Sector Alpha Week of 2026-07-29
20-quarter listed-company comparison

Auto - 2 & 3 Wheelers Stocks in India

Auto - 2 & 3 Wheelers: Bajaj Auto Ltd owns the largest revenue base; Ather Energy Ltd has the fastest current growth.

Nifty Auto - 2 & 3 Wheelers Index — Constituents & Performance

The Auto - 2 & 3 Wheelers companies below are the listed Indian Auto - 2 & 3 Wheelers universe this page tracks — the same constituent set people search for as the Nifty Auto - 2 & 3 Wheelers index. Every figure is equal-weighted across those companies, so one large constituent cannot set the reading.

The sector itself · before any single company

How has Auto - 2 & 3 Wheelers moved against NIFTY 500?

The line below covers 5.1 years. Over the most recent two of them this sector is 11% ahead of NIFTY 500. Earnings across its companies grew 25% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 17 weeks running.

LEADER · ahead 17w✓Moving with the index4 of 8 companies ahead of NIFTY 500 by 5% or more over three months

RS ↑17w · 7/8 >200d (+1) · 4/8 lead (+1) · EPS 7/8↑

200500202620252024202320222021 565336 TRAILING 12-MONTH EPS · 100 AT THE START0100190Sep 23Mar 24Sep 24Mar 25Sep 25Mar 26Sep 2023 · trailing 12-month earnings per share at 100, against 100 at the start · up 25.2% on a year ago · 6 reportingDec 2023 · trailing 12-month earnings per share at 113, against 100 at the start · up 38.2% on a year ago · 6 reportingMar 2024 · trailing 12-month earnings per share at 115, against 100 at the start · up 33.2% on a year ago · 6 reportingJun 2024 · trailing 12-month earnings per share at 125, against 100 at the start · up 35.3% on a year ago · 6 reportingSep 2024 · trailing 12-month earnings per share at 132, against 100 at the start · up 23.2% on a year ago · 6 reportingDec 2024 · trailing 12-month earnings per share at 138, against 100 at the start · up 15.2% on a year ago · 6 reportingMar 2025 · trailing 12-month earnings per share at 151, against 100 at the start · up 17.5% on a year ago · 6 reportingJun 2025 · trailing 12-month earnings per share at 158, against 100 at the start · up 17.9% on a year ago · 6 reportingSep 2025 · trailing 12-month earnings per share at 170, against 100 at the start · up 23.6% on a year ago · 6 reportingDec 2025 · trailing 12-month earnings per share at 183, against 100 at the start · up 25.8% on a year ago · 6 reportingMar 2026 · trailing 12-month earnings per share at 190, against 100 at the start · up 33.1% on a year ago · 6 reportingNot reported yet — earnings trail price by a quarter or two190 · Mar 26No earnings on file this far back — the price series reaches further than the filings doNO EARNINGS ON FILE
200500202620252024202320222021 565336 TRAILING 12-MONTH EPS · 100 AT THE START0100190Mar 24Mar 25Mar 26Sep 2023 · trailing 12-month earnings per share at 100, against 100 at the start · up 25.2% on a year ago · 6 reportingDec 2023 · trailing 12-month earnings per share at 113, against 100 at the start · up 38.2% on a year ago · 6 reportingMar 2024 · trailing 12-month earnings per share at 115, against 100 at the start · up 33.2% on a year ago · 6 reportingJun 2024 · trailing 12-month earnings per share at 125, against 100 at the start · up 35.3% on a year ago · 6 reportingSep 2024 · trailing 12-month earnings per share at 132, against 100 at the start · up 23.2% on a year ago · 6 reportingDec 2024 · trailing 12-month earnings per share at 138, against 100 at the start · up 15.2% on a year ago · 6 reportingMar 2025 · trailing 12-month earnings per share at 151, against 100 at the start · up 17.5% on a year ago · 6 reportingJun 2025 · trailing 12-month earnings per share at 158, against 100 at the start · up 17.9% on a year ago · 6 reportingSep 2025 · trailing 12-month earnings per share at 170, against 100 at the start · up 23.6% on a year ago · 6 reportingDec 2025 · trailing 12-month earnings per share at 183, against 100 at the start · up 25.8% on a year ago · 6 reportingMar 2026 · trailing 12-month earnings per share at 190, against 100 at the start · up 33.1% on a year ago · 6 reportingNot reported yet — earnings trail price by a quarter or two190No earnings on file this far back — the price series reaches further than the filings doNO EARNINGS ON FILE
Auto - 2 & 3 Wheelers, equal-weighted, based at 200 NIFTY 500, same base, same start trailing 12-month earnings per share rising falling
Strength anatomy Broad, early and backedHow much of the sector is participating, how recently, and whether the movers score well.
Together4 of 8 stocks moving
Fresh3 crossed in the last 4 weeks
Backed by scoresmovers score +5 vs the sector average
Down the cap ladder — bar is now, tick is four weeks ago
Large 2/2+2
Mid 2/3+1
Small 0/3−2

Participation is not spreading downward this month; the larger companies are still carrying most of it.

Both lines start at 200 in the same week, so the distance between them is the whole story: the sector line is an equal-weighted index of its 8 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

Sector relative strength · before individual stocks

Is Auto - 2 & 3 Wheelers outperforming NIFTY 500?

The 52-week comparison of Auto - 2 & 3 Wheelers against NIFTY 500 is not available from the current market series. 6 of 8 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Ather Energy Ltd is the strongest against the sector itself at +60.3%. Readings are as of 2026-07-19.

—Sector vs NIFTY 500 · 13 weeks
—Sector vs NIFTY 500 · 52 weeks
6/8Stocks leading NIFTY 500
4/8Stocks leading sector

Sector metric: 48.6 as of 2026-07-19 · NARROWING · rising.

The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

The 52-week sector comparison is unavailable. 6 of 8 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Bajaj Auto Ltd leads with revenue of ₹71,460 crore, based on 8 of 8 comparable companies through Jun 2026. Ather Energy Ltd has the fastest current revenue growth at 62.9%, across 8 of 8 comparable companies.

Is the Auto - 2 & 3 Wheelers sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 6 of 8 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

Which Auto - 2 & 3 Wheelers company is largest by revenue?

Bajaj Auto Ltd leads with revenue of ₹71,460 crore, based on 8 of 8 comparable companies through Jun 2026.

Which Auto - 2 & 3 Wheelers company is growing fastest?

Ather Energy Ltd has the fastest current revenue growth at 62.9%, across 8 of 8 comparable companies.

Which Auto - 2 & 3 Wheelers company has the strongest 4-Factor Sector Score?

Hero MotoCorp Ltd ranks first at 69.4/100 with 89.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which Auto - 2 & 3 Wheelers company reports the most CAPEX?

Ola Electric Mobility Ltd reports the largest latest CAPEX at ₹198 crore, with 2 of 8 companies comparable.

Which Auto - 2 & 3 Wheelers company has the least gross debt?

Munjal Showa Ltd has the lowest comparable gross debt at ₹0 crore. TVS Motor Company Ltd has the highest at ₹32,791 crore.

Which Auto - 2 & 3 Wheelers company has the lowest comparable PEG?

Hero MotoCorp Ltd has the lowest comparable Guarded PEG at 0.56, among 2 of 8 companies that pass the metric’s comparability rules.

How much history does this Auto - 2 & 3 Wheelers comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

Companies
8
complete canonical membership
Combined market value
₹8.7 L Cr
Bajaj Auto Ltd
Revenue growing
7/8
positive TTM year-on-year growth
Beating NIFTY 500
6/8
positive Mansfield relative strength
Global company selection
00 · research priority, made explicit

4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%
Hero MotoCorp Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 89.6% evidence confidence.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is guarded: positive earnings, positive 5–60% three-year EPS growth, and a positive P/E are required.

