Auto sales remain in high gear, November sees broad-based growth

Auto companies delivered an upbeat performance in November, with most companies posting healthy year-on-year growth. While festive momentum typically tapers in November, this year’s numbers indicate sustained retail traction and improving supply conditions.Two-wheelers: Strong month, but premium RE models and Bajaj’s domestic two-wheeler volumes lag
The two-wheeler segment witnessed several positive surprises, though the performance was mixed underneath the headline numbers.
Bajaj Auto reported largely in-line sales at 4.53 lakh units, marginally above expectations. Total volumes grew 8% from last year, supported primarily by strong exports and a sharp pickup in three-wheeler sales, which rose 37%.Exports were up 14%, but domestic two-wheeler sales declined 1%, extending the April–November domestic decline to 5%. Analysts flag domestic softness as a concern, though export recovery remains a cushion. Eicher Motors (Royal Enfield) missed estimates, growing 22% against expectations of 29%. The premium portfolio. models above 350cc saw a decline, while the core sub-350cc range posted a healthy 27% jump. Export growth remained muted at just 2 percent, highlighting continued challenges in overseas markets.

TVS Motor, on the other hand, reported another month of outperformance. Total sales soared 30%, far ahead of the expected 22%. Growth was broad-based, with two-wheeler sales up 27%, domestic volumes up 20%, EV sales surging 46%, and three-wheeler volumes recording a remarkable 147% jump. The company continues to gain market share across segments.

Hero MotoCorp extended its strong run, with the stock already up 51% this year. Total sales grew 31.5%, beating expectations of 29%. Domestic volumes rose 30% while exports jumped 70%. Motorcycle sales grew 27% and scooter sales surged 93% supported by a strong response to recent launches such as the Xtreme 125R, GlamourX 125, Destini 110 and Xoom 160. Even VIDA e-scooter registrations were robust, rising 66%.

Passenger Vehicles: Maruti leads, M&M and Tata Motors PV maintain momentum

The passenger vehicle (PV) segment witnessed strong traction as well, driven by sustained demand for SUVs and continued strength in entry-level models.

Maruti Suzuki delivered a better-than-expected performance, with domestic sales rising 20% and exports jumping 61%. The entry segment, a weak spot in recent years, has shown a surprise revival, with Alto and S-Presso sales rising 27%. SUV volumes grew 23%, reaffirming the demand shift toward larger vehicles.

M&M Auto reported healthy, largely in-line sales of 92,670 units, up 19 % from last year. SUVs grew 22%, while LCVs in the sub-2-tonne category grew 5% and the 2–5 tonne range grew 20%. Three-wheeler sales were up 7%.  With the company’s new EV launches expected to land in early 2026, analysts expect momentum to remain strong.

Tata Motors’ passenger vehicle division exceeded expectations with a 26% increase in total sales, well above the 16% forecast. Domestic sales, including EVs, were up 22%. The company continues to hold a strong position in the EV segment, powered by its portfolio across price points. Hyundai posted a 9 % rise in total volumes, beating the estimate of 7%. Domestic sales grew 4 percent while exports surged 27%. The new Venue has driven SUV bookings past 32,000 units, indicating strong demand ahead of the year-end season.Commercial Vehicles: Strongest segment of the month

The commercial vehicle category was the standout performer in November, supported by a recovery in freight movement, infrastructure activity and pre-buying ahead of the next regulatory cycle.

Ashok Leyland reported a 29% growth in total sales, well above expectations of 17%. The company saw broad-based double-digit growth across categories, with heavy trucks growing 27% and LCVs up 33%. Vahan data had already indicated improving CV demand through the month.

Tata Motors’ CV division also beat estimates with a 29% increase in sales, against expectations of 16%. Analysts note that both M&HCV and LCV categories have started showing stronger momentum after periods of volatility earlier in the year.

SML Isuzu (SML Mahindra) delivered the sharpest growth in the segment, with sales more than doubling. Total volumes jumped 102% to 1,087 units. Cargo vehicle sales rose 83% while passenger vehicle volumes surged 116%. The performance reflects a broader recovery in bus and small CV demand.

Tractors: Another Strong Month For M&M And Escorts Kubota

The tractor industry continued its steady trajectory in November, supported by healthy rural sentiment, improved water reservoir levels and the start of the rabi sowing season.

Escorts Kubota reported total sales of 10,580 units, up 18% from last year. Domestic sales rose 16%, while exports surged 88%. For April-November, domestic tractor sales are up 11%, in line with the company’s upwardly revised guidance. Escorts Kubota expects growth to remain steady for the rest of the fiscal year. M&M Tractor outperformed significantly, reporting 44,048 units, well above the CNBC-TV18 poll of 35,780 units. Total volumes were up 32 percent from last year, marking one of the strongest months of FY26 for the company.

Sector Outlook: Momentum intact across segments

November’s auto sales data shows a clear continuation of festive momentum, broad-based demand recovery and signs of rural improvement. Two-wheelers are seeing a healthier mix, PVs continue to enjoy strong SUV demand, commercial vehicles are benefiting from freight and construction activity, and tractors are holding steady as rural incomes improve.

While some companies face pockets of weakness, particularly in premium exports but overall trajectory remains positive heading into the final four months of the fiscal.