
Motilal Oswal Securities analyzed the November and YTD FY25 performance of the two-wheeler (2W) and passenger vehicle (PV) segments. Despite a high base, PV dispatches posted a 4% YoY growth in November. YTD data shows a 10.8% YoY growth in 2W ICE vehicles, while PV growth was subdued at just 1% YoY.
Within 2Ws, ICE scooters grew 16.8% YoY, and motorcycles rose by 10% YoY. Honda Motorcycle and Scooter India (HMSI) emerged as a standout performer, gaining 300bps in market share, reaching 28.8%. In the PV segment, UV contribution increased to 64.9% YTD, with Mahindra & Mahindra (MM) and Toyota gaining 210bps and 185bps in market share, respectively.
MOSL continues to prefer Maruti Suzuki (MSIL), Mahindra & Mahindra (MM), and Hyundai as top picks, citing strong fundamentals and market performance.