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Wholesale volume growth moderates in Aug 2026 – Domestic wholesale volumes grew 4.9% YoY in Aug
2026 to around 1.8 million units, versus 14.2% YoY in 5M FY2027. Growth in the first five months was
supported by healthy rural sentiment, improving financing conditions and festive-season inventory build
up. Near-term demand prospects remain favourable, though monsoon trends, inventories, and crude
linked volatility remain key monitorables. A high H2 FY2026 base is likely to temper growth in H2 FY2027.
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Retail volumes maintained healthy growth – Retail sales rose by 19.7% YoY in August 2026, recording the
highest-ever volumes for the month. Rural markets only marginally outpaced urban centres, reflecting
broad-based demand across regions. However, volumes moderated sequentially amid monsoon-related
disruptions, heavy rainfall in some regions and the inauspicious Shravan/Aadi period, which constrained
showroom walk-ins.
Exhibit : Comparison of domestic 2W retail and wholesale trends