1. Hero MotoCorp Ltd · HEROMOTOCO

69.4/100 · Favorable setup · 90% evidence

Exact sum: 18.9 + 21.2 + 19.6 + 9.7 = 69.4

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

18.9/35Growth & earnings

Revenue 15.8% · PAT 32% · OPM change 0 pp

88% evidence

21.2/25Capital efficiency

ROCE 35.2% · debt/equity 0.04×

100% evidence

19.6/20Valuation

P/E 17.4× · PEG 0.56

100% evidence

9.7/20Relative strength

RS sector 3.1% · RS bench -8.5% · 1Y 11.7%

70% evidence

2. Eicher Motors Ltd · EICHERMOT

64.4/100 · Mixed-positive evidence · 73% evidence

Exact sum: 18 + 20.8 + 10.4 + 15.2 = 64.4

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

18.0/35Growth & earnings

Revenue 24.1% · PAT 16.5% · OPM change 1 pp

83% evidence

20.8/25Capital efficiency

ROCE 30.5% · debt/equity 0.02×

80% evidence

10.4/20Valuation

P/E 37.7× · PEG —

50% evidence

15.2/20Relative strength

RS sector 5.7% · RS bench 6.7% · 1Y 34.4%

70% evidence

3. Bajaj Auto Ltd · BAJAJ-AUTO

59.9/100 · Mixed-positive evidence · 83% evidence

Exact sum: 21.4 + 17 + 8.6 + 12.9 = 59.9

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

21.4/35Growth & earnings

Revenue 36.9% · PAT 52.1% · OPM change 0 pp

95% evidence

17.0/25Capital efficiency

ROCE 28.2% · debt/equity 0.58×

80% evidence

8.6/20Valuation

P/E 26× · PEG —

50% evidence

12.9/20Relative strength

RS sector 1% · RS bench 10.4% · 1Y 25.1%

100% evidence

4. Ather Energy Ltd · ATHERENERG

59.4/100 · Mixed-positive evidence · 62% evidence

Exact sum: 26.4 + 6 + 10 + 17 = 59.4

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

26.4/35Growth & earnings

Revenue 62.9% · PAT 36.3% · OPM change 19 pp

65% evidence

6.0/25Capital efficiency

ROCE -19.8% · debt/equity 0.26×

100% evidence

10.0/20Valuation

P/E — · PEG —

0% evidence

17.0/20Relative strength

RS sector 60.3% · RS bench 73.4% · 1Y 275.7%

70% evidence

5. Atul Auto Ltd · ATULAUTO

52.8/100 · Mixed-positive evidence · 76% evidence

Exact sum: 24.4 + 13.3 + 9.7 + 5.4 = 52.8

Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -5.5% and the one-year return is 4.2%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.

24.4/35Growth & earnings

Revenue 14.1% · PAT 100% · OPM change 4 pp

83% evidence

13.3/25Capital efficiency

ROCE 11.4% · debt/equity 0.3×

95% evidence

9.7/20Valuation

P/E 30.4× · PEG —

15% evidence

5.4/20Relative strength

RS sector -5.5% · RS bench 3.4% · 1Y 4.2%

100% evidence

6. TVS Motor Company Ltd · TVSMOTOR

46.3/100 · Mixed-negative evidence · 97% evidence

Exact sum: 23.9 + 10.1 + 9.3 + 3 = 46.3

Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -6.8% and the one-year return is 27%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.

23.9/35Growth & earnings

Revenue 30.5% · PAT 41.9% · OPM change -1 pp

95% evidence

10.1/25Capital efficiency

ROCE 17.4% · debt/equity 3.06×

95% evidence

9.3/20Valuation

P/E 53.2× · PEG 1.5

100% evidence

3.0/20Relative strength

RS sector -6.8% · RS bench 2% · 1Y 27%

100% evidence

7. Munjal Showa Ltd · MUNJALSHOW

39.9/100 · Mixed-negative evidence · 83% evidence

Exact sum: 11.4 + 11.4 + 7.7 + 9.4 = 39.9

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

11.4/35Growth & earnings

Revenue 5.2% · PAT -24.3% · OPM change -2.4 pp

83% evidence

11.4/25Capital efficiency

ROCE 4.7% · debt/equity 0×

95% evidence

7.7/20Valuation

P/E 23.1× · PEG —

50% evidence

9.4/20Relative strength

RS sector -5.7% · RS bench 3.4% · 1Y -10.2%

100% evidence

8. Ola Electric Mobility Ltd · OLAELEC

29.2/100 · Adverse evidence · 62% evidence

Exact sum: 11.8 + 3.3 + 10 + 4.1 = 29.2

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

11.8/35Growth & earnings

Revenue -50.1% · PAT 19.5% · OPM change 8 pp

65% evidence

3.3/25Capital efficiency

ROCE -19.6% · debt/equity 0.82×

100% evidence

10.0/20Valuation

P/E — · PEG —

0% evidence

4.1/20Relative strength

RS sector -43.9% · RS bench -1.3% · 1Y -2.8%

70% evidence

01 · compare level, then change

Revenue Scale & Growth Durability

Bajaj Auto Ltd has the highest Revenue among the 8 Auto - 2 & 3 Wheelers companies compared here, at ₹71,460 crore. TVS Motor Company Ltd is next at ₹60,156 crore. Ather Energy Ltd has the highest Revenue growth at 62.9%, so level and change sit with different companies. Its Revenue series carries 15 reported observations across the 20-quarter window.

What the numbers say: Bajaj Auto Ltd is the scale leader at ₹71,460 crore, 18.8% ahead of TVS Motor Company Ltd. Ather Energy Ltd's growth is 62.9% from a ₹3,673 crore base, with 9 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderBajaj Auto Ltd · ₹71,460 crore
Gap18.8% versus #2 · TVS Motor Company Ltd
Persistence8/8 recent comparable periods
Coverage8/8 companies · 118 observations

Investor read: Bajaj Auto Ltd is the scale benchmark; Ather Energy Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Bajaj Auto Ltd's growth falls below Ather Energy Ltd's for two consecutive comparable reports while operating margin also compresses.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.
Revenuelargest
1Bajaj Auto Ltd BAJAJ-AUTO₹71.5K Cr
2TVS Motor Company Ltd TVSMOTOR₹60.2K Cr
3Hero MotoCorp Ltd HEROMOTOCO₹47.4K Cr
4Eicher Motors Ltd EICHERMOT₹23.4K Cr
5Ather Energy Ltd ATHERENERG₹3.7K Cr
Revenue growthfastest growers
1Ather Energy Ltd ATHERENERG63%
2Bajaj Auto Ltd BAJAJ-AUTO37%
3TVS Motor Company Ltd TVSMOTOR31%
4Eicher Motors Ltd EICHERMOT24%
5Hero MotoCorp Ltd HEROMOTOCO16%
Revenue · company comparison
8/8 level · 8/8 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyRevenueRevenue growthReported
Bajaj Auto Ltd BAJAJ-AUTO₹21.7K Cr65%Jun 2026
TVS Motor Company Ltd TVSMOTOR₹16.3K Cr33%Jun 2026
Hero MotoCorp Ltd HEROMOTOCO₹13.0K Cr30%Mar 2026
Eicher Motors Ltd EICHERMOT₹6.1K Cr16%Mar 2026
Ather Energy Ltd ATHERENERG₹1.2K Cr74%Mar 2026
Munjal Showa Ltd MUNJALSHOW₹347 Cr15%Mar 2026
Ola Electric Mobility Ltd OLAELEC₹265 Cr-57%Mar 2026
Atul Auto Ltd ATULAUTO⚠ unverified₹241 Cr14%Mar 2026
Full 20-quarter history · every available company

Revenue · reported quarter history

Ather Energy Ltd · ATHERENERG

—
—
—
—
—
—
—
—
—
—
₹523 Cr
₹360 Cr
₹584 Cr
₹635 Cr
₹676 Cr
₹645 Cr
₹899 Cr
₹954 Cr
₹1.2K Cr
—

Atul Auto Ltd · ATULAUTO⚠ unverified

—
—
—
—
—
₹133 Cr
₹150 Cr
₹60 Cr
₹153 Cr
₹154 Cr
₹160 Cr
₹135 Cr
₹182 Cr
₹195 Cr
₹211 Cr
₹153 Cr
₹200 Cr
₹231 Cr
₹241 Cr
—

Bajaj Auto Ltd · BAJAJ-AUTO

—
—
—
—
—
₹9.3K Cr
₹8.9K Cr
₹10.3K Cr
₹10.8K Cr
₹12.2K Cr
₹11.6K Cr
₹11.9K Cr
₹13.2K Cr
₹13.2K Cr
₹12.6K Cr
₹13.1K Cr
₹15.7K Cr
₹16.2K Cr
₹17.8K Cr
₹21.7K Cr

Eicher Motors Ltd · EICHERMOT

—
—
—
—
₹3.4K Cr
₹3.7K Cr
₹3.8K Cr
₹4.0K Cr
₹4.1K Cr
₹4.2K Cr
₹4.3K Cr
₹4.4K Cr
₹4.3K Cr
₹5.0K Cr
₹5.2K Cr
₹5.0K Cr
₹6.2K Cr
₹6.1K Cr
₹6.1K Cr
—

Hero MotoCorp Ltd · HEROMOTOCO

₹8.5K Cr
₹8.0K Cr
₹7.5K Cr
₹8.4K Cr
₹9.2K Cr
₹8.1K Cr
₹8.4K Cr
₹8.9K Cr
₹9.5K Cr
₹9.8K Cr
₹9.6K Cr
₹10.2K Cr
₹10.5K Cr
₹10.3K Cr
₹10.0K Cr
₹9.7K Cr
₹12.2K Cr
₹12.5K Cr
₹13.0K Cr
—

