Wholesale volumes grew by 38.0% in December 2025; retail volumes increased by 9.5% on a YoY basis. ICRA estimates 2W domestic volumes to register a growth of 6–9% YoY in FY2026; the recent cut in GST rates is likely to continue to support demand.

• Wholesale volumes record a robust growth – Domestic wholesale volumes grew by 38.0% year-overyear (YoY) in December 2025, reaching 1.5 million units
  
• Retail demand lifted by year-end offers – Retail sales increased by 9.5% YoY in December 2025, aided by seasonal discounts and heightened pre-buying activity before anticipated price hikes in January.