Automobiles – Jul-Sep’25 Earnings Preview – GST 2.0 and early festivities adding fuel to the strong quarter
Published on 08 Oct 2025
The growth was driven by two-wheelers (2W) especially scooters and by tractors. On the other hand, MHCV and construction equipment growth was subdued due to project delays amidst heavy monsoons, although most OEMs expect demand revival and a better H2. PV volumes showed signs of recovery led by sustained growth in exports, Utility Vehicles (UVs), EVs. Healthy domestic sales growth esp. was seen starting Navratri. EV sales (2W/4W) showed momentum with new launches/ packs. Affordability and aspiration to upgrade to higher-end variants were the themes in PVs and 2Ws. While rural sentiments remained strong, revival in urban markets was gradually seen towards the end of the quarter. Our top picks from the lot are M&M, TVS and HMCL.
