New Delhi [India], March 5 : Auto companies in India registered double-digit growth in wholesale volumes in February 2026, supported by strong demand across segments, according to a research report by Aditya Birla Capital.
The report noted that Indian auto OEMs continued to witness sustained growth in wholesale volumes during the month, with strong double-digit growth recorded across industry segments.
"Indian auto OEMs continue to witness sustained growth in wholesale volumes in Feb'26, with strong double-digit growth in industry volumes across segments," the report stated.
The report highlighted that companies continue to benefit from improving demand conditions and positive consumer sentiment following the GST rate cuts. In addition, new model launches and limited edition variants have also supported overall volumes during the month.
During February, the commercial vehicle (CV) and two-wheeler (2W) segments outperformed other segments with healthy year-on-year (YoY) growth. Meanwhile, the passenger vehicle (PV) and tractor segments also maintained strong momentum.
Company-wise, most passenger vehicle manufacturers reported double-digit YoY growth during the month, except Maruti. Tata Motors emerged as the growth leader in the PV segment with a growth of 35 per cent YoY.
Mahindra & Mahindra (M&M) posted a growth of around 19 per cent YoY, while Hyundai recorded growth of 13 per cent YoY. Maruti, however, registered a comparatively moderate growth of 7 per cent YoY.
Within the commercial vehicle segment, apart from M&M, all other major original equipment manufacturers (OEMs) reported growth of over 20 per cent YoY.
In the two-wheeler segment, Hero MotoCorp Limited (HMCL) emerged as the growth leader, recording a strong growth of 44 per cent YoY. TVS Motor Company and Bajaj Auto also posted robust growth of 30 per cent and 27 per cent YoY, respectively. Royal Enfield (RE) recorded a growth of 11 per cent YoY.
The report further noted that the tractor industry continued to maintain its growth momentum during the period.
Meanwhile, the electric vehicle (EV) industry continues to witness rapid penetration in the Indian market. The growth is being supported by new launches, improved affordability and the government's push towards EV adoption, including the expansion of charging infrastructure, transition to new schemes and reduction of import duties on EVs.
Auto companies have also undertaken several initiatives to boost EV demand, including expanding charging networks and infrastructure as well as launching schemes to support EV resales.
These factors together are contributing to the continued growth and expansion of the Indian automobile industry across segments, the report added.
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