Commercial Vehicle Sales February 2026: Tata Motors Leads, 1,05,577 Units Registered
Full Vahan registration report for February 2026 — every major manufacturer ranked, with month-on-month and year-on-year change, segment share, fuel mix and the state-wise picture.
How February went
India's commercial-vehicle market registered 1,05,577 vehicles in February 2026. Volumes accelerated 29.7% against February 2025, and fell back 5.2% on January. It was the strongest February in that record.
That is 7 consecutive months of year-on-year growth for the segment. Year to date, 2,16,981 units have been registered across 2 months, +21.9% on the same stretch of 2025 (1,78,039). The segment accounted for 4.2% of every vehicle registered in India that month.
February is the shortest month on the calendar, which flatters its daily run-rate and flatters nothing else.
Monthly commercial vehicle registrations, 2023–2026
One line per calendar year — the shape of the year, not just its total. The dashed end of the current year is the month so far.
Manufacturer scoreboard
Tata Motors led the segment with 35,750 registrations, ahead of Mahindra on 26,204 — a gap of 9,546 units, wider than the 5,219 it held in January.
Daimler India CV grew fastest among the segment's biggest names at +40.6% year on year (2,328 units).
On share rather than volume — the number that decides who is actually winning — Tata Motors has added 1.22pp of the segment in 2026 so far, while Mahindra has given up 1.58pp.
Top 10 manufacturers, February 2026
Registrations in the month
Ranked by registrations in the month, with month-on-month and year-on-year change. Click a name for its full dashboard.
| # | Manufacturer | Feb 2026 | MoM | YoY | Share of commercial vehicles |
|---|---|---|---|---|---|
| 1 | Tata Motors | 35,750 | −1.6% | +34.1% | 33.86% |
| 2 | Mahindra | 26,204 | −15.8% | +26.2% | 24.82% |
| 3 | Ashok Leyland | 19,214 | −1.9% | +27.2% | 18.20% |
| 4 | VECV (Eicher) | 8,365 | +3.3% | +30.2% | 7.92% |
| 5 | Maruti Suzuki | 4,015 | −18.4% | +21.0% | 3.80% |
| 6 | Daimler India CV | 2,328 | −2.5% | +40.6% | 2.21% |
| 7 | Mahindra Last Mile | 2,031 | −5.0% | +37.5% | 1.92% |
| 8 | Force Motors | 1,802 | +32.9% | +16.2% | 1.71% |
| 9 | SML Mahindra | 960 | +14.7% | +26.8% | 0.91% |
| 10 | Others | 831 | +16.5% | −25.2% | 0.79% |
| 11 | Local Trailer Manufacturer | 672 | −6.3% | +23.5% | 0.64% |
| 12 | Switch Mobility | 359 | +86.0% | +187.2% | 0.34% |
| 13 | Euler Motors | 300 | −13.5% | +1664.7% | 0.28% |
| 14 | Toyota Kirloskar | 299 | −21.1% | −40.7% | 0.28% |
| 15 | Isuzu India | 255 | +17.0% | +22.6% | 0.24% |
Registrations inside the segment only, counted with Vahan's own vehicle-class filter, so each number is that manufacturer's commercial vehicle volume. Companies that file electric models under a maker of their own (Tata, Mahindra) appear as separate rows.
Market share, year to date
Share is measured inside the segment itself — only commercial vehicle volume counts on either side of the ratio. Volume is 2026 year to date. The comparison is against the whole of 2025.
