Domestic CV wholesale volumes saw a healthy 11.9% YoY growth in September 2025, while retail volumes reported a 2.7% YoY growth. Overall, domestic CV wholesale volumes reported a 3.2% YoY growth in H1 FY2026. ICRA forecasts the CV industry wholesale volumes to witness growth of 3-5% in FY2026, aided by the pickup in construction and infrastructure activities and a steady economic environment.

• The Indian commercial vehicle (CV) wholesale volumes reported a robust 11.9% YoY increase in September 2025, with a 19.4% sequential growth, partially aided by the rationalisation of the goods & services tax (GST) to 18% from 28% with effect from September 22, 2025.
  
• In the medium and heavy commercial vehicle (M&HCV) segment, retail sales volumes in September 2025 saw a contraction of 2.2% on a YoY basis, while recording a sequential decline of 5.8%.

Source: BSE, ICRA Research; Note: Data reflects the aggregate wholesale volumes of five listed CV OEMs, which account for ~95% of CV sales in the country