March 2026 was a strong month on paper for Honda Motorcycle and Scooter India, with headline numbers showing solid year-on-year growth. But beneath the surface, the data reveals a familiar pattern—scooters driving the business, while motorcycles remain a mixed bag.
Here is a modelwise breakup of March’26 volumes:
Overall Performance: Strong YoY, Flat MoM
Honda reported total dispatches of 5,12,303 units in March 2026, marking a robust 28% year-on-year (YoY) growth over 4,01,411 units last year.
However, the month-on-month (MoM) growth remained flat (0%), suggesting that the momentum plateaued toward the end of the fiscal year.
Scooters: Activa Continues to Dominate
At the heart of Honda’s performance lies its evergreen brand—Activa.
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Activa: 2.59 lakh units, 37% YoY growth, 2% MoM growth
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Dio: Slight 1% YoY decline, but strong 44% MoM recovery
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Dio 125: Stable volumes, but -13% MoM decline
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Electric scooters (Activa E, QC1): Minimal volumes, inconsistent performance
Motorcycles: Shine Leads, But Portfolio Is Uneven
Honda’s motorcycle business shows clear polarization—a few strong performers and several declining or discontinued models.
The Shine Effect
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Shine:
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26,441 units, 68% YoY growth
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Shine 125:
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Massive 1.46 lakh units, 8% YoY growth
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Unicorn & Mid-Segment: Positive Momentum
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Unicorn 150: 17% YoY growth
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CB 350: 270% YoY growth (low base effect but encouraging)
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H’ness CB350: 7% YoY growth, strong 45% MoM jump
Underperformers & Declining Models
Several models show sharp declines:
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Livo: -61% YoY
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SP 160: -64% YoY
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Hornet 2.0: -54% YoY
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CB200X: -53% YoY
Additionally, multiple models (CB300F, CB300R, CB500, etc.) reported zero dispatches, indicating either inventory corrections or strategic deprioritization.
EV Strategy: Still Playing Catch-Up
Honda’s EV presence remains limited:
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Activa Electric: Negligible volumes
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QC1: Declining YoY
Honda appears to be lagging in EV execution, despite its strong ICE dominance.
March 2026 reinforces a clear narrative: Honda is still a scooter powerhouse, but the future will demand more balance. While Activa continues to deliver unmatched scale, the next phase of growth will depend on how quickly Honda adapts to electrification and premiumization trends.
