Nuvama forecasts the difference in June 2025 vehicle sales being up for single-wheelers, up for tractors, and down for passenger and commercial vehicles.

Nuvinc Institutional Equities has a mixed view of the June 2025 wholesale automobile sales with positive performance in two-wheelers and tractors and negative performance seen in passenger vehicle and commercial vehicle sales.

With high rural sales and the current marriage season two-wheeler sales will have a rise of 7 percent year on year, with TVS Motor being the leader in the category with a growth of 23 percent. There are also steady growths that are being projected in Eicher Motors and Hero MotoCorp.

The volumes of tractors can rise 7 percent, supported by an enhancement in farm attitude and a positive base. Mahindra & Mahindra's farm division is likely to report 50,800 unit sales, and Escorts-Kubota can increase by 2% to 11,500 units.

But the passenger car market is putting the pressure on the automobile industry and it is expected that passenger cars will decline by 5 percent because of slow consumer attitude and sluggish conversions. The expectation is that the sales of commercial vehicles will decline by 4 percent, although there have been gains in freight transportation.

Only on a few automobile stocks is Nuvama bullish such as Mahindra & Mahindra, TVS Motor, Motherson Wiring, Uno Minda, and Apollo Tyres, which it expects to grow at high single-digits in SUVs, 2Ws, and tractors between FY25 and FY27.