AHL Research has published a report on the Pakistan Automobile Assemblers Sector regarding production in Mar’26, showing auto sales up 40% YoY. In Mar’26, auto sales (Cars, LCVs, Vans & Jeeps) clocked in at 15.5k units, up 40% YoY, as per PAMA data. On a cumulative basis, 9MFY26 sales increased 43% YoY to 144k units. The growth was primarily driven by improved underlying demand conditions, relatively stable macroeconomic fundamentals, and a recovery in auto financing activity.
- On a sequential basis, volumes declined 9% MoM to 15.3k units in Mar’26, largely reflecting seasonal factors. The slowdown can be attributed to Ramadan-related softness in demand, further exacerbated by elevated fuel prices amid ongoing global geopolitical uncertainties.
- Indus Motor Company Ltd (INDU) recorded sales of 3,873 units in Mar’26, up 24% YoY and 1% MoM, taking 9MFY26 volumes to 33,313 units (+54% YoY). Corolla, Yaris and Corolla Cross rose 32% YoY and 1% MoM to 3,145 units. Fortuner and Hilux sales totalled 728 units, up 2% MoM but down 3% YoY.
- Pak Suzuki Motor Company Ltd (PSMC) reported sales of 6,250 units, up 38% YoY, with 9MFY26 volumes rising 32% YoY to 65,706 units. On a MoM basis, sales declined by 23% across all PSMC variants. Swift, Cultus, Every, Ravi, and Alto witnessed declines of 39%, 36%, 28%, 25%, and 17%, respectively.
- Honda Atlas Cars (HCAR) posted sales of 2,324 units, up 63% YoY and 10% MoM, with cumulative 9MFY26 sales rising 57% YoY to 20,097 units. Both key segments registered MoM gains, with Civic/City sales rising 10% to 2,049 units and BRV/HRV sales rising 9% to 275 units.
- Sazgar Engineering (SAZEW) recorded four-wheeler sales of 1,734 units, up 84% YoY and 3% MoM, reflecting continued traction in its Haval lineup with 1,733 units sold during the month. Cumulative 9MFY26 sales rose 58% YoY to 12,630 units, underscoring sustained demand for its product offerings.
- In the two-wheeler segment, industry sales grew 31% YoY and 5% MoM to 163,156 units. Atlas Honda Ltd (ATLH) reported sales of 142,458 units, reflecting 34% YoY growth and a 5% MoM increase, with cumulative 9MFY26 volumes rising 34% YoY to 1.23mn units.
- Three-wheeler sales grew 9% YoY to 3,477 units, though down 12% MoM, while Sazgar Engineering reported 2,159 units, reflecting a 20% MoM decline.
- In the tractor segment, industry sales increased 96% YoY and 75% MoM to 3,008 units, marking a strong rebound. AGTL reported sales of 1,482 units, up 123% MoM and 147% YoY, while MTL recorded 1,526 units, up 45% MoM and 63% YoY.
