Channel checks & Vahan tracker: who’s winning; who’s losing?

Research evidence excerpt

Channel checks & Vahan tracker: who’s winning; who’s losing?

Accessible version

Autos - India

Channel checks & Vahan tracker: who’s

winning; who’s losing?

Industry Overview

Retail demand still in fast lane 27 June 2026

June retails stay strong across segments despite concerns of fuel and vehicle price hikes. Equity

Among segments, PV and tractors keep surprising positively with 20%+ growth while CV India

& 2W are at high teen growth. On mshare, Maruti stands out in PVs and Hero has been a Autos

laggard in 2Ws. EV adoption is at ATH in both PVs and 2Ws. Even as demand trends are

holding up well so far, investor debate remains on sustainability as base catches up in Gunjan Prithyani >> Research Analyst

2H & margin pressures. We remain selective on sector preferring quality franchise with BofAS India

premium exposure and reasonable valuations. Buys we highlight: M&M, Eicher & TMCV. +91gunjan.prithyani@bofa.com22 6632 8246

PVs a strong run, Maruti shining EshanResearchBhargavaAnalyst >>

PV June retails are trending at +23% Y/Y (Q1: 21% Y/Y) – solid outcome given concerns BofAS India

+91 22 6632 3004

around impact of higher fuel prices and supply side issues with some OEMs. This marks eshan.bhargava@bofa.com

third consecutive Q of 20%+ growth for PVs, indicating GST tailwind sustaining. We See Team Page for List of Analysts

expect wholesales to remain in double digit in June and next few months given need for

channel restocking, benign base & upcoming festive. Among OEMs, Maruti gained share

Autos - India: What we learnt at BofAwith June at 41.7% given backlogs and new capacity adding in. MM retails at 52k lagged

India Conference 2026?a bit given supply side issues though EV ramp up is noteworthy (7.5k ATH). Tata, Hyundai

slip a bit on mshare.