印度汽车：2026年10月销量——节日季平稳开局，可持续性值得关注

October volume trends were steady across key segments. PV demand trends remained strong, except for M&M. 2Ws also continued to see healthy momentum with TVS and Hero both reporting strong domestic volume growth. CV growth, however, moderated for TMCV vs. recent months, suggesting the base effect is beginning to catch up. Tractor volumes were weaker, with M&M domestic volumes declining ~13% YoY, although management attributed the dip to the shift in festive timing. Cumulative October+November volumes should provide a better read on underlying demand. Citi would watch for post-festive retail trends, channel inventory movements across PVs and 2Ws, and whether the recent strength in dispatches is sustained through the remainder of the year. Preference order: Maruti > Eicher > M&M.