March Auto Sale 2026: Which Automaker Took the Lead This Month?

SYNOPSIS: India’s auto sector showed mixed performance in March 2026, with strong growth in SUVs and EVs, while export weakness and segmental variations highlighted evolving demand trends across manufacturers.

March 2026 turned out to be a mixed yet eventful month for India’s automobile sector, with performance varying across companies and segments. While several automakers reported strong year-on-year growth, particularly in SUVs and electric vehicles (EVs), others faced pressure from weaker exports and shifting demand patterns. The divergence highlights how domestic demand remains resilient, even as global uncertainties and segment-specific challenges continue to influence overall performance. Here’s a look at a few auto stocks that have reported sales updates for March 2026:

Atul Auto Limited

With a market cap of Rs. 1,152.5 crores, the stock moved up by around 10 percent on BSE, to hit an intraday high at Rs. 419.45 on Wednesday. Atul Auto Limited reported a steady performance in its March 2026 sales data. On the domestic front, total sales stood at 3,404 units, reflecting a marginal growth of 0.38 percent compared to 3,391 units in March 2025. Within this, sales of 3-wheeler internal combustion (IC) engine vehicles slightly declined by 0.11 percent to 2,705 units, while electric vehicle (EV) sales increased by 2.34 percent to 699 units.

Including exports, the company’s total sales rose to 4,212 units in March 2026, marking a strong growth of 14.05 percent compared to 3,693 units in the same month last year. The growth was primarily driven by a 17.49 percent increase in IC engine vehicle sales to 3,513 units. However, EV sales (including exports) saw a marginal decline of 0.57 percent to 699 units.

Hyundai Motor India Limited

With a market cap of Rs. 1.39 lakh crores, the stock moved down by over 4 percent on BSE, to hit an intraday low at Rs. 1,700 on Wednesday. Hyundai Motor India Limited (HMIL) achieved total Q4 FY26 sales of 2,08,275 units during the January-March 2026 period, registering a healthy year-on-year growth of 8.7 percent.

Domestic sales stood at 1,66,578 units, reflecting an 8.5 percent YoY increase and marking the company’s highest-ever quarterly domestic sales since inception. Exports also remained robust, rising 9.4 percent YoY to 41,697 units.

For March 2026, the company recorded total sales of 69,004 units, comprising 55,064 units in the domestic market and 13,940 units in exports. Notably, this represents Hyundai’s highest-ever domestic sales for the month of March since its inception.

Mahindra & Mahindra Limited

With a market cap of Rs. 3.76 lakh crores, shares of one of India’s leading automotive companies moved up by around 4 percent on BSE, to hit an intraday high at Rs. 3,071.15 on Wednesday.

M&M reported a strong auto sales performance for March 2026, with total sales reaching 99,969 vehicles, marking a 21 percent year-on-year growth, including exports.

In the Utility Vehicles segment, the company recorded domestic sales of 60,272 units, reflecting a 25 percent growth, while total UV sales, including exports, stood at 62,109 units. Meanwhile, domestic sales in the Commercial Vehicles segment came in at 24,928 units, registering an 11 percent increase.

The company also closed the financial year on a strong note, achieving record volumes of 6,60,276 SUVs and 2,89,597 light commercial vehicles (LCVs under 3.5T), delivering robust year-on-year growth of 20 percent and 13 percent, respectively.

Tata Motors Limited

With a market cap of Rs. 1.45 lakh crores, the stock moved up by around 7 percent on BSE, to hit an intraday high at Rs. 422.05 on Wednesday. Tata Motors Limited reported strong growth in Q4 FY26, with total sales across domestic and international markets rising by more than 25 percent YoY to 1,32,465 units, compared to 1,05,643 units in Q4 FY25. For March 2026, sales in the domestic & international markets stood at 47,976 units, up from 41,122 units in March 2025, reflecting continued momentum.

