (MSIL), said the impact of the revised GST regime continues to support demand, though the sustainability of this trend will become clearer over the next few months.

 

He noted MSIL's dealer inventory levels are currently low, with only about three days of physical stock available.

 

 

 

 

MSIL recorded a 25 per cent Y-o-Y increase in bookings to 275,000 units in January. However, the company is facing production constraints and is currently unable to fully meet demand.

 

Banerjee, during a video press conference, said MSIL is operating additional shifts, including work on Sundays and holidays, to address the situation. He added that production constraints are expected to persist for a few more months until a new production line becomes operational.

 

According to Banerjee, the industry's domestic PV wholesales stood at 450,000-455,000 units in January 2026, as compared to 404,000 units sold in January 2025.

 

Banerjee said his earlier estimate of 6-7 per cent Y-o-Y growth for the domestic PV industry in calendar year 2026 may need to be reassessed in light of rising commodity prices and geopolitical developments. He added that while MSIL aims to absorb part of the increase in input costs, price increases may be unavoidable beyond a certain point.

 

Maruti Suzuki’s domestic PV wholesales stood at 174,529 units in January, registering a marginal year-on-year growth of 0.5 per cent.

 

Hyundai Motor wholesales jump 9.5%

 

Hyundai Motor India Limited reported domestic wholesales of 59,107 units in January, up 9.5 per cent Y-o-Y. Tarun Garg, managing director and chief executive officer of Hyundai Motor India Limited, said January 2026 was the company’s highest-ever month for domestic sales at 59,107 units, while total sales, including exports, stood at 73,137 units, reflecting an 11.5 per cent Y-o-Y growth. He added that exports rose by 20.9 per cent to 14,030 units, indicating sustained demand in overseas markets.

 

Tata Motors reported a sharp increase in domestic passenger vehicle wholesales, which rose by 46.1 per cent Y-o-Y to 70,222 units in January.

 

M&M PV wholesales up by 25.4%

 

Mahindra and Mahindra’s domestic passenger vehicle wholesales increased by 25.4 per cent Y-o-Y to 63,510 units during the month.

 

Nalinikanth Gollagunta, chief executive officer of the Automotive Division at Mahindra and Mahindra, said the company began the year with strong momentum, driven primarily by sport utility vehicle demand. He added that bookings opened on January 14 for the XUV7XO and XEV 9S models generated 93,689 orders within four hours, with a total booking value of Rs 20,500 crore.