New Delhi [India], April 3 : Wholesale volume prints for the month of March 2026 came in healthy, as passenger vehicle (PV) & Tractor space outperformed. A steady growth trend was witnessed in the two-wheeler (2W) and commercial vehicle (CV) space.
"OEM wholesale sales volume for March 2026 came in healthy with PV & Tractors segments outperforming peers," according to an ICICI Direct Research report. It further noted that "FY26 ends on a high note with healthy growth across all vehicle categories making a new high in terms of total vehicles dispatched in a fiscal year," marking an increase of approximately 10 per cent year-on-year (YoY).
This performance was primarily driven by positive demand traction amidst tailwinds from the GST 2.0 rate cut, which lowered vehicle prices and boosted consumer sentiment. According to the report, original equipment manufacturers (OEMs) across the country posted healthy volume prints for the month, allowing the financial year to conclude on a record-breaking note.
In the PV space, demand remained healthy as it tracked positive momentum following the GST 2.0 reform. As per the report, Maruti Suzuki reported a volume growth of 17 per cent YoY at 2.2 lakh units, while Mahindra & Mahindra (M&M) saw a growth of 25 per cent at 60,000 units.
Tata Motors outperformed in this category with an overall volume growth of 29 per cent at 67,000 units. Within its portfolio, Tata Motors reported that "PV EV volumes stood at 9,494 units," which represented a 77 per cent increase YoY. Hyundai recorded volumes of 69,000 units, reflecting a 2.5 per cent growth.
The commercial vehicle segment also reported healthy volume prints for March 2026, with continued recovery visible across the medium and heavy commercial vehicle (M&HCV) and light commercial vehicle (LCV) segments. Tata Motors CV reported volumes of 48,000 units, rising 17 per cent. Meanwhile, VECV, the joint venture of Eicher Motors, saw volumes rise by 10 per cent to 13,300 units. Ashok Leyland recorded a 5.5 per cent growth with 25,000 units, though this figure came in lower than market expectations.
"With GST rationalisation & pick up in government capex, CV volumes have been a positive surprise clocking all time high volumes amidst double-digit YoY growth in FY26," the report highlighted.
The two-wheeler and tractor segments maintained the positive trend. The report noted that TVS Motors grew 24.5 per cent at 4.98 lakh units, supported by a 23 per cent growth in exports. Eicher Motors, specifically Royal Enfield, reported a growth of 11.2 per cent at 1.1 lakh units.
In the tractor domain, M&M dominated the space with 45,000 units, up 29 per cent, while Escorts Kubota reported a steady 6.6 per cent growth at 12,000 units.
As per the report, retail performance, as reflected in Vahan registrations, totalled approximately 26.9 lakh units for March 2026. This was a 25 per cent increase compared to the 21.5 lakh units recorded in March 2025. For the full fiscal year 2026, the report highlighted that "aided by GST 2.0 reforms, positive growth (double digit) was visible across vehicle segments with tractors seen outperforming peers."