Domestic PV Sales Estimated to Have Grown Around 36% YoY in August

Domestic passenger vehicle wholesales are estimated to have grown around 36% year-on-year in August to about 450,000 units, aided by a low base and continued demand momentum, according to industry estimates.

The volume was slightly lower than the 460,000 units recorded in July, reflecting the difference in the number of working days between the two months.

“Industry, it is expected to be around 4.5 lakhs, plus or minus maybe 2,000 to 3,000,” Banerjee said, adding that August had three fewer working days than July.

Why August PV Sales Grew 36% Year-on-Year

The sharp year-on-year growth was also aided by a low base in August 2025, when the industry saw volumes of around 3.30 lakh units after demand was affected in the second half of the month following the announcement of a potential GST cut.

Maruti Suzuki, Hyundai, Tata and Mahindra August Sales

India's largest carmaker, Maruti Suzuki, reported domestic passenger vehicle wholesales of 1.77 lakh units, up 35% year-on-year. The company said it has pending bookings for close to 1.8 lakh units, and its network stock is around 16 days.

Hyundai Motor's August domestic wholesales rose 23.6% to 54,396 units, while Tata Motors saw dispatches jump 59% to 65,253 units. Mahindra & Mahindra reported domestic SUV dispatches of 59,257 units.

Festive Season Outlook for PV Demand

The industry is now entering the festive season with favourable conditions, Banerjee said, although he expects growth rates to moderate in the second half of the financial year as the comparison base becomes stronger.

“So far, I think we are having good tailwinds. We don't see any headwinds there,” he said.

While growth during the festive season may not match the pace seen so far this year, Banerjee said industry volumes could rise further from current levels.

“This year will be a year of two halves, as was the last year also. H1 and H2 will have different growth rates,” he said. “But yet, right now, the industry is doing 4.5. I don't see any reason why, during the festival time, the industry should not further pick up.”

FY27 PV Industry Growth Forecast: Maruti Suzuki Sees 10% Growth

For the full financial year 2027, Maruti Suzuki expects the domestic passenger vehicle industry to grow by at least 10%, compared with its earlier forecast of 4%-6%.

“See, we have given an outlook that this year industry should grow by 10%. And we stand by that,” Banerjee said. Growth in the second half, however, is likely to slow as comparisons become tougher, he added.

“So obviously the growth percentage which we are seeing in the H1 will not be there in the H2. However, overall, I think the industry should grow by at least 10% in this financial year.”

The company has also said that capacity ramp-ups and new product activity could help it meet demand during the festive season.