In Nov’25, automotive industry sales declined to 15.4K units, reflecting an 11% MoM drop, though still showing a strong 52% YoY increase, according to PAMA. On a cumulative basis, auto sales during 5MFY26 rose 48% YoY to 75K units, as reported by AHL Research.
The MoM decline in auto volumes was primarily driven by customers delaying vehicle deliveries to next year to benefit from new-year registration, we view. Moreover, an 11% contraction in PSMC’s sales also added to the overall decline, driven by lower volumes in models that have been phased out, including Ravi, Bolan, Every, and Wagon R.
The YoY increase in auto sales is largely driven by lower interest rates, which have supported a recovery in auto financing. In addition, the introduction of low-markup EMI schemes by several auto assemblers in Nov’25 has further strengthened demand.
§ Indus Motor Company Ltd (INDU) reported a 15% MoM decline in sales for Nov’25, with volumes falling to 3,833 units. This drop was primarily driven by a 24% MoM contraction in Fortuner and Hilux sales. In addition, Corolla, Yaris, and Corolla Cross collectively recorded a 14% MoM decrease.
§ Pak Suzuki Motor Company Ltd (PSMC) recorded an 11% MoM decline in sales, with total volumes falling to 6,615 units. Among key models, Ravi, Alto, and Cultus saw MoM drops of 55%, 17%, and 6%, respectively. In contrast, Swift and Every posted MoM growth of 17% and 11%.
Moreover, Honda Atlas Cars (HCAR) reported stable overall performance in Nov’25. Civic/City volumes rose by 5% MoM, while BR-V/HR-V sales registered a 31% MoM decline.
Sazgar Engineering (SAZEW) registered a 20% MoM decline in sales, selling 1,109 units.
Two-wheeler sales volumes rose by 1% MoM in Nov’25. Atlas Honda (ATLH) maintained its all-time high monthly sales level at 140,382 units.
Three-wheeler sales volumes decreased by 29% MoM in Nov’25. Sazgar Engineering (SAZEW) reported sales of 1,749 units in the three-wheeler segment, marking a 25% MoM decrease.
Tractor sales, however, recorded a strong uptick in Nov’25, rising 27% MoM, primarily supported by the Punjab government’s tractor distribution scheme. AGTL’s sales grew 54% MoM to 1,360 units, while MTL posted a 15% MoM increase to 2,303 units.
