Domestic CV wholesale volumes grew at 25.4% YoY in November 2025, while retail volumes grew at 19.9% YoY, primarily driven by GST rate cuts. Domestic CV wholesale volumes reported a 6.9% YoY growth in 8M FY2026. However, the frontloading of the GoI’s capex in H1 FY2026 implies a steep YoY fall in capex activities in H2 FY2026, which is likely to weigh on CV demand (especially M&HCVs). ICRA, thus, expects domestic CV wholesale volumes to register a 3-5% YoY growth in FY2026.

EXHIBIT: Trend in monthly domestic CV wholesale sales volumes and YoY growth