Atul Auto Limited, a leading three-wheeler manufacturer based in Gujarat, has reported mixed sales results for April 2025, with overall domestic sales declining while electric vehicle segments continue to show remarkable growth, according to the company's latest regulatory filing with BSE and NSE.
The company's total sales (domestic + export) reached 1,725 units in April 2025, representing a modest 1.95% increase compared to 1,692 units sold in April 2024. However, domestic-only sales declined by 13.30% to 1,427 units from 1,646 units in the same month last year.
Segment Performance
The traditional internal combustion (IC) engine three-wheeler segment, which continues to be the company's largest business, experienced a significant decline of 25.02% in domestic sales, with 902 units sold in April 2025 compared to 1,203 units in April 2024. When including exports, the segment showed a less severe drop of 4.88%.
In contrast, the electric vehicle segments demonstrated impressive growth:
- The EV-L3 category recorded a 14.55% increase with 488 units sold, up from 426 units in April 2024
- The EV-L5 segment showed outstanding growth of 117.65% domestically, with sales increasing to 37 units from 17 units last year
Export Contribution
Export sales appear to have played a critical role in offsetting domestic market weakness. While the company did not provide separate export figures, the difference between total sales and domestic sales indicates significant export activity, particularly in the IC engine segment.
Subsidiary Performance
Atul Auto's subsidiary, Atul Greentech Private Limited, recorded total sales of 49 EV-L5 vehicles in April 2025, a substantial increase from 17 units in April 2024, representing a 188.24% growth. The company noted that these figures are now reported separately, as they were part of Atul Auto Limited's standalone sales disclosure up to June 30, 2024.
Industry Context
The significant decline in domestic IC engine three-wheeler sales may reflect broader industry challenges, including changing consumer preferences, regulatory pressures, and the ongoing transition toward electric mobility solutions. However, Atul Auto's strong performance in the electric vehicle segments suggests the company is successfully pivoting toward future growth areas.
This April performance follows the company's strong March 2025 results, when it reported total sales of 3,693 units, an 18.06% increase compared to the previous year.
Atul Auto Limited (BSE: 531795, NSE: ATULAUTO) is headquartered in Shapar (Veraval), Rajkot, and manufactures three-wheeler vehicles for both passenger and cargo segments.