March Auto Sales 2026: Maruti Leads, TVS EV Sales Jump 44%, Tata & M&M Outperform Hyundai

Maruti Suzuki Leads With Strong Sales and Export Growth

Maruti Suzuki was again the highest performer in the month of March 2026, with a sale of 2.25 lakh units, up by 16.7% YoY. While domestic sales grew by 11.4% to 1.78 lakh units, exports grew by a whopping 42.7% to 47,040 units. 

Maruti Suzuki surpassed the estimated sale of 2.20 lakh units. Maruti Suzuki registered a sale of 1.69 lakh units through wholesale channels in the month of March, up by 11%. Maruti Suzuki registered the highest-ever domestic sales of over 16 lakh units in FY26. Maruti Suzuki surpassed its own exports numbers by delivering over 4.40 lakh units, registering a growth of 36.6%. 

Maruti Suzuki registered robust demand in the second half of FY26 due to GST-related factors. Maruti Suzuki registered a retail sale growth of 16.6% in the second half. Maruti Suzuki has a healthy order book of 1.9 lakh units and low dealer inventory of 12 days. Maruti Suzuki registered an 18% market share in the mid-SUV segment.

Maruti Suzuki registered the fastest SUV sale crossing the 50,000 mark. Maruti Suzuki is registering around 2,000 enquiries per day regarding EVs. However, Maruti Suzuki is facing issues regarding charging infrastructure. Maruti Suzuki is registering 12.5% exports to the Middle East region.

Tata Motors Sees Robust Growth Across PV and CV Segments

Tata Motors has seen good growth in both passenger and commercial vehicles. Passenger vehicle sales grew by 29% YoY to 66,971 units, which was above the estimated 66,046 units. Domestic passenger vehicles grew by 28% to 66,192 units. The exports were higher at 779 units compared to 256 units.

Electric vehicles grew by 77% YoY to 9,494 units.

Commercial vehicles grew by 17% YoY to 47,976 units, which was slightly below the estimated 49,456 units. Domestic CV sales grew by 18% to 45,825 units.

Mahindra & Mahindra Reports Strong SUV and Tractor Demand

Mahindra & Mahindra reported a total vehicle sales figure of 99,969 units for March 2026, registering a 21% increase YoY. Passenger vehicle sales were reported at 60,272 units, representing a 25% increase, slightly lower than our estimate of 61,821 units. Three-wheelers reported a significant increase of 39% at 10,801 units.

Exports reported a moderate increase of 4% at 3,968 units.

The tractor division reported a significant increase in sales at 33% YoY to 43,403 units, exceeding our estimate of 41,389 units.

Mahindra & Mahindra reported its highest ever numbers for FY26. Its SUV sales were reported at 6,60,276 units, representing a 20% increase. Light commercial vehicles reported a 13% increase at 2,89

Hyundai Records Steady Growth, Domestic Sales Hit Record

Hyundai Motor India recorded total sales of 69,004 units in March 2026, growing by 2.5% YoY. Domestic sales were up by 6.3%, totaling 55,064 units. Exports were recorded at 13,940 units.

In Q4 FY26, Hyundai Motor India recorded total sales of 2,08,275 units, growing by 8.7%. Domestic quarterly sales were recorded at 1,66,578 units, growing by 8.5%, the highest quarterly domestic sales ever

Toyota and Kia Maintain Growth Momentum

Toyota Kirloskar Motor reported a 24 percent increase in March sales to 37,194 units. Domestic sales were recorded at 35,125 units, a 24 percent increase. Exports also grew by 24 percent to 2,069 units. For the financial year FY26, the total sales stood at 4,06,081 units, a 20 percent growth.

Kia India recorded the best ever March sales with 29,112 units. This was a growth of 14.05 percent over the same period last year. Kia India also recorded the highest ever Q1 sales with 84,316 units. This was a growth of 11.56 percent. Seltos has been driving the volumes, with over 10,

JSW MG Motor, Skoda Post Strong Growth

JSW MG Motor India has posted a 19% YoY growth in sales. The company has delivered 6,528 units in the month of March. The company has also increased prices by up to 2%. The premium products have seen an increase of up to 7%.

