Auto Sales To Witness Double-Digit Growth In Nov, Mahindra & TMPV To Lead In PV Sales - Report

The November auto sales data is expected to be robust, capitalising on the double-digit year-on-year (YoY) growth across two wheeler (2W), commercial vehicle (CV), and passenger vehicle (PV) segments, according to a brokerage report.

“The sale volumes are likely to driven by continued positive customer sentiment spurred by better affordability (courtesy GST cuts), strong rural demand, interest rate cuts and adequate finance availability,” Nuvama said.

The brokerage firm noted that exports shall also rise in “double digits led by growth in Asia, Africa and Latin America”.

Top Auto Picks For November

Nuvama picked HMCL, EIM-RE and TVSL as leading players in 2Ws, while MM and TMPV shall outperform among PVs. Among OEMs, Nuvama chose MSIL, TVSL and MM as top performers.

Also Read: FMCG Growth Softens in Q2 FY26 Amid GST Changes

November Auto Sales: What Are The Segment-Wise Expectations?

In the two-wheelers segment, growth is expected in "double digits in Nov-25 (up ~15% YoY in domestic market)."

"Strong growth momentum shall sustain post-festive season supported by positive customer sentiment spurred by better affordability (due to GST rate cuts), adequate financing availability and strong rural demand (healthy crop cash flows and marriage season)," the brokerage house said.

For November wholesales, we estimate total volume growth shall be 32% YoY for HMCL (to 605,000 units), 28% YoY for EIM-RE (to 105,000 units), 18% YoY for TVSL (to 475,000 units) and 4% YoY for BJAUT (to 440,000 units)," it said.

Coming to commercial vehicles, "volumes are anticipated to grow in double digits in Nov-25 (up ~15% YoY in domestic market) owing to positive impact of GST cuts (particularly in case of LCVs), improved freight availability (due to higher consumption demand), adequate financing availability and a low base". Moreover, its excpeted that exports shall increase at double digits due to growth in the Asia region.

"We estimate total volume shall increase 18% YoY for AL (to 16,700 units), 18% YoY for TMCV (to 32,500 units) and 17% YoY for EIM-VECV (to 6,500 units)," it added.

In the passenger vehicles sector, “PV industry volumes are likely to rise in double digits in Nov-25 (up ~13% YoY in domestic market) supported by GST rate cuts, adequate financing availability, strong rural demand and new products. Discounts have inched up on a sequential basis.,” as per the brokerage report.

“We estimate total volume growth would be 18% YoY for MM-Auto (includes PV, CV and 3W) to 93,000 units, 18% YoY for TMPV (to 55,500 units), 16% YoY for MSIL (to 210,000 units) and 9% YoY for HYUNDAI (to 67,000 units),” it noted.