FADA Retail CV Sales September 2025: 72,124 Units Sold, Tata Leads, Mahindra Gains Strong Momentum

Key Highlights

• Total CV retail sales: 72,124 units in September 2025.

• MoM decline: -4.59%; YoY growth: +2.66%.

• The LCV segment grew 6.03% YoY.

• MCV posted the strongest growth of 11.65% YoY.

• Tata Motors led the market with a 33.04% share.

• Mahindra & Mahindra saw a notable rise in market share.

• Ashok Leyland and VECV recorded steady performance.

FADA has released commercial vehicle (CV) retail sales data for September 2025, showing total sales of 72,124 units, a 4.59% decline month-on-month (MoM) but a 2.66% rise year-on-year (YoY). Despite the overall dip, Mahindra & Mahindra showed strong growth momentum, while Tata Motors retained its leadership in the segment.

Also Read: FADA Retail CV Sales August 2025: 75,592 Units Sold, Mahindra Rises, Tata Leads but Slips

Category-Wise CV Sales Performance

Category-Wise CV Sales Performance (September 2025)

• Total Commercial Vehicles (CV): In September 2025, total commercial vehicle retail sales stood at 72,124 units, marking a 4.59% month-on-month (MoM) decline compared to 75,592 units in August 2025. However, the segment recorded a 2.66% year-on-year (YoY) growth, as sales were 70,254 units in September 2024. This indicates that despite a temporary slowdown, the overall CV demand remains strong compared to last year.

• Light Commercial Vehicles (LCV): The LCV segment continued to perform steadily with 44,392 units sold in September 2025, slightly down by 3.82% MoM from 46,156 units in August 2025. However, compared to 41,869 units in September 2024, it registered a 6.03% YoY growth. The LCV category remains the largest contributor to overall CV sales, supported by demand from logistics, rural transport, and e-commerce sectors.

• Medium Commercial Vehicles (MCV): Medium commercial vehicles witnessed a notable YoY rise of 11.65%, reaching 6,257 units in September 2025 compared to 5,604 units last year. However, sales dropped 10.23% MoM from 6,970 units in August 2025. The segment continues to show long-term strength, particularly in regional cargo and intra-state transportation demand.

• Heavy Commercial Vehicles (HCV): The HCV category saw a slight decline in both monthly and yearly performance. A total of 21,410 units were sold in September 2025, down 4.47% MoM from 22,412 units in August 2025 and 5.66% YoY from 22,694 units in September 2024. Despite the dip, fleet replacement and infrastructure projects continue to drive consistent demand in the heavy-duty segment.

• Others: The “Others” category, which includes small and niche commercial vehicle types, recorded 65 units in September 2025. This represents a 20.37% MoM increase compared to 54 units in August 2025, but a 25.29% YoY decline from 87 units in September 2024. While overall numbers remain low, this segment reflects emerging activity among smaller OEMs and specialized applications.

OEM-Wise Commercial Vehicle Sales – September 2025

Brand-Wise Performance Overview

Tata Motors Ltd

Tata Motors continued to lead the CV market in September 2025, retailing 23,827 units. However, its sales were lower than 24,899 units in September 2024, and its market share declined from 35.44% to 33.04%. Despite the drop, Tata remains the leader across HCV and LCV categories, supported by its wide product portfolio and strong dealer network.

Mahindra & Mahindra Ltd

Mahindra & Mahindra showcased strong growth with 21,126 units sold in September 2025, compared to 18,654 units a year ago. Its market share improved from 26.55% to 29.29%, reflecting robust demand for its pickup and small commercial vehicle lineup. The brand continues to gain traction in rural and semi-urban markets.

• Mahindra & Mahindra Ltd (Second Entry): Another entry under Mahindra & Mahindra reported 19,647 units, up from 17,165 units in September 2024. Market share also rose from 24.43% to 27.24%. This increase highlights the strong performance of Mahindra’s diversified CV portfolio and rising popularity of its Bolero and Jeeto range among business users.

• Mahindra Last Mile Mobility Ltd (MLMM): Mahindra’s last-mile mobility arm recorded 1,479 units in September 2025, slightly down from 1,489 units last year. The company maintained a steady 2.05% market share, showing consistent performance in the electric last-mile transport segment.

Ashok Leyland Ltd

Ashok Leyland achieved 13,273 units in September 2025, an improvement from 12,648 units in the same period last year. Its market share increased marginally to 18.40% from 18.00%, supported by steady HCV demand and expanding LCV offerings.

• Ashok Leyland Ltd (Second Entry): A second listing for Ashok Leyland showed 13,113 units, compared to 12,564 units last year, with its market share rising from 17.88% to 18.18%. The company continues to strengthen its presence in the domestic CV space with higher institutional and fleet sales.

• Switch Mobility Automotive Ltd: Switch Mobility, Ashok Leyland’s EV division, recorded 160 units, showing significant YoY growth from 84 units in September 2024. Its market share increased from 0.12% to 0.22%, indicating growing interest in electric buses and clean mobility solutions.

VE Commercial Vehicles Ltd (VECV)

VECV registered 6,355 units in September 2025, up from 6,063 units last year, maintaining a market share of 8.81%. The second entry under VECV recorded 6,301 units, compared to 6,020 units last year. Its consistent sales show stable demand for Eicher-branded MCV and HCV models.

• VE Commercial Vehicles (Volvo Buses Division): The Volvo Buses division of VECV recorded 54 units, slightly higher than 43 units last year. While this is a small volume segment, it continues to cater to premium intercity and luxury transport demand.

Maruti Suzuki India Ltd

Maruti Suzuki sold 3,277 units in September 2025, compared to 3,464 units a year ago. Its market share dipped from 4.93% to 4.54%, mainly due to competitive pressure in the small CV segment. However, the Super Carry remains a strong performer for urban and last-mile deliveries.

Force Motors Ltd

Force Motors achieved 1,492 units, up from 1,341 units in September 2024. Its market share increased to 2.07%, driven by consistent sales of passenger and goods carriers in rural and tourism applications.

Daimler India Commercial Vehicles Pvt. Ltd

Daimler India recorded 1,228 units, a decline from 1,516 units last year. Its market share slipped from 2.16% to 1.70%, showing challenges in the premium truck and bus market due to intense domestic competition.

SML Isuzu Ltd

SML Isuzu reported 844 units in September 2025, compared to 1,054 units last year. Its market share decreased from 1.50% to 1.17%, indicating reduced demand from institutional and passenger transport buyers.

Other OEMs

Other manufacturers collectively sold 702 units, an increase from 615 units in September 2024. Their combined market share rose slightly to 0.97%, showing gradual growth among smaller and niche CV players.

Also Read: FADA Three-Wheeler Retail Sales Report September 2025: 98,866 Units Sold Across India

CMV360 Says

The FADA CV retail sales report for September 2025 presents a mixed market trend. While total sales dipped slightly from August, the YoY growth of 2.66% indicates a stable recovery. Mahindra’s double-digit growth across segments and Switch Mobility’s EV rise stand out, even as Tata Motors continues to dominate despite losing share.

The steady demand in LCV and MCV categories, coupled with rising interest in electric commercial solutions, signals a positive outlook for India’s commercial vehicle market in the coming months.