Two-Wheeler Sales Q2 FY 2025-26: Honda 2W (HMSI) Leads, 41,95,480 Units, Up 0.5% YoY
Every two-wheeler 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.
Two-Wheeler sales month by month, Q2 FY 2025-26
India's two-wheeler market registered 41,95,480 two-wheelers in Q2 FY 2025-26. Volumes held steady (+0.5%) against the 41,74,440 logged over the same 3 months of Q2 FY 2024-25.
August was the strongest month of the period at 14,32,545 two-wheelers and September the quietest at 13,45,153, an average of 13,98,493 a month. 2 of those 3 months grew on the same month a year earlier.
August runs into the start of the festive build-up, with dealers stocking ahead of Onam and Ganesh Chaturthi.
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.
Two-wheelers accounted for 69.2% of everything registered in India over the period, down from 70.1% in Q2 FY 2024-25. The whole market ran to 60,62,099 vehicles over the same window, up 1.8% year on year.
Two-Wheeler 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 | 14,17,782 | 15,14,798 | −6.4% | 33.8% |
| August 2025 | 14,32,545 | 13,97,347 | +2.5% | 34.1% |
| September 2025 | 13,45,153 | 12,62,295 | +6.6% | 32.1% |
Each month links through to its own full report.
Which manufacturer sold the most, Q2 FY 2025-26
Honda 2W (HMSI) led the period with 10,77,800 registrations, down 3.8% on Q2 FY 2024-25. Hero MotoCorp follows on 10,26,932, 50,868 behind — a gap of 1.05x.
The fastest riser in the top 15 was River Mobility, up 421.3% to 5,479, while Ola Electric was down 48.1% at 51,775.
Volumes here are registrations inside the segment only, counted with Vahan's own vehicle-class filter, so each is the manufacturer's two-wheeler 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 (two-wheelers 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 two-wheelers | vs Q2 FY 2024-25 |
|---|---|---|---|---|
| 1 | Honda 2W (HMSI) | 10,77,800 | 25.69% | −3.8% |
| 2 | Hero MotoCorp | 10,26,932 | 24.48% | −2.6% |
| 3 | TVS Motor | 8,18,729 | 19.51% | +11.1% |
| 4 | Bajaj Auto | 4,27,217 | 10.18% | −10.4% |
| 5 | Suzuki 2W | 2,72,618 | 6.50% | +10.0% |
| 6 | Royal Enfield | 2,32,214 | 5.53% | +27.7% |
| 7 | Yamaha India | 1,57,274 | 3.75% | −3.1% |
| 8 | Ather Energy | 56,923 | 1.36% | +54.0% |
| 9 | Ola Electric | 51,775 | 1.23% | −48.1% |
| 10 | Greaves Electric | 13,185 | 0.31% | +47.0% |
| 11 | Piaggio | 8,407 | 0.20% | −8.0% |
| 12 | Classic Legends | 8,308 | 0.20% | +16.9% |
| 13 | BGauss | 6,016 | 0.14% | +26.4% |
| 14 | River Mobility | 5,479 | 0.13% | +421.3% |
| 15 | PURE EV (PuR) | 5,270 | 0.13% | +416.2% |
Two-Wheeler sales against the rest of the market
Set against the rest of the market, two-wheelers lagged the national picture over Q2 FY 2025-26: +0.5% 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.
Two-Wheeler share of the Indian market, month by month
Two-wheelers 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 two-wheelers 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.
Petrol accounts for 93.4% of two-wheeler registrations over full-year 2025, with battery-electric at 6.4%.
Two-Wheeler registrations by fuel — full-year 2025
The full-year 2025 mix.
| Fuel | 2025 units | Share | vs full-year 2024 |
|---|---|---|---|
| Petrol | 1,96,34,235 | 93.41% | −0.21pp |
| Electric | 13,42,287 | 6.39% | +0.20pp |
| CNG / LPG | 43,104 | 0.21% | +0.01pp |
| Diesel | 3 | 0.00% | 0.00pp |
| Other | 1 | 0.00% | 0.00pp |
Every Q2 on record
Across the 3 completed windows in our Vahan record, two-wheeler registrations went from 41,74,440 in Q2 FY 2024-25 to 53,57,383 in Q2 FY 2026-27, up 28.3% over the stretch.
Two-Wheeler registrations by quarter
* window still in progress.
| Period | Months | Units | YoY |
|---|---|---|---|
| Q2 FY 2026-27 | 3 | 53,57,383 | +27.7% |
| Q2 FY 2025-26 | 3 | 41,95,480 | +0.5% |
| Q2 FY 2024-25 | 3 | 41,74,440 | +5.3% |
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 two-wheelers were sold in India in Q2 FY 2025-26?
What period does Q2 FY 2025-26 cover?
Which manufacturer sold the most two-wheelers in Q2 FY 2025-26?
Which was the strongest month for two-wheeler sales in Q2 FY 2025-26?
What share of the Indian market were two-wheelers in Q2 FY 2025-26?
Which quarter had the highest two-wheeler sales?
Are these retail sales or factory dispatches?
Two-Wheeler 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.
