Wholesale and retail volumes grew at a strong pace in April 2026 on YoY basis, with demand continuing to be supported by GST rate cuts, extended summer wedding season and healthy demand for newly launched models. ICRA expects industry volumes to expand by 4-6% in FY2027, led by the likelihood of sustained demand momentum. The moderation in growth considers the elevated base of FY2026 and the weak monsoon outlook.

Exhibit: Trend in monthly PV volumes – Exports (in units)