Domestic CV wholesale volumes
witnessed a substantial 27.0% YoY
growth in January 2026, while retail
volumes witnessed a 15.1% YoY
growth, with GST rate cuts being the
primary driver. Domestic CV wholesale
volumes reported a 11.3% YoY growth
in 10M FY2026.
ICRA expects the domestic CV
wholesale volumes to register a 7-9%
YoY growth in FY2026, followed by a
moderate 4-6% YoY growth
anticipated for FY2027.
EXHIBIT : Trend in monthly domestic CV wholesale sales volumes and YoY growth
