India’s automobile industry is anticipated to experience a rise in demand in October following the recent GST reductions, with stronger growth expected in tractors, passenger vehicles (PVs), and two-wheelers (2Ws). In contrast, demand for medium and heavy commercial vehicles (MHCVs) is expected to remain steady.
Industry estimates suggest that the festive season has supported retail activity; however, the Vahan registration data has yet to fully capture the true extent of festive demand due to reporting delays.
Maruti Suzuki October Sales
Maruti Suzuki India achieved its highest-ever retail sales for the month of October, selling 2,42,096 units, marking nearly a 20% growth compared to the same period last year, said Partho Banerjee, Senior Executive Officer of Marketing & Sales, in an interview.
During the 40-day festival period starting from Navratri, the company recorded five lakh bookings and 4.1 lakh retail sales, almost double compared to last year. Banerjee noted that while the market faced challenges in attracting first-time car buyers before the GST reforms, the introduction of GST 2.0 has encouraged more customers to visit showrooms.
On the wholesale front, Maruti Suzuki’s total domestic sales, including commercial vehicles, reached an all-time high of 1,80,675 units, up 10.75% from 1,63,130 units in October 2024. Domestic passenger vehicle sales alone stood at 1,76,318 units, up 10.48% from 1,59,591 units a year ago.
M&M Oct Sales
Mahindra & Mahindra Ltd (M&M) reported a 26% growth in overall auto sales, reaching 1,20,142 units in October this year. Domestic passenger vehicle sales saw a significant 31% increase, rising to 71,624 units in October from 54,504 units in the same month last year, according to a regulatory filing by the company. Domestic commercial vehicle sales also grew, standing at 31,741 units, up 14% compared to the previous year.
Tata Motors Oct Sales
Tata Motors reported a 27% year-on-year increase in passenger vehicle (PV) sales for October 2025, reaching 61,134 units, up from 48,133 units in the same month last year. Including electric vehicles (EVs), the company’s total PV sales rose 26.6% year-on-year to 61,295 units, compared with 48,423 units in October 2024.
This marked record-breaking monthly wholesales for the second consecutive month, driven primarily by SUVs, which accounted for over 47,000 units sold, the highest-ever 77% share in monthly sales, Tata Motors Passenger Vehicles said in a regulatory filing.
Hyundai Motor India Oct Sales
Hyundai Motor India Ltd (HMIL) reported a 3.2% decline in domestic sales, with 53,792 units sold in October, down from 55,568 units in the same month last year. Despite this, the company saw strong demand for its SUVs, Creta and Venue, which together recorded 30,119 units, marking their second-highest monthly sales.
The company’s total vehicle sales for October 2025 stood at 69,894 units. HMIL attributed the strong performance to the festival season of Dussehra, Dhanteras, and Diwali, along with the positive effects of GST 2.0 reforms, which gave a boost to the overall Indian automotive market.
Brokerages on Auto Sales
Jefferies
Jefferies reported a strong October for auto wholesales in India, with most OEMs recording solid growth, except Hyundai. Passenger vehicle wholesales are estimated to have risen 17% year-on-year, while tractor sales grew 10% and truck sales increased 8%.
The positive momentum was driven by post-GST cuts and a robust festive season, which boosted registrations by 52% year-on-year for two-wheelers and 15% for passenger vehicles.
Bank of America
Bank of America noted that October dispatches accelerated, with sustainability continuing to be a key focus. They expect fiscal year 2026 to be a year of two halves, with October benefiting from festive demand.
In the passenger vehicle segment, Mahindra & Mahindra and Tata Motors outperformed, while Maruti Suzuki was in line with expectations. For two-wheelers, TVS and Eicher delivered in line, supported by strong retail sales in October, and the tractor sales remained robust, and LCVs gained momentum thanks to the GST boost.
Written by Sridhar J
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