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OEM wholesale sales volume for August 2026 came in healthy

ICICIdirect Research 02 Sep 2026 DISCLAIMER

News: OEM wholesale sales volume for August 2026 came in healthy (double digit growth) with CV & PV segments outperforming peers. CV continue to surprise positively wherein healthy growth was witnessed in MHCV Trucks segment with early signs of recovery in Passenger (Bus) segment. Overall retail registrations remained robust (up 16% YoY), indicating healthy underlying demand across segments and limited impact from below normal monsoon.

View: In the PV space, Maruti Suzuki reported healthy volume growth of ~21% YoY at ~2.16 lakh units, while M&M saw a healthy growth of ~50% (low base) at ~59k units. Tata Motors PV’s EV volumes stood at 16,549 units (up ~94% YoY) amidst an overall volume growth of 56% YoY (albeit low base) at ~68k units, outperforming the space, while Hyundai reported total sales of ~66k units (up 9% YoY). M&M was steady in tractors with volumes up ~5% YoY. The 2W segment reported healthy volume prints as well, with TVS motors continuing with its healthy growth growing ~21% at 5.9 lakh units (with 29% YoY growth in exports), While Eicher Motors (Royal Enfield) reported a growth of 11% YoY at ~1.26 lakh units. Bajaj Auto came with a 30% YoY growth supported by exports (domestic grew ~10% while exports grew 53% YoY) outperforming the segment.  In CV, Tata Motors CV saw stellar growth (~49% YoY) while Ashok Leyland grew 38% at ~21k units. Exports continue to do well across OEM’s especially Bajaj Auto, TVS Motors & Tata Motors, however Maruti Suzuki and Hyundai saw pressure on exports owing to logistical constraints. As the volume data was released during market hours yesterday, stock prices have already reacted.

Impact: Positive

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