India’s domestic passenger vehicle (PV) wholesales rose 12.6 per cent year-on-year (YoY) to around 4.50–4.55 lakh units in January 2026, compared with nearly 4.04 lakh units in the year-ago month, according to industry data. The growth was supported by sustained demand for SUVs and the continued impact of goods and services tax (GST) rate cuts implemented in September last year.

Partho Banerjee, Senior Executive Officer for Marketing and Sales at Maruti Suzuki India (MSIL), said the revised GST regime continues to support demand, though the sustainability of the trend will become clearer over the next few months.

Maruti Suzuki hits record volumes, supply constraints persist

Maruti Suzuki recorded an all-time high monthly wholesale volume of 2,36,962 vehicles in January 2026, marking an 11.6 per cent YoY growth. Exports surged over 88 per cent to 51,020 units, the highest-ever in a month, while domestic wholesales stood at 1,78,300 units, also the highest for any January. Domestic PV wholesales rose marginally by 0.54 per cent to 1,74,529 units.

“In the month of January, we did an all-time high wholesale… the market seems to be pretty good. The tailwinds are very much there,” Banerjee said. He added that bookings grew nearly 25 per cent YoY to about 2.75 lakh units, with pending orders close to 1.75 lakh units.

However, supply remains tight. “We are operating at 10 days network stock… effectively, the physical stock which we have at dealerships is only of 3 days,” Banerjee said. The company is running additional shifts, including Sundays and holidays, though production constraints are expected to persist for a few more months until a new line becomes operational.

Tata Motors posts sharp growth on SUV momentum

Tata Motors Passenger Vehicles reported a 46.1 per cent YoY jump in domestic wholesales, including electric vehicles, to 70,222 units in January 2026. The Nexon SUV recorded its highest-ever monthly sales of over 23,000 units, crossing the 10 lakh cumulative sales milestone, while the Punch SUV sold over 19,000 units and surpassed 7 lakh cumulative sales, becoming the fastest model in India to do so. The Tiago hatchback also crossed 7 lakh cumulative sales.

Mahindra, Hyundai record best-ever January performances

Mahindra & Mahindra’s domestic PV wholesales rose 25.37 per cent YoY to 63,510 units, led by strong SUV demand. “On January 14, we opened bookings for the XUV 7XO and the XEV 9S, clocking 93,689 bookings for a booking value of Rs 20,500 crore… in just four hours,” said Nalinikanth Gollagunta, CEO, Automotive Division.

Hyundai Motor India reported its highest-ever monthly domestic sales at 59,107 units, up 9.5 per cent YoY, while total sales including exports rose 11.5 per cent to 73,137 units. “January 2026 marked a defining chapter… as it achieved its highest-ever monthly domestic sales,” said MD and CEO Tarun Garg.

Toyota adds momentum; outlook cautious

Toyota Kirloskar Motor posted a 17 per cent YoY rise in domestic sales to 30,630 units in January 2026. Industry executives cautioned that rising commodity prices and geopolitical developments could influence growth and pricing decisions over the coming months, even as demand momentum remains intact.