TL;DR
Maruti Suzuki and Mahindra & Mahindra led India's Q1 2026 auto race with strong sales growth, particularly in SUVs and EVs, despite rising input costs, while Hyundai faced a slight decline.
In the first quarter of fiscal year 2026 (April-June), major Indian four-wheeler manufacturers like Maruti Suzuki, Mahindra & Mahindra, Tata Motors Passenger Vehicles, and Hyundai Motor India navigated a buoyant domestic demand environment, despite challenges such as the Middle East crisis and rising fuel prices. Maruti Suzuki India and Mahindra & Mahindra demonstrated strong operational performance, benefiting significantly from robust local demand for electric vehicles and SUVs, as well as the successful uptake of recently launched models.
Maruti Suzuki India recorded a substantial 29.3% year-on-year growth in total vehicle sales, reaching 6.82 lakh units, with SUV sales surging by 44.6% for models like the Grand Vitara and Invicto. Mahindra & Mahindra also showed strong growth, capitalizing on demand for its SUV and EV offerings. In contrast, Hyundai Motor India experienced a 1.3% year-on-year decline in total vehicle sales, attributed to temporary production disruptions and a 19.6% fall in export sales.
Despite the strong demand, rising input costs for materials like steel and copper posed a concern for the automotive industry, impacting operating margins. Tata Motors Passenger Vehicles' consolidated revenue from operations increased by 9.3% year-on-year to ₹95,799 crore, largely driven by its UK-based Jaguar Land Rover (JLR) operations. However, higher raw material costs and disruptions in UK operations led to a core operating loss for the quarter.
