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Vahan Sales Data for July'2026
02/08/2026

Vahan Sales Data for July'2026

*Emkay Global: Vehicle Registrations (Weekly)**On a YTD basis (FY26),*- *2Ws* are up ~11.7% YoY, while *PV* volumes are ...
01/03/2026

*Emkay Global: Vehicle Registrations (Weekly)*

*On a YTD basis (FY26),*

- *2Ws* are up ~11.7% YoY, while *PV* volumes are up 9.9%; *MHCVs* are up ~9.0%. *LCVs* are up 12.1% YoY.

*Among OEMs on YoY basis for Feb-26,*

- In *2Ws*: *BJAUT* volumes are up 17.4% (mkt share at 10.6% vs 10.6%/11.3% in Jan-26/Feb-25); *HMCL* volumes are up 18.5% (mkt share at 26.9% vs 26.6%/28.4% in Jan-26/Feb-25), *HMSI* volumes are up 31.3% (mkt share at 25.4% vs 25.5%/24.2% in Jan-26/Feb-25); *RE* volumes are up 30.3% (mkt share at 5.4% vs 5.7%/5.1% in Jan-26/Feb-25) and *TVSL* volumes are up 31.3% (mkt share at 19.6% vs 19.7%/18.7% in Jan-26/Feb-25).

- In *E-2Ws*: *TVS* volumes are up 66.8% YoY (market share at 28.3% vs 28.1%/20.4% in Jan-26/Feb-25) ; *BJAUT* volumes are up 17.6% YoY (market share at 22.7% vs 20.8%/23.2% in Jan-26/Feb-25); *Ather* volumes are up 74.6% (market share at 18.4% vs 17.9%/12.9% in Jan-26/Feb-25); *HMCL* volumes are up 368.1% on a low base (market share at 11.2% vs 10.8%/2.9% in Jan-26/Feb-25) and *Ola* volumes are down 54.1% (market share at 3.6% vs 6.1%/26.9% in Jan-26/Feb-25); *E-2W pe*******on* at *6.6%* (vs 6.6%/6.8% in Jan-26/Feb-25).

- In *PVs*: *HMIL* volumes up 15.7% YoY (mkt share at 11.6% vs 12.8%/12.5% in Jan-26/Feb-25); *M&M* volumes up 25.7% (mkt share at 13.6% vs 12.3%/13.6% in Jan-26/Feb-25), *MSIL* volumes are up 28.3% (mkt share at 39.4% vs 42.3%/38.3% in Jan-26/Feb-25) , and *TTMT* volumes are up 42.4% (mkt share at 14.7% vs 12.6%/12.9% in Jan-26/Feb-25).

- In *CVs*: *AL’s MHCV* volumes are up 28.8%, while *TTMT’s MHCV* volumes up 48.0% YoY.

NavDesign Porta Cabins
Prakash Tagde

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15/02/2026

महाशिवरात्रि पर्व पर हार्दिक शुभकामनाये
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वक्रतुण्ड महाकाय सूर्यकोटि समप्रभ।निर्विघ्नं कुरु मे देव सर्वकार्येषु सर्वदा ॥ 🚩आप सभी को श्री गणेश चतुर्थी की हार्दिक ब...
27/08/2025

वक्रतुण्ड महाकाय सूर्यकोटि समप्रभ।
निर्विघ्नं कुरु मे देव सर्वकार्येषु सर्वदा ॥ 🚩
आप सभी को श्री गणेश चतुर्थी की हार्दिक बधाई एवं मंगलमय शुभकामनाएं।

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30/06/2025

*Emkay Global: Vehicle Registrations (Weekly)*

*Based on data available for June 2025 (Vahan Retails),*
- *2W* segment volumes were flat while *PV* volumes declined 5% YoY; *MHCV* witnessed a ~3.8% decrease and *LCVs* stood flat.

*On a YTD basis (FY26),*
- *2Ws* were up 3.2% YoY, while *PV* volumes stood flat; *MHCV / LCVs* saw a ~4.2% / 2.7% decline in volumes, respectively.

*Among OEMs on an MTD YoY basis,*
- In *2Ws: BJAUT* saw a ~2.6% dip in volumes; *HMCL* volumes declined ~7%, *HMSI* saw a ~3.5% decline in volumes, while *RE* volumes were up 20.2% and *TVSL* volumes were up 15.1%.
- In *PVs: HMIL* volumes were down ~6.3%; *M&M* volumes rose ~7.4%, *MSIL* saw a ~6% decline in volumes, and *TTMT* volumes were down 17.1%.
- In *CVs: AL’s MHCV* volumes increased ~4.7%, while *TTMT’s MHCV* volumes were down ~9.5%.

