November 2025 report highlights robust freight activity and industrial growth, with diesel consumption reaching its highest level since May amid steady logistics demand and strong agricultural vehicle sales.
04 Dec 2025 | 2023 Views | By Sarthak Mahajan
India's logistics and mobility sectors demonstrated resilience in November 2025, with diesel consumption climbing to a six-month peak and agricultural vehicle segments posting strong gains despite a seasonal pullback in retail vehicle sales following the festive season.
According to the latest Shriram Mobility Bulletin, diesel consumption increased 12% month-on-month ...
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India's logistics and mobility sectors demonstrated resilience in November 2025, with diesel consumption climbing to a six-month peak and agricultural vehicle segments posting strong gains despite a seasonal pullback in retail vehicle sales following the festive season.
According to the latest Shriram Mobility Bulletin, diesel consumption increased 12% month-on-month and 4.7% year-on-year, marking the highest level since May 2025. The surge was attributed to GST rate reductions, heightened industrial activity, and consistent freight movement across the country. In contrast, petrol consumption declined 4% compared to October.
Truck rental rates remained firm across major transportation corridors. The Guwahati-Mumbai-Guwahati and Kolkata-Guwahati-Kolkata routes recorded the highest monthly increases at 0.7%, while key routes including Delhi-Mumbai-Delhi and Mumbai-Chennai-Mumbai rose 0.6% month-on-month. Year-on-year comparisons showed even stronger growth, with rentals climbing 11% on Mumbai-Chennai-Mumbai and 10% on Delhi-Mumbai-Delhi and Kolkata-Guwahati-Kolkata routes.
Vehicle sales displayed the anticipated post-festive correction. Goods carrier sales fell 16% month-on-month, though they remained 22% higher year-on-year. Three-wheelers for goods applications declined 12% month-on-month, while passenger car sales contracted 32% and two-wheelers moderated by 19% compared to October levels.
Agricultural segments bucked the downward trend. Commercial tractor sales rose 8% month-on-month, while agricultural tractor sales surged 80% month-on-month, supported by favorable farm credit availability and stable minimum support prices. Agricultural trailer sales increased 24% month-on-month as farmers prepared for the Rabi crop season.
The electric vehicle segment showed mixed but structurally positive trends. Electric three-wheelers defied seasonal patterns, growing 18% month-on-month and posting a remarkable 414% year-on-year increase. E-two-wheelers declined 19% from the festive peak but remained 29% higher year-on-year, while electric cars contracted 23% month-on-month despite doubling on an annual basis with 112% growth.
Sudarshan Holla Balnad, Joint Managing Director and Chief Operating Officer of the Commercial Vehicle Vertical at Shriram Finance Limited, noted that truck rentals continued climbing due to increased domestic consumption. He indicated that rentals are expected to remain firm heading into winter, though he highlighted emerging stress in export-oriented manufacturing sectors due to U.S. tariffs, pending potential trade agreements.
FASTag toll data revealed a divergence between volume and value metrics. Toll volumes declined 1.9% month-on-month and 5% year-on-year, while collection values rose 1.4% month-on-month and 8% year-on-year as of November 28, 2025, suggesting a shift toward higher-value freight trips.
E-way bill activity softened following extensive pre-festive dispatches in October. Intra-state e-way bill generations decreased 2% month-on-month but increased 14% year-on-year, while inter-state generations fell 8% month-on-month but remained 2% higher year-on-year.
The report also noted that pollution-related restrictions in the National Capital Region continued to disrupt truck movements, adding pressure on logistics operations.
Shriram Finance Limited, established in 1979, is one of India's largest retail asset financing non-banking finance companies with assets under management exceeding Rs. 2.81 trillion. The company operates through a pan-India network of 3,225 branches serving 96.64 lakh customers.