While the YoY growth in the ICRA Business Activity Monitor surged to a 13-month high of 10.8% in November 2025 (+9.4% in Nov 2024) from 5.7% in October 2025 (+10.9% in Oct 2024), this was partly driven by a shift in festive dates*. Growth averaged at 8.2% YoY October-November 2025, similar to the 8.1% seen in Q2 FY2026.

As many as 14 of the 16 constituent indicators reported an improvement in their YoY performance in November 2025 relative to October 2025. The growth in auto output (including PVs and 2Ws) improved sharply in November 2025, owing to higher number of working days, apart from a dip in dealership inventory. While the growth in vehicle registrations cooled off significantly (to just +2.4% in Nov 2025 from +41.4% in Oct 2025) after the festive and GST cut-related surge in October 2025, this was attributed to the high base related to festive retails seen during November 2024.

EXHIBIT: YoY growth of ICRA Business Activity Monitor

*festive period: a) 2022 – Sep 26 to Nov 6; b) 2023 – Oct 15 to Nov 25; c) 2024 – Oct 3 to Nov 15; d) 2025 – Sep 22 to Nov 2; Source: ICRA Research.