> ## Content Index
> Fetch the complete content index at: https://www.moatmarginresearch.com/llms.txt
> Use this file to discover other available public pages before exploring further.

# Auto Sales Q2 FY27: 11 Automakers Ranked From Their Filings
- URL: https://www.moatmarginresearch.com/auto-sales-q2-fy27-scoreboard/
- Published: 2026-10-02T02:38:24.000Z
- Updated: 2026-10-02T02:38:23.000Z
- Description: Tata Motors grew fastest, Maruti won September, Bajaj barely grew at home. Eleven automakers' Q2 sales, ranked from their own filings, with MoatSCOREs.
- Author: A K Karthikeyan
- Tags: Moat Insights

**India's automakers filed their September sales on 1 October, which closes the July–September quarter. We put eleven listed makers on one board, ranked by how fast their sales in India grew against the same quarter last year, using only their own exchange filings. Tata Motors' car business grew fastest. Maruti Suzuki won September but not the quarter. Bajaj Auto barely grew at home. And the slowest grower on the board has the strongest MoatSCORE.**

## The scoreboard

| Rank | Company                | Segment      | Q2 FY27   | Q2 FY26   | Growth |
| ---- | ---------------------- | ------------ | --------- | --------- | ------ |
| 1    | Tata Motors PV         | Cars         | 1,96,674  | 1,40,189  | +40.3% |
| 2    | Maruti Suzuki          | Cars         | 5,55,012  | 4,01,874  | +38.1% |
| 3    | Ashok Leyland          | Trucks       | 59,575    | 44,332    | +34.4% |
| 4    | Tata Motors CV         | Trucks       | 1,13,982  | 87,061    | +30.9% |
| 5    | Mahindra               | Cars         | 1,83,397  | 1,45,503  | +26.0% |
| 6    | TVS Motor              | Two-wheelers | 13,53,263 | 10,90,861 | +24.1% |
| 7    | Hyundai ≈              | Cars         | 1,65,772  | 1,39,523  | +18.8% |
| 8    | Royal Enfield (Eicher) | Two-wheelers | 3,40,847  | 2,92,703  | +16.4% |
| 9    | Hero MotoCorp          | Two-wheelers | 17,82,726 | 15,79,118 | +12.9% |
| 10   | Bajaj Auto             | Two-wheelers | 6,07,416  | 5,96,576  | +1.8%  |
| 11   | Escorts Kubota         | Tractors     | 32,628    | 32,329    | +0.9%  |

Domestic sales or dispatches, units; growth is Q2 FY27 against Q2 FY26\. ≈ Hyundai's base is worked back from its monthly growth rates. Sources for every row are listed at the end.

## Cars: Tata grew fastest, Maruti won September

Tata Motors Passenger Vehicles grew 40.3% in the quarter, ahead of Maruti Suzuki's 38.1%. In September alone the order flips: Maruti's domestic passenger vehicles grew 36.9% (1,81,838 against 1,32,820), more than twice Tata's 15.3% (68,810 against 59,667). Tata won the quarter on July and August.

Much of Tata's growth is electric. It sold 47,150 electric vehicles in the quarter, up 90%, and says EV penetration in its portfolio rose "sharply to 23%, compared with around 8% for the industry". EV and CNG together, it says, "now contribute 51% of our sales".

Growth is not the same as share. Among these four carmakers, Maruti's share of combined domestic sales rose from 48.6% to 50.4%, and Tata's from 16.9% to 17.9%; Mahindra (17.6% to 16.7%) and Hyundai (about 16.9% to 15.1%) lost ground. That is our arithmetic on their filed numbers, not an industry share.

## Two-wheelers: TVS by a distance, Bajaj looks abroad

TVS Motor's domestic two-wheelers grew 24.1% (13,53,263 units), Royal Enfield's 16.4%, Hero MotoCorp's 12.9% and Bajaj Auto's 1.8%. Hero remains the biggest seller on the board, with 17,82,726 units in India in the quarter.

Bajaj is not shrinking overall. Its two-wheeler exports grew 43.2% in the quarter to 6,76,545 units, more than it sold at home (6,07,416). In September its Indian two-wheeler sales fell 12.2%.

Royal Enfield had its "highest-ever monthly sales" of 1,33,958 motorcycles in September, but the mix is shifting. Bikes up to 350cc grew 13% in September; those above 350cc fell 26%, and 11.8% over the quarter.

## Trucks and tractors: one economy, two speeds

Ashok Leyland's domestic sales grew 34.4%, and its medium and heavy trucks 48.3%. Tata Motors' commercial vehicles grew 30.9%, with heavy trucks up 40.3%. Tata attributes heavy-truck demand to "continued activity in core sectors, sustained infrastructure, construction and mining activity".

