Atul Auto Limited recorded total three-wheeler sales of 4,212 units in March 2026, a 14.05% increase from 3,693 units in March 2025, according to a regulatory filing submitted to BSE Limited and the National Stock Exchange of India on April 1, 2026. The disclosure was signed by Managing Director Neeraj J Chandra and filed in compliance with stock exchange listing requirements.

The growth was led by IC engine vehicles in the combined domestic and export segment, which rose 17.49% year-on-year to 3,513 units in March 2026, compared to 2,990 units in the same month last year. This suggests that export demand for the company's conventional three-wheelers remained strong through the end of the financial year. Electric vehicle sales in the combined segment, however, dipped marginally by 0.57% to 699 units from 703 units a year ago, indicating that EV momentum did not carry into the final month of the fiscal year.

On the domestic front, the picture was considerably more subdued. Total domestic sales for March 2026 stood at 3,404 units, a modest 0.38% rise over 3,391 units in March 2025 — effectively a flat performance month-on-month in terms of home market demand. Domestic IC engine volumes were nearly unchanged at 2,705 units versus 2,708 units a year ago, a decline of just 0.11%. Domestic EV sales, by contrast, showed a small positive movement, growing 2.34% to 699 units from 683 units, though the numbers remain modest in absolute terms.

The divergence between domestic and export performance for March points to a greater contribution from international markets in driving the overall volume growth. While the company does not break out export figures separately in this filing, the gap between domestic-only and combined figures implies export volumes of 808 units for March 2026, compared to 302 units in March 2025 — a significant jump that accounts for much of the headline growth.

For the full financial year FY 2025-26, combined domestic and export volumes reached 38,440 units, up 13.02% from 34,012 units in FY 2024-25, marking a solid year of overall growth for the company. IC engine vehicles were the primary driver of this annual performance, posting a 20.34% increase to 30,537 units from 25,375 units in the prior year. This growth in conventional vehicles more than offset a contraction in EV sales, which fell 8.50% over the full year to 7,903 units from 8,637 units in FY 2024-25.

Domestically, the full-year total came in at 32,923 units, a 6.98% increase over 30,776 units in FY 2024-25. IC engine domestic volumes grew 12.84% to 25,038 units over the year, a healthy expansion that reflects steady demand in the company's core markets. However, domestic EV sales declined 8.19% to 7,885 units from 8,588 units, mirroring the trend seen in the combined figures and raising questions about the pace of EV adoption in the three-wheeler segment more broadly.

Atul Auto is a Gujarat-based manufacturer of three-wheeler commercial vehicles, incorporated in 1986 and listed on both BSE (script code: 531795) and NSE (symbol: ATULAUTO). The company's registered office and manufacturing facility are located in Shapar (Veraval), Rajkot. It primarily serves the last-mile passenger and cargo transport segments with a range of petrol, diesel, CNG, and electric three-wheelers.

The EV figures in the filing include sales of L3 and L5 category electric vehicles by Atul Greentech Private Limited, a subsidiary of Atul Auto, up to January 14, 2026. After that date, those sales are accounted for separately and are no longer consolidated within the parent company's reported numbers. This change in accounting structure may have had a bearing on the reported EV volumes for the latter part of the financial year and should be considered when comparing figures across periods.

The decline in EV volumes both for the month and the full year reflects a combination of factors — including the subsidiary restructuring, potential competitive pressures, and possibly softer incentive-linked demand — that appear to have weighed on the segment during FY 2025-26. The company's overall trajectory, however, remains positive, with full-year combined volumes crossing 38,000 units for the first time, driven primarily by strong performance in its IC engine business both at home and in export markets.