India's commercial vehicle (CV) market recorded strong growth in September 2026, with retail sales crossing the one-lakh-unit mark. According to data from the Federation of Automobile Dealers Associations (FADA), commercial vehicle retail sales reached 1,03,557 units, representing a 37.62% increase compared with 75,246 units in September 2025.

Sales also increased by 14.09% compared with August 2026, when 90,769 commercial vehicles were registered. The September performance reflects stronger demand across several commercial vehicle manufacturers, including Tata Motors, Mahindra & Mahindra, Ashok Leyland, VE Commercial Vehicles, Maruti Suzuki and Force Motors.

Tata Motors maintained its leading position in the market, followed by Mahindra and Ashok Leyland. These three manufacturers together accounted for approximately 80% of total commercial vehicle retail sales during the month. 

Commercial Vehicle Retail Sales: September 2026 vs September 2025

Tata Motors Leads Commercial Vehicle Retail Sales

Tata Motors remained India's largest commercial vehicle manufacturer by retail registrations in September 2026. The company recorded 35,931 units, compared with 24,449 units in September 2025, translating into year-on-year growth of 46.96%.

Its market share increased from 32.49% to 34.70%, strengthening its lead over competitors. Tata's volume gain of 11,482 units was also the largest among the manufacturers listed in the report.

The company's broad commercial vehicle portfolio covers light commercial vehicles, intermediate and heavy trucks, buses and other transport applications. Its leading retail position highlights the continued importance of Tata Motors across India's commercial transport market.

Mahindra Secures Second Position

Mahindra & Mahindra recorded 27,677 commercial vehicle retail sales in September 2026, compared with 21,994 units in the year-ago month. This represented growth of 25.84%.

The company held a 26.73% market share, placing it second behind Tata Motors. However, its share was lower than the 29.23% reported in September 2025, despite the increase in registrations.

Mahindra's commercial vehicle operations serve a variety of applications, including last-mile delivery, small-business transport, passenger mobility and goods movement. Its position in the September rankings reflects the importance of these segments in the broader CV market.

The reported Mahindra & Mahindra total includes sales attributed to Mahindra Last Mile Mobility in the source's manufacturer grouping. 

Ashok Leyland Records Strong Growth

Ashok Leyland ranked third, with 19,223 retail units in September 2026. This was an increase of 36.33% compared with 14,100 units in September 2025.

Its market share stood at 18.56%, slightly below the 18.74% recorded a year earlier. Even so, the company added 5,123 units to its year-on-year retail volume.

Ashok Leyland has a strong presence in medium and heavy commercial vehicles, buses and transport solutions for fleet operators. Its September performance points to continued demand for vehicles used in logistics, freight movement and passenger transport.

VE Commercial Vehicles Reports Higher Registrations

VE Commercial Vehicles (VECV), associated with Eicher commercial vehicles, recorded 8,309 retail units in September 2026. This compared with 6,610 units in September 2025, representing growth of 25.70%.

The manufacturer held an 8.02% market share. Its volume increased year on year, although its share declined from 8.78%.

VECV operates across different commercial vehicle categories, including trucks and buses. Demand from logistics companies, fleet operators and passenger transport businesses can influence its performance.

Maruti Suzuki and Force Motors Also Grow

Maruti Suzuki registered 4,352 commercial vehicles in September 2026, up from 3,373 units a year earlier. The manufacturer recorded year-on-year growth of 29.02% and held a 4.20% market share.

Force Motors recorded 2,301 units, compared with 1,679 units in September 2025. Its registrations increased by 37.05%, giving it a 2.22% share of the reported market.

Both manufacturers recorded higher retail volumes, although their market shares remained smaller than those of the three leading CV manufacturers.

Force Motors has a presence in passenger and utility vehicles, minibuses and other specialised transport applications. Maruti Suzuki's commercial offerings primarily serve smaller business and passenger-mobility requirements.

Daimler India and SML Mahindra Record Growth

Daimler India Commercial Vehicles recorded 2,077 retail units in September 2026, up from 1,278 units a year earlier. Its 62.52% year-on-year growth was the highest among the individually listed manufacturers in the table.

SML Mahindra recorded 1,286 units, compared with 924 units in September 2025. This represented growth of 39.18%.

Other manufacturers collectively contributed 2,401 units, up from 839 units in the previous year's comparable month. The category's high growth rate partly reflects the relatively low base in September 2025.

Commercial Vehicle Retail Sales Increase Month on Month

September's total of 1,03,557 units was 14.09% higher than August 2026's 90,769 units.

Tata Motors added 5,593 units compared with August, increasing its monthly retail volume by 18.44%. Mahindra and Ashok Leyland also recorded month-on-month growth, while VECV increased its registrations by 15.63%.

Force Motors grew by 1.23% month on month. In contrast, Maruti Suzuki's retail registrations declined by 1.87%, and SML Mahindra also recorded a monthly reduction.

These differences show that the improvement in the overall market was not uniform across every manufacturer.

Diesel Remains the Dominant Fuel Type

Diesel vehicles accounted for 80.76% of commercial vehicle retail sales in September 2026, according to the reported fuel-wise breakdown. CNG and LPG vehicles held a 12.07% share, while petrol and ethanol vehicles accounted for 3.11%.

Electric commercial vehicles represented 4.04% of registrations, up from 2.16% in September 2025. However, the electric share was lower than the 5.18% recorded in August 2026.

The increase in electric CV share over the year indicates growing adoption, although diesel vehicles continue to dominate the segment. Vehicle suitability, range, charging access, operating costs and the intended transport application remain important factors in fleet purchasing decisions. 

What Does September's CV Retail Performance Indicate?

The September figures show that India's commercial vehicle retail market experienced a broad-based increase, with all eight individually listed manufacturers reporting year-on-year growth.

Tata Motors strengthened its leadership, while Mahindra and Ashok Leyland retained second and third positions. VECV, Maruti Suzuki and Force Motors also recorded higher retail volumes.

The growth rate should be interpreted in context: September 2025 was affected by buyers delaying purchases ahead of the GST 2.0 changes that took effect later that month. Consequently, the year-on-year comparison benefits from a lower base.

The next few months will help determine whether demand remains strong after the festive period and how freight activity, fleet replacement and business investment affect commercial vehicle registrations.