Escorts Kubota's domestic tractors grew 0.9%. For September's 16.2% fall it cites "the high base following the GST rate reduction in September 2025", a festive season that moved to October, "patchy monsoon conditions and relatively lower Kharif sowing". Its construction equipment, meanwhile, grew 53.9% in the quarter.

## Moat and margin

**Focus moat: none changes on one quarter.** A quarter of growth tells you about demand, model cycles and a low base; a moat is what keeps returns high when those fade. Here are the published MoatSCOREs of the same eleven (\[MS\]):

| Company             | D1  | D2  | D3  | D4  | D5  | D6  | D7 | MoatSCORE | Basis              |
| ------------------- | --- | --- | --- | --- | --- | --- | -- | --------- | ------------------ |
| Escorts Kubota      | 5.7 | 4.7 | 7.0 | 5.2 | 5.5 | 6.0 | —  | 5.78      | AMBER, first pass  |
| Eicher Motors       | 6.0 | 5.2 | 6.5 | 6.0 | 5.2 | 6.0 | —  | 5.60      | AMBER, first pass  |
| Hyundai Motor India | 6.0 | 4.7 | 6.5 | 6.0 | 4.7 | 6.0 | —  | 5.54      | AMBER, first pass  |
| Ashok Leyland       | 6.0 | 5.2 | 6.5 | 5.2 | 4.7 | 5.7 | —  | 5.50      | AMBER, first pass  |
| Bajaj Auto          | 5.5 | 5.2 | 4.8 | 5.7 | 6.0 | 6.0 | —  | 5.21      | AMBER+, first pass |
| Hero MotoCorp       | 4.8 | 4.8 | 5.7 | 6.0 | 5.2 | 6.0 | —  | 5.14      | AMBER+, first pass |
| Maruti Suzuki       | 4.8 | 4.8 | 6.0 | 5.2 | 5.2 | 6.0 | —  | 5.11      | AMBER+, first pass |
| TVS Motor           | 4.8 | 4.5 | 5.7 | 5.2 | 5.2 | 6.0 | —  | 5.10      | AMBER+, first pass |
| Tata Motors PV      | 5.2 | 4.5 | 6.0 | 5.2 | 5.2 | 4.8 | —  | 5.08      | AMBER+, first pass |
| Mahindra & Mahindra | 4.8 | 4.5 | 5.7 | 4.7 | 4.8 | 6.0 | —  | 5.05      | AMBER+, first pass |
| Tata Motors (CV)    | 5.2 | 5.5 | 5.2 | 4.8 | 4.8 | 5.5 | —  | 4.82      | AMBER+, first pass |

As published on the Moat Screener on 1–2 October 2026\. None has been re-scored for this quarter.

The two rankings barely overlap. Escorts, last on growth, scores highest; Tata Motors' car business, first on growth, sits ninth; Tata's truck business, fourth on growth, has the lowest score. The margin question waits for the Q2 results: growth bought with discounts or dealer stock would show up there.

## The bear case on this board

- **A low base.** Escorts' filing dates the GST rate cut to September 2025, so last July and August came before it.
- **Dispatches, not retail.** Hero and Royal Enfield call their numbers dispatches; company sales can include stock sent to dealers before the festive season.
- **One quarter.** A single quarter, which Tata calls "seasonally softer", can mislead in either direction.
- **Eleven makers, not the industry.** Unlisted carmakers and two-wheeler makers are not here, so no industry share is claimed.

## The case that the strength is real

- **Broad growth.** Nine of eleven grew more than 10%, across cars, two-wheelers and trucks.
- **Exports.** Bajaj's two-wheeler exports (+43.2%) and Tata's commercial-vehicle exports (+177.3%) point to demand beyond India.
- **Trucks.** Heavy-truck growth of 40–48% is usually read as a sign of freight and infrastructure activity, which Tata's own commentary cites.

## What to watch

1. October's festive sales, in the November filings.
2. Q2 results: did the volume come with better margins?
3. Royal Enfield's above-350cc bikes and Bajaj's domestic two-wheelers: one quarter, or a trend?

## Sources

All filed on NSE; Q2 is computed from the filings listed for each company.

