Tata Motors, Mahindra and Ashok Leyland continued to dominate the commercial vehicle retail sector in April 2026, together gaining nearly 80% market share.
The commercial vehicle segment recorded healthy retail demand in April 2026. Total CV retail sales stood at 99,339 units, registering a 15.02% year-on-year growth as compared to 86,364 units sold in April 2025. However, sales declined on a month-on-month (MoM) basis as compared to 1,02,536 units sold in March 2026, reflecting a general slowdown in demand in the year-ago financial year.
According to FADA data, April 2026 turned out to be the best April ever for the commercial vehicle segment. Segment-wise analysis revealed that medium commercial vehicles (MCV) have registered the highest growth of 27.07%, followed by light commercial vehicles (LCV) registering a growth of 17.76%. Heavy commercial vehicles (HCV) recorded a growth of 8.27%, while the ‘other’ category declined by 8.25%.
Fuel-wise breakup showed that diesel dominated the segment with 82.34% share. The share of CNG/LPG vehicles was 12.08%, while the share of petrol/ethanol vehicles was 3.28%. EV penetration stood at 2.26%, while hybrid commercial vehicles remained negligible at only 0.04%.
Commercial Vehicle (CV) Retail Sales April 2026
Tata Motors retained its leading position in the CV retail market with sales of 36,891 units in April 2026, registering a YoY growth of 20.31% as compared to 30,663 units sold in April 2025. The company achieved 37.14% market share. Also on MoM basis, Tata reported a positive growth of 1.40% at 36,380 units sold in March 2026.
Mahindra took the second position with retail sales of 24,308 units, up 15.07% from 21,124 units sold in April 2025. Market share stood at 24.47%. However, MoM sales declined by 9.63% compared to 26,898 units sold in March 2026. Ashok Leyland remained at the third position with 17,821 units sold last month, showing a year-on-year growth of 12.15% as compared to 15,891 units sold a year ago. The company had 17.94% market share, although this was slightly lower than the 18.90% share as of March 2026.
VE Commercial Vehicles reported strong retail sales of 9,111 units, marking 18.26% YoY growth and 8.25% MoM improvement. Maruti Suzuki also recorded healthy growth with sales at 3,892 units in April 2026, up 21.10%. Daimler India Commercial Vehicles sold 2,283 units during the month, registering a growth of 13.02% year-on-year.
Force Motors was the only major OEM in the list to record a sharp decline in sales, with volumes falling to 2,113 units from 3,646 units sold in April 2025, resulting in a massive decline of 42.05%. Its market share also fell to 2.13%. SML Isuzu recorded retail sales of 1,675 units, registering a healthy growth of 22.53% YoY. Other OEMs together contributed 1,245 units, significantly higher than the 735 units sold in April 2025.
MoM trends show mixed momentum
While overall commercial vehicle retail sales declined by 3.12% on MoM basis, some OEMs managed to register positive growth. Tata Motors, VE Commercial Vehicles, Daimler and SML Isuzu registered gains in March 2026. In contrast, Mahindra, Ashok Leyland, Maruti Suzuki and Force Motors saw lower retail sales compared to the previous month.
The commercial vehicle segment is expected to maintain good momentum in the coming months due to improving infrastructure activity, construction demand and economic sentiment. However, factors such as rising temperatures in many states, fluctuating fuel prices and supply side challenges may continue to impact overall demand trends.