Munjal Showa Ltd · MUNJALSHOW

—
—
—
—
—
₹308 Cr
₹299 Cr
₹288 Cr
₹287 Cr
₹303 Cr
₹294 Cr
₹311 Cr
₹318 Cr
₹319 Cr
₹303 Cr
₹286 Cr
₹333 Cr
₹350 Cr
₹347 Cr
—

Ola Electric Mobility Ltd · OLAELEC

—
—
—
—
—
—
—
₹1.2K Cr
₹873 Cr
₹1.3K Cr
₹1.6K Cr
₹1.6K Cr
₹1.2K Cr
₹1.0K Cr
₹611 Cr
₹828 Cr
₹690 Cr
₹470 Cr
₹265 Cr
—

TVS Motor Company Ltd · TVSMOTOR

₹6.5K Cr
₹6.6K Cr
₹6.6K Cr
₹7.3K Cr
₹8.6K Cr
₹8.1K Cr
₹8.0K Cr
₹9.1K Cr
₹9.9K Cr
₹10.1K Cr
₹9.9K Cr
₹10.3K Cr
₹11.3K Cr
₹11.0K Cr
₹11.5K Cr
₹12.2K Cr
₹14.1K Cr
₹14.8K Cr
₹15.1K Cr
₹16.3K Cr

Revenue growth · reported quarter history

Ather Energy Ltd · ATHERENERG

—
—
—
—
—
—
—
—
—
—
—
—
—
—
29%
79%
54%
50%
74%
—

Atul Auto Ltd · ATULAUTO⚠ unverified

—
—
—
—
—
—
—
—
—
16%
6.7%
125%
19%
27%
32%
13%
9.9%
18%
14%
—

Bajaj Auto Ltd · BAJAJ-AUTO

—
—
—
—
—
—
—
—
—
31%
29%
16%
22%
8.3%
9.4%
10%
19%
23%
41%
65%

Eicher Motors Ltd · EICHERMOT

—
—
—
—
—
—
—
—
21%
12%
12%
10%
3.6%
19%
23%
15%
45%
23%
16%
—

Hero MotoCorp Ltd · HEROMOTOCO

—
—
—
54%
7.3%
1.3%
13%
4.8%
4.1%
21%
14%
15%
10.0%
4.8%
3.7%
-4.7%
17%
22%
30%
—

Munjal Showa Ltd · MUNJALSHOW

—
—
—
—
—
—
—
—
—
-1.5%
-1.5%
8.0%
11%
5.2%
2.9%
-8.0%
4.7%
9.6%
15%
—

Ola Electric Mobility Ltd · OLAELEC

—
—
—
—
—
—
—
—
—
—
—
32%
39%
-19%
-62%
-50%
-43%
-55%
-57%
—

TVS Motor Company Ltd · TVSMOTOR

—
—
—
—
32%
22%
22%
23%
16%
25%
24%
14%
14%
9.1%
16%
18%
24%
34%
30%
33%
02 · compare level, then change

Operating Economics & Margin Trend

Eicher Motors Ltd has the highest OPM among the 8 Auto - 2 & 3 Wheelers companies compared here, at 25%. Bajaj Auto Ltd is next at 21%. Ather Energy Ltd has the highest Margin change at +19 percentage points, so level and change sit with different companies. Its OPM series carries 19 reported observations across the 20-quarter window.

What the numbers say: Eicher Motors Ltd leads opm at 25%; Ather Energy Ltd leads margin change at +19 percentage points.

LeaderEicher Motors Ltd · 25%
Gap19% versus #2 · Bajaj Auto Ltd
Persistence3/8 recent comparable periods
Coverage8/8 companies · 137 observations

Investor read: Eicher Motors Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.
OPMhighest
1Eicher Motors Ltd EICHERMOT25%
2Bajaj Auto Ltd BAJAJ-AUTO21%
3Hero MotoCorp Ltd HEROMOTOCO14%
4TVS Motor Company Ltd TVSMOTOR14%
5Atul Auto Ltd ATULAUTO⚠ unverified11%
Margin changefastest expanders
1Ather Energy Ltd ATHERENERG+19.0 pp
2Ola Electric Mobility Ltd OLAELEC+8.0 pp
3Atul Auto Ltd ATULAUTO⚠ unverified+4.0 pp
4Eicher Motors Ltd EICHERMOT+1.0 pp
5Bajaj Auto Ltd BAJAJ-AUTO0.0 pp
Operating margin · company comparison
8/8 level · 8/8 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyOPMMargin changeReported
Eicher Motors Ltd EICHERMOT25%+1.0 ppMar 2026
Bajaj Auto Ltd BAJAJ-AUTO21%0.0 ppJun 2026
TVS Motor Company Ltd TVSMOTOR14%−1.0 ppJun 2026
Hero MotoCorp Ltd HEROMOTOCO14%0.0 ppMar 2026
Atul Auto Ltd ATULAUTO⚠ unverified11%+4.0 ppMar 2026
Munjal Showa Ltd MUNJALSHOW-0.0%−2.4 ppMar 2026
Ather Energy Ltd ATHERENERG-6.0%+19.0 ppMar 2026
Ola Electric Mobility Ltd OLAELEC-106%+8.0 ppMar 2026
Full 20-quarter history · every available company

OPM · reported quarter history

Ather Energy Ltd · ATHERENERG

—
—
—
—
—
—
—
—
—
—
-46%
-36%
-24%
-22%
-25%
-21%
-15%
-8.0%
-6.0%
—

Atul Auto Ltd · ATULAUTO⚠ unverified

-4.0%
-5.7%
-0.7%
1.5%
5.5%
10%
9.0%
-7.0%
11%
9.0%
8.0%
6.0%
7.0%
9.0%
7.0%
7.0%
9.0%
12%
11%
—

Bajaj Auto Ltd · BAJAJ-AUTO

16%
15%
17%
16%
17%
19%
19%
19%
20%
20%
20%
20%
16%
21%
19%
21%
18%
23%
17%
21%

Eicher Motors Ltd · EICHERMOT

21%
20%
24%
24%
24%
23%
25%
26%
26%
26%
27%
27%
26%
24%
24%
24%
24%
25%
25%
—

Hero MotoCorp Ltd · HEROMOTOCO

12%
12%
11%
11%
12%
12%
13%
13%
14%
14%
14%
14%
14%
14%
14%
15%
14%
14%
14%
—

Munjal Showa Ltd · MUNJALSHOW

1.4%
0.1%
2.9%
1.0%
1.0%
3.0%
5.3%
2.5%
-0.6%
1.1%
2.3%
2.3%
-1.7%
2.4%
2.4%
0.6%
0.9%
3.5%
-0.0%
—

Ola Electric Mobility Ltd · OLAELEC

—
—
—
—
—
—
—
-18%
-50%
-23%
-20%
-12%
-31%
-44%
-114%
-29%
-29%
-58%
-106%
—

TVS Motor Company Ltd · TVSMOTOR

11%
12%
13%
12%
13%
13%
13%
13%
14%
15%
15%
14%
14%
15%
16%
15%
15%
15%
14%
14%

Margin change · reported quarter history

Ather Energy Ltd · ATHERENERG

—
—
—
—
—
—
—
—
—
—
—
—
—
—
+21.0 pp
+15.0 pp
+9.0 pp
+14.0 pp
+19.0 pp
—

Atul Auto Ltd · ATULAUTO⚠ unverified

−6.9 pp
−8.5 pp
+5.3 pp
+20.8 pp
+9.6 pp
+15.7 pp
+9.7 pp
−8.5 pp
+5.5 pp
−1.0 pp
−1.0 pp
+13.0 pp
−4.0 pp
0.0 pp
−1.0 pp
+1.0 pp
+2.0 pp
+3.0 pp
+4.0 pp
—

Bajaj Auto Ltd · BAJAJ-AUTO

−1.7 pp
−4.2 pp
−0.6 pp
+0.9 pp
+1.2 pp
+3.8 pp
+1.9 pp
+2.9 pp
+2.9 pp
+1.0 pp
+1.0 pp
+1.0 pp
−4.0 pp
+1.0 pp
−1.0 pp
+1.0 pp
+2.0 pp
+2.0 pp
−2.0 pp
0.0 pp

Eicher Motors Ltd · EICHERMOT

−1.0 pp
−3.5 pp
+2.1 pp
+8.1 pp
+3.1 pp
+2.8 pp
+1.3 pp
+1.5 pp
+2.0 pp
+3.0 pp
+2.0 pp
+1.0 pp
0.0 pp
−2.0 pp
−3.0 pp
−3.0 pp
−2.0 pp
+1.0 pp
+1.0 pp
—

