India Autos: Jun-2026 volumes: Strong demand across segments; EVs in top gear PV demand also ahead with Hyundai beating estimates; MHCVs lag slightly

研报英文原文证据摘录

India Autos: Jun-2026 volumes: Strong demand across segments; EVs in top gear PV demand also ahead with Hyundai beating estimates; MHCVs lag slightly

Global Markets Research

3 August 2026India Autos: Jun-2026 volumes

EQUITY: AUTOS & AUTO PARTS

Strong demand across segments; EVs in top gear Research Analysts

India Autos & Auto Parts

PV demand also ahead with Hyundai beating estimates; Kapil Singh - NFASL

kapil.singh@nomura.comMHCVs lag slightly

+91 22 403 74199

Some OEMs have not reported their volumes at the time of publishing. We plan to publish

Siddhartha Bera, CFA - NFASLour updated industry analysis once all the companies release their volumes. siddhartha.bera@nomura.com

June-2026 wholesale volumes: PVs +33% y-y (Nomura: +30%), 2Ws (Nomura: +91 22 403 74362

+23%), tractors +21% y-y (Nomura: +20%), MHCVs (Nomura: +29%)

PV demand remained healthy in July ,while MHCV volumes across TMCV and VECV so

far been slightly behind our estimates. As highlighted in our FY27 Outlook (link), we

maintain demand momentum to be stronger than market expectations. Growth is likely to

moderate in 2HFY27F (Fig.8), in our view, due to a higher base. EV penetration has

continued to rise, driven by new model launches and improving charging infrastructure

with EV penetration increasing further to 7.7% for PVs and 11.2% for 2Ws in Jul-26 (Fig.6). We

maintain our view that India’s EV penetration is at an inflection point (link) and prefer

companies that are well positioned to benefit from this structural shift.

Rainfall has improved but remained 12% below normal as on 1 August. This could weigh

on rural demand, particularly for tractors, while further price hikes could impact demand in

the mass-market PV and 2W segments.