Skoda Auto India has posted the highest quarterly sales of 20,028 units in Q1 2026. The company has seen a 17% YoY growth in sales. The model Kylaq has crossed 50,000 in sales.

TVS Motor, Hero MotoCorp and Suzuki Drive Two-Wheeler Growth

TVS Motor Company clocked total sales of 5,19,358 units in March. Two-wheeler sales were up 25% YoY at close to 5 lakh units. Electric two-wheeler sales were up 44% YoY at 26,935 units. The company has clocked exports growth of 25% YoY at close to 1.4 lakh units. Three-wheeler sales were up 46% YoY at 21,224 units.

Hero MotoCorp clocked total two-wheeler sales of 5.98 lakh units in March. The company clocked an increase of 8.8%. Domestic two-wheeler sales were up 8.3% YoY at 5.5 lakh units. The company clocked an increase of 16% YoY in exports at 45,693 units. The company clocked an increase of 5.1% YoY in motorcycle sales at 5.3 lakh units. The company clocked an increase of 53% YoY in scooter sales at 65,815 units.

Hero Motorcycles & Scooters global business has clocked the highest dispatches ever at 45,693 units in March. The company has clocked an increase of 16% YoY. The company has clocked an increase of 40% YoY in FY26. VIDA, the electric two-wheeler arm of Hero MotoCorp, has clocked the highest VAHAN registration of 21,434 units in March. The company has clocked an increase of 70% MoM.

Eicher Motors and Royal Enfield Hit Record Highs

Eicher Motors has reported a sale of 1,12,334 units in the month of March. These sales have registered a growth of 11%. Domestic sales have registered a growth of 14%, reaching 1,00,406 units. Exports have fallen by 8%, reaching 11,928 units.

Royal Enfield has achieved a milestone in the history of the company by crossing the sale figure of 12 lakhs in FY26. This has registered a growth of 23%. Domestic sales have also registered a growth of 23%, reaching 11,07,343 units. Exports have also recorded a growth of 23%, reaching 1,31,316 units.

However, in a different instance, Eicher has reported a sale of 13,311 units in a different segment. These sales have registered a growth of 10%. Domestic

Ashok Leyland, Force Motors and Other Players Show Mixed Trends

Ashok Leyland has registered a 5% growth in total sales at 25,381 units, but below estimates at 27,818 units. Domestic sales also grew by 5% at 23,743 units.

Force Motors has registered a 13.5% growth in total sales at 4,199 units, with domestic sales up by 14.4% at 4,126 units, while exports declined sharply by 22.3% at 73 units.

Atul Auto has registered a 14% growth in total sales at 4,212 units, with domestic sales nearly flat at 0.4% growth at 3,404 units.

SML Mahindra has registered a 6% growth in total sales at 2,457 units, while Escorts Kubota has registered a 6.6% growth in tractor sales at 12,119 units, with domestic sales up by 7.5%, but exports down by 10.4%.

VST Tillers was down with a 37% decline in total sales at 4,940 units.

Ola Electric Sees Strong Recovery

Ola Electric reported a significant turnaround in March, with vehicle registrations increasing by 150% month-over-month to 10,117 units. Daily orders have surpassed 1,000 units in the last week.

The company said it saw a turnaround in its business due to better service operations, with more than 80% of vehicles being serviced on the same day.

Industry Outlook Remains Positive

Overall, demand momentum in the industry remained robust in March 2026, driven by demand in the rural segment, festive demand, and EV adoption. Two-wheelers and tractors performed well, while passenger vehicles recorded steady growth.

Despite geopolitical risks and rising costs, the industry remains cautiously optimistic about FY27, driven by robust order books, new model launches, and continued focus on EVs.