Tractor Sales Poised for Sharp Slowdown in FY27 After 22% Surge: An Analysis

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Tractor Sales to Slow Sharply in FY27 After 22% Jump: Crisil Report

Tractor Sales to Slow Sharply in FY27 After 22% Jump: Crisil Report

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CNBC TV18•18-03-2026, 17:51

Tractor Sales to Slow Sharply in FY27 After 22% Jump: Crisil Report

•India's tractor industry may see a sharp slowdown in growth in FY27, with sales projected to grow just 0-2% year-on-year to 1.2 million units.
•This follows an estimated 22% growth in FY26, driven by a GST cut to 5% and a favorable monsoon.
•Crisil Ratings attributes the slowdown to demand normalization from a high base and potential El Niño weather patterns.
•A phased rollout of TREM-V norms, exempting the 25-75 hp segment until FY32, could support demand by preventing significant price hikes.
•Despite slower volume growth, industry operating margins are expected to remain stable at 13-13.5%, with capex funded by internal accruals.

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