Domestic CV wholesale volumes witnessed a 6.0% YoY growth in August 2025, while retail volumes witnessed a 3.2% YoY growth. CV retail volumes in August 2025 were impacted to a certain extent by the impending reduction in the goods & services tax (GST) rates, leading to deferment of purchases by the fleet operators. Domestic CV wholesale volumes reported 1.3% YoY growth in 5M FY2026.

• The Indian commercial vehicle (CV) wholesale volumes reported a moderate 6.0% YoY increase in August 2025, with a 4.1% sequential growth. CV retail volumes reported a 3.2% YoY growth in August 2025, with the relatively lower YoY growth compared to wholesale volumes hinting at inventory build up at the dealerships. The domestic CV retail volumes saw a modest 1.1% sequential decline for the month. 
• In the medium and heavy commercial vehicle (M&HCV) segment, retail sales volumes witnessed a decent increase of 9.2% on a YoY basis in August 2025, while recording a sequential decline of 3.9%. While early onset and extended period of monsoons had a bearing on demand in recent months, a gradual recovery is envisaged, going forward, as construction and infrastructure activities pick up. ICRA forecasts the M&HCV (trucks) wholesale volumes to register a 0-3% YoY growth in FY2026.