India Autos: Broad-based retail growth continues; wholesale sales were volatile due to company-specific factors

Research evidence excerpt

India Autos: Broad-based retail growth continues; wholesale sales were volatile due to company-specific factors

J P M O R G A N Asia Pacific Equity Research

02 July 2026

India Autos

Broad-based retail growth continues; wholesale sales

were volatile due to company-specific factors

Jun-2026 continued the trend of broad-based growth in both wholesale and retail. Indian Automobiles, Auto parts and

Retail growth for PV/2W/Tractor/LGV/HGV stood at 28%/21%/25%/23%/13% Transportation

YoY. Wholesale growth was strong across the segments with PV/CV growing by Amyn Pirani AC

24%/28% YoY and Tractor/2W delivering mid teens growth YoY. Within PVs, (91-22) 6157-3583

MSIL (see our Positive Catalyst Watch) was in-line with the industry on wholesales amyn.pirani@jpmorgan.com

(+24% YoY), but continued to outperform on retails (mkt-share grew 255bps YoY Harshit Mittal

to 41.4%). HMIL’s wholesales suffered due to a fire incident at one of the supplier’s (91-22) 6157-3152

manufacturing facilities. MSIL/TMPV outperformed retail growth in PVs, while harshit.mittal@jpmorgan.com

J.P. Morgan India Private Limited, J.P. Morgan

EIM/TVS outperformed in 2W retails and TMCV/M&M outperformed in heavy Tower, Santacruz(E), Mumbai - 400098, SEBI

goods. Registration: INH000001873, (91-22) 6157-3000.

• MSIL wholesale was in-line with industry but outperformed on retail;

HMIL remains a laggard: MSIL’s overall wholesales came in at 200K (+19%

YoY) in Jun-26, while domestic PV volumes (excluding sales to Toyota) came

in at 147K (+24% YoY), in-line with PV industry wholesale at +24% YoY. Jun-

26 retails for MSIL grew 36% YoY vs PV industry retail registrations at +28%

YoY while market share stood at 41.4% (+255bps YoY). HMIL

underperformed the industry with retail growth of 8% YoY and domestic