2-wheeler sales in May: How Hero MotoCorp, Bajaj Auto, Ola Electric and peers performed

Bajaj Auto, Hero MotoCorp, and Ola Electric are among the other two-wheeler automakers in India that have released their latest set of business updates, shedding light on the monthly sales performance in May 2026.

Two-wheeler automakers in India are currently focused on expanding their portfolio while maintaining the volumes of sales for their legacy products in the market. While some companies are solely focused on manufacturing electric vehicles (EVs), others hold a portfolio of both electric and ICE two-wheelers.

Investors should also factor in that the customer demand pattern has also likely evolved since the last GST changes, as the central government cut taxes on vehicles under 350cc, while increasing the same on two-wheelers above the threshold.

How have two-wheeler sales fared in May?

Bajaj Auto

As per the NSE filings, Bajaj Auto sold 3,93,204 or over 3.93 lakh units in May 2026, compared to 3,32,370 or 3.32 lakh units in the same period a year ago, marking a year-on-year growth of 18%.

The data further showed that Bajaj Auto’s two-wheeler segment sales growth was supported mainly by the company’s export operations to foreign countries. The automaker’s export sales rose 30% YoY to 1,83,676 units from 1,40,958 units a year ago.

In the first two months of FY2027, Bajaj Auto has recorded a 28% jump in total two-wheeler sales to 8,33,157 units, from 6,50,307 units.

The company sells popular motorcycles like the Bajaj Pulsar series, Bajaj Dominar, and Bajaj CT 100, among other popular two-wheelers.

Hero MotoCorp

Hero MotoCorp reported a 12.2% rise in total sales to 570,068 units in May 2026, from 507,701 units in the same month of the previous year, according to an exchange filing.

The company’s domestic motorcycle and scooter sales increased 10% due to the strong performance in the Deluxe 125cc segment, premium motorcycles, and scooters.

Meanwhile, Hero MotoCorp’s export sales also expanded 78% to 33,284 units due to the strong demand from global markets.

Popular two-wheelers like Hero Splendor, Hero HF series, Hero Passion, Hero Glamour, among others, are manufactured by the company.

TVS Motor

Two-wheeler maker TVS Motor’s total sales for May 2026 advanced 31% to 5,66,585 units, compared to 4,31,275 units in the same period a year ago, as per the company’s latest business update.

In the company’s electric business, the EV sales rose 56% to 43,632 units in May 2026, from 27,976 units in May 2025.

The data further showed that the company increased its exports by 49% to 1,75,991 units in May 2026, compared to 1,18,437 units in the same period a year ago.

TVS manufactures popular two-wheeler models like TVS Apache series, TVS Raider 125, TVS Ronin, TVS RTX 300, among others.

Eicher Motors

Eicher Motors, the parent company of the motorcycle brand Royal Enfield, announced that the total sales increased 15% to 1,03,231 units in May 2026, compared to 89,429 units in the same period a year ago.

Although Royal Enfield’s sub-350cc capacity vehicle sales advanced 19% YoY in May 2026 to 90,784 units, from 76,492 units a year earlier, the large motorcycle segment suffered a drop in sales in the period under review.

Royal Enfield’s above-350 cc vehicle sales dropped 4% to 12,447 units, from its earlier 12,937 units in May 2025.

Royal Enfield makes popular motorcycles like the Bullet, Classic, Himalayan, and GT 650, among others.

Ola Electric

NSE filings showed that Ola Electric sales rose 23% on a sequential basis to 15,319 units in May 2026, from 12,323 units in April 2026.

The company attributed the rise in sales to the strong demand for its Roadster portfolio as Ola Electric remains focused on EV adoption.

“The strong demand environment, coupled with increasing traction for our Roadster portfolio, has helped us maintain the growth momentum,” the company spokesperson said in the official statement.

Ather Energy

Vahan registration data showed that Ather Energy recorded a marginal slide in total registrations to 28,205 units in May 2026, compared sequentially with 28,473 units in April 2026.

Although Ather did not release its sales data on June 1, the company earlier in May 2026 announced that its product, Ather Rizta, crossed 3 lakh units in sales within two years of its launch.

The company also said that it sold 1 lakh units of scooters in the first five months of the calendar year 2026.

Two-wheeler stocks in focus

So far in 2026, the company’s stock has gained 8% year-to-date and risen 3.4% in the past one month. However, the shares were trading 2.4% lover in the last five market sessions.

Hero MotoCorp shares have lost 17% so far in 2026, and 4.9% in the past one month period. The company’s stock was trading 2.7% lower over the last five market sessions.

So far in 2026, TVS shares have lost 11%, 3.74% in the past one month, and more than 2% in the last five trading sessions on NSE.

On a year-to-date basis, the company’s stock was down 3.7% and 0.5% in the past one month. Eicher Motor shares were down 4% in the last five trading days.

So far in 2026, Ola Electric shares have gained 4.6%, and were up 7.3% in the past one month basis. The company’s stock was up 4.4% in the last five trading sessions on the Indian stock market.

Shares of Ather Energy have delivered nearly 30% returns so far in 2026, and have gained 2.6% in the last one month period. However, the company's shares were flat but at a positive level in the last five trading sessions.