The November 2025 edition of the Shriram Mobility Bulletin reflects steady freight movement and rising industrial activity even as retail vehicle sales moderated from October’s festive peak. Diesel demand surged to a six-month high, agricultural vehicle categories remained resilient, and EV three-wheelers continued to expand despite the seasonal dip.
Truck rentals remained broadly stable across key trunk routes in November. The sharpest month-on-month increases were seen on the Guwahati–Mumbai–Guwahati and Kolkata–Guwahati–Kolkata corridors, both up 0.7% MoM. Rentals on Delhi–Mumbai–Delhi, Delhi–Kolkata–Delhi and Mumbai–Chennai–Mumbai rose 0.6% MoM, while Delhi–Hyderabad–Delhi, Delhi–Chennai–Delhi, Delhi–Bengaluru–Delhi and Bengaluru–Kolkata–Bengaluru increased 0.5% MoM. The Mumbai–Kolkata–Mumbai route dipped 0.5% MoM, and Bengaluru–Mumbai–Bengaluru declined 1.4% MoM.
On a year-on-year basis, rentals climbed 11% on Mumbai–Chennai–Mumbai, 10% each on Delhi–Mumbai–Delhi and Kolkata–Guwahati–Kolkata, 9% on Bengaluru–Mumbai–Bengaluru, 8% on Delhi–Hyderabad–Delhi, and 6–7% across Delhi–Bengaluru–Delhi, Guwahati–Mumbai–Guwahati and Delhi–Kolkata–Delhi, reflecting resilient freight demand.
Diesel consumption rose 12% MoM and 4.7% YoY, reaching its highest level since May 2025. The increase was driven by GST rate cuts, higher industrial offtake, and steady goods movement. Petrol consumption decreased 4% MoM.
November witnessed the expected post-festive correction across most vehicle categories after October’s record-high demand. Goods carrier sales declined by 16% month-on-month, though they remained 22% higher year-on-year, indicating strong underlying freight sentiment. Three-wheelers (goods) fell 12% MoM, while e-rickshaws with cart recorded a 17% MoM increase, supported by sustained last-mile delivery demand in urban centres.
Agriculture-linked segments remained resilient. Commercial tractor sales rose 8% MoM, and agricultural tractor sales also increased 80% MoM, aided by robust farm credit availability, stable MSPs, and favourable post-harvest activity. Agricultural trailer sales showed a strong 24% MoM rise. Passenger car sales contracted 32% MoM, and two-wheelers moderated by 19% MoM.
The EV segment displayed mixed trends in November but continued to show strong structural growth. E-two-wheelers declined 19% MoM after the festive high, yet remained 29% higher YoY, underscoring expanding adoption. Electric three-wheelers defied the usual post-festive slowdown, growing 18% MoM and achieving an impressive 414% YoY increase, driven by strong demand in passenger and cargo applications. Electric cars contracted 23% MoM but more than doubled on a yearly basis with 112% growth, reflecting rising consumer acceptance and model availability.
Mr. Sudarshan Holla Balnad, Joint Managing Director and Chief Operating Officer – Commercial Vehicle Vertical, Shriram Finance Ltd., said, “November 2025 saw truck rentals climb further on the back of increased domestic consumption. With lower GST rates and peak economic activity, rentals are expected to remain firm heading into winter. However, early signs of stress are emerging in export-oriented manufacturing sectors, largely due to U.S. tariffs—a situation that could improve once a trade deal is finalized.”
FASTag toll volumes declined 1.9% MoM and 5% YoY, while value collections rose 1.4% MoM and 8% YoY (as of November 28th 2025). The divergence points to higher-value freight trips even with fewer vehicle passes.
E-way bill activity softened in November following extensive pre-festive dispatches in October. Intra-state e-way bill generations declined 2% MoM but rose 14% YoY, while transaction values fell 5% MoM but remained 7% higher YoY. Inter-state e-way bill generations fell 8% MoM but were 2% higher YoY, with values declining 8% MoM yet registering a 2% YoY increase.