Hero MotoCorp Ltd · HEROMOTOCO

−1.8 pp
−1.5 pp
−3.0 pp
+3.9 pp
−0.4 pp
−0.3 pp
+1.9 pp
+2.1 pp
+2.4 pp
+2.0 pp
+1.0 pp
+1.0 pp
0.0 pp
0.0 pp
0.0 pp
+1.0 pp
0.0 pp
0.0 pp
0.0 pp
—

Munjal Showa Ltd · MUNJALSHOW

−2.7 pp
−5.3 pp
+0.6 pp
+3.6 pp
−0.5 pp
+2.9 pp
+2.4 pp
+1.4 pp
−1.6 pp
−1.9 pp
−3.0 pp
−0.1 pp
−1.0 pp
+1.3 pp
+0.1 pp
−1.8 pp
+2.6 pp
+1.1 pp
−2.4 pp
—

Ola Electric Mobility Ltd · OLAELEC

—
—
—
—
—
—
—
—
—
—
—
+6.0 pp
+19.0 pp
−21.0 pp
−94.0 pp
−17.0 pp
+2.0 pp
−14.0 pp
+8.0 pp
—

TVS Motor Company Ltd · TVSMOTOR

−0.6 pp
−0.6 pp
−0.1 pp
+3.4 pp
+1.1 pp
+1.3 pp
+0.5 pp
+0.8 pp
+1.5 pp
+2.0 pp
+2.0 pp
+1.0 pp
0.0 pp
0.0 pp
+1.0 pp
+1.0 pp
+1.0 pp
0.0 pp
−2.0 pp
−1.0 pp
03 · compare level, then change

Profit Scale & Acceleration

Bajaj Auto Ltd has the highest Net profit among the 8 Auto - 2 & 3 Wheelers companies compared here, at ₹11,553 crore. Hero MotoCorp Ltd is next at ₹5,776 crore. Atul Auto Ltd has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Bajaj Auto Ltd leads with ₹11,553 crore of TTM profit, 100% above Hero MotoCorp Ltd. Atul Auto Ltd shows ≥100% on the scoring scale (126.3% uncapped) growth from a ₹43 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderBajaj Auto Ltd · ₹11,553 crore
Gap100% versus #2 · Hero MotoCorp Ltd
Persistence6/8 recent comparable periods
Coverage8/8 companies · 118 observations

Investor read: Bajaj Auto Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.
Net profitlargest
1Bajaj Auto Ltd BAJAJ-AUTO₹11.6K Cr
2Hero MotoCorp Ltd HEROMOTOCO₹5.8K Cr
3Eicher Motors Ltd EICHERMOT₹5.5K Cr
4TVS Motor Company Ltd TVSMOTOR₹3.6K Cr
5Atul Auto Ltd ATULAUTO⚠ unverified₹43 Cr
Profit growthfastest growers
1Atul Auto Ltd ATULAUTO⚠ unverified100%
2Bajaj Auto Ltd BAJAJ-AUTO52%
3TVS Motor Company Ltd TVSMOTOR42%
4Hero MotoCorp Ltd HEROMOTOCO32%
5Eicher Motors Ltd EICHERMOT17%
Net profit · company comparison
8/8 level · 6/8 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyNet profitProfit growthReported
Bajaj Auto Ltd BAJAJ-AUTO₹3.2K Cr44%Jun 2026
Eicher Motors Ltd EICHERMOT₹1.5K Cr12%Mar 2026
Hero MotoCorp Ltd HEROMOTOCO₹1.5K Cr26%Mar 2026
TVS Motor Company Ltd TVSMOTOR₹1.1K Cr65%Jun 2026
Atul Auto Ltd ATULAUTO⚠ unverified₹18 Cr200%Mar 2026
Munjal Showa Ltd MUNJALSHOW₹-0 Cr-101%Mar 2026
Ather Energy Ltd ATHERENERG₹-100 Cr—Mar 2026
Ola Electric Mobility Ltd OLAELEC₹-500 Cr—Mar 2026
Full 20-quarter history · every available company

Net profit · reported quarter history

Ather Energy Ltd · ATHERENERG

—
—
—
—
—
—
—
—
—
—
₹-283 Cr
₹-183 Cr
₹-197 Cr
₹-198 Cr
₹-234 Cr
₹-178 Cr
₹-154 Cr
₹-85 Cr
₹-100 Cr
—

Atul Auto Ltd · ATULAUTO⚠ unverified

—
—
—
—
—
₹4 Cr
₹3 Cr
₹-9 Cr
₹7 Cr
₹4 Cr
₹5 Cr
₹1 Cr
₹5 Cr
₹7 Cr
₹6 Cr
₹2 Cr
₹8 Cr
₹15 Cr
₹18 Cr
—

Bajaj Auto Ltd · BAJAJ-AUTO

—
—
—
—
—
₹1.5K Cr
₹1.7K Cr
₹1.6K Cr
₹2.0K Cr
₹2.0K Cr
₹2.0K Cr
₹1.9K Cr
₹1.4K Cr
₹2.2K Cr
₹1.8K Cr
₹2.2K Cr
₹2.1K Cr
₹2.8K Cr
₹3.5K Cr
₹3.2K Cr

Eicher Motors Ltd · EICHERMOT

—
—
—
—
₹615 Cr
₹741 Cr
₹906 Cr
₹918 Cr
₹1.0K Cr
₹996 Cr
₹1.1K Cr
₹1.1K Cr
₹1.1K Cr
₹1.2K Cr
₹1.4K Cr
₹1.2K Cr
₹1.4K Cr
₹1.4K Cr
₹1.5K Cr
—

Hero MotoCorp Ltd · HEROMOTOCO

₹746 Cr
₹704 Cr
₹611 Cr
₹590 Cr
₹688 Cr
₹721 Cr
₹811 Cr
₹701 Cr
₹1.0K Cr
₹1.1K Cr
₹943 Cr
₹1.0K Cr
₹1.1K Cr
₹1.1K Cr
₹1.2K Cr
₹1.7K Cr
₹1.3K Cr
₹1.3K Cr
₹1.5K Cr
—

Munjal Showa Ltd · MUNJALSHOW

—
—
—
—
—
₹3 Cr
₹21 Cr
₹13 Cr
₹2 Cr
₹9 Cr
₹8 Cr
₹12 Cr
₹2 Cr
₹6 Cr
₹9 Cr
₹8 Cr
₹3 Cr
₹11 Cr
₹-0 Cr
—

Ola Electric Mobility Ltd · OLAELEC

—
—
—
—
—
—
—
₹-267 Cr
₹-524 Cr
₹-376 Cr
₹-416 Cr
₹-347 Cr
₹-495 Cr
₹-564 Cr
₹-870 Cr
₹-428 Cr
₹-418 Cr
₹-487 Cr
₹-500 Cr
—

TVS Motor Company Ltd · TVSMOTOR

₹242 Cr
₹248 Cr
₹277 Cr
₹305 Cr
₹386 Cr
₹304 Cr
₹336 Cr
₹441 Cr
₹416 Cr
₹510 Cr
₹412 Cr
₹485 Cr
₹588 Cr
₹609 Cr
₹698 Cr
₹643 Cr
₹833 Cr
₹891 Cr
₹820 Cr
₹1.1K Cr

Profit growth · reported quarter history

Atul Auto Ltd · ATULAUTO⚠ unverified

—
—
—
—
—
—
—
—
—
0.0%
67%
—
-29%
75%
20%
100%
60%
114%
200%
—

Bajaj Auto Ltd · BAJAJ-AUTO

—
—
—
—
—
—
—
—
—
38%
18%
18%
-31%
8.0%
-10%
14%
53%
25%
94%
44%

Eicher Motors Ltd · EICHERMOT

—
—
—
—
—
—
—
—
65%
34%
18%
20%
8.3%
17%
27%
9.5%
24%
21%
12%
—

Hero MotoCorp Ltd · HEROMOTOCO

—
—
—
130%
-7.8%
2.4%
33%
19%
46%
51%
16%
47%
5.9%
1.6%
24%
65%
24%
15%
26%
—

Munjal Showa Ltd · MUNJALSHOW

—
—
—
—
—
—
—
—
—
188%
-63%
-6.6%
33%
-31%
14%
-31%
33%
82%
-101%
—

TVS Motor Company Ltd · TVSMOTOR

—
—
—
—
60%
23%
21%
45%
7.8%
68%
23%
10.0%
41%
19%
69%
33%
42%
46%
17%
65%
04 · compare level, then change

Capacity Spending & Returns On It

Ola Electric Mobility Ltd has the highest CAPEX among the 8 Auto - 2 & 3 Wheelers companies compared here, at ₹198 crore. Ather Energy Ltd is next at ₹76 crore. The same company also holds the highest CAPEX intensity, at 22.7%. 2 of 8 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Ola Electric Mobility Ltd reports ₹198 crore of CAPEX; Ola Electric Mobility Ltd has the highest covered intensity at 22.7%. Coverage is only 2 of 8 companies and 5 reported observations, so this is partial evidence—not a complete sector rank.