Exact segment volume per manufacturer over 2026 year to date, and the change in share against full-year 2025.
| # | Manufacturer | 2026 units | Share | vs full-year 2025 |
|---|---|---|---|---|
| 1 | Tata Motors | 3,21,883 | 33.73% | +1.22pp |
| 2 | Mahindra | 2,37,494 | 24.89% | −1.58pp |
| 3 | Ashok Leyland | 1,71,448 | 17.97% | +0.08pp |
| 4 | VECV (Eicher) | 78,107 | 8.19% | +0.03pp |
| 5 | Maruti Suzuki | 36,179 | 3.79% | −0.25pp |
| 6 | Daimler India CV | 18,853 | 1.98% | +0.05pp |
| 7 | Mahindra Last Mile | 18,237 | 1.91% | −0.06pp |
| 8 | Force Motors | 17,576 | 1.84% | −0.02pp |
| 9 | SML Mahindra | 11,536 | 1.21% | +0.04pp |
| 10 | Euler Motors | 6,243 | 0.65% | +0.55pp |
| 11 | Local Trailer Manufacturer | 4,852 | 0.51% | +0.01pp |
| 12 | Others | 4,459 | 0.47% | −0.38pp |
| 13 | Isuzu India | 2,742 | 0.29% | −0.01pp |
| 14 | Toyota Kirloskar | 2,303 | 0.24% | −0.18pp |
| 15 | Switch Mobility | 2,291 | 0.24% | +0.06pp |
Fuel mix
Diesel accounts for 80.4% of the segment's registrations in 2026 so far. Electric is at 3.10%, a move of +1.51pp on 2025 on volume of 29,542 units.
Commercial Vehicle fuel mix, 2026
Share of segment registrations year to date
The 2026 year to date mix.
| Fuel | 2026 units | Share | vs full-year 2025 |
|---|---|---|---|
| Diesel | 7,66,963 | 80.38% | −0.66pp |
| CNG / LPG | 1,12,467 | 11.79% | +0.30pp |
| Electric | 29,542 | 3.10% | +1.51pp |
| Petrol | 25,518 | 2.67% | −1.01pp |
| Other | 19,162 | 2.01% | −0.13pp |
| Hybrid | 545 | 0.06% | −0.01pp |
Share is of this report's own scope over 2026 year to date, compared with the whole of 2025.
Where the demand is
Maharashtra was the largest market in 2026 year to date with 1,36,773 registrations, 14.3% of the segment's national total. Tamil Nadu (79,435) and Gujarat (74,302) followed. Tamil Nadu has gained the most ground, adding 1.12pp of the national total.
Segment registrations over 2026 year to date, by state.
| # | State | Units | Share | vs full-year 2025 |
|---|---|---|---|---|
| 1 | Maharashtra | 1,36,773 | 14.3% | −0.25pp |
| 2 | Tamil Nadu | 79,435 | 8.3% | +1.12pp |
| 3 | Gujarat | 74,302 | 7.8% | −0.05pp |
| 4 | Karnataka | 73,248 | 7.7% | +0.34pp |
| 5 | Uttar Pradesh | 71,089 | 7.5% | −0.54pp |
| 6 | Haryana | 65,991 | 6.9% | +0.41pp |
| 7 | Rajasthan | 62,053 | 6.5% | −0.22pp |
| 8 | Andhra Pradesh | 37,415 | 3.9% | +0.51pp |
| 9 | Telangana | 35,727 | 3.7% | −0.76pp |
| 10 | West Bengal | 34,259 | 3.6% | +0.09pp |
| 11 | Madhya Pradesh | 33,178 | 3.5% | −0.02pp |
| 12 | Kerala | 32,980 | 3.5% | +0.31pp |
Frequently asked questions
How many commercial vehicles were sold in India in February 2026?
Which company sold the most commercial vehicles in February 2026?
What is the commercial vehicle market share in India in 2026?
What share of commercial vehicles sold in India are electric?
Which state registers the most commercial vehicles in India?
Are these wholesale dispatches or retail sales?
Commercial Vehicle sales, earlier months
More from the reports desk
Source. Every figure is a vehicle registration, taken daily from the Ministry of Road Transport & Highways' Vahan 4 dashboard (vahan.parivahan.gov.in) — the same source FADA and the industry use for retail data. Registrations are not the wholesale dispatch numbers manufacturers announce each month. "EV" means battery electric (Vahan fuels PURE EV and ELECTRIC(BOV)); hybrids are counted separately. Information only, not investment advice.
Using these numbers? Cite "Flash Finance (Vahan data)" with a link to this page. This report's chart card is free to republish with the same credit.
