“Retail demand trends in August remained encouragingly strong across segments, excluding tractors where growth moderated. Consequently, August wholesales were robust for passenger vehicles, commercial vehicles, and two-wheelers, all showing healthy double-digit growth. This strength is attributed to steady retail sales, lean inventory, and easing supply constraints, indicating continued positive momentum for the auto sector.”

Motilal Oswal Analysis’s track record: 6 graded calls · 95% CI 19–81%