Tata Motors outpaced both Mahindra and Ashok Leyland even as YoY retail sales declined
Sales data released by the Federation of Automotive Dealers Association (FADA) has shown strong performance in Indian markets in Sept 2025. Sales growth was seen both in terms of 2W and PV sales while tractor and CV sales also ended positively. The transition to GST 2.0 norms and the onset of the festive season coupled with favorable weather conditions boosted sales across the commercial vehicle segment.
CV sales stood at a total of 72,124 units in Sept 2025. This was a 2.66% YoY growth from 70,254 units sold in Sept 2024. MoM sales however, declined by 4.59%. There had been 75,592 units sold in Aug 2025.
CV Retail Sales Sept 2025
Across the CV sector, LCV sales were up 6.03% YoY to 44,392 units. MCV sales also ended positively with an 11.65% YoY growth to 6,257 units. HCV sales declined by 5.66% to 21,401 units while others in this segment to suffered a 25.29% YoY decline to 65 units.
Tata Motors, at No. 1 on this list, launched the new Ace Gold Plus in Sept 2025. This is a diesel variant of its Ace range of mini trucks. The company has suffered a YoY decline in retail sales to 23,827 units as against 24,899 units sold in Sept 2024. Market share dipped to 33.04% from 35.44% YoY.
Mahindra has reported commercial vehicle sales at 21,126 units in the past month. This was a growth over 18,654 units sold in Sept 2024 taking up market share to 29.29%. The company’s product portfolio includes Treo, Zor Grand, e-Alfa, Treo Yaari, Treo Zor, and the relatively new Mahindra ZEO 4-wheeler and their bread and butter, the Bolero CV lineup. Further strengthening its presence in this segment, in August 2025, Mahindra acquired 58.96% stake in SML Isuzu, renaming it as SML Mahindra Ltd (SML).
At No. 3 was Ashok Leyland with 13,273 units sold last month. This was a YoY increase from 12,648 units sold in Sept 2024 to command an 18.40% market share. Particular emphasis was seen across the company’s CVs in the medium and heavy range.
4th on this list was VE Commercial Vehicles with 6,355 unit sales in the past month. It was a growth over 6,063 units sold in Sept 2024 taking up market share to 8.81% from 8.63% on a YoY basis. Maruti Suzuki CV sales fell to 3,277 units from 3,464 units YoY.
Force Motors increased its retail count to 1,492 units from 1,341 units YoY, while Daimler India retail sales fell to 1,228 units in the past month from 1,516 units sold in Sept 2024. SML Isuzu too suffered a YoY decline to 844 units from 1,054 units. Other CV makers in this segment added 702 to total retail tally last month, a YoY growth from 615 units sold in the same month last year.
