VECV Q2 sales rose 28% to 28,071 as truck shares fell

VE Commercial Vehicles sold a record 28,071 vehicles above 2.0 tonnes in Q2 FY27, up 28.2% from 21,901 a year earlier, but its Light and Medium Duty truck share fell to 33.6% and Heavy Duty truck share to 8.8%. VECV therefore increased sales while losing share in both truck categories.

Did VECV set a Q2 FY27 sales record?

Yes. VECV sold 28,071 vehicles above 2.0 tonnes in Q2 FY27, against 21,901 units in Q2 FY26, an increase of 6,170 units or 28.2%. The company called this its highest-ever Q2 sales result, while H1 FY27 sales rose 21.5% to 52,886 units from 43,511 units in H1 FY26.

Sales of vehicles above 3.5 tonnes rose 21.5% to 26,308 units in Q2 FY27 from 21,657 units a year earlier. However, VECV's share in this above-3.5-tonne grouping declined to 16.3% from 18.0%, while its above-2.0-tonne share edged down to 10.2% from 10.3%.

The difference between the two aggregate growth rates included a sharp increase in small commercial vehicle, or SCV, sales in the 2.0-to-3.5-tonne category. SCV volume rose to 1,763 units in Q2 FY27 from 244 units in Q2 FY26, and VECV said Eicher Pro X cumulative sales had crossed 5,000 units.

Which VECV truck shares declined in Q2 FY27?

Both Light and Medium Duty, or LMD, trucks and Heavy Duty, or HD, trucks lost Q2 FY27 share despite higher sales. LMD volume increased 28.5% to 12,969 units from 10,096 units, but its share fell 1.2 percentage points to 33.6% from 34.8%.

HD truck volume rose 29.4% to 6,962 units in Q2 FY27 from 5,381 units in Q2 FY26. Its market share nevertheless declined 0.7 percentage point to 8.8% from 9.5%, even as VECV reported that HD truck sales grew 22.8% in H1 FY27.

The H1 data shows that the share movements extended beyond the quarter. LMD sales rose 22.8% to 22,962 units in H1 FY27, while share declined to 33.4% from 34.8%; HD sales also rose 22.8%, to 12,237 units, while share fell to 8.8% from 9.1%.

Where did VECV gain volume or share?

VECV gained share in SCVs and LMD buses in Q2 FY27. SCV share rose to 1.5% from 0.3% as volume increased 622.5% to 1,763 units, while LMD bus share rose to 21.0% from 20.2% as volume grew 11.4% to 3,169 units.

The H1 pattern in buses was split by category. LMD bus sales increased 7.4% to 8,989 units and share increased to 23.4% from 23.0%, while HD bus sales fell 25.0% to 640 units and share declined to 5.0% from 7.0%.

VECV's total bus volume increased 8.9% to 3,503 units in Q2 FY27 from 3,217 units, but total bus share declined to 15.2% from 16.2%. In H1 FY27, total bus volume rose 4.4% to 9,629 units and share decreased to 18.8% from 19.0%.

Which VECV segments contracted in Q2 FY27?

The 3.5-to-5-tonne category, HD buses, exports and Volvo Trucks India, or VTI, reported lower Q2 volumes. The 3.5-to-5-tonne segment fell 3.1% to 441 units, HD buses fell 10.2% to 334 units, exports declined 5.9% to 1,715 units, and VTI declined 3.6% to 515 units.

The 3.5-to-5-tonne category had the largest Q2 share reduction among the truck categories listed, falling to 21.9% from 28.7%. Its H1 FY27 volume declined 4.0% to 773 units and its H1 share fell to 21.5% from 26.1%.

Exports' Q2 share decreased to 9.0% from 14.2%, while H1 export volume fell 2.9% to 3,165 units. VTI's share in its premium niche segment, including Chinese competition, declined to 86.8% from 91.1% in Q2, although its H1 volume rose 13.3% to 894 units and H1 share increased to 84.8% from 83.8%.

How does VECV compare with its earlier market positions?

VECV's H1 FY27 positions exceeded its FY2009 shares in each of the three combined categories disclosed. LMD truck share was 33.4% in H1 FY27 versus 25.4% in FY2009, combined bus share was 19.6% versus 5.3%, and combined HD truck share was 9.4% versus 2.1%.

The presentation ranked VECV first in LMD trucks and third in both combined buses and combined HD trucks in H1 FY27. Its 2026 customer survey also placed Eicher first among five market players in LMD trucks, first among four in HD trucks, and second among five in bus customer satisfaction.

VECV said Eicher ranked first in 12 of 15 Customer Satisfaction Index parameters in 2026. The company also reported Eicher brand awareness of 94% and a 9% improvement in consideration across segments.

Conclusion

VECV's record Q2 FY27 sales of 28,071 units reflected growth across its above-2.0-tonne portfolio, including 1,763 SCVs and gains in LMD buses. However, the company lost share in LMD and HD trucks, as well as in its above-3.5-tonne aggregate, showing that higher unit volumes did not translate into broader market-share gains.

The next disclosed indicators to watch are whether Eicher Pro X can build on cumulative sales above 5,000 units and whether the 1.5% Q2 SCV share expands. VECV also said its application with the Central Pollution Control Board for the Rosmerta and DOSNXTGEN end-of-life commercial-vehicle scrapping partnership remained under process.