LeaderOla Electric Mobility Ltd · ₹198 crore
Gap160.5% versus #2 · Ather Energy Ltd
Persistence2/2 recent comparable periods
Coverage2/8 companies · 5 observations

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.
CAPEXlargest spenders
1Ola Electric Mobility Ltd OLAELEC₹198 Cr
2Ather Energy Ltd ATHERENERG₹76 Cr
CAPEX intensityhighest reinvestment intensity
1Ola Electric Mobility Ltd OLAELEC23%
2Ather Energy Ltd ATHERENERG11%
Capital expenditure · company comparison
2/8 level · 2/8 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

Withheld from this chart: Eicher Motors Ltd (EICHERMOT) — its two data sources disagree by up to 8% on reported income across 15 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyCAPEXCAPEX intensityReported
Ola Electric Mobility Ltd OLAELEC₹198 Cr23%Mar 2026
Ather Energy Ltd ATHERENERG₹76 Cr11%Mar 2026
Full 20-quarter history · every available company

CAPEX · reported quarter history

Ather Energy Ltd · ATHERENERG

—
—
—
—
—
—
—
—
—
—
₹40 Cr
—
—
₹68 Cr
₹76 Cr
—
—
—
—
—

Ola Electric Mobility Ltd · OLAELEC

—
—
—
—
—
—
—
₹162 Cr
₹198 Cr
—
—
—
—
—
—
—
—
—
—
—

CAPEX intensity · reported quarter history

Ather Energy Ltd · ATHERENERG

—
—
—
—
—
—
—
—
—
—
7.6%
—
—
11%
11%
—
—
—
—
—

Ola Electric Mobility Ltd · OLAELEC

—
—
—
—
—
—
—
13%
23%
—
—
—
—
—
—
—
—
—
—
—
Annual capital allocation · 10-year view
8/8 capacity base · 8/8 OCF · 8/8 CAPEX · 8/8 FCF

Capacity base is net fixed assets plus capital work in progress, straight off the reported balance sheet. It is not cash spent, so it answers a narrower question than CAPEX — but it is reported for companies whose cash-flow CAPEX is not published, which is why it leads here. Missing years remain blank; annual values are never relabelled as quarters.

Full annual capacity base, operating cash flow, CAPEX and free cash flow history

Capacity base · net fixed assets + CWIP · fiscal-year history

Ather Energy Ltd · ATHERENERG

—
—
—
₹282 Cr
₹354 Cr
₹428 Cr
₹581 Cr
₹530 Cr
₹738 Cr
₹967 Cr

Atul Auto Ltd · ATULAUTO⚠ unverified

₹90 Cr
₹92 Cr
₹131 Cr
₹210 Cr
₹240 Cr
₹259 Cr
₹259 Cr
₹250 Cr
₹247 Cr
₹240 Cr

Bajaj Auto Ltd · BAJAJ-AUTO

₹2.0K Cr
₹1.9K Cr
₹1.8K Cr
₹1.8K Cr
₹1.7K Cr
₹1.9K Cr
₹2.9K Cr
₹3.3K Cr
₹3.7K Cr
₹13.5K Cr

Eicher Motors Ltd · EICHERMOT

₹1.2K Cr
₹1.8K Cr
₹2.3K Cr
₹2.7K Cr
₹2.7K Cr
₹2.9K Cr
₹3.2K Cr
₹3.5K Cr
₹4.0K Cr
₹4.6K Cr

Hero MotoCorp Ltd · HEROMOTOCO

₹5.2K Cr
₹5.3K Cr
₹5.5K Cr
₹6.9K Cr
₹6.9K Cr
₹6.7K Cr
₹6.6K Cr
₹6.7K Cr
₹6.8K Cr
₹7.1K Cr

Munjal Showa Ltd · MUNJALSHOW

₹181 Cr
₹158 Cr
₹146 Cr
₹147 Cr
₹135 Cr
₹131 Cr
₹131 Cr
₹123 Cr
₹119 Cr
₹113 Cr

Ola Electric Mobility Ltd · OLAELEC

—
—
—
—
₹147 Cr
₹1.1K Cr
₹1.7K Cr
₹3.2K Cr
₹3.9K Cr
₹3.8K Cr

TVS Motor Company Ltd · TVSMOTOR

₹2.4K Cr
₹3.4K Cr
₹4.1K Cr
₹4.8K Cr
₹5.3K Cr
₹6.5K Cr
₹6.5K Cr
₹6.9K Cr
₹9.1K Cr
₹10.7K Cr

Operating cash flow · fiscal-year history

Ather Energy Ltd · ATHERENERG

—
—
—
₹-182 Cr
₹-140 Cr
₹-226 Cr
₹-871 Cr
₹-268 Cr
₹-721 Cr
₹32 Cr

Atul Auto Ltd · ATULAUTO⚠ unverified

₹71 Cr
₹26 Cr
₹35 Cr
₹57 Cr
₹52 Cr
₹-169 Cr
₹-18 Cr
₹-10 Cr
₹25 Cr
₹47 Cr

Bajaj Auto Ltd · BAJAJ-AUTO

₹3.3K Cr
₹4.3K Cr
₹2.5K Cr
₹3.9K Cr
₹3.1K Cr
₹4.2K Cr
₹5.3K Cr
₹6.6K Cr
₹-1.4K Cr
₹2.6K Cr

Eicher Motors Ltd · EICHERMOT

₹1.7K Cr
₹2.5K Cr
₹1.6K Cr
₹1.7K Cr
₹1.7K Cr
₹1.5K Cr
₹2.8K Cr
₹3.7K Cr
₹4.0K Cr
₹4.8K Cr

Hero MotoCorp Ltd · HEROMOTOCO

₹4.0K Cr
₹4.0K Cr
₹1.0K Cr
₹5.5K Cr
₹4.1K Cr
₹2.1K Cr
₹2.6K Cr
₹4.9K Cr
₹4.3K Cr
₹8.3K Cr

Munjal Showa Ltd · MUNJALSHOW

₹83 Cr
₹96 Cr
₹41 Cr
₹66 Cr
₹-18 Cr
₹30 Cr
₹6 Cr
₹11 Cr
₹37 Cr
₹-21 Cr

Ola Electric Mobility Ltd · OLAELEC

—
—
—
—
₹-252 Cr
₹-885 Cr
₹-1.5K Cr
₹-633 Cr
₹-2.4K Cr
₹-775 Cr

TVS Motor Company Ltd · TVSMOTOR

₹689 Cr
₹354 Cr
₹-918 Cr
₹373 Cr
₹1.2K Cr
₹-1.6K Cr
₹-4.4K Cr
₹-1.3K Cr
₹3.5K Cr
₹1.9K Cr

CAPEX · reported cash flow · fiscal-year history

Ather Energy Ltd · ATHERENERG

—
—
—
—
₹107 Cr
₹122 Cr
₹266 Cr
₹96 Cr
₹379 Cr
₹402 Cr

Atul Auto Ltd · ATULAUTO⚠ unverified

₹7 Cr
₹7 Cr
₹45 Cr
₹85 Cr
₹37 Cr
₹29 Cr
₹16 Cr
₹9 Cr
₹15 Cr
₹11 Cr

Bajaj Auto Ltd · BAJAJ-AUTO

₹273 Cr
₹205 Cr
₹144 Cr
₹193 Cr
₹184 Cr
₹499 Cr
₹1.3K Cr
₹690 Cr
₹900 Cr
₹10.4K Cr

Eicher Motors Ltd · EICHERMOT

₹517 Cr
₹811 Cr
₹790 Cr
₹747 Cr
₹508 Cr
₹634 Cr
₹759 Cr
₹905 Cr
₹1.2K Cr
₹1.5K Cr

Hero MotoCorp Ltd · HEROMOTOCO

₹1.2K Cr
₹711 Cr
₹833 Cr
₹2.2K Cr
₹726 Cr
₹526 Cr
₹599 Cr
₹860 Cr
₹879 Cr
₹1.2K Cr

Munjal Showa Ltd · MUNJALSHOW

₹10 Cr
₹5 Cr
₹14 Cr
₹21 Cr
₹4 Cr
₹8 Cr
₹12 Cr
₹4 Cr
₹8 Cr
₹5 Cr

Ola Electric Mobility Ltd · OLAELEC

—
—
—
—
—
₹1.0K Cr
₹785 Cr
₹1.8K Cr
₹1.2K Cr
₹676 Cr

TVS Motor Company Ltd · TVSMOTOR

₹658 Cr
₹1.4K Cr
₹1.1K Cr
₹1.3K Cr
₹1.0K Cr
₹2.0K Cr
₹823 Cr
₹1.4K Cr
₹3.2K Cr
₹2.9K Cr