_*Please note:* Data reflects preliminary trends observed in June '25 (till the week ending 29th June, extrapolated for June-25 for YoY comparison). Vahan data for OEMs may see discrepancies during the month, which often get adjusted subsequently; our analysis and forecasts are primarily based on segmental data trends._

11/06/2025

*MSIL to cut EV production in H1FY26; Sustains full year EV volume guidance*
_(Source: Reuters)_

# MSIL to cut production of its EV, _E-Vitara_ in H1FY26 to 8.2K units vs earlier plans of 26.5K units.

# MSIL has cited supply constraints in rare earth materials as a cause for the postponement of production.

# MSIL however aims to make up lost ground later with production ramp up from Oct-25 to meet FY26 target of 67K units.

17/03/2025

Hi,

*Based on data available for March 2025 (Vahan Retails),*
- *2W* segment volumes were down 15.6%, with *PV* volumes declining 23.9% YoY; *MHCV/LCVs* witnessed a ~15.3%/13.8% YoY decline in volume.

*On a YTD basis (FY25),*
- *2Ws* were up 7.4% YoY, while *PV* volumes increased ~4.2%; *MHCV/LCVs* saw a decline in volumes by 6.6%/3.3%.

*Among OEMs on an MTD YoY basis,*
- In *2Ws: HMCL* saw a ~14.4% decline in volume; *TVSL (2Ws)* were flat, *BJAUT (2Ws)* saw a ~16.8% dip in volumes, while *RE* volumes were up 2.3% and *HMSI* volumes dipped 15.1%.
- In *PVs: MSIL* witnessed a ~24.2% decline in volume; *TTMT* volumes were down 31.6%, *M&M* saw a ~8.4% dip, and *HMIL* volumes were down 27.5%.
- In *CVs: TTMT's MHCV* volumes were down ~13.6%, and *AL MHCV* volumes experienced a ~11.3% decline in volume.

_Please note: Data reflects preliminary trends observed in Mar'25 (till the week ending 16th Mar', extrapolated to 17th Mar' for YoY comparison); Weekly OEM comparisons may vary due to Vahan updates._

11/03/2025

*MAH Govt raises road tax on CNG cars by1% and introduces 6% road tax on Luxury EVs*

# Maharashtra raises motor tax on CNG cars by 1%. from current rate of 7- 9% on individual-owned non-transport CNG/LPG 4Ws depending on the vehicle type and price.

# CNG PV pe*******on in India is currently ~17% and ~32% in Maharashtra.

# Market leader, MSIL's overall CNG exposure is ~31% of its total domestic Vahan retails.

# MSIL's CNG PV volumes account for ~62% of its PV retails in Maharashtra and Maharashtra contributes ~21% to MSIL's overall CNG PV sales.

# Consequently *MSIL overall exposure from CNG PV sales in Maharashtra is capped at ~6.5% of its total domestic retails as of FY25YTD.*

# Additionally a new motor vehicle tax of 6% would be levied on luxury EVs (priced above Rs30 Lakh).

17/02/2025

Hi,

*Based on data available for February 2025 (Vahan Retails),*
- *2W* segment volumes were down 7.3% with *PV* volumes declining 13.4% YoY; *MHCV / LCVs* witnessed a ~15.5%/10.4% YoY decline in volume.

*On YTD basis (FY25),*
- *2Ws* were up 9.1% YoY while the *PV* volumes increased ~6.2%; *MHCV / LCVs* saw a decline in volumes 6.3%/2.6%.

*Weekly Trends,*
- *2W* declined by 6.4% YoY, softening from 2.3% fall last week; *PV* declined by 16.2% YoY, weakening from 2.8% dip prior; *3W* grew by 1.0% YoY, improving from the decline of 1.5% earlier; *MHCV* remained flat YoY, recovering from a fall of 7.7% YoY last week; *LCV* remained flattish; *Tractors* declined by 9.9%YoY, improving from 16.7% decline last week.

*Among OEMs on an MTD YoY basis,*
- In *2Ws: HMCL* saw a ~6% decline in volumes; *TVS Motors(2Ws)* volumes were up 5%, *BJAUT (2Ws)* saw a ~7.3% decline in volumes while *RE* volumes were up 8.8% and *Honda* volumes were down 4.7%.
- In *PVs: MSIL* witnessed a ~10% decline in volume; *TTMT* volumes were down 29.3%, *Mahindra* saw a ~1.9% rise, and *Hyundai* volumes were down 20.1%.
- In *CVs: TTMT's CV* volumes were down ~12.2% and *AL* experienced a ~2.9% decline in volume.

_Please note: Data reflects preliminary trends observed in Feb'25 (till the week ending 16th Feb', extrapolated to 18th Feb' for YoY comparison); Weekly OEM comparisons may vary due to Vahan updates._

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