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JCB India strengthened its market leadership in April 2026, increasing its share to 45.02% from 41.18% a year earlier. In contrast, Action Construction Equipment's market share decreased to 11.55% from 14.29%.
April Sales Dip Attributed to Seasonality
ICRA Ltd. Vice-President Ritu Goswami stated that the 2.25% year-on-year dip in sales was largely an "on-paper" decline. She explained that the previous year's April figures were boosted by significant inventory clearance by manufacturers and dealers preparing for new emission standards.
Goswami added that the 8% month-on-month decrease from March reflects typical seasonal patterns seen after the fiscal year-end. According to ICRA, this indicates normal market cycles rather than a fundamental decrease in demand.
Infrastructure Spending Drives Future Growth
The outlook for domestic infrastructure project execution remains strong, supported by the Union government's substantial ₹12.2 lakh crore capital expenditure plan for FY27. This budget allocates increased funding to key sectors like highways, railways, and the Jal Jeevan Mission. The Pradhan Mantri Gram Sadak Yojana (PMGSY) will also continue through 2028.
Based on these drivers, ICRA has maintained its forecast for the construction equipment industry's overall volume growth between 3% and 5% for the full fiscal year 2026-2027. The report also noted that Ajax Engineering, Escorts Kubota, and Bull Machines have improved their market share year-on-year.