Commercial Vehicle Sales

Commercial vehicle growth seen moderating to 6-7% in FY27 amid headwinds

After nearly 12% growth in FY26, CV industry to grow around 6-7% in FY27 amid headwinds from oil price volatility, monsoon-linked rural demand and macroeconomic pressures

Auto retail sales scale new peak in FY26, inch closer to 30 mn units

Strong growth across segments, GST 2.0 benefits and rising rural demand pushed India's auto retail sales to a record 29.6 million units in FY26, with EV adoption also gaining pace

Vehicle retail sales rise 13.3% in FY26 amid market optimism: Fada

Retail sales of vehicles across categories in India in 2025-26 grew by 13.3 per cent at a record 2,96,71,064 units as compared to 2,61,87,255 units in the previous fiscal, with GST 2.0 helping overcome a subdued start to the year, Federation of Automobile Dealers Associations said on Monday. Passenger vehicle (PV) retail sales rose to 47,05,056 units in FY26, up 13 per cent from 41,63,927 units in FY25, the Federation of Automobile Dealers Associations (FADA) said in a statement, adding that it is cautiously optimistic but watchful of the possible impact of West Asia war on vehicles demand in India going forward. Similarly, two-wheeler (2W) sales also grew by 13.4 per cent at 2,14,20,386 in 2025-26 as compared to 1,88,89,595 units in 2024-25. In FY26, three-wheeler retail sales stood at 13,63,412 units, up 11.68 per cent from 12,20,834 units in FY25, according to FADA. Commercial vehicles (CV) retail also witnessed a growth of 11.74 per cent at 10,60,906 units in FY26 as against ..

Tata Motors commercial vehicle sales up 17% at 47,976 units in March

Tata Motors Ltd on Wednesday reported a 17 per cent growth in total commercial vehicle sales at 47,976 units in March as compared to 41,122 units in the same month last year. Total Commercial Vehicle (CV) sales in the domestic market stood at 45,825 units last month as against 38,884 units in March 2025, up 18 per cent, Tata Motors Ltd said in a regulatory filing. However, international business CV sales were lower by 4 per cent at 2,151 units as compared to 2,238 per cent in the year-ago month. For FY26, total sales were up 14 per cent at 4,28,329 units as compared to 3,76,903 units in FY25, the company said. "FY26 saw a subdued first half for the commercial vehicle industry, followed by a decisive recovery in H2 as demand conditions improved with the rollout of GST 2.0 and gained momentum through Q3 and Q4," Tata Motors Ltd MD & CEO Girish Wagh said. In March, the monthly double-digit YoY sales growth saw some moderation amid the ongoing conflict in West Asia and its impact on .

CV upcycle gathers pace, but brokerages split on Tata Motors outlook

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 Q3 Preview: Profit, revenue and key factors to watch in Dec qtr

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.

Nomura initiates TMCV with 'Buy' as India truck cycle shows early revival

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.

InCred Equities starts coverage on Tata Motors with 'Add' as CV cycle turns

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

GST reset brings balance back to India's commercial vehicle market: Antique

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

Nuvama turns cautious on Tata Motors CV biz despite inline Q2 profitability

In Q2, Tata Motors' standalone revenue rose 9% Y-o-Y to ₹16,860 crore, coming in 3% below Nuvama's forecast due to an unfavourable mix that weighed on average selling prices.

India's auto sales flat in Q1 FY26; UVs, exports shine amid weak demand

India's auto sector began FY26 on a mixed note as UV sales and exports grew, but overall demand stayed soft. Two-wheelers and cars saw declines, while three-wheelers hit record Q1 sales

Commercial vehicle sales may grow 3-5% in wholesale volumes in FY26 : Icra

Domestic commercial vehicle (CV) industry is likely to see a 3-5 per cent year-on-year growth in wholesale volumes this fiscal, after logging a slight dip of 1.2 per cent in FY25, Icra said in a report on Monday. This growth is expected to be driven by resumption of construction and infrastructure activities and a steady economic environment, the ratings agency said in its latest report. Domestic CV wholesale volumes saw a miniscule 0.1 per cent increase in the previous month on a year-on-year basis, while sequentially it grew by around 1.6 per cent. However, in the first two months (April-May) of the current financial year, the CV wholesale volumes declined by 0.7 per cent year-on-year, it said. CV retail volumes, according to Icra, declined by 3.7 per cent year-on-year in May 2025, while sequential decline was at 11.3 per cent, it said, adding such trends reflect elevated inventory at dealerships' end. In the medium and heavy commercial vehicle (M&HCV) segment, retail sales ...

