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India's Auto Sector Surges in September, Tractors Lag Behind: Jefferies Report
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News18•30-09-2026, 15:30
India's Auto Sector Surges in September, Tractors Lag Behind: Jefferies Report
- •India's automobile sector anticipates broad-based growth in September, with strong sales momentum in passenger vehicles, two-wheelers, and commercial vehicles, according to a Jefferies research report.
- •Vehicle registrations for the first 25 days of September saw significant year-on-year increases: passenger vehicles rose 78%, two-wheelers 75%, and medium and heavy commercial vehicle trucks 53%.
- •Tractor registrations, however, grew by only 4% during the same period, indicating a lag compared to other auto segments.
- •Jefferies notes that the sharp year-on-year growth is partly due to a favorable comparison with a low base from last year, which was impacted by an inauspicious period and GST cut deferment.
- •Individual companies like Ashok Leyland, Tata Motors Passenger Vehicles, Maruti Suzuki, and TVS Motor are projected to see substantial wholesale volume increases, while Hero MotoCorp's volumes are expected to remain flat and Mahindra & Mahindra's tractor volumes are projected to decline.
Key Questions Answered
India's automobile sector is expected to see broad-based growth in September, with passenger vehicles, two-wheelers, and commercial vehicles recording strong sales momentum, while tractors lag behind.
The sharp year-on-year growth was partly boosted by a low base because September 2025 was impacted by an earlier timing of an inauspicious period and deferment ahead of a GST cut.
Jefferies expects September wholesale volumes to rise 25-27 per cent year-on-year for Tata Motors Passenger Vehicles and 15-17 per cent for Maruti Suzuki. Specifically, Maruti Suzuki's total volumes are projected to increase 17 per cent to 222,500 units, while Tata Motors Passenger Vehicles is expected to record 25 per cent growth to 76,000 units.
