TMPV

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M&M

Lead January PV Growth Surge

India’s domestic passenger vehicle (PV) wholesales rose 12.6% YoY to ~455,000 units in January 2026, supported by post-GST cut demand, festive spillover, and strong SUV momentum. While

maintained volume leadership, and posted standout growth. Dealer inventory levels remain low, and production constraints persist for high-demand models. Industry-Level Trends - Total wholesales: 455,000 units, up from 404,000 units YoY. - Growth driven by GST rate cuts (Sept 2025) and SUV demand. - Retail bookings surged, with Maruti Suzuki reporting 275,000 bookings, up 25% YoY. - Inventory levels remain tight, averaging 3–4 days across networks. Executive Commentary and Outlook - Maruti Suzuki: Strong small car demand post-GST cut; production prioritization continues. - : Growth supported by exports and premium SUV mix. - Tata Motors: Highest YoY growth among top players, driven by Nexon and Punch. - Mahindra: Robust demand for Scorpio-N, XUV700, and Thar. - Toyota: Growth led by hybrid models and Innova variants. Sector Outlook - Industry remains optimistic, but production bottlenecks and component availability are key watchpoints. - Sustained demand expected through Q4FY26, though inventory replenishment will be critical. - Analysts expect 7–9% PV growth for FY26, with SUVs and hybrids leading the mix.