India's medium and heavy commercial vehicle (MHCV) segment is showing signs of an upcycle, driven by improved fleet operator economics, an aging vehicle fleet, and regulatory support. Despite volumes remaining below FY19 peaks, factors like lower upfront costs post-GST, stabilized freight rates, and better cash flows are boosting replacement demand. Industry executives and brokerages anticipate steady volume growth in the coming years, signaling a more structurally grounded recovery.