Commercial Vehicle Sales Q2 FY 2025-26: Tata Motors Leads, 2,32,448 Units, Up 3.2% YoY
Every commercial vehicle registered in India over Q2 FY 2025-26 — July 2025 to September 2025. Q2 of the financial year, July to September. Month-by-month volumes, the manufacturer leaderboard, how the segment moved against the rest of the market, and the same window in every earlier year on record.
Commercial Vehicle sales month by month, Q2 FY 2025-26
India's commercial-vehicle market registered 2,32,448 commercial vehicles in Q2 FY 2025-26. Volumes nudged up 3.2% against the 2,25,168 logged over the same 3 months of Q2 FY 2024-25.
July was the strongest month of the period at 79,203 commercial vehicles and September the quietest at 74,433, an average of 77,483 a month. 2 of those 3 months grew on the same month a year earlier.
July sits inside the monsoon, historically a soft month for urban showroom footfall and a strong one for farm equipment.
Q2 FY 2025-26 ran from July 2025 to September 2025 and is closed. Every month in the table below is final, and every comparison on this page is against the matching month of Q2 FY 2024-25.
Commercial vehicles accounted for 3.8% of everything registered in India over the period, up from 3.8% in Q2 FY 2024-25. The whole market ran to 60,62,099 vehicles over the same window, up 1.8% year on year.
Commercial Vehicle registrations by month — Q2 FY 2025-26 vs Q2 FY 2024-25
Vahan retail registrations, each month set against the same month a year earlier.
Every completed month of Q2 FY 2025-26, with the matching month of Q2 FY 2024-25 beside it.
| Month | Q2 FY 2025-26 units | Q2 FY 2024-25 units | YoY | Share of period |
|---|---|---|---|---|
| July 2025 | 79,203 | 79,511 | −0.4% | 34.1% |
| August 2025 | 78,812 | 72,484 | +8.7% | 33.9% |
| September 2025 | 74,433 | 73,173 | +1.7% | 32.0% |
Each month links through to its own full report.
Which manufacturer sold the most, Q2 FY 2025-26
Tata Motors led the period with 73,367 registrations, down 5.3% on Q2 FY 2024-25. Mahindra follows on 60,461, 12,906 behind — a gap of 1.21x.
The fastest riser in the top 15 was Switch Mobility, up 248.7% to 530, while Others was down 35.6% at 1,564.
Volumes here are registrations inside the segment only, counted with Vahan's own vehicle-class filter, so each is the manufacturer's commercial vehicle volume over Q2 FY 2025-26. Companies that file electric models under a maker of their own appear as separate rows.
Top manufacturers by registrations — Q2 FY 2025-26
Registrations inside the segment (commercial vehicles only).
Exact registrations over July 2025 to September 2025, with the change against Q2 FY 2024-25.
| # | Manufacturer | Q2 FY 2025-26 units | Share of commercial vehicles | vs Q2 FY 2024-25 |
|---|---|---|---|---|
| 1 | Tata Motors | 73,367 | 31.56% | −5.3% |
| 2 | Mahindra | 60,461 | 26.01% | +11.9% |
| 3 | Ashok Leyland | 43,370 | 18.66% | +7.8% |
| 4 | VECV (Eicher) | 20,496 | 8.82% | +6.3% |
| 5 | Maruti Suzuki | 9,130 | 3.93% | +0.1% |
| 6 | Force Motors | 4,855 | 2.09% | +4.0% |
| 7 | Mahindra Last Mile | 4,597 | 1.98% | +2.1% |
| 8 | Daimler India CV | 4,122 | 1.77% | −6.5% |
| 9 | SML Mahindra | 3,130 | 1.35% | +0.8% |
| 10 | Others | 1,564 | 0.67% | −35.6% |
| 11 | Local Trailer Manufacturer | 1,104 | 0.47% | +12.3% |
| 12 | Toyota Kirloskar | 903 | 0.39% | −21.5% |
| 13 | Isuzu India | 759 | 0.33% | +10.3% |
| 14 | Switch Mobility | 530 | 0.23% | +248.7% |
| 15 | Olectra Greentech | 336 | 0.14% | −0.9% |
Commercial Vehicle sales against the rest of the market
Set against the rest of the market, commercial vehicles lagged the national picture over Q2 FY 2025-26: +1.6% against +1.8% for every vehicle registered in India.
The table covers every segment Vahan reports over the same 3-month window, so the comparison is like for like — the same months, the same source, on both sides.
Commercial Vehicle share of the Indian market, month by month
Commercial vehicles as a percentage of every vehicle registered that month.
Exact segment volumes over July 2025 to September 2025.
| Segment | Q2 FY 2025-26 units | Share | vs Q2 FY 2024-25 |
|---|---|---|---|
| Two-Wheelers | 41,95,480 | 69.21% | +0.5% |
| Cars & UVs | 9,26,034 | 15.28% | +4.7% |
| Three-Wheelers | 3,35,796 | 5.54% | +0.4% |
| Tractors | 2,42,415 | 4.00% | +14.3% |
| Goods Carriers | 1,97,801 | 3.26% | +1.6% |
| Taxis & Cabs | 87,486 | 1.44% | +4.8% |
| Other classes | 42,440 | 0.70% | +0.9% |
| Buses | 34,647 | 0.57% | +13.8% |
What commercial vehicles run on
Vahan splits a segment by fuel only across a whole calendar year, so this table covers full-year 2025 rather than Q2 FY 2025-26 alone — it is exact for that window.
Diesel accounts for 81.0% of commercial vehicle registrations over full-year 2025, with battery-electric at 1.6%.
Commercial Vehicle registrations by fuel — full-year 2025
The full-year 2025 mix.
| Fuel | 2025 units | Share | vs full-year 2024 |
|---|---|---|---|
| Diesel | 8,42,575 | 81.04% | −0.22pp |
| CNG / LPG | 1,19,433 | 11.49% | +1.32pp |
| Petrol | 38,345 | 3.69% | −1.38pp |
| Other | 22,187 | 2.13% | −0.21pp |
| Electric | 16,460 | 1.58% | +0.50pp |
| Hybrid | 731 | 0.07% | −0.01pp |
Every Q2 on record
Across the 3 completed windows in our Vahan record, commercial vehicle registrations went from 2,25,168 in Q2 FY 2024-25 to 3,00,274 in Q2 FY 2026-27, up 33.4% over the stretch.
Commercial Vehicle registrations by quarter
* window still in progress.
| Period | Months | Units | YoY |
|---|---|---|---|
| Q2 FY 2026-27 | 3 | 3,00,274 | +29.2% |
| Q2 FY 2025-26 | 3 | 2,32,448 | +3.2% |
| Q2 FY 2024-25 | 3 | 2,25,168 | −2.9% |
Each row compares only the months that window holds, so a part period is never set against a full one.
Frequently asked questions
How many commercial vehicles were sold in India in Q2 FY 2025-26?
What period does Q2 FY 2025-26 cover?
Which manufacturer sold the most commercial vehicles in Q2 FY 2025-26?
Which was the strongest month for commercial vehicle sales in Q2 FY 2025-26?
What share of the Indian market were commercial vehicles in Q2 FY 2025-26?
Which quarter had the highest commercial vehicle sales?
Are these retail sales or factory dispatches?
Commercial Vehicle sales, other periods
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.
