India's mobility and logistics sector recorded muted activity in February 2026, with truck rentals remaining broadly rangebound across key trunk routes on a month-on-month basis, according to the latest Shriram Mobility Bulletin published by Shriram Finance Limited.
Despite the flat sequential movement, several major corridors continued to register year-on-year growth. The Delhi–Mumbai–Delhi route recorded an 8% increase, while the Delhi–Kolkata–Delhi and Mumbai–Chennai–Mumbai routes each grew by 6% compared to the same period a year ago. The Bengaluru–Mumbai–Bengaluru corridor posted 5% growth, and the Guwahati–Mumbai–Guwahati route expanded by 4% year-on-year.
Vehicle sales moderated across most categories during February on a month-on-month basis, a pattern consistent with prior years for the month. Passenger vehicle sales fell 28% and two-wheeler sales declined 8% month-on-month, a trend attributed in part to customers deferring purchases ahead of anticipated promotional offers during Gudi Padwa and Ugadi festivals in March.
Not all segments underperformed. Bus sales rose 34% month-on-month and maxi cab sales climbed 21%, pointing to continued demand in passenger mobility and institutional transport. On a year-on-year basis, goods carrier sales and three-wheeler goods vehicle sales each grew by 32%, commercial tractor sales expanded by 33%, and maxi cab sales rose by 35%.
The electric vehicle segment presented a mixed picture. While EV sales declined sequentially on a month-on-month basis, the year-on-year figures remained robust. Electric two-wheelers grew by 66%, electric three-wheelers surged by 246%, and electric motor cars rose by 116% compared to February 2025. The bulletin attributes this growth to urban commuting demand and the continued expansion of last-mile delivery fleets in cities.
Broader logistics indicators also pointed to softness. FASTag transactions fell 26.1% in volume and 25.1% in value during February, while both petrol and diesel consumption dropped by approximately 4%. The bulletin noted that seasonal factors and cautious freight movement in certain trade routes contributed to the moderation.
Looking ahead, the bulletin noted that the onset of the Rabi harvest season is expected to drive increased movement of agricultural produce, supporting an improvement in truck rentals during March 2026. The upcoming Kharif sowing season is also expected to boost demand for agricultural equipment. However, a potential rise in fuel prices was flagged as a risk factor that could weigh on overall freight margins.
\The Shriram Mobility Bulletin is a monthly publication by Shriram Finance Limited, one of India's largest retail asset financing NBFCs with assets under management exceeding Rs. 2.91 trillion. The bulletin tracks logistics and automobile sector trends through the company's nationwide network of fleet owners and vehicle dealers.