Jefferies estimates that domestic wholesales increased 36-43% YoY for passenger vehicles and trucks, while 2W and tractor wholesales rose around 10%.
Among major OEMs, Tata Motors Passenger Vehicles reported the strongest wholesale growth at 56% YoY. Volumes at Ashok Leyland, Mahindra & Mahindra, Bajaj Auto, Maruti Suzuki and TVS Motor increased 21-38%, while Eicher Motors and Hyundai posted 9-11% growth. Hero MotoCorp lagged, with wholesales rising just 3%.
Compared with Jefferies’ estimates, August wholesales were broadly in line for Maruti Suzuki, Hero MotoCorp and Hyundai, while the rest of the automakers came in ahead of expectations.
Nomura also said demand remained strong, with medium and heavy commercial vehicles emerging as a positive surprise. Tata Motors Commercial Vehicles and Bajaj Auto were significantly ahead of estimates, while Maruti Suzuki, Hyundai and TVS Motor missed expectations, partly due to supply constraints.
Nomura continues to prefer Mahindra & Mahindra, Hyundai Motor India, Tata Motors CV, TVS Motor and Sona BLW Precision Forgings.
Citi said most OEMs reported strong year-on-year volume growth in August, although the comparison was aided by a weak base in August 2025, when dispatches in the second half of the month were affected by the announcement of GST cuts on August 15.
The brokerage also said that the delayed festive season could have weighed on year-on-year trends. On a month-on-month basis, delayed channel restocking may have affected volumes, with some 2W makers showing a divergence between retail and wholesale numbers.
Citi was particularly positive on commercial vehicle volumes at Ashok Leyland and Tata Motors CV, given that the base effect was less favourable compared with passenger vehicle makers. Its preference order remains Maruti Suzuki, Eicher Motors and Mahindra & Mahindra.
Bajaj Auto
Bajaj Auto reported a strong August performance, with all segments recording double-digit growth. Total sales rose to 5.36 lakh units, compared with Nomura’s estimate of 4.88 lakh units.
Domestic sales increased 10% YoY, while exports surged 51%. The company also reported its highest-ever monthly export volume of 2.80 lakh units.
Two-wheeler sales rose 30%, with domestic volumes up 10% and exports up 53%. Three-wheeler sales increased 22%.
Eicher Motors
Royal Enfield sales were broadly in line with estimates, with growth continuing to be driven by the 350cc portfolio.
Total sales increased 10% YoY. Sales of motorcycles up to 350cc rose 15%, while volumes in the above-350cc segment declined 13%.
TVS Motor
TVS Motor’s August sales came in below expectations, with both domestic and export volumes missing estimates.
Total sales increased 21% YoY, against an estimated 28% growth. Domestic two-wheeler sales rose 18%, while exports increased 29%.
Mahindra & Mahindra
Mahindra & Mahindra’s overall performance was broadly in line with estimates, with strong growth in the auto business offset by a slight miss in tractors.
Auto sales stood at 1.07 lakh units, in line with Nomura’s estimate. Total auto volumes rose 42% YoY, while SUV sales jumped 50%.
Tractor sales came in at 29,507 units, marginally below Nomura’s estimate of 29,800 units. Total tractor sales increased 5% YoY.
Hyundai Motor India
Hyundai’s August sales were below expectations, with exports continuing to weigh on the overall numbers.
Total sales rose 8.8% YoY, compared with Nomura’s estimate of 16% growth. Domestic sales increased 23.6%, while exports declined 31%.
Maruti Suzuki
Maruti Suzuki’s August sales missed estimates, primarily due to weaker exports, while domestic volumes were broadly in line.
Total sales increased 21% YoY, with domestic sales rising 29% and exports declining 7%.
Entry-level segment sales grew 28%, while SUV volumes jumped 46%.
Tata Motors PV
Tata Motors’ passenger vehicle sales were broadly in line with expectations.
Total sales rose 56% YoY, while domestic sales increased 59%.
Tata Motors CV
Tata Motors’ commercial vehicle business reported a strong August, with most segments recording growth of more than 30%.
Total CV sales increased 49% YoY to 44,411 units. Domestic sales rose 33% and accounted for 83% of total volumes, while the international business more than tripled from a year earlier.
Ashok Leyland
Ashok Leyland reported healthy monthly sales, led by the medium and heavy commercial vehicle segment.
Total sales stood at 21,000 units, ahead of the estimated 20,000 units.
Force Motors
Force Motors reported a 58.2% YoY increase in total sales to 3,802 units in August, compared with 2,403 units a year earlier.
