Summary:
Foreign portfolio investors withdrew ₹44,166 crore from Indian equities in October 2026, taking cumulative outflows beyond ₹3 lakh crore. High US bond yields, elevated crude prices, currency concerns and overseas opportunities weighed on sentiment, while domestic funds provided support.
India's electric vehicle (EV) market recorded strong growth in September 2026, supported by rising demand for electric two-wheelers, passenger cars and commercial vehicles. According to the Federation of Automobile Dealers Associations (FADA), EV retail sales reached a record 3,33,634 units, up 74% YoY. Uttar Pradesh led state-wise registrations, reflecting the expanding adoption of electric mobility beyond major metropolitan markets.
Electric Vehicle Registrations Surge in September
Electric vehicle registrations increased across most categories during September, supported by festive demand, improving product availability and government incentives.
EV penetration reached approximately 13% of total vehicle retail sales, compared with around 10% a year earlier.
The strongest growth came from electric two-wheelers and passenger vehicles, both recording their highest monthly retail volumes.
| EV Segment | September 2026 Sales | YoY Growth |
| Electric two-wheelers | 2,07,314 | +88.67% |
| Electric passenger vehicles | 36,108 | +94.56% |
| Electric three-wheelers | 86,024 | +40% |
| Electric commercial vehicles | 4,188 | +158% |
The broader EV market continues to expand as manufacturers introduce new models and buyers compare long-term operating costs with petrol and diesel vehicles.
Uttar Pradesh Leads State-Wise EV Registrations
Uttar Pradesh emerged as the largest contributor to India's EV registrations in September 2026.
According to the state-wise registration figures reported in the newspaper, Uttar Pradesh recorded 42,535 EV registrations, accounting for approximately 12.75% of the national total.
Other major contributors included Maharashtra, Karnataka, Tamil Nadu and Rajasthan.
The growing adoption of electric three-wheelers, particularly for passenger transport and last-mile delivery, has supported EV demand across several northern and eastern states.
In larger urban markets, electric scooters and passenger cars are benefiting from expanding model availability and charging infrastructure.
State government incentives, lower running costs and increasing vehicle choices remain important factors supporting adoption.
Electric Two-Wheelers Drive Market Expansion
Electric two-wheelers accounted for more than 62% of total EV registrations in September.
TVS Motor Company, Bajaj Auto and other manufacturers continued expanding their electric scooter portfolios.
TVS Motor recorded approximately 65,799 electric two-wheeler registrations during September, representing around 110% YoY growth.
Meanwhile, passenger EV sales reached 36,108 units, supported by demand for electric SUVs and hatchbacks.
Tata Motors Passenger Vehicles, Mahindra & Mahindra and other manufacturers are expanding their electric passenger vehicle offerings.
What Does Rising EV Adoption Mean for Auto Stocks?
Higher EV registrations could support demand for batteries, electric motors, power electronics, charging equipment and related automotive components.
However, increasing competition may also put pressure on vehicle prices and manufacturer margins.
Battery costs, charging infrastructure and financing availability will remain important factors determining future adoption.
For established automobile manufacturers, rising EV demand creates opportunities but also requires continued investment in product development and manufacturing capacity.
Component suppliers could benefit from higher localisation and increasing production volumes.
India's EV market is moving beyond early adoption towards wider commercial and personal use. Sustained growth will depend on affordable vehicles, dependable charging networks and manufacturers' ability to scale production while maintaining profitability.
