Exports boost auto earnings amid domestic demand blues

Strong export growth in FY25 buoys Maruti, Hero as local sales see slowest rise since FY22

- Ayaan Kartik

Exports of cars, scooters and motorcycles helped the country's top automakers post growth in their earnings in fiscal year 2025 (FY25) and beat domestic market blues caused by weak consumer sentiment.

Maruti Suzuki India Ltd, the country's largest carmaker, and Hero MotoCorp Ltd, the biggest two-wheeler company, relied on export growth of 17% and 43%, respectively, to post a surge in profit and revenue during the year.

Both companies recorded their slowest growth in domestic sales since FY22. Maruti Suzuki's sales grew 3% to 1.9 million vehicles, while Hero MotoCorp's sales increased by 5% to 5.9 million during the previous fiscal.

TVS Motor Co. Ltd, Mahindra & Mahindra Ltd and Eicher Motors Ltd were among the companies that recorded a surge in exports, although their domestic sales growth remained decent. TVS Motor's exports grew 18% to 1.2 million two-wheelers. Mahindra's overseas shipments grew 41% to 34,709 vehicles, while Eicher Motors' Royal Enfield exports grew 30% to 100,136 motorcycles.