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September auto sales: Maruti, TVS beat estimates as tractors and Bajaj Auto lag

Our read

With retail segments up 14-36% year-on-year and festive demand starting October 11, lean inventory and dealer financing toward the fast-moving Maruti, TVS and Hero lines, and stay cautious on tractor and Bajaj Auto stock until their demand firms up.

Watch

Retail registration data for the first weeks after October 11

Ask next

What else has Maruti Suzuki India done in the last three months?

The report,

Retail auto sales grew 14-36% year-on-year across segments in September, with Maruti Suzuki, TVS Motor and Hero MotoCorp beating estimates while tractors and Bajaj Auto lagged. CLSA sees fiscal volume growth in high-single to low-double digits.

Retail auto segments grew year-on-year in September
Retail segment year-on-year growth, September
14-36%

Newer report , , Business Standard : Maruti Suzuki stock hits 18-month low of ₹11,126.05, down 33% in 2026 on commodity-cost worries

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Reported figures

From the report. Source details below

Festive demand monitorable start date: October 11

What to watch next

  • October wholesale dispatch numbers versus analyst estimates
  • Bajaj Auto and tractor volumes returning to or staying below estimates
  • Any CLSA or peer brokerage change to fiscal-year volume growth forecasts
  • Dealer inventory levels and discounting reports during the festive season

Likely next moves

Our read of what comes next — analysis, not reported by the source.

  • Maruti Suzuki is likely to lean on the beat and push festive dispatches and dealer stocking, which would support volume momentum into October.
  • TVS Motor and Hero MotoCorp may keep their momentum through the festive season, with analysts likely to nudge estimates up if October retail holds.
  • Bajaj Auto is likely to face pressure to explain its miss and may lean on festive launches or promotions to recover share.
  • Tractor makers may stay cautious on near-term guidance until festive-season demand shows the segment is recovering.
  • Brokerages such as CLSA are likely to keep their high-single to low-double-digit fiscal-year volume view unless October retail diverges sharply.

The source

Source Read the source at NDTV Profit Published

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