From Dealerships to Dalal Street: Auto Dispatches Fueling Share Gains

Sales Figures Highlights

Suzuki dispatched 1.76 mn PVs in FY 2025, flat YoY, holding >40% market share. ai’s FY 2025 dispatches fell 2.6% to 0.60 mn units, remaining the No. 2 OEM. and Mahindra & Mahindra each dispatched 0.55 mn units in FY 2025; M&M led YoY growth among OEMs. In June 2025: ’s domestic SUV sales jumped 18% to 47,306 units. M&M’s commercial vehicles stayed flat at 20,575 units. Honda Cars India sold 5,124 units (domestic+exports), showing muted growth. Stock Market Impact Nifty Auto delivered +23.0% YTD vs. Nifty 50’s +9.2%, led by two-wheelers and tractors outperforming. Broker Upgrades (Jefferies): Mahindra & Mahindra: PT ₹4,075 (+28% upside) Eicher Motors: PT ₹6,600 (+24% upside) TVS Motor Co.: PT ₹3,050 (+23% upside) Company-Specific Reactions: Maruti Suzuki: Range-bound trading; investors await new models. M&M: Stock rallied on strong SUV growth and margin visibility. Tata Motors: Gradual stock gains backed by PV growth and rising EV volumes. Honda Cars India: Limited stock movement; festive season demand eyed. Eicher & TVS: Outperformance driven by premium-bike and export strength.