- **Maruti Suzuki** (Apr-Sep minus Apr-Jun): [01 Oct](https://nsearchives.nseindia.com/corporate/MARUTI%5F01102026125916%5FSales.pdf) · [01 Jul](https://nsearchives.nseindia.com/corporate/MARUTIASHISH%5F01072026121233%5FStxIntimation%5FSales%5FJune2026.pdf)
- **Tata Motors PV** (Q2 as filed): [01 Oct](https://nsearchives.nseindia.com/corporate/TATAMOTORSSJS%5F01102026131705%5FNSEBSEQ2FY27.pdf)
- **Mahindra** (YTD Sep minus YTD Jun): [01 Oct](https://nsearchives.nseindia.com/corporate/ferozebaria%5F01102026091106%5FSEIntimationOctober2026PR.pdf) · [01 Jul](https://nsearchives.nseindia.com/corporate/ferozebaria%5F01072026085212%5FSEIntimationJuly2026PR.pdf)
- **Hyundai** (Sum of Jul+Aug+Sep; prior year derived from Hyundai's stated monthly growth %): [01 Aug](https://nsearchives.nseindia.com/corporate/HMILNSE%5F01082026110206%5FPRESSRELEASE01082026.pdf) · [01 Sep](https://nsearchives.nseindia.com/corporate/HMILNSE%5F01092026111652%5FPRSalesnumber.pdf) · [01 Oct](https://nsearchives.nseindia.com/corporate/HMILNSE%5F01102026095127%5FPRSALESNUMBER.pdf)
- **TVS Motor** (Sum of Jul+Aug+Sep): [03 Aug](https://nsearchives.nseindia.com/corporate/TVSMOTOR%5F03082026085212%5FTVSMSaleupdatejuly2026%5Fsd.pdf) · [01 Sep](https://nsearchives.nseindia.com/corporate/TVSMOTOR%5F01092026131224%5FTVSMNSEBSESalesupdateSd.pdf) · [01 Oct](https://nsearchives.nseindia.com/corporate/TVSMOTOR%5F01102026150928%5FSalesupdatesept2026%5Fsd.pdf)
- **Bajaj Auto** (Apr-Sep minus Apr-Jun): [01 Oct](https://nsearchives.nseindia.com/corporate/lkwalimbe%5Fbajajauto%5Fco%5Fin%5F01102026085327%5FSales%5FReport%5FSep26.pdf) · [02 Jul](https://nsearchives.nseindia.com/corporate/lkwalimbe%5Fbajajauto%5Fco%5Fin%5F02072026085251%5FSales%5FReport.pdf)
- **Royal Enfield (Eicher)** ((Apr-Sep total - intl) minus (Apr-Jun total - intl)): [01 Oct](https://nsearchives.nseindia.com/corporate/EICHERMOT%5F01102026111841%5FEMLMonthlyBusinessUpdate1stOctober2026Signed%5F%5F1%5F.pdf) · [01 Jul](https://nsearchives.nseindia.com/corporate/EICHERMOT%5F01072026145754%5FEMLMonthlyBusinessUpdate1stJuly2026Signed.pdf)
- **Hero MotoCorp** (Apr-Sep minus Apr-Jun (cross-checked: sum of Jul+Aug+Sep monthly domestic)): [01 Oct](https://nsearchives.nseindia.com/corporate/HEROMOTO%5F01102026154242%5FStxintimationPR01102026.pdf) · [01 Jul](https://nsearchives.nseindia.com/corporate/HEROMOTO%5F01072026124008%5FSTX%5FPressRelease%5F01072026%5FSD.pdf) · [01 Aug](https://nsearchives.nseindia.com/corporate/HEROMOTO%5F01082026165254%5FStxintimationPR01082026.pdf) · [01 Sep](https://nsearchives.nseindia.com/corporate/HEROMOTO%5F01092026200039%5FStxintimationPR01092026.pdf)
- **Tata Motors CV** (Q2 as filed): [01 Oct](https://nsearchives.nseindia.com/corporate/TMLCOMMERCIAL%5F01102026133344%5FNSEBSE.pdf)
- **Ashok Leyland** (Cumulative Sep minus cumulative Jun): [01 Oct](https://nsearchives.nseindia.com/corporate/ASHOKLEYLAND%5F01102026125007%5F39salesvolumeSep2026.pdf) · [01 Jul](https://nsearchives.nseindia.com/corporate/ASHOKLEYLAND%5F01072026123655%5F19salesvolumeJune2026.pdf)
- **Escorts Kubota** (Q2 as filed): [01 Oct](https://nsearchives.nseindia.com/corporate/ESCORTS2%5F01102026090533%5FEKL%5FSept2026%5Fvolume%5FF%5FSigned.pdf)
- **\[MS\]** [Moat & Margin, Moat Screener](https://www.moatmarginresearch.com/moat-screener/) and [How MoatSCORE works](https://www.moatmarginresearch.com/moatscore/)

---

> Educational research, not investment advice. Every figure above is drawn from the companies' own NSE sales filings, read from the primary documents; growth rates and shares are our arithmetic on the filed units unless stated. MoatSCOREs are as published on the Moat Screener. No buy/sell recommendations, no price targets, no share prices. Moat & Margin is not a SEBI-registered Research Analyst or Investment Adviser.