Vehicle Sales Q2 FY 2025-26: Honda 2W (HMSI) Leads, 60,62,099 Units, Up 1.8% YoY
Every 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, what India actually registered segment by segment, and the same window in every earlier year on record.
Vehicle sales month by month, Q2 FY 2025-26
The Indian vehicle market registered 60,62,099 vehicles in Q2 FY 2025-26. Volumes edged up 1.8% against the 59,56,495 logged over the same 3 months of Q2 FY 2024-25.
August was the strongest month of the period at 20,67,400 vehicles and September the quietest at 19,31,196, an average of 20,20,700 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.
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 | 20,63,503 | 21,48,824 | −4.0% | 34.0% |
| August 2025 | 20,67,400 | 19,90,301 | +3.9% | 34.1% |
| September 2025 | 19,31,196 | 18,17,370 | +6.3% | 31.9% |
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 10,78,009 registrations, down 3.8% on Q2 FY 2024-25. Hero MotoCorp follows on 10,27,975, 50,034 behind — a gap of 1.05x.
The fastest riser in the top 15 was Ather Energy, up 54.0% to 56,924, while Bajaj Auto was down 7.6% at 5,56,191.
Top manufacturers by registrations — Q2 FY 2025-26
Total registrations across every vehicle type each manufacturer sells.
Exact registrations over July 2025 to September 2025, with the change against Q2 FY 2024-25.
| # | Manufacturer | Q2 FY 2025-26 units | Share | vs Q2 FY 2024-25 |
|---|---|---|---|---|
| 1 | Honda 2W (HMSI) | 10,78,009 | 17.78% | −3.8% |
| 2 | Hero MotoCorp | 10,27,975 | 16.96% | −2.7% |
| 3 | TVS Motor | 8,34,225 | 13.76% | +12.1% |
| 4 | Bajaj Auto | 5,56,191 | 9.17% | −7.6% |
| 5 | Maruti Suzuki | 4,10,666 | 6.77% | +2.5% |
| 6 | Suzuki 2W | 2,72,639 | 4.50% | +10.0% |
| 7 | Royal Enfield | 2,32,220 | 3.83% | +27.7% |
| 8 | Mahindra | 1,88,744 | 3.11% | +6.0% |
| 9 | Yamaha India | 1,57,283 | 2.59% | −3.1% |
| 10 | Hyundai | 1,28,286 | 2.12% | −2.8% |
| 11 | Tata Motors (PV) | 1,03,538 | 1.71% | −2.6% |
| 12 | Toyota Kirloskar | 78,955 | 1.30% | +12.0% |
| 13 | Tata Motors | 78,856 | 1.30% | −5.1% |
| 14 | Kia India | 59,125 | 0.98% | +2.8% |
| 15 | Ather Energy | 56,924 | 0.94% | +54.0% |
What India registered in Q2 FY 2025-26
Two-wheelers dominate every Indian registration total, and Q2 FY 2025-26 is no exception: two-wheelers alone accounted for 69.2% of the 60,62,099 vehicles registered across the period.
Tractors grew fastest at +14.3%, and three-wheelers slowest at +0.4%.
Market composition — Q2 FY 2025-26
Share of every vehicle registered in the period.
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% |
Fuel mix, Q2 FY 2025-26
Battery-electric vehicles were 9.6% of every registration in Q2 FY 2025-26, against 8.7% in Q2 FY 2024-25. That is 5,84,151 electric vehicles across all segments.
Fuel labels come straight from Vahan and the split below covers the whole market over July 2025 to September 2025 — petrol includes the E20 ethanol blend, which is now the single largest label in the database.
Registrations by fuel — Q2 FY 2025-26
Every vehicle registered in the period, by fuel.
Exact fuel volumes over July 2025 to September 2025.
| Fuel | Q2 FY 2025-26 units | Share | vs Q2 FY 2024-25 | Share move |
|---|---|---|---|---|
| Petrol | 43,47,930 | 71.72% | −0.7% | −1.76pp |
| Diesel | 6,72,817 | 11.10% | +5.5% | +0.39pp |
| Electric | 5,84,151 | 9.64% | +12.7% | +0.93pp |
| CNG / LPG | 3,61,284 | 5.96% | +12.1% | +0.55pp |
| Hybrid | 79,049 | 1.30% | −7.8% | −0.14pp |
| Other | 16,868 | 0.28% | +12.1% | +0.03pp |
Every Q2 on record
Across the 3 completed windows in our Vahan record, vehicle registrations went from 59,56,495 in Q2 FY 2024-25 to 76,67,276 in Q2 FY 2026-27, up 28.7% over the stretch.
Vehicle registrations by quarter
* window still in progress.
| Period | Months | Units | YoY |
|---|---|---|---|
| Q2 FY 2026-27 | 3 | 76,67,276 | +26.5% |
| Q2 FY 2025-26 | 3 | 60,62,099 | +1.8% |
| Q2 FY 2024-25 | 3 | 59,56,495 | +3.1% |
Each row compares only the months that window holds, so a part period is never set against a full one.
Where the demand was, Q2 FY 2025-26
Uttar Pradesh registered the most vehicles of any state in Q2 FY 2025-26 — 6,87,765, 11.3% of the national total.
The top five states together account for 46.5% of every vehicle registered in the period.
Top states by registrations — Q2 FY 2025-26
All vehicle types, exact for the period.
| # | State | Units | Share | vs Q2 FY 2024-25 |
|---|---|---|---|---|
| 1 | Uttar Pradesh | 6,87,765 | 11.3% | −4.4% |
| 2 | Maharashtra | 6,82,802 | 11.3% | +12.7% |
| 3 | Gujarat | 5,08,220 | 8.4% | +21.1% |
| 4 | Tamil Nadu | 5,02,518 | 8.3% | +0.2% |
| 5 | Karnataka | 4,39,709 | 7.3% | −0.3% |
| 6 | Rajasthan | 3,33,018 | 5.5% | −4.5% |
| 7 | Madhya Pradesh | 3,12,605 | 5.2% | −0.1% |
| 8 | West Bengal | 2,58,864 | 4.3% | −10.8% |
| 9 | Telangana | 2,36,226 | 3.9% | −2.9% |
| 10 | Bihar | 2,33,530 | 3.9% | −17.2% |
| 11 | Kerala | 2,31,526 | 3.8% | +6.0% |
| 12 | Haryana | 2,28,547 | 3.8% | −0.4% |
| 13 | Delhi | 1,89,539 | 3.1% | +19.7% |
| 14 | Andhra Pradesh | 1,87,371 | 3.1% | −5.1% |
| 15 | Odisha | 1,86,772 | 3.1% | +17.1% |
Frequently asked questions
How many vehicles were sold in India in Q2 FY 2025-26?
What period does Q2 FY 2025-26 cover?
Which manufacturer sold the most vehicles in Q2 FY 2025-26?
Which was the strongest month for vehicle sales in Q2 FY 2025-26?
Which quarter had the highest vehicle sales?
Are these retail sales or factory dispatches?
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.
