Supported by robust demand momentum post the GST rate rationalisation in September 2025, both M&HCV (trucks) and LCV (trucks) surpassed their historic volume peaks of FY2019, in FY2026. The bus segment, which crossed its historic high volumes of FY2013 in FY2025, witnessed further expansion in FY2026. Overall, the domestic CV wholesale volumes recorded a healthy 12.6% YoY growth in FY2026, supported by GST rate cuts, along with festive demand tailwinds. ICRA expects the domestic CV wholesale volumes to grow moderately by 4-6% in FY2027.

Source: SIAM, ICRA Research; Note: Blue dotted boxes represent previous peaks in each segment; ^figures represent how low/high the respective volumes are from their historic highs