Truck Rentals Remain Firm as Logistics Activity Stays Steady in April: Shriram Mobility Bulletin

India’s trucking and logistics activity remained largely stable in April, with rentals holding firm across major trunk routes, according to the latest Shriram Mobility Bulletin released by Shriram Finance Limited.

The report indicates that while month-on-month movements were mixed, the broader trend reflects resilience in long-haul freight demand following the strong close to FY2025–26. Rentals rose modestly on key corridors such as Delhi–Kolkata–Delhi (up around 2.4%) and Kolkata–Guwahati–Kolkata (about 2%), alongside marginal increases across routes linking Delhi, Mumbai, Chennai, and Bengaluru.

However, some softness was visible on select routes, including Mumbai–Kolkata–Mumbai and Delhi–Bengaluru–Delhi, pointing to uneven demand across regions. On a year-on-year basis, most major routes recorded growth, led by Delhi–Kolkata–Delhi (around 12%), followed by Bengaluru–Mumbai–Bengaluru and Mumbai–Chennai–Mumbai (approximately 10% each), and Delhi–Mumbai–Delhi (nearly 9%).

Seasonal factors continued to support freight movement, with the arrival of rabi crops and summer fruits sustaining trucking demand across agricultural and horticultural hubs. At the same time, macro indicators suggest some moderation in activity. Petrol consumption declined by about 3% month-on-month, while diesel consumption fell nearly 5%, indicating relatively lower freight movement compared to March.

FASTag data further reflected this trend, with collections down around 1% in volume and over 2% in value on a sequential basis, signalling reduced highway traffic.

Vehicle sales trends remained uneven. Bus and maxi cab segments saw month-on-month growth of roughly 9% and 7%, respectively, supported by passenger mobility demand, while passenger vehicles, two-wheelers, and agriculture-linked segments experienced a seasonal slowdown after March’s high base.

Electric vehicle adoption continued to expand structurally despite a sequential dip in some segments. Electric three-wheelers grew around 5% month-on-month, while year-on-year growth remained strong across categories, including two-wheelers (69%), three-wheelers (106%), and passenger vehicles (125%).

Air cargo data provided a broader view of logistics momentum, with steady year-on-year growth across key airports. Chennai recorded growth of over 11%, followed by Hyderabad at nearly 10% and Bengaluru at close to 6%, indicating sustained economic and trade activity.

Commenting on the outlook, Sudarshan Holla, Joint Managing Director and COO – Commercial Vehicles at Shriram Finance, noted that while the fiscal year has begun on a stable footing, factors such as peak summer conditions and regulatory developments could impact activity in the coming months.

Among key concerns highlighted are the proposed ban on BS-IV trucks in the Delhi-NCR region from November 1 and the increase in Environmental Compensation Charges (ECC), both of which could affect operating costs and profitability for fleet operators. Additionally, transport associations have announced a three-day “chakka jam” protest beginning May 21 in Delhi over these issues.