The July–September 2025 quarter is turning out to be an important but uneven phase for India’s auto industry. Overall growth remains modest, with early signs hinting at the sector’s next direction. An early festive season has supported earnings, but rising input costs and uneven demand across segments continue to weigh on performance.

Tractors are leading the way with strong 20% year-on-year growth, helped by a good monsoon and stronger rural demand before the festive season. Two-wheelers and commercial vehicles are doing reasonably well too, growing in high single digits thanks to better retail momentum. However, passenger vehicles are slightly weak, with sales down 1% from last year due to a high base and continued discounting pressure on wholesale numbers.

For Maruti Suzuki , the qu

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