PV wholesales rise nearly 11% to over 4.2 lakh units in February 2026; SUVs and exports power growth

Domestic passenger vehicle (PV) wholesales rose 10–11% year-on-year (Y-o-Y) in February 2026, reflecting sustained demand across segments, with market leader Maruti Suzuki India Limited (MSIL) and peers Tata Motors, Mahindra & Mahindra (M&M), Hyundai Motor India and Toyota Kirloskar Motor (TKM) reporting higher volumes.

Industry PV wholesales were estimated at 4,20,000–4,25,000 units during the month, compared with 3,81,665 units in February 2025, translating into a Y-o-Y growth of 10.04–11.35%.

After facing muted demand in the first half of the last calendar year, auto sales—particularly passenger vehicles—have regained momentum following the Good and Services Tax (GST) rate cut of up to 10%, effective September 22. Limited price hikes by carmakers and a steady pipeline of new launches have further supported the recovery.

Maruti hits record February volumes

Maruti Suzuki witnessed its highest-ever February PV wholesales at 161,000 units last month, logging a marginal growth of 0.13% y-o-y over 1,60,791 units in February 2025. Total sales, including light commercial vehicles, sales to other OEMs and exports, stood at 2.14 lakh units.

During the company’s monthly sales briefing, Partho Banerjee, Senior Executive Officer, Marketing and Sales, said domestic wholesale volumes touched an all-time February high of 1.6 lakh units, while retail sales rose around 12% to 1.51 lakh units.

“Our pending bookings increased about 20% to 1.9 lakh units, with network stock at roughly 12 days, including seven days in transit,” he noted. He added that a sharper focus on utility vehicles lifted UV sales 12%, while mid-SUV volumes have doubled post-GST to over 20,000 units per month, pushing market share up to 19% from 12.8%.

Banerjee also revealed that the company is operating at over 100% capacity and has been calibrating production to reduce waiting periods uniformly across models. “Our network stock now is just 12 days, out of which seven days are in transit. We are having a very low network stock,” he said. The company currently has around 190,000 pending bookings.

Nexon, Punch power Tata Motors’ volumes

Buoyed by the performance of the Nexon and the Punch SUVs, Tata Motors’ PV volumes jumped 34.23% y-o-y to 62,329 units in February. Total domestic and international PV sales stood at 63,331 units, compared to 46,811 units during February 2025, up 35% y-o-y.

The homegrown automaker said the Nexon SUV retained its position as India’s highest-selling passenger vehicle in February 2026, while the Punch ranked among the top three best-selling models in the country.

Mahindra’s SUV momentum continues

Mahindra & Mahindra’s strong run continued as its PV volumes climbed 19.04% y-o-y to 60,018 units in February.

“February saw SUV sales of 60,018 units, a growth of 19.04% y-o-y, reflecting robust customer demand across the portfolio,” said Nalinikanth Gollagunta, CEO, Automotive Division, Mahindra.

Hyundai, Toyota and Kia deliver record performance

Hyundai Motor India registered its highest-ever February wholesales at 52,407 units, marking a 9.81% y-o-y growth in domestic volumes. Total sales stood at 66,134 units, up 12.6% y-o-y, comprising domestic sales of 52,407 units (+9.8%) and exports of 13,727 units (+24.8%).

This marked Hyundai’s highest-ever tally for total and domestic sales for the month of February since inception. As in previous months, volumes were driven by the Creta SUV, which remained among the 10 largest-selling cars in India.

HMIL’s MD & CEO Tarun Garg stated that the company sustained its strong start to 2026, logging its best-ever February performance. He added that the focus remains on expanding access to connected technologies and enhancing the ownership experience as the company approaches three decades of operations in the country.

Toyota Kirloskar Motor reported domestic PV wholesales of 30,737 units in February, up 16.37% y-o-y, reflecting sustained traction across its SUV and MPV lineup.

Kia India posted its highest-ever February sales at 27,610 units, up 10.3% Y-o-Y from 25,026 units.