India’s freight activity remained stable in November 2025, driven by firm truck rentals, rising diesel consumption and stronger industrial movement, even as retail vehicle sales cooled after October’s festive surge, according to the latest Shriram Mobility Bulletin.
Truck rentals held steady across major national corridors. The sharpest month-on-month increases were seen on the Guwahati–Mumbai–Guwahati and Kolkata–Guwahati–Kolkata routes, both up 0.7%. Rentals on Delhi–Mumbai–Delhi, Delhi–Kolkata–Delhi and Mumbai–Chennai–Mumbai rose 0.6%, while several other trunk routes saw gains of 0.5%. The Mumbai–Kolkata–Mumbai corridor dipped 0.5% and Bengaluru–Mumbai–Bengaluru slipped 1.4%. On an annual basis, rentals stayed elevated, with Mumbai–Chennai–Mumbai up 11% and Delhi–Mumbai–Delhi and Kolkata–Guwahati–Kolkata rising 10%.
Diesel consumption climbed 12% month-on-month and 4.7% year-on-year, reaching its highest level since May 2025, supported by GST rate cuts and stronger industrial demand. Petrol consumption fell 4% month-on-month.
Vehicle sales normalised after the festive peak. Goods carriers fell 16% month-on-month but remained 22% higher year-on-year. Three-wheeler (goods) sales were down 12%, while e-rickshaws with cart grew 17%. Passenger car sales declined 32% and two-wheelers dropped 19%.
Agriculture-linked categories saw a sharp rebound in November, with commercial tractor sales rising 8% month-on-month, agricultural tractors jumping 80% and agricultural trailers up 24%, supported by strong farm credit, stable MSPs and healthy post-harvest activity.
Electric mobility continued to expand on a structural basis. E-two-wheelers fell 19% month-on-month but rose 29% year-on-year. Electric three-wheelers recorded an 18% month-on-month rise and a significant 414% annual increase. Electric car sales declined 23% month-on-month but grew 112% year-on-year on higher consumer acceptance and wider model availability.
Shriram Finance’s Joint Managing Director and COO – Commercial Vehicle Vertical, Sudarshan Holla Balnad, said domestic consumption continued to support freight activity, adding that rentals are expected to remain firm through winter. He noted early signs of pressure in export-linked manufacturing due to U.S. tariffs, which could ease once a trade agreement is finalised.
FASTag activity eased in November, with toll volumes down 1.9% month-on-month and 5% year-on-year, even as value collections rose 1.4% month-on-month and 8% year-on-year, indicating higher-value trips. E-way bill generation moderated after October’s pre-festive surge: intra-state bills fell 2% month-on-month but rose 14% year-on-year, while inter-state bills declined 8% month-on-month and increased 2% year-on-year.
