July wholesales remain in top gear. MSIL, Hyundai, TMCV beat

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Autos - India

July wholesales remain in top gear. MSIL,

Hyundai, TMCV beat

Industry Overview

July: Another strong month. Maruti, Hyundai, TMCV beat

03 August 2026

July was another month of solid dispatches with PVs up 35% Y/Y followed by tractors at

21%. M&HCV & 2W prints that have come so far also show over 20% y/y growth. This is

well supported by strong retail momentum across sub segments, despite fuel price

inflation, rain & vehicle price hike concerns. As we head into festive, we expect volume

growth to be in high gear aided by channel upstocking, new launches & ramp up of new

production line across leading OEMs. Among cos, Maruti, Hyundai, TMCV were a beat;

while MM, Hero were in line. Our preferred picks are Hyundai, M&M, Bajaj & TMCV.

Equity

India

Autos

PV momentum intact; dispatches get up-stocking boost

July domestic wholesales at ~460k units (+35% Y/Y) off a low base, taking YTD to +28%

Y/Y. While underlying demand momentum in PVs remains strong (retails +19% y/y), we

note that July dispatches reflected some channel up stocking for festive with supply side

issues easing. Channel stock on our estimate is around 3-3.5 weeks. EV penetration

remains strong with vols up +82% & adoption at 8%. In terms of OEMs, there was

positive surprise across OEMs with exception of M&M (inline, 60K, +20% y/y) probably

due to flood & plant maintenance. Maruti’s print at 241k (+34% Y/Y) led by domestic

was a beat with new capacity adding in. Hyundai had a solid month after few months of

hiccups with July vols at 75K, +25% Y/Y led by both domestic (+23% Y/Y) & exports

(+31% Y/Y). Tata continued its strong streak with 63K vols, flat m/m (+58% Y/Y on a low

base). As we look ahead, Hyundai’s new SUV launch is key one to watch out.

Gunjan Prithyani >>

Research Analyst

BofAS India

Eshan Bhargava >>

Research Analyst

BofAS India

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losing?

Autos - India: Q1 Preview: Near term

margin squeeze, better 2H set up.

Buy 4W pullback

2W steady so far, Electric racing ahead. Await TVS, Bajaj

Glossary

2W July wholesales also registered robust growth supported by strong underlying retails

…