India’s two-wheeler industry entered September 2025 with a mix of optimism and challenges, driven by festive demand, export momentum, and the rapid evolution of the electric vehicle (EV) space. Traditional players like Hero MotoCorp, Honda, and TVS reported healthy year-on-year (YoY) growth, while the electric two-wheeler segment witnessed a significant reshuffling of market share.
This analysis breaks down the sales performance of key players and examines the corresponding impact on their stock prices in September 2025.
Table of Contents
- Overall Two-Wheeler Sales Performance (ICE + EV)
- A Deep Dive into the Electric Two-Wheeler Segment
- Stock Price Impact: Who Won and Who Lost in September
- Conclusion: A Mixed Bag for the Sector
- Frequently Asked Questions (FAQs)
The two-wheeler market showed strong signs of recovery in September, bolstered by the onset of the festive season and favourable GST reforms on sub-350cc vehicles.
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Key Takeaways from September Sales:
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Hero MotoCorp maintained its dominance, with a notable 54% surge in scooter sales, indicating a successful diversification beyond its traditional commuter motorcycle base.
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TVS Motor showed a strong, well-rounded performance with 12% YoY growth, driven by a 17% jump in scooter sales and a steady 8% increase in EV sales.
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Suzuki and Royal Enfield were the standout performers in terms of percentage growth, with Royal Enfield achieving its highest-ever monthly sales, boosted by its popular 350cc models.
Review detailed figures of TVS Motor’s September 2025 sales to understand its market momentum and growth drivers.
The EV two-wheeler market saw significant shifts in September, even as overall volumes remained stable.
| Manufacturer |
Sales (Units) |
Market Share |
| TVS Motor |
21,052 |
21.9% |
| Bajaj Auto |
17,972 |
18.7% |
| Ather Energy |
16,558 |
17.2% |
| Ola Electric |
12,223 |
12.7% |
| Hero MotoCorp |
11,856 |
12.3% |
See Bajaj Auto sales performance for September 2025 to gauge its competitive position in India’s two-wheeler market.
Key EV Market Shifts:
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TVS Motor held onto its leadership position, though sales dipped slightly.
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Bajaj Auto made a strong comeback, solidifying its position in the top tier.
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Ather Energy overtook Ola Electric for the first time, signalling its growing strength in the premium EV space.
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Ola Electric saw a dramatic drop, falling to fourth place as its market share plummeted from 27.3% a year ago to just 12.7%.
Check the latest Nifty Auto index movements to see how industry trends are reflecting on major two-wheeler stocks.
While the sales numbers provided a clear operational view, the stock market reaction was more nuanced.
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Watch this video for a detailed look at the top-selling electric two-wheelers in September 2025 and their market impact.
September 2025 was a month of strong recovery for the Indian two-wheeler industry, driven by festive demand and favourable tax reforms. Hero MotoCorp, TVS, and Honda demonstrated solid growth, while Suzuki and Royal Enfield were the standout performers.
In the EV space, the market is becoming increasingly competitive. TVS and Bajaj have emerged as strong legacy players, while Ather Energy is solidifying its premium position. The sharp decline of Ola Electric raises questions about its long-term sustainability.
From an investor's perspective, the market is rewarding companies with consistent growth and a clear strategy, as seen in the stock performance of Ather and Hero. The divergence between Bajaj Auto's strong sales and its negative stock return highlights that investors are looking beyond just sales volumes to factors like valuation and domestic demand recovery.
1. Which companies led two-wheeler sales in September 2025?
Hero MotoCorp retained the top position in terms of volume, followed by Honda and TVS Motor. In terms of percentage growth, Royal Enfield and Suzuki were the top performers.
2. How did the electric two-wheeler market change in September?
TVS Motor remained the market leader, but Bajaj Auto made a strong comeback to secure the second spot. Ather Energy overtook Ola Electric for the first time, as Ola's market share saw a significant decline.
3. Which two-wheeler stocks performed the best in September 2025?
Ather Energy's stock was the top performer with a 16.20% gain, followed by Hero MotoCorp with a 4.37% rise.
4. Why did Bajaj Auto's stock fall despite a 9% growth in sales?
The stock's decline suggests that investors may have been booking profits after a prior rally and remain concerned about the company's muted domestic sales growth, despite its strong export performance.
5. What were the main drivers for the strong auto sales in September?
The strong sales were primarily driven by the onset of the festive season and a reduction in GST rates on two-wheelers with engine capacities up to 350cc, which made them more affordable.