Key Highlights

• Auto sales surged in October across all segments on the back of festive demand and better consumer sentiment.

• Maruti Suzuki, Tata Motors, TVS Motor, and Ashok Leyland exceeded Street estimates.

• Tractor and commercial vehicle makers reported solid year-on-year growth, reflecting rural strength and infrastructure push.

• Most companies reported a strong start to the festive quarter with steady demand and improved supply conditions.

India’s Auto Market Revs Up in October 2025

India’s automobile industry saw a spirited rebound in October 2025, fueled by the Navratri–Diwali buying season, higher footfalls at dealerships, and improved supply-chain efficiency. Total sales across leading manufacturers reflected both strong year-on-year growth and better-than-expected performance.

Passenger Vehicles Lead the Charge

Mahindra & Mahindra (M&M) reported total sales of about 1.2 lakh units, up 26% YoY, driven by strong demand for the Scorpio and XUV series.

Maruti Suzuki, India’s largest carmaker, sold 2,20,894 units, compared to 2,06,434 units last year, beating estimates of 2,14,300. Growth in compact cars and SUVs shows continued mass-market confidence.

Tata Motors posted a 26% YoY jump in passenger vehicle sales at 61,295 units, aided by its expanding EV and ICE portfolios, which helped it gain market share in urban markets.

Hyundai Motor India recorded 69,894 units, slightly below last year’s 70,078 units but above expectations. Demand for Creta and Venue models helped cushion export softness.

Commercial Vehicles Show Strength

Ashok Leyland delivered 17,820 units, up from 15,310 units a year ago, surpassing forecasts. Fleet replacement demand and infrastructure projects boosted medium and heavy commercial vehicle sales.

Eicher Motors (CV division) sold 8,050 units, up from 7,112 units, reflecting gradual recovery in logistics and freight movement.

SML Isuzu saw sales rise to 1,059 units from 801 units, showing solid traction in the light commercial segment, supported by small business and rural transport demand.

Two-Wheelers Accelerate

TVS Motor recorded 5,43,557 units, up 11% YoY, comfortably above expectations. Festive-season demand for premium bikes and scooters supported the strong showing.

Tractors Stay Firm Despite Weather Challenges

Escorts Kubota reported total tractor sales of 18,798 units, up 3.8% YoY. Domestic sales rose 3.3%, while exports jumped 38.4%. Despite uneven monsoon conditions, tractor demand held steady due to firm rural sentiment and steady farm activity.

Atul Auto sold 4,012 units, up 5.1% YoY, signaling sustained momentum in last-mile logistics and urban transport.

Sectoral Snapshot

• Passenger Vehicles: Maruti and Tata Motors outperformed, benefiting from festive demand and new launches.

• Commercial Vehicles: Ashok Leyland and Eicher saw strong growth from infrastructure and fleet upgrades.

• Two-Wheelers: TVS Motor shined with robust domestic and export performance.

• Tractors: Escorts Kubota showed stable rural traction despite uneven rainfall.

Final Word

October’s sales confirm that India’s auto sector is on a strong growth path heading into the festive quarter. With inventory levels stabilizing, financing easier, and consumer confidence improving, analysts expect momentum to remain steady through November. While passenger and commercial vehicles will likely drive growth, rural demand and rabi sowing trends will decide how long the tractor segment can sustain its resilience.