The Indian automotive sector witnessed robust demand in September 2025, boosted by the recent GST 2.0 reforms and the onset of the festive season. Passenger vehicles, utility vehicles, and commercial vehicles all saw notable upticks, with early Navratri sales signaling a surge in consumer sentiment and dealer activity.
Market observers view this combination of tax relief and festive momentum as a key driver behind the month’s encouraging numbers, with several companies reporting their monthly sales figures.
1. Mahindra & Mahindra Ltd
Mahindra & Mahindra Ltd., one of India’s prominent automotive manufacturers, reported total vehicle sales of 100,298 units in September 2025, reflecting a growth of 16 percent, including exports. Domestic utility vehicle sales reached 56,233 units compared to 51,062 units last September, marking a 10 percent rise, while overall utility vehicle sales, including exports, stood at 58,714 units.
Commercial vehicle sales in the domestic market rose 18 percent to 26,728 units. Total Exports for the month stood at 4,320 Units compared to 3,020 Units in September 2024, marking a 43 percent increase.
The company noted that the combined effects of GST 2.0 and pent-up demand ahead of Navratri fueled strong dealer-reported retail growth in the first nine days of the festival. During this period, SUV sales surged more than 60 percent, while commercial vehicle sales increased over 70 percent compared to the same timeframe last year. However, SUV billing figures for the month were constrained by limited trailer availability during the last ten days of September.
Mahindra & Mahindra Ltd has a market capitalization of Rs. 4,30,634.03 crore. The stock opened at Rs. 3,412.35, with a previous close of Rs. 3,426.65, and touched an intraday high of Rs. 3,500. This represents an intraday increase of 2.13 percent from the previous close to the high.
2. Tata Motors Ltd
Tata Motors Passenger Vehicles recorded September 2025 as a landmark month, delivering 60,907 units, including 59,667 domestic wholesales, marking a 47 percent year-on-year increase compared to 41,313 units in September 2024.
This milestone was complemented by record-breaking performances across the company’s green fuel portfolio, with electric vehicle sales surging more than 96 percent YoY to 9,191 units, and CNG vehicle sales exceeding 17,800 units, reflecting a growth of over 105 percent compared to Q2FY25.
The company noted that customer demand remained high, particularly following the reduction in GST rates, with new bookings doubling in the latter half of the month. The Nexon led the surge, achieving record monthly sales of over 22,500 units, while the Harrier and Safari benefited from the Adventure X edition launch and multiple powertrain options, reaching their best combined sales. The Punch continued to strengthen its position in the compact SUV segment.
Tata Motors Passenger Vehicles also reported total sales of 144,397 units in Q2 FY26, a double-digit YoY increase of more than 10 percent over Q2 FY25. Electric vehicle sales for the quarter jumped 59 percent YoY to nearly 25,000 units, contributing a record 17 percent to overall sales. The company’s global presence also expanded, particularly in South Africa, with exports increasing fivefold compared to the previous year.
Tata Motors Ltd has a market capitalization of Rs. 2,64,442.55 crore. The stock opened at Rs. 680.60, with a previous close of Rs. 680.45, and reached an intraday high of Rs. 720. This marks an intraday rise of 5.78 percent from the previous close to the high.
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3. Maruti Suzuki India Ltd
Maruti Suzuki India Limited sold a total of 189,665 units in September 2025, comprising domestic passenger vehicle sales of 132,820 units compared to 144,962 units in September 2024, marking a decline of 8.3 percent, sales to other OEMs of 11,750 units, and exports of 42,204 units compared to 27,728 units in September 2024, marking a growth of 52.2 percent, being a record monthly high.
Domestic wholesale figures declined to 147,461 units from 156,999 units in September 2024, a decline of 6 percent, reflecting logistical constraints towards the end of the month.
Segment-wise, mini cars including Alto and S-Presso declined from 10,363 units to 7,208 units, a drop of 30 percent year-on-year. The compact segment, featuring Baleno, Celerio, Dzire, Ignis, Swift, and WagonR, rose from 60,480 units to 66,882 units, marking an increase of 11 percent.
Utility vehicle sales, including Brezza, Ertiga, Fronx, Grand Vitara, Invicto, Jimny, Victoris, and XL6, fell from 61,549 units to 48,695 units, a decrease of 21 percent. Vans, including the EECO, also dropped from 11,908 units to 10,035 units, a decline of 16 percent. The company attributed strong early-month deliveries during Navratri to improved customer sentiment driven by the GST reforms.
Maruti Suzuki India Ltd has a market capitalization of Rs. 5,02,138.64 crore. The stock opened at Rs. 16,029.20, with a previous close of Rs. 16,028.55, and recorded an intraday high of Rs. 16,099.95, showing an intraday increase of 0.45 percent from the previous close to the high.
4. Hyundai Motors India Ltd
Hyundai Motor India Limited (HMIL) achieved total sales of 70,347 units in September 2025, comprising 51,547 domestic units and 18,800 exports, up 10 percent from 64,201 units in September 2024. Domestic SUV sales contributed 37,313 units, achieving the highest-ever penetration of 72.4 percent in HMIL’s history. The VENUE model reached a 20-month high with 11,484 units sold, while the CRETA recorded 18,861 units, its highest monthly tally ever.
According to HMIL’s Wholetime Director & COO, Mr. Tarun Garg, the GST 2.0 reforms have significantly enhanced both domestic and export market growth, describing the simultaneous surge as “a true double-engine growth.
” He highlighted that strong festive demand and widespread customer interest have driven record SUV penetration and notable performances from key models, reinforcing HMIL’s position as a strategic global manufacturing hub for Hyundai Motor Company.
Hyundai Motor India Ltd has a market capitalization of Rs. 2,06,145.74 crore. The stock opened at Rs. 2,583.65, with a previous close of Rs. 2,583.55, and reached a high of Rs. 2,601, reflecting an intraday gain of 0.69 percent from the previous close to the high.
-Manan Gangwar
