September CV Sales: Tata Motors Outpaces Competition with 19% Growth After GST 2.0

September 2025 was an interesting month for India’s commercial vehicle sector. Sales figures reflected a mix of optimism and caution as manufacturers tried to balance festive demand with the uncertainties introduced by GST 2.0. Not every company moved at the same pace and the numbers tell a story of both momentum and hesitation.

Tata Motors Takes the Lead

Tata Motors clearly stood out in September clocking 35,862 commercial vehicle sales, which is a 19 percent jump compared to last year. For the second quarter of fiscal 2026, the company sold 94,681 units, marking a 12 percent rise year-on-year.

Their small commercial vehicle and pickup lines really carried the day. The Ace Pro and Ace Gold Plus drove the segment to 14,110 units for the month, a 30 percent increase from last September. For the quarter, sales in this category hit 34,732 units, up 11 percent.

"September emerged as our best-performing sales month in FY26," said Girish Wagh, Executive Director of Tata Motors. He pointed to quick responses after the GST reduction announcement, better product availability and stronger market activations. It seems timing and readiness really mattered here.

Mahindra Shows Mixed but Positive Numbers

Mahindra and Mahindra reported 26,728 commercial vehicles sold domestically in September, an 18 percent increase overall. The LCV 2 to 3.5 tonne category was the real star, selling 23,342 units, up 21 percent year-on-year.

The smaller sub-2 tonne segment, however, didn’t fare as well. Sales dipped slightly to 3,386 units, down 2 percent. Year-to-date, Mahindra’s LCV 2T-3.5T segment grew 12 percent to 114,176 units, showing solid traction despite minor hiccups.

"Robust growth in dealer reported customer retails during the first nine days of Navratri" showed over 70 percent growth in the CV segment compared to last year, said Nalinikanth Gollagunta, CEO of Mahindra’s Automotive Division. He also noted trailer availability constraints slowed down actual billing; a reminder that growth on paper does not always translate to smooth operations.

VECV Sees Flat Performance with Bright Spots

VE Commercial Vehicles Limited, the Eicher-Volvo joint venture, stayed mostly flat with 7,619 units in September, just slightly above last year. Domestic sales were down 2.8 percent to 6,652 units, but the export numbers looked surprisingly strong, rising 47.4 percent to 700 units. Heavy-duty exports jumped 276.7 percent, suggesting overseas demand remains robust even if local sales are muted.

Within India, light and medium-duty trucks under 18.5 tonnes grew modestly to 3,801 units, while heavy-duty trucks above that weight fell 4.3 percent to 1,955 units. 

Heavy Commercial Vehicles Face Challenges

The heavier side of Mahindra’s lineup struggled in September. Mahindra Trucks and Buses, along with SML Isuzu, together sold 1,904 vehicles, down 8 percent from last year.

"September was partially impacted by deferment of purchase by customers till introduction of GST 2.0," said Vinod Sahay, Executive Chairman of SML. He expects the market to pick up as GST benefits start filtering down to buyers. So it’s not that demand vanished; it just paused for a moment while everyone adjusted.

Outlook Remains Optimistic

Even with the mixed results, industry executives are cautiously upbeat about the second half of fiscal 2026. Festive season demand, better consumption trends and the GST rate cuts announced in late September have already sparked bookings and increased customer interest.

Construction, infrastructure and mining activity are expected to ramp up, which should help CV sales. Combined with strong product line-ups, manufacturers are hoping that the September slowdown is just a temporary blip and that the next few months will see steadier growth.

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