India’s freight activity remained steady in November 2025, supported by firm truck rentals, higher diesel consumption and a pickup in industrial movement, even as retail vehicle sales eased from October’s festive surge, according to the latest Shriram Mobility Bulletin.
Truck rentals held firm across most major corridors during the month. The strongest month-on-month increases were recorded on the Guwahati–Mumbai–Guwahati and Kolkata–Guwahati–Kolkata routes, both rising 0.7 per cent. Rentals on Delhi–Mumbai–Delhi, Delhi–Kolkata–Delhi and Mumbai–Chennai–Mumbai increased 0.6 per cent, while Delhi–Hyderabad–Delhi, Delhi–Chennai–Delhi, Delhi–Bengaluru–Delhi and Bengaluru–Kolkata–Bengaluru saw gains of 0.5 per cent. The Mumbai–Kolkata–Mumbai corridor fell 0.5 per cent month-on-month, and Bengaluru–Mumbai–Bengaluru slipped 1.4 per cent.
On a yearly basis, rentals remained elevated across the network, with the Mumbai–Chennai–Mumbai corridor rising 11 per cent, followed by Delhi–Mumbai–Delhi and Kolkata–Guwahati–Kolkata, each up 10 per cent. Other trunk routes saw growth of 6–9 per cent, underscoring resilient freight demand.
Diesel consumption climbs; petrol dips
Diesel consumption rose 12 per cent month-on-month and 4.7 per cent year-on-year, marking its highest level since May 2025. The rise was driven by recent GST rate cuts, stronger industrial demand and continued movement of goods. Petrol consumption, however, fell 4 per cent month-on-month.
Vehicle sales moderated after October’s festival-driven highs. Goods carriers declined 16 per cent month-on-month, though volumes were still 22 per cent higher year-on-year, indicating healthy underlying demand. Three-wheeler (goods) sales fell 12 per cent month-on-month, while e-rickshaws with cart rose 17 per cent on continued strength in last-mile delivery requirements. Passenger cars dropped 32 per cent month-on-month and two-wheelers were down 19 per cent.
Agriculture-linked segments show strong recovery
Agriculture-linked categories recorded strong activity during November. Commercial tractor sales rose 8 per cent month-on-month, agricultural tractor volumes surged 80 per cent and agricultural trailer sales increased 24 per cent, supported by robust farm credit availability, stable minimum support prices and favourable post-harvest activity.
Electric mobility continued to expand on a structural basis even as some segments corrected after the festive season. E-two-wheelers fell 19 per cent month-on-month but remained 29 per cent higher year-on-year. Electric three-wheelers grew 18 per cent month-on-month and registered an exceptional 414 per cent annual increase. Electric cars contracted 23 per cent from October levels but more than doubled year-on-year with 112 per cent growth due to rising consumer acceptance and broader model availability.
Sudarshan Holla Balnad, Joint Managing Director and Chief Operating Officer – Commercial Vehicle Vertical at Shriram Finance Ltd., said domestic consumption continued to support freight activity in November. “With lower GST rates and peak economic activity, rentals are expected to remain firm heading into winter,” he said, adding that early signs of stress were visible in export-oriented manufacturing due to U.S. tariffs, a situation that could ease once a trade agreement is finalised.
FASTag and e-way bill activity moderates
FASTag toll volumes declined 1.9 per cent month-on-month and 5 per cent year-on-year, even as value collections rose 1.4 per cent month-on-month and 8 per cent year-on-year, indicating higher-value trips despite fewer vehicle passes.
E-way bill generation eased following heavy pre-festive shipments in October. Intra-state e-way bills fell 2 per cent month-on-month but increased 14 per cent year-on-year, while inter-state bills were down 8 per cent month-on-month and up 2 per cent year-on-year. Transaction values followed a similar pattern.
