Nomura sees strong India September auto demand, growth to taper

Nomura expects September passenger vehicle wholesale volume up 21% YoY and medium- and heavy-commercial vehicle growth at 25%, but says sustainability will depend on higher base from October 2026 and potential inflation, interest rates and further price increases. It prefers Mahindra & Mahindra, Hyundai India, Ather Energy, TVS Motor and Sona Comstar.