India's CV industry wholesale volumes to grow at 3-5% in FY26: Icra

Capital expenditure in the CV industry is also expected to rise significantly to Rs 58-60 billion in FY25 and FY26, up from Rs 34 billion in FY24

Ashok Leyland's Q3 margin surprises Street; analyst mixed on future growth

Ashok Leyland's Ebitda margin expanded 80 basis points (bps) to 12.8 per cent in Q3FY25, up from 12 per cent in Q3FY24, surpassing Street estimates

Nuvama bets on M&M, TVS Motor & Uno Minda ahead of November auto sales data

On the bourses, M&M has gained about 6% over the past month, while Uno Minda has surged more than 6%. On the flipside, TVS Motor dropped over 1%. In comparison, BSE Auto index declined nearly 2.5%

Ashok Leyland unveils GARUD 15M bus chassis, commercial launch in Q4FY25

Leading commercial vehicle manufacturer Ashok Leyland on Thursday announced unveiling its pioneering GARUD 15M bus chassis at Prawaas 4.0 in Bengaluru. The Hinduja Group flagship company unveiled the chassis at the event organised by Bus & Car Operators Confederation of India (BOCI). "The GARUD 15M is India's first front engine multi-axle bus chassis, setting a new standard in the industry. Designed specifically for long distance intercity travel, this innovative platform offers the largest saloon space available in Indian buses. With a best-in-class capacity of 42 sleeper berths, the GARUD 15M maximizes per-trip revenue for bus operators," a company release said. It has a cutting-edge design for comfortable long-distance travel. Shenu Agarwal, MD & CEO, Ashok Leyland said, "GARUD 15M represents a significant leap forward in bus chassis technology, combining advanced engineering with unparalleled comfort and efficiency." Sanjeev Kumar, President-MHCV at Ashok Leyland said, ...

M&HCV, bus sales shift up in Q1; top 4 companies register 7.2 growth

H2FY25 expected to see demand revival as monsoons end; H1 affected by elections

Demerger to help commercial vehicle biz capitalise globally: Tata Motors

The proposed demerger of existing automotive business into two listed entities will help the commercial vehicle vertical become more agile and capitalise on the opportunities available globally, according to Tata Motors Executive Director Girish Wagh. In march this year, Tata Motors announced the demerger of its commercial and passenger vehicle segments into two separate listed entities to better capitalise on growth opportunities. As part of the initiative, the commercial vehicle (CV) business and its related investments would be housed in one entity, while the passenger vehicle (PV) business, including electric vehicles (EVs), Jaguar Land Rover (JLR) and its related investments, will come under a separate listed entity. "The proposed demerger will help us improve focus and make us more agile to capitalise on opportunities in the CV market globally," Wagh, who heads the company's commercial vehicle business, said in a message to shareholders in the auto major's Annual Report for ..

Growth worries may keep Bharat Forge under pressure; earning estimate cut

Brokerages have cut their earnings estimates by up to 11 per cent, given the slowdown in multiple segments

Ashok Leyland would move towards 35% mkt share in MHCV segments: Hinduja

Hinduja Group flagship Ashok Leyland would safely remain above 30 per cent market share in the medium and heavy commercial vehicle segments and confidently move towards 35 per cent going forward, a top official said on Tuesday. The company expects to continue its growth in the medium, heavy and light commercial vehicle segments. The city-headquartered company reported a 61 per cent rise in net profit of Rs 580 crore on the back of robust sales. The company had posted a net profit of Rs 361 crore in the year-ago period. "The third quarter (of the current financial year) has been the best for Ashok Leyland. Before the start of this financial year we had expected that the medium and heavy commercial vehicle industry will grow at 8-10 per cent. The market has grown by 9 per cent (as of October-December 2023 period). Ashok Leyland has grown by 7 per cent in line with the industry growth and growth in bus segment is at 65 per cent almost twice the industry growth," Dheeraj Hinduja, the ..