Free cash flow · fiscal-year history

Ather Energy Ltd · ATHERENERG

—
—
—
—
₹-247 Cr
₹-348 Cr
₹-1.1K Cr
₹-364 Cr
₹-1.1K Cr
₹-370 Cr

Atul Auto Ltd · ATULAUTO⚠ unverified

₹64 Cr
₹19 Cr
₹-10 Cr
₹-28 Cr
₹15 Cr
₹-198 Cr
₹-34 Cr
₹-19 Cr
₹10 Cr
₹36 Cr

Bajaj Auto Ltd · BAJAJ-AUTO

₹3.0K Cr
₹4.1K Cr
₹2.3K Cr
₹3.7K Cr
₹2.9K Cr
₹3.7K Cr
₹4.0K Cr
₹5.9K Cr
₹-2.3K Cr
₹-7.8K Cr

Eicher Motors Ltd · EICHERMOT

₹1.2K Cr
₹1.7K Cr
₹785 Cr
₹947 Cr
₹1.2K Cr
₹893 Cr
₹2.1K Cr
₹2.8K Cr
₹2.8K Cr
₹3.3K Cr

Hero MotoCorp Ltd · HEROMOTOCO

₹2.8K Cr
₹3.3K Cr
₹199 Cr
₹3.3K Cr
₹3.4K Cr
₹1.6K Cr
₹2.0K Cr
₹4.1K Cr
₹3.4K Cr
₹7.1K Cr

Munjal Showa Ltd · MUNJALSHOW

₹73 Cr
₹91 Cr
₹27 Cr
₹45 Cr
₹-22 Cr
₹22 Cr
₹-6 Cr
₹7 Cr
₹29 Cr
₹-26 Cr

Ola Electric Mobility Ltd · OLAELEC

—
—
—
—
—
₹-1.9K Cr
₹-2.3K Cr
₹-2.5K Cr
₹-3.6K Cr
₹-1.5K Cr

TVS Motor Company Ltd · TVSMOTOR

₹31 Cr
₹-1.0K Cr
₹-2.1K Cr
₹-888 Cr
₹141 Cr
₹-3.6K Cr
₹-5.2K Cr
₹-2.6K Cr
₹272 Cr
₹-1.0K Cr
05 · compare level, then change

Debt Load & Balance-Sheet Headroom

Munjal Showa Ltd has the lowest Gross debt among the 8 Auto - 2 & 3 Wheelers companies compared here, at ₹0 crore. Atul Auto Ltd is next at ₹145 crore. Hero MotoCorp Ltd has the lowest Net debt at ₹12,162 crore net cash, so level and change sit with different companies.

What the numbers say: Hero MotoCorp Ltd has the clearest covered balance-sheet capacity with ₹12,162 crore net cash and gross debt of ₹779 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

LeaderMunjal Showa Ltd · ₹0 crore
Gap100% versus #2 · Atul Auto Ltd
PersistenceNot enough history
Coverage8/8 companies · 97 observations

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.
Gross debtlowest gross debt
1Munjal Showa Ltd MUNJALSHOW₹0 Cr
2Atul Auto Ltd ATULAUTO⚠ unverified₹145 Cr
3Eicher Motors Ltd EICHERMOT₹514 Cr
4Ather Energy Ltd ATHERENERG₹664 Cr
5Hero MotoCorp Ltd HEROMOTOCO₹779 Cr
Net debtlowest net debt
1Hero MotoCorp Ltd HEROMOTOCO₹-12.2K Cr
2Ather Energy Ltd ATHERENERG₹-1.8K Cr
3Atul Auto Ltd ATULAUTO⚠ unverified₹63 Cr
4Ola Electric Mobility Ltd OLAELEC₹2.1K Cr
5TVS Motor Company Ltd TVSMOTOR₹28.3K Cr
Debt and balance-sheet capacity · company comparison
8/8 level · 5/8 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyGross debtNet debtReported
TVS Motor Company Ltd TVSMOTOR₹32.8K Cr₹28.3K CrJun 2026
Bajaj Auto Ltd BAJAJ-AUTO₹22.7K Cr—Jun 2026
Ola Electric Mobility Ltd OLAELEC₹2.8K Cr₹2.1K CrMar 2026
Hero MotoCorp Ltd HEROMOTOCO₹779 Cr₹-12.2K CrMar 2026
Ather Energy Ltd ATHERENERG₹664 Cr₹-1.8K CrMar 2026
Eicher Motors Ltd EICHERMOT₹514 Cr—Mar 2026
Atul Auto Ltd ATULAUTO⚠ unverified₹145 Cr₹63 CrMar 2026
Munjal Showa Ltd MUNJALSHOW₹0 Cr—Mar 2026
Full 20-quarter history · every available company

Gross debt · reported quarter history

Ather Energy Ltd · ATHERENERG

—
—
₹365 Cr
—
—
—
₹485 Cr
—
—
—
₹478 Cr
—
—
₹1.3K Cr
₹619 Cr
₹619 Cr
₹430 Cr
₹430 Cr
₹664 Cr
—

Atul Auto Ltd · ATULAUTO⚠ unverified

₹168 Cr
₹168 Cr
₹188 Cr
₹188 Cr
₹210 Cr
₹210 Cr
₹171 Cr
₹171 Cr
₹136 Cr
₹136 Cr
₹144 Cr
₹144 Cr
₹125 Cr
₹125 Cr
₹110 Cr
₹110 Cr
₹145 Cr
₹145 Cr
₹145 Cr
—

Bajaj Auto Ltd · BAJAJ-AUTO

—
—
₹123 Cr
—
—
—
₹124 Cr
—
—
—
₹1.9K Cr
—
—
—
₹9.4K Cr
—
₹19.7K Cr
—
₹22.7K Cr
—

Eicher Motors Ltd · EICHERMOT

—
—
₹108 Cr
—
—
—
₹288 Cr
—
—
—
₹419 Cr
—
—
—
₹458 Cr
—
₹446 Cr
—
₹514 Cr
—

Hero MotoCorp Ltd · HEROMOTOCO

₹617 Cr
₹617 Cr
₹605 Cr
₹605 Cr
₹727 Cr
₹727 Cr
₹568 Cr
₹568 Cr
₹651 Cr
₹651 Cr
₹606 Cr
₹606 Cr
₹588 Cr
₹588 Cr
₹700 Cr
₹700 Cr
₹718 Cr
₹718 Cr
₹779 Cr
—

Munjal Showa Ltd · MUNJALSHOW

—
—
₹0 Cr
—
—
—
₹0 Cr
—
—
—
₹0 Cr
—
—
—
₹0 Cr
—
₹0 Cr
—
₹0 Cr
—

Ola Electric Mobility Ltd · OLAELEC

—
—
₹2.6K Cr
—
—
—
₹3.5K Cr
₹1.7K Cr
—
—
₹5.7K Cr
₹2.7K Cr
₹3.4K Cr
₹3.4K Cr
₹3.6K Cr
₹3.6K Cr
₹3.1K Cr
₹3.1K Cr
₹2.8K Cr
—

TVS Motor Company Ltd · TVSMOTOR

₹13.7K Cr
₹13.7K Cr
₹15.8K Cr
₹15.8K Cr
₹18.7K Cr
₹18.7K Cr
₹22.4K Cr
₹22.4K Cr
₹25.1K Cr
₹25.1K Cr
₹26.0K Cr
₹26.0K Cr
₹26.8K Cr
₹26.8K Cr
₹28.6K Cr
₹28.6K Cr
₹31.6K Cr
₹31.6K Cr
₹32.8K Cr
₹32.8K Cr

Net debt · reported quarter history

Ather Energy Ltd · ATHERENERG

—
—
—
—
—
—
—
—
—
—
₹-177 Cr
—
—
₹790 Cr
₹275 Cr
₹208 Cr
₹-843 Cr
₹-843 Cr
₹-1.8K Cr
—

Atul Auto Ltd · ATULAUTO⚠ unverified

₹152 Cr
₹152 Cr
₹182 Cr
₹181 Cr
₹200 Cr
₹200 Cr
₹150 Cr
₹149 Cr
₹104 Cr
₹104 Cr
₹101 Cr
₹99 Cr
₹95 Cr
₹95 Cr
₹93 Cr
₹90 Cr
₹114 Cr
₹114 Cr
₹63 Cr
—

Hero MotoCorp Ltd · HEROMOTOCO

₹-5.2K Cr
₹-5.2K Cr
₹-5.4K Cr
₹-5.4K Cr
₹-4.0K Cr
₹-4.0K Cr
₹-3.5K Cr
₹-3.3K Cr
₹-3.0K Cr
₹-3.0K Cr
₹-4.4K Cr
₹-4.4K Cr
₹-6.9K Cr
₹-6.9K Cr
₹-6.5K Cr
₹-6.5K Cr
₹-10.1K Cr
₹-10.1K Cr
₹-12.2K Cr
—

