Mumbai, Oct. 31 -- The Indian passenger vehicle wholesale volumes expanded by 22 percent YoY to 460,000 units in September 2026, while retail sales grew by 43 percent over the same period, according to a latest report by rating agency ICRA.

But despite the fireworks, ICRA projects the overall full-year wholesale volume growth to moderate to 4-6 percent for FY2027.

The rating agency cited factors including an elevated base in H2 FY2026, the normalisation of pent-up demand, potential impacts from a below-average monsoon on rural sentiment, and vehicle price increases announced by manufacturers to offset rising input costs.

ICRA stated that the high-volume growth in September was supported by replacement demand following Goods and Service...