The Indian Passenger Vehicle (PV) and Commercial Vehicle (CV) market saw a split performance in June 2025 and Q1 FY26, with legacy leaders like Maruti Suzuki and Tata Motors showing mixed trends, while Mahindra & Mahindra and Bajaj Auto delivered strong growth.
June 2025 Sales Highlights
|
Company |
Units Sold |
YoY Growth |
|
Maruti Suzuki India Ltd |
1,67,993 |
-6.3% |
|
Mahindra & Mahindra Ltd |
78,969 |
+13.8% |
|
Tata Motors Ltd |
67,475 |
-10.8% |
|
Bajaj Auto Ltd |
62,322 |
+13.7% |
|
Hyundai Motor India Ltd |
60,924 |
N/A |
|
Ashok Leyland Ltd |
15,333 |
+2.6% |
|
Eicher Motors Ltd |
7,363 |
-0.8% |
Maruti Suzuki remained the volume leader, but declining by 6.3% YoY suggests pressure in the PV segment. On the other hand, Mahindra & Mahindra surged with 13.8% growth, indicating rising demand in both SUV and CV segments. Tata Motors faced the sharpest fall among top players, down 10.8%, pointing to challenges in market traction.
Bajaj Auto and Ashok Leyland posted healthy gains, while Eicher Motors dipped marginally. Hyundai’s YoY data wasn’t available due to a lack of June 2024 base figures.
Q1 FY26 Performance Overview
|
Company |
Units Sold |
YoY Growth |
|
Maruti Suzuki India Ltd |
5,27,861 |
+1.1% |
|
Mahindra & Mahindra Ltd |
2,47,249 |
+16.9% |
|
Tata Motors Ltd |
2,10,415 |
-8.5% |
|
Hyundai Motor India Ltd |
1,80,399 |
N/A |
|
Bajaj Auto Ltd |
1,62,446 |
+7.5% |
|
Ashok Leyland Ltd |
44,238 |
+0.8% |
|
Eicher Motors Ltd |
21,611 |
+9.7% |
Mahindra emerged as the top gainer in Q1, growing 16.9% YoY—driven by solid SUV traction and rising CV demand. Eicher Motors and Bajaj Auto also continued to post steady double-digit gains. While Maruti Suzuki managed marginal growth, Tata Motors saw a substantial 8.5% drop, mirroring pressure from both the PV and CV sides.
Key Takeaways
- Mahindra & Mahindra: Strong growth across both months indicates market share gains, led by rising SUV and rural demand.
- Maruti Suzuki: Still dominant in volume, but growth is stagnating, possibly due to limited portfolio refresh or EV play.
- Tata Motors: Facing volume and growth headwinds; needs aggressive strategy revamp in both passenger and commercial segments.
- Bajaj Auto & Eicher Motors: Continue to benefit from premium positioning and export demand in select categories.
- Hyundai: Volume remains high, but YoY comparison isn’t available.
Market Outlook
The automobile market is increasingly favoring innovation-driven and segment-diverse players. Mahindra’s consistency suggests it is capitalizing on demand dynamics better than legacy peers. While Maruti and Tata still dominate by numbers, growth-focused investors may prefer the rising stars.
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