Automobiles – Monthly Update – FY27 Starts on a Strong Note
Published on 04 May 2026
Apr’26 dispatches saw sustained volume growth across segments, defying post FY-end trend even as OEMs hiked prices/ reduced discounts. PVs grew by ~20%, driven by steady urbanization and shift toward SUVs. Inventory remained healthy at ~28 days in Mar’26, flattish MoM, lower than 32-34days in Jan’26 and ~52 days in Mar’25. 2W growth was higher due to HMCL’s lower base, normalizing the impact of which the segment would have shown low double-digit growth. CV growth moderated but still grew in double-digits, while tractors continued to grow strongly even as El Nino impacts are being carefully monitored. The West Asia conflict has raised concerns about potential disruptions in supply chain and inflated costs dampening sentiments.