In the Medium & Heavy Commercial Vehicle (MH&ICV) segment, domestic sales reached 23,805 units in March 2026, marking a 16 percent YoY growth, while Q4 FY26 volumes stood at 64,904 units, up 26 percent YoY. Including international markets, MH&ICV sales were 24,703 units in March 2026 versus 21,226 units last year, with Q4 FY26 volumes increasing to 68,007 units from 53,995 units, also reflecting a 26 percent growth. Additionally, the company’s electric vehicle (EV) segment recorded a strong 59 percent YoY growth in FY26, highlighting increasing traction in the EV space.

Tata Motors Passenger Vehicles Limited

With a market cap of Rs. 1.11 lakh crores, the stock moved up by over 4 percent on BSE, to hit an intraday high at Rs. 308.9 on Wednesday. Tata Motors Passenger Vehicles Limited reported strong performance in Q4 FY26, with total sales across domestic and international markets reaching 2,01,368 units, up by around 37 percent YoY from 1,46,999 units reported in Q4 FY25.

FY26 marked a milestone year for the company, with its highest-ever annual sales exceeding 6.4 lakh units, reflecting a 15 percent YoY growth. The company also ended the year on a strong note, emerging as the second-ranked player in the industry based on Vahan registrations in the second half. International operations also saw traction, with volumes surpassing 10,000 units, supported by its re-entry into the South African market.

The company’s focus on cleaner mobility solutions continued to deliver strong results. CNG vehicle sales crossed 1.7 lakh units during the year, registering a 24 percent YoY growth. In the EV segment, the company further strengthened its leadership position, achieving over 92,000 units in sales, marking a robust 43 percent YoY growth.

During Q4 FY26, the company recorded its highest-ever quarterly sales, crossing the 2 lakh units mark and delivering a strong 37 percent YoY growth. The quarter also saw record EV sales of around 27,000 units, reflecting a sharp 69 percent YoY increase.

Force Motors Limited

With a market cap of Rs. 27,139 crores, the stock moved up by around 8 percent on BSE, to hit an intraday high at Rs. 20,964.1 on Wednesday. Force Motors Limited reported its sales performance for March 2026, showing a mixed trend across domestic and export markets. On the domestic front, the company recorded sales of 4,126 units, compared to 3,606 units in March 2025, reflecting a growth of 14.42 percent, driven by demand across small commercial vehicles (SCV), light commercial vehicles (LCV), utility vehicles (UV), and sports utility vehicles (SUV).

However, export performance remained under pressure, with sales declining to 73 units in March 2026 from 94 units in the same period last year, marking a decrease of 22.34 percent. The company attributed this decline to ongoing geopolitical tensions, particularly in the Middle East, which impacted volumes during the month and quarter.

Overall, combining domestic and export performance, total sales stood at 4,199 units in March 2026, compared to 3,700 units in March 2025, registering a growth of 13.49 percent.

Maruti Suzuki India Limited

With a market cap of Rs. 3.93 lakh crores, shares of the market leader in the passenger vehicle segment in India moved up by around 6 percent on BSE, to hit an intraday high at Rs. 12,990.55 on Wednesday.

The company sold a total of 2,25,251 units in March 2026, an increase of around 17 percent YoY from 1,92,984 units sold in March 2025. Total sales in the month include domestic sales (including PV+LCV+OEM) of 1,78,211 units, sales to other OEM of 8,783 units and total export sales of 47,040 units.

Sales of mini-segment cars, comprising Alto and S-Presso, improved to 11,741 units in March 2026 against 11,655 units in March last year. Further, sales of compact cars, comprising Baleno, Celerio, Dzire, Ignis, Swift and WagonR, rose to 71,789 units from 66,906 units during the same time period.

Utility vehicles, consisting of Brezza, Ertiga, e-Vitara, Grand Vitara, Invicto, Jimny, Victoris, and XL6, clocked sales of 71,356 units in March 2025, compared to 61,097 units earlier.

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