Indian Autos: June 2026: Broad-based auto demand remains resilient

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Indian Autos: June 2026: Broad-based auto demand remains resilient

Global Research

2 July 2026ab

Indian Autos Equities

IndiaJune 2026: Broad-based auto demand remains

resilient Automobiles

Pramod Kumar

Analyst

pramod.kumar@ubs.com

Auto demand momentum remains robust +91-22-6155 6063

June 2026 was another strong month for auto demand despite being a seasonally weak Vedant Kshatriya

period. Demand remained resilient across all categories, with YoY retail volumes for two- Associate Analyst

wheelers (2W) up 21% and passenger vehicles (PV) up 28%. EV adoption continued to vedant.kshatriya@ubs.com

gain traction, with e2W and ePV volumes rising ~75% and ~140% YoY. Encouragingly, +91-22-6155 6008

growth remained robust even excluding EVs, as ICE 2Ws and ICE PVs grew 17% and

23% YoY, respectively. Industry trends, along with market share gains across key OEMs

in both the 2W and PV segments, continue to reinforce the structural themes of

Electrification, Premiumisation, Scooterisation, and SUVisation. Retail momentum also

remained healthy in the commercial vehicle (CV) segment, including both MHCVs and

LCVs. This strength was also reflected in wholesale volumes, with TMCV's domestic CV

dispatches growing 26% in Q1 FY27, significantly ahead of the company's initial growth

guidance of ~5%. Tractor retail demand was equally robust, with volumes rising 26%

YoY during the month despite concerns around El Niño and a slower-than-expected

monsoon progression in June.

Cars: Healthy dispatch trends

Maruti’s domestic dispatches grew 24% YoY following the ramp-up of new capacity,

while TMPV wholesales rose 67% YoY, driven by improved traction for EVs , with EV

dispatches up 183% YoY. Hyundai’s domestic dispatches were down 10% YoY while