Auto dispatches were generally muted, save for the strong performance sustained at EIM (Royal Enfield; RE), TVSL, and a generally strong exports show across players/categories. 2W industry retail growth sustained at a mid-single digit; domestic dispatches at RE/TVSL/HMCL grew ~16%/10%/7%, resp, with BJAUT underperforming (16% domestic decline); 2W exports grew 57%/18% for TVSL/BJAUT. M&M continued to outperform in PVs, with double-digit YoY growth, though sequential volumes fell 10%; PV industry retail growth was muted at ~2%. Domestic MHCV dispatches remained weak at AL/TTMT (down 2%/9% YoY due to double-digit decline in trucks), while industry retails flattened after 4 months of decline. Tractors were a mixed bag, with domestic volume for M&M’s up ~13% and flat for Escorts. E-2W penetration improved to 7.3% vs 5.5%/6.1% in Apr/May; TVSL retained pole position, followed by BJAUT and Ola; HMCL’s share improvement also continued. E-3W penetration sustained at ~31%.
2Ws – RE and TVSL continue to lead the pack; improvement at HMCL
EIM’s RE continued to outperform, with total volumes up ~22% YoY to 89.5k units (16%/79% growth in domestic/exports); TVSL recorded ~20% growth in 2W dispatches to ~386k units, comprising of ~10%/57% growth in domestic/exports. HMCL’s domestic growth accelerated to 7% vs 2% in May, with overall dispatches at 554k units, up 10% YoY. BJAUT underperformed, posting 16% domestic decline to 149.3k units, though exports performance was healthy – up 18%; overall 2W dispatches dipped 2% to 298k units. 2W industry retails witnessed ~5% growth vs ~3%/8% in Apr/May, led by RE/TVSL, with BJAUT/HMCL posting muted performance. E-2W industry retails grew ~32% YoY to ~105k units, with E-2W penetration rising to 7.3% vs 5.5%/6.1% in Apr/May; TVSL retained leadership, followed by BJAUT, Ola; HMCL’s improvement also continued.
PVs – M&M outperforms, though volumes range-bound
M&M continued to outperform peers, with domestic PV volume up ~18% YoY at 47k units as against 12-15% YoY decline at peers; however, absolute volume at M&M was lower on sequential basis (range bound in recent months, despite benefit of new launches), like most competition. MSIL’s total dispatches witnessed a 6% decline YoY to 168k units, dragged by both—cars and UVs (down 17% and 9%); UV mix fell, to 28.5% (vs 30.5% in May-25); however, exports were at an all-time high of ~38k units. TTMT/HMIL saw a ~15%/12% decline in domestic PVs, while HMIL’s exports grew 15% YoY. PV industry retail volume grew 2%; M&M topped, with ~11% growth; MSIL growth was flat.
CVs – Weak MHCV truck sales; industry retails flat after 4 months of decline
AL’s total volumes rose 2% YoY to 15.3k units led by exports; domestic MHCVs declined 2%, dragged by 12% degrowth in trucks. At TTMT, domestic CV volumes fell ~9%; MHCV volumes were also down, by ~9%, dragged by the 17% fall in heavy trucks. MHCV industry retails were flat in Jun-25 after 4 consecutive months of decline; AL outperformed strongly in retail terms, with 6% MHCV growth vs ~9% dip in TTMT retails.
Tractors –M&M posts double-digit growth; Escorts growth flat; outlook positive
M&M’s domestic tractor dispatches were up ~13% YoY vs flat dispatches at Escorts. Per mgmt commentary, industry performance was helped by healthy farm liquidity and timely arrival of monsoons; also, sentiment remains conducive to continued growth on the back of prediction of an above-normal monsoon season and anticipated record Kharif harvest.