Ola Electric Mobility Ltd · OLAELEC

—
—
—
—
—
—
—
₹979 Cr
—
—
₹1.9K Cr
₹1.9K Cr
₹-2.6K Cr
₹-2.6K Cr
₹793 Cr
₹38 Cr
₹195 Cr
₹195 Cr
₹2.1K Cr
—

TVS Motor Company Ltd · TVSMOTOR

₹12.0K Cr
₹12.0K Cr
₹14.2K Cr
₹14.2K Cr
₹16.3K Cr
₹16.3K Cr
₹20.3K Cr
₹20.3K Cr
₹22.0K Cr
₹22.0K Cr
₹23.5K Cr
₹23.5K Cr
₹22.9K Cr
₹22.9K Cr
₹24.0K Cr
₹24.0K Cr
₹26.3K Cr
₹26.3K Cr
₹28.3K Cr
₹28.3K Cr
06 · compare level, then change

Return On Capital Employed

Hero MotoCorp Ltd has the highest ROCE among the 8 Auto - 2 & 3 Wheelers companies compared here, at 35.2%. Eicher Motors Ltd is next at 30.5%. Ather Energy Ltd has the highest ROCE change at +63.5 percentage points, so level and change sit with different companies. Its ROCE series carries 15 reported observations across the 20-quarter window.

What the numbers say: Hero MotoCorp Ltd leads ROCE at 35.2%, 4.7 percentage points above Eicher Motors Ltd. Ather Energy Ltd has the strongest latest improvement at +63.5 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

LeaderHero MotoCorp Ltd · 35.2%
Gap15.4% versus #2 · Eicher Motors Ltd
Persistence7/8 recent comparable periods
Coverage8/8 companies · 63 observations

Investor read: Hero MotoCorp Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.
ROCEhighest
1Hero MotoCorp Ltd HEROMOTOCO35%
2Eicher Motors Ltd EICHERMOT31%
3Bajaj Auto Ltd BAJAJ-AUTO28%
4TVS Motor Company Ltd TVSMOTOR17%
5Atul Auto Ltd ATULAUTO⚠ unverified11%
ROCE changefastest improvers
1Ather Energy Ltd ATHERENERG+63.5 pp
2TVS Motor Company Ltd TVSMOTOR+5.4 pp
3Munjal Showa Ltd MUNJALSHOW+5.0 pp
4Atul Auto Ltd ATULAUTO⚠ unverified+4.7 pp
5Hero MotoCorp Ltd HEROMOTOCO+1.6 pp
Return on capital · company comparison
8/8 level · 8/8 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

Withheld from this chart: Eicher Motors Ltd (EICHERMOT) — its two data sources disagree by up to 8% on reported income across 15 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyROCEROCE changeReported
TVS Motor Company Ltd TVSMOTOR31%+5.4 ppJun 2026
Hero MotoCorp Ltd HEROMOTOCO26%+1.6 ppMar 2026
Atul Auto Ltd ATULAUTO⚠ unverified12%+4.7 ppMar 2026
Ather Energy Ltd ATHERENERG-18%+63.5 ppMar 2026
Ola Electric Mobility Ltd OLAELEC-34%−3.2 ppMar 2026
Full 20-quarter history · every available company

ROCE · reported quarter history

Ather Energy Ltd · ATHERENERG

—
—
—
—
—
—
—
—
—
—
-33%
—
—
-144%
-81%
-79%
-24%
-30%
-18%
—

Atul Auto Ltd · ATULAUTO⚠ unverified

-5.0%
—
-6.3%
—
-2.4%
—
4.9%
—
5.0%
5.3%
4.4%
7.5%
6.3%
7.2%
7.3%
7.6%
8.7%
11%
12%
—

Hero MotoCorp Ltd · HEROMOTOCO

21%
—
16%
—
18%
—
19%
—
21%
27%
24%
30%
24%
29%
25%
34%
24%
33%
26%
—

Ola Electric Mobility Ltd · OLAELEC

—
—
—
—
—
—
—
-8.8%
—
—
-43%
-43%
-19%
-26%
-30%
-35%
-34%
-24%
-34%
—

TVS Motor Company Ltd · TVSMOTOR

18%
—
15%
—
18%
—
21%
—
20%
24%
25%
26%
18%
25%
25%
26%
19%
29%
29%
31%

ROCE change · reported quarter history

Ather Energy Ltd · ATHERENERG

—
—
—
—
—
—
—
—
—
—
—
—
—
—
−48.4 pp
—
—
+114.4 pp
+63.5 pp
—

Atul Auto Ltd · ATULAUTO⚠ unverified

—
—
—
—
+2.6 pp
—
+11.2 pp
—
+7.4 pp
—
−0.5 pp
—
+1.3 pp
+1.9 pp
+2.9 pp
+0.1 pp
+2.4 pp
+3.7 pp
+4.7 pp
—

Hero MotoCorp Ltd · HEROMOTOCO

—
—
—
—
−3.1 pp
—
+2.9 pp
—
+2.7 pp
—
+4.7 pp
—
+3.3 pp
+1.6 pp
+0.7 pp
+3.4 pp
−0.4 pp
+4.4 pp
+1.6 pp
—

Ola Electric Mobility Ltd · OLAELEC

—
—
—
—
—
—
—
—
—
—
—
−34.3 pp
—
—
+12.7 pp
+8.2 pp
−14.6 pp
+2.4 pp
−3.2 pp
—

TVS Motor Company Ltd · TVSMOTOR

—
—
—
—
−0.1 pp
—
+5.5 pp
—
+1.6 pp
—
+4.1 pp
—
−1.6 pp
+0.6 pp
−0.4 pp
0.0 pp
+0.8 pp
+3.7 pp
+4.5 pp
+5.4 pp
07 · compare level, then change

Valuation Against Growth & Quality

Hero MotoCorp Ltd has the lowest Guarded PEG among the 8 Auto - 2 & 3 Wheelers companies compared here, at 0.56×. TVS Motor Company Ltd is next at 1.5×. The same company also holds the lowest P/E, at 17.4×. 2 of 8 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Hero MotoCorp Ltd has the lowest comparable Guarded PEG at 0.56×, 62.7% below TVS Motor Company Ltd. Only 2 of 8 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderHero MotoCorp Ltd · 0.56×
Gap62.7% versus #2 · TVS Motor Company Ltd
Persistence0/8 recent comparable periods
Coverage2/8 companies · 28 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.
Guarded PEGlowest PEG
1Hero MotoCorp Ltd HEROMOTOCO0.6
2TVS Motor Company Ltd TVSMOTOR1.5
P/Elowest P/E
1Hero MotoCorp Ltd HEROMOTOCO17.4
2Munjal Showa Ltd MUNJALSHOW23.1
3Bajaj Auto Ltd BAJAJ-AUTO26.0
4Atul Auto Ltd ATULAUTO⚠ unverified30.4
5Eicher Motors Ltd EICHERMOT37.7
Valuation · company comparison
2/8 level · 6/8 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyGuarded PEGP/EReported
TVS Motor Company Ltd TVSMOTOR1.555.6Jun 2026
Hero MotoCorp Ltd HEROMOTOCO0.618.6Mar 2026
Bajaj Auto Ltd BAJAJ-AUTO—25.5Jun 2026
Eicher Motors Ltd EICHERMOT—34.6Mar 2026
Atul Auto Ltd ATULAUTO⚠ unverified—31.2Mar 2026
Munjal Showa Ltd MUNJALSHOW—14.2Mar 2026
Full 20-quarter history · every available company

Guarded PEG · reported quarter history

Hero MotoCorp Ltd · HEROMOTOCO

0.7
—
—
—
—
—
—
1.0
0.4
0.8
1.6
0.8
0.9
—
0.7
1.5
0.9
1.5
0.6
—

TVS Motor Company Ltd · TVSMOTOR

—
—
—
1.6
1.2
2.0
0.7
—
1.4
1.1
2.2
2.3
5.1
2.2
3.0
2.0
1.7
1.7
1.1
1.5

P/E · reported quarter history

Atul Auto Ltd · ATULAUTO⚠ unverified

—
—
—
—
—
-110.6
186.6
205.7
219.1
216.7
175.5
206.9
91.4
91.5
61.9
58.5
57.0
44.9
31.2
—

Bajaj Auto Ltd · BAJAJ-AUTO

19.6
15.5
18.3
20.0
18.6
18.7
19.8
22.1
22.0
28.1
35.0
34.4
44.5
34.0
29.2
32.2
32.0
30.4
27.8
25.5

Eicher Motors Ltd · EICHERMOT

48.9
42.5
40.1
46.9
49.0
37.8
30.8
33.6
29.3
31.6
28.7
32.0
33.1
31.3
33.0
32.8
39.9
39.3
34.6
—

Hero MotoCorp Ltd · HEROMOTOCO

18.2
16.9
18.4
23.8
19.2
21.1
17.9
20.7
20.1
24.6
25.3
28.9
29.2
20.5
17.9
19.7
21.1
21.3
18.6
—

Munjal Showa Ltd · MUNJALSHOW

16.9
17.8
37.5
33.0
20.5
19.9
14.7
18.6
16.1
18.0
17.6
19.8
21.9
19.5
15.7
18.3
21.8
19.3
14.2
—

TVS Motor Company Ltd · TVSMOTOR

32.6
35.3
35.5
48.6
45.6
42.3
40.2
48.5
49.6
66.0
62.5
67.0
82.6
61.5
58.8
63.1
68.4
66.3
56.1
55.6
08 · compare level, then change

Enterprise Value & Book Value

Munjal Showa Ltd has the lowest EV/EBITDA among the 8 Auto - 2 & 3 Wheelers companies compared here, at 8.4×. Hero MotoCorp Ltd is next at 12.6×. The same company also holds the lowest P/BV, at 0.8×. 6 of 8 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Munjal Showa Ltd leads both ev/ebitda at 8.4× and p/bv at 0.8×.

LeaderMunjal Showa Ltd · 8.4×
Gap33.3% versus #2 · Hero MotoCorp Ltd
Persistence0/8 recent comparable periods
Coverage6/8 companies · 111 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.
EV/EBITDAlowest EV/EBITDA
1Munjal Showa Ltd MUNJALSHOW8.4
2Hero MotoCorp Ltd HEROMOTOCO12.6
3Atul Auto Ltd ATULAUTO⚠ unverified17.0
4Bajaj Auto Ltd BAJAJ-AUTO17.8
5TVS Motor Company Ltd TVSMOTOR23.1
P/BVlowest P/BV
1Munjal Showa Ltd MUNJALSHOW0.8
2Atul Auto Ltd ATULAUTO⚠ unverified2.7
3Hero MotoCorp Ltd HEROMOTOCO4.6
4Ola Electric Mobility Ltd OLAELEC4.9
5Bajaj Auto Ltd BAJAJ-AUTO8.0
Enterprise and book valuation · company comparison
6/8 level · 8/8 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyEV/EBITDAP/BVReported
Eicher Motors Ltd EICHERMOT24.18.5Mar 2026
TVS Motor Company Ltd TVSMOTOR23.119.9Jun 2026
Bajaj Auto Ltd BAJAJ-AUTO17.87.8Jun 2026
Atul Auto Ltd ATULAUTO⚠ unverified17.02.5Mar 2026
Hero MotoCorp Ltd HEROMOTOCO12.64.9Mar 2026
Munjal Showa Ltd MUNJALSHOW8.40.7Mar 2026
Ather Energy Ltd ATHERENERG—10.6Mar 2026
Ola Electric Mobility Ltd OLAELEC—2.5Mar 2026
Full 20-quarter history · every available company

EV/EBITDA · reported quarter history

Atul Auto Ltd · ATULAUTO⚠ unverified

—
—
—
—
—
207.9
40.5
28.4
57.6
41.0
34.2
45.4
35.0
33.4
25.1
25.3
24.9
21.8
17.0
—

Bajaj Auto Ltd · BAJAJ-AUTO

14.7
11.9
14.2
15.5
14.1
13.6
14.3
16.1
16.1
20.7
25.4
25.4
32.6
23.7
20.3
21.4
21.5
21.6
19.6
17.8

Eicher Motors Ltd · EICHERMOT

28.0
25.2
23.6
27.3
31.3
24.1
19.7
21.9
19.5
21.4
19.5
21.8
22.8
21.6
23.0
23.2
28.0
27.4
24.1
—

Hero MotoCorp Ltd · HEROMOTOCO

11.7
10.8
11.5
14.6
12.1
13.0
11.0
12.5
12.2
15.2
16.0
18.4
18.7
13.1
11.4
12.6
14.1
14.4
12.6
—

Munjal Showa Ltd · MUNJALSHOW

9.3
9.6
14.7
14.8
10.9
10.8
7.9
10.4
9.9
10.7
11.2
12.5
13.8
12.5
9.6
10.8
12.1
10.8
8.4
—

TVS Motor Company Ltd · TVSMOTOR

13.8
13.9
13.4
18.7
19.9
18.6
16.8
20.3
20.5
22.0
21.2
23.8
28.4
20.9
20.2
24.5
26.5
26.7
23.7
23.1

P/BV · reported quarter history

Ather Energy Ltd · ATHERENERG

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
25.1
7.9
10.6
10.6
—

Atul Auto Ltd · ATULAUTO⚠ unverified

1.4
1.4
1.3
1.2
1.5
2.2
2.5
2.4
4.5
3.9
3.3
4.3
4.2
3.7
2.9
3.0
3.0
2.7
2.5
—

Bajaj Auto Ltd · BAJAJ-AUTO

4.0
3.5
3.9
4.0
3.9
4.0
3.8
4.5
4.9
6.6
8.8
9.2
12.2
8.1
7.1
8.1
6.9
7.4
7.3
7.8

Eicher Motors Ltd · EICHERMOT

7.0
6.1
5.5
6.9
7.6
6.7
6.4
7.8
6.3
7.1
6.9
8.5
7.7
7.0
7.7
8.6
9.1
9.1
8.5
—

Hero MotoCorp Ltd · HEROMOTOCO

3.7
3.1
3.0
3.6
3.1
3.3
3.0
3.7
3.7
4.7
5.3
6.7
6.7
4.5
3.9
4.9
5.5
5.4
4.9
—

Munjal Showa Ltd · MUNJALSHOW

0.8
0.8
0.7
0.6
0.6
0.7
0.5
0.8
0.9
0.9
1.0
1.0
1.0
0.9
0.7
0.8
0.8
0.8
0.7
—

Ola Electric Mobility Ltd · OLAELEC

—
—
—
—
—
—
—
—
—
—
—
—
6.7
6.0
3.6
3.7
4.7
3.7
2.5
—

TVS Motor Company Ltd · TVSMOTOR

6.7
7.4
7.1
8.6
9.7
10.2
11.6
11.4
13.1
15.2
16.2
20.4
20.7
14.8
14.8
20.6
19.1
21.3
20.2
19.9
09 · let price answer last

Market action

Ather Energy Ltd has the strongest one-year price move in Auto - 2 & 3 Wheelers at +275.7%. It also leads on Mansfield relative strength against NIFTY at +73.4%. 6 of 8 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

Every price line is indexed to 100 over the chosen window. Mansfield relative strength compares a price ratio with its own 52-week average; zero separates leadership from lagging.
Price and relative strength

Price is rebased to 100 inside the selected window. Pair ratio rebases each selected company against one chosen denominator.

Before the conclusion · check the blind spots

What can make this comparison misleading?

This Auto - 2 & 3 Wheelers comparison names 7 specific ways its own evidence can mislead, all listed below. All 8 companies here report on comparable dates, so no rank carries a stale marker. 1 draws at least one figure from a second feed with too little overlap to cross-check.

Keep these limits visible

  • A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
  • A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
  • The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
  • An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
  • 1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.
  • 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
  • Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.
10 · the complete set

Which companies are included?

All 8 companies in the canonical Auto - 2 & 3 Wheelers membership are listed below, largest market value first — nothing is silently dropped, even where a company reports too little to rank. The charts above default to a selective view; this register is the complete set, with each company's own latest reporting date beside it.

AHEAD means the company is beating the index by 5% or more over three months. LAGGING, FUNDAMENTALS UP means it is 20% or more behind over a year while its trailing twelve-month earnings grew 20% or more. Both rules are fixed and applied the same way in every sector.

CompanyMarket valuePricePriced toLatest fundamentalsSource standing
Bajaj Auto Ltd BAJAJ-AUTOAHEAD23/26 WEEKS₹3.1 L Cr₹11,1302026-07-19Jun 2026Primary source only
Eicher Motors Ltd EICHERMOTAHEAD₹2.1 L Cr₹7,6282026-07-19Mar 2026Second feed withheld
TVS Motor Company Ltd TVSMOTORAHEAD₹1.8 L Cr₹3,8702026-07-19Jun 2026Cross-checked
Hero MotoCorp Ltd HEROMOTOCO₹1.0 L Cr₹5,0112026-07-19Mar 2026Cross-checked
Ather Energy Ltd ATHERENERGAHEAD25/26 WEEKS₹47.6K Cr₹1,2092026-07-19Mar 2026Cross-checked
Ola Electric Mobility Ltd OLAELEC₹17.2K Cr₹37.12026-07-19Mar 2026Cross-checked
Atul Auto Ltd ATULAUTO21/26 WEEKS⚠ unverified