Domestic CV wholesale volumes witnessed a moderate 6.1% YoY growth in July 2025, while retail volumes witnessed a marginal 0.2% YoY growth. Domestic CV wholesale volumes reported a miniscule 0.1% YoY growth in 4M FY2026. ICRA expects Indian CV industry wholesale volumes to witness YoY growth of 3-5% in FY2026, aided by improved pace of construction and infrastructure activities and steady economic environment.
- The Indian CV wholesale volumes reported a moderate 6.1% YoY increase in July 2025, with a 2.7% sequential decline. This is a recovery following the 1.7% YoY decline in the domestic CV wholesale volumes in Q1 FY2026.
- In the M&HCV segment, retail sales volumes saw a slight decline of 0.2% on a YoY basis in July 2025, while reporting a moderate sequential growth of 6.0%.
EXHIBIT: Trend in monthly domestic CV wholesale sales volumes and YoY growth
Source: BSE, ICRA Research; Note: Data reflects the aggregate wholesale volumes of five listed CV OEMs, which account for around 95% of CV sales in the country
