Domestic CV wholesale volumes witnessed a 29.7% YoY growth in June 2026 while retail volumes rose by 16.9% YoY. 

ICRA expects domestic CV wholesale volumes to register a moderate 4-6% YoY increase in FY2027, with the broadened base effect of FY2026 likely to have some bearing on growth momentum in the current fiscal.

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

Exhibit: Trend in monthly domestic CV retail sales volumes and YoY growth

Source: FADA retail sales data, ICRA Research; Note: Following FADA’s revision in approach for recording CV volumes from June 2025, volumes have been captured as per the new approach, which classifies construction equipment as a separate category rather than being grouped under CV category