India’s commercial vehicles segment, along with that of tractors and three wheelers, registered record growth, according to the Federation of Automobile Dealers Associations (FADA) Vehicle Retail Data for March'26 and FY 2025-26.
Tractors were the year’s standout performer, crossing 10 lakh retail units for the first time in history at 18.95% growth — a direct reflection of an excellent monsoon, strong rabi sowing, and improving farm economics. Commercial Vehicles recorded best ever figures and above the 10-lakh mark for the first time at 11.74% growth, led by infrastructure-driven freight demand and a particularly strong MCV sub-segment. Three-Wheelers set their third consecutive annual record at 11.68% growth, with the EV transition now accounting for over 60% of the segment’s retail. Construction Equipment was the sole exception, declining 11.70% as project-level delays and a high base weighed on volumes.
The powertrain transition deepened through the year. CV EV nearly doubled to 1.83%.
Commercial Vehicle OEM
FY'26
FY'25
TATA MOTORS LTD
3,62,428
3,38,798
MAHINDRA & MAHINDRA LIMITED
2,98,237
2,56,645
2,76,580
2,37,626
MAHINDRA LAST MILE MOBILITY LTD
21,657
19,019
ASHOK LEYLAND LTD
1,89,567
1,68,489
1,87,312
1,67,600
SWITCH MOBILITY AUTOMOTIVE LTD
2,255
889
VE COMMERCIAL VEHICLES LTD
88,194
76,779
87,501
76,178
VE COMMERCIAL VEHICLES LTD (VOLVO BUSES DIVISION)
693
601
MARUTI SUZUKI INDIA LTD
49,538
45,496
FORCE MOTORS LIMITED
25,066
22,253
DAIMLER INDIA COMMERCIAL VEHICLES PVT. LTD
22,133
20,872
SML ISUZU LTD
14,451
13,580
Others
11,292
6,494
Total
10,60,906
9,49,406
Three-Wheeler OEM
BAJAJ AUTO LTD
4,73,247
4,37,678
1,10,036
77,768
1,09,135
76,900
901
868
PIAGGIO VEHICLES PVT LTD
90,892
89,356
TVS MOTOR COMPANY LTD
55,488
25,882
YC ELECTRIC VEHICLE
36,807
44,626
ATUL AUTO LTD
32,422
28,372
SAERA ELECTRIC AUTO PVT LTD
22,845
28,230
DILLI ELECTRIC AUTO PVT LTD
21,655
24,216
ZENIAK INNOVATION INDIA LTD
16,055
7,997
Others including EV
5,03,965
4,56,709
13,63,412
12,20,834
Construction Equipment OEM
JCB INDIA LIMITED
34,632
39,782
ACTION CONSTRUCTION EQUIPMENT LTD.
7,416
9,258
AJAX ENGINEERING LTD
4,622
4,984
ESCORTS KUBOTA LIMITED (CONSTRUCTION EQUIPMENT)
4,556
5,474
TATA HITACHI CONSTRUCTION MACHINERY COMP. PVT LTD
1,934
1,943
CASE NEW HOLLAND CONSTRUCTION EQUIPMENT(I) PVT LTD
1,882
1,953
BULL MACHINES PVT LTD
1,727
1,646
CATERPILLAR INDIA PRIVATE LIMITED
1,562
2,130
ALL TERRAIN CRANE
1,400
1,270
M/S SCHWING STETTER (INDIA) PRIVATE LIMITED
1,114
LIUGONG INDIA PVT. LTD
1,061
976
1,030
1,233
INDO FARM EQUIPMENT LIMITED
809
846
7,482
8,059
71,227
80,668
Tractor OEM
MAHINDRA & MAHINDRA LIMITED (TRACTOR)
2,49,973
2,08,056
MAHINDRA & MAHINDRA LIMITED (SWARAJ DIVISION)
1,96,975
1,65,565
INTERNATIONAL TRACTORS LIMITED
1,34,030
1,15,162
TAFE LIMITED
1,18,326
99,257
ESCORTS KUBOTA LIMITED (AGRI MACHINERY GROUP)
1,14,468
87,631
JOHN DEERE INDIA PVT LTD(TRACTOR DEVISION)
80,086
67,409
EICHER TRACTORS
65,215
57,198
CNH INDUSTRIAL (INDIA) PVT LTD
47,122
35,746
43,882
46,801
10,50,077
8,82,825
For the month of March, 2026 Commercial Vehicles closed at 1,02,536 units (+15.12% YoY). While the momentum was steady, it was the MCV sub-segment that stood out with 25.50% growth, supported by infrastructure-linked goods movement and school-bus demand. LCVs grew 11.99% and HCVs 18.55%, indicating that the growth was participatory across sub-segments. Notably, CV EV share improved to 2.40% in March — more than double the year-ago level — signalling early but visible adoption in the load segment.
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