November auto sales estimates: Passenger cars likely up 21% and two-wheelers up 15%

India’s automobile industry is likely to report strong November sales, with overall volume momentum expected to remain positive across segments.According to a CNBC-TV18 poll, a clear pickup in commercial vehicle demand is likely, while passenger vehicles and two-wheelers are recording improved enquiry-to-conversion rates after the GST cuts. The higher number of marriage dates this month is also expected to support retail activity.
Analysts note that passenger vehicle volumes may remain elevated because of a backlog of bookings and low inventory at dealerships, and demand for two-wheelers is also expected to stay firm through November 2025.
Nomura estimates November growth at 21% for passenger vehicles, 15% for two-wheelers and 20% for medium and heavy commercial vehicles.The poll suggests that Bajaj Auto’s two-wheeler sales are likely to rise 8% year-on-year to 4.5 lakh units compared with 4.22 lakh units a year earlier.

Hero MotoCorp’s sales are expected to increase 29% to 5.95 lakh units from 4.60 lakh units, while TVS Motor’s volumes are likely to grow 22% to 4.90 lakh units from 4.01 lakh units.Royal Enfield is expected to record a 29% increase to 1.06 lakh units compared with 0.82 lakh units last year.

In the four-wheeler segment, Maruti Suzuki’s sales are likely to rise 17% year-on-year to 2.13 lakh units against 1.82 lakh units. Hyundai is expected to post a 7% increase to 65,600 units from 61,252 units.

M&M Auto’s sales are likely to grow 22% to 1.02 lakh units compared with 96,648 units, while M&M’s tractor division is expected to go up 7% at 35,780 units versus 33,378 units.

Tata Motors is likely to report a 16% rise in passenger vehicle sales to 54,767 units and a 17% increase in commercial vehicle volumes to 32,340 units, compared with 47,117 and 27,636 units, respectively.

Ashok Leyland’s sales are expected to grow 18% to 16,730 units from 14,137 units.

Overall, November auto sales are likely to reflect steady demand and supportive market conditions across categories.