Overview

• TVS Motor reported its highest-ever quarter with 1,506,950 units in Q2 FY26, up 22.69% year on year, supported by 30% export growth and continued EV contributions.
• In September, TVS sold 541,064 units, a 12% yearly rise, with double-digit gains across motorcycles, scooters, and three-wheelers and a 12% lift in domestic two-wheeler volumes.
• Honda Motorcycle & Scooter India sold 568,164 two-wheelers in September, up 5.44% year on year, including 505,693 domestic and 62,471 export units, though FY26 YTD is down 3.94%.
• Honda Cars India wholesales fell sharply in Q2 FY26 to 6,774 units, down 39.21% from a year earlier, even as September rebounded month on month to 5,303 units and was 6.56% lower year on year.
• Manufacturers cite late-September GST 2.0 price cuts and the festive calendar as demand catalysts, while TVS notes rare-earth magnet shortages are constraining near-term EV output.