Maruti Suzuki, M&M, Hyundai Motor among other auto stocks in focus as PV sales grow 33% in July

Passenger vehicle dispatches in the domestic market are estimated to have risen 33% to about 4.7 lakh units in July this year, riding on record volumes led by market leader Maruti Suzuki, along with Hyundai.

Homegrown majors Tata Motors and Mahindra & Mahindra also clocked high double-digit growth as the passenger vehicle industry continued to ride on the wave of impetus from GST 2.0, reduced repo rates and income tax relief on income of up to ₹12 lakh.

About the growth drivers for the industry, he said GST 2.0, repo rate cuts, income tax relief to entry-level customers have continued to fuel sales since last year.

"Fundamentally, these three tailwinds are very much there," Banerjee noted.

For Maruti Suzuki, the market leader posted its best-ever passenger vehicle sales in the domestic market at 1,96,203 units last month as compared to 1,37,776 units in July 2025, a growth of 43.4%.

"The company has witnessed all-round growth across segments from entry-level small cars to SUVs in July," Banerjee said, adding that alternate fuel CNG models continue to have robust demand.

Hyundai Motor India Ltd (HMIL) also reported its best-ever domestic monthly sales at 54,210 units in July, up 23.3% from the same month last year.

"Our highest-ever monthly volume since inception, underscores the immense trust consumers place in brand Hyundai," HMIL MD & CEO Tarun Garg said.

Similarly, Tata Motors Passenger Vehicles Ltd (TMPVL) also reported a 58% jump in domestic passenger vehicle (PV) sales at 62,611 units last month as compared to 39,521 units in July 2025.

Homegrown rival Mahindra & Mahindra posted a 20% growth in utility vehicle sales in the domestic market at 60,048 units last month as against 49,871 units in July 2025.

Honda Cars India Ltd (HCIL) said it recorded domestic sales growth of over 48%, with 6,014 units sold during the month.

Another carmaker, Toyota Kirloskar Motor, reported a 5% rise in domestic sales at 30,516 units in July 2026 as compared to 29,159 units in the same month last year.

Kia India also reported a 27.4% rise in wholesale dispatches to 28,200 units in July 2026, up from 22,135 units in the same month last year. It was the company's best-ever July wholesale performance since its inception.

JSW MG Motor India also reported a 22% rise in dispatches to dealers at 8,158 units in July, posting its highest-ever monthly wholesale numbers.

Likewise, Nissan Motor India Pvt Ltd (NMIPL) said its domestic wholesales were at 4,518 units last month, compared with 1,420 units in July 2025.