Classic Legends Enters Top 10; Ola Electric Slips Out as Greaves Sells More

Ola Electric slipped out of the top 10 overall two-wheeler manufacturers (ICE + EV) list in February 2026 after its volumes fell below those of Greaves Electric Mobility, which retails vehicles under the Ampere brand. Classic Legends also entered the top 10 during the month, reflecting movement in the lower half of the combined rankings.

Ola Electric reported sales of 3,968 units in February, marking a decline of nearly 47 percent compared to January 2026 and over 54 percent lower than February 2025. In contrast, Greaves Electric Mobility recorded 4,724 units during the month, placing it ahead of Ola in the overall OEM list that includes both internal combustion engine and electric vehicle volumes.

The February outcome follows a sustained decline in Ola Electric’s monthly volumes over the past several months. The company had reported 19,060 units in August 2025, which fell to 13,439 units in September. Although volumes briefly improved to 16,064 units in October, they dropped sharply to 8,449 units in November and 9,041 units in December. The moderation continued into the new calendar year, with 7,531 units in January 2026 and now 3,968 units in February, indicating a consistent downward trajectory.

Classic Legends reported 4,468 units in February, enabling it to secure the tenth position in the combined rankings. While the company registered year-on-year growth of more than 90 percent, the reshuffle in standings was primarily driven by the sharper decline in Ola Electric’s volumes rather than a structural shift in overall market composition.

The upper half of the table remained largely unchanged. Hero MotoCorp retained its leadership position with 457,826 units, followed by Honda Motorcycle and Scooter India at 431,253 units and TVS Motor Company at 333,935 units. Bajaj Auto, Suzuki Motorcycle India**,** and Royal Enfield continued to occupy their respective positions among the top six manufacturers, underscoring the continued dominance of legacy internal combustion engine players in total volumes.

Most OEMs recorded sequential moderation in February following a relatively strong January performance, reflecting typical demand normalisation patterns at this stage of the fiscal cycle. However, year-on-year growth remained positive for several established manufacturers, indicating resilience in the broader two-wheeler market despite monthly fluctuations.

The February data highlights how relatively small differences in retail volumes can influence positions in the lower tier of the top 10. With the fiscal year nearing its close, upcoming monthly data will determine whether Ola Electric’s recent trend represents a temporary correction or signals a more sustained shift in its retail momentum.