India PV Exports Break Past FY25 Record Ahead of Year-End, FY26 Set for New High

India’s passenger vehicle (PV) export momentum has decisively crossed a historic milestone. Latest data for April 2025 to February 2026 shows that the industry has already surpassed its previous full-year record, confirming FY26 as a landmark year for exports.

Exports Cross All-Time High With One Month Still to Go

Cumulative PV exports for Apr’25–Feb’26 stand at 8,13,919 units, exceeding the FY25 full-year record (~7.6 lakh units) even before March data is accounted for.

This implies:

• ~6.9% higher than FY25 full-year exports (in just 11 months)

• 19% year-on-year growth

• FY26 now firmly on track to close in the 8.7–9.0 lakh unit range

This marks India’s first clear break into the ~9 lakh annual export trajectory!

Maruti Suzuki Strengthens Dominance to Near-Majority Share

Maruti Suzuki has further tightened its grip on exports:

• 3,88,591 units exported

• 34.4% YoY growth

• Market share jumps to 47.7% (+5.5 percentage points)

The company is now approaching half of India’s total PV exports, reinforcing its role as the anchor of India’s global export strategy.

Hyundai Stable, Nissan Scales Up Meaningfully

Hyundai continues its consistent performance:

• 1,76,185 units

• 19.1% growth

• Stable market share at 21.6%

Nissan emerges as a strong No.3:

• 76,427 units

• 22.1% growth

• Market share improves to 9.4%

This reflects deepening export penetration in key emerging markets, with India playing a central production role.

Toyota, Mahindra, Tata Drive Broad-Based Growth

The export expansion in FY26 is increasingly multi-OEM driven:

• Toyota: +42.1% growth → share rises to 4.5%

• Mahindra: +30.9% → steady SUV-driven expansion

• Tata Motors: +319.4% → share climbs to 0.9%

These trends highlight a widening export base, reducing concentration risk and strengthening India’s global positioning.

Pressure on Select OEMs Continues

Some OEMs continue to lose ground:

• Honda: exports down 56.8%, share drops sharply from 8.1% to 3.0%

• Volkswagen: declines 15.5%, losing 1.9 pp share

• Kia: marginal growth (+5.4%) but share declines to 3.2%

These shifts point toward portfolio gaps, regional demand changes, and strategic recalibration, rather than industry-wide weakness.

Key Structural Shifts Visible in the Data

1. India Enters a New Export Orbit (~9 Lakh Run-Rate)

With 8.14 lakh units already shipped in 11 months, India has:

• Broken out of the 6–7 lakh band

• Established a new structural baseline closer to 9 lakh units annually

2. Market Leadership Intensifies

• Maruti Suzuki + Hyundai = ~69% share

• Maruti alone gaining 5.5 percentage points

Export scale is increasingly concentrated among top OEMs with global integration

3. SUV-Led Export Expansion

Strong growth from:

• Toyota

• Mahindra

• Nissan

…indicates a continued shift toward SUVs and higher-value vehicles, improving export realizations and sustainability.

4. India’s Role as a Global Export Hub Strengthens

The breadth of OEM participation and rising volumes reinforce:

• India’s cost competitiveness

• Its role as a key supply base for emerging markets and beyond

Conclusion

FY26 is not just another record year—it represents a structural inflection point.

Unlike FY25, which marked a recovery peak, FY26 demonstrates:

• Sustained export momentum

• Deeper OEM commitment to India as a global hub

• Scaling beyond previous cyclical ceilings

With exports already past the previous all-time high, FY26 is set to redefine India’s position in the global automotive landscape. The key question is no longer whether India will set a new record—but how close it will get to the 9 lakh milestone.