New Delhi, Nov. 3 -- Tractor wholesales declined 10-12 per cent year-on-year for the second consecutive month in October, even as retail registrations continued to show healthy growth during the ongoing festive season, highlighting a divergence between consumer demand and manufacturers' dispatches, according to a Jefferies report.

The report said tractor registrations increased 17 per cent year-on-year during the first 21 days of the festive season, while registrations in the first half of FY27 (April-September) had grown 18 per cent.

However, wholesale volumes, including exports, declined 10-12 per cent year-on-year for Escorts Kubota and Mahindra & Mahindra (M&M) in October.

Jefferies stated, "Tractor registrations are up a healthy 1...