Hero is No. 1 but Honda leads: why auto sales numbers differ, and how to read them
27 October 2026 · 2 min read · HireHo
Based on Autocar India and FADA data for September 2026. Summarised in our own words.
When you read that a brand 'sold' so many vehicles, check which number it is. Three different counts are in use in India, and they do not match.
The three numbers
- Dispatches (also called wholesales): vehicles a company sends from the factory to its dealers. Companies and SIAM report these.
- Retail: vehicles that dealers actually sell and register to customers. FADA published its September 2026 retail report on 6 October.
- Registrations: the government's Vahan portal records each registered vehicle. FADA's retail counts are based on registrations.
A real example from September 2026
Autocar India's company-sales table for September 2026 shows Hero MotoCorp at 7,66,348 units, Honda at 7,06,266, TVS at 6,45,955 and Bajaj Auto at 4,51,494. The article says Hero regained the top spot. But FADA's retail data for the same month shows Honda ahead with 4,68,789 units and Hero at 4,34,280. The two lists measure different things. One counts what left the factory, the other counts what customers took home.
Why the gap matters
If dispatches are much higher than retail for a few months, unsold stock builds up at dealers. FADA says passenger vehicle stock stood at about 43 to 45 days in September 2026, against its own benchmark of 21 days. Dealers then offer more discounts or ask the company to slow down supply.
Note: the Autocar India article calls its table company dispatches and sales, so it may not match retail figures. Always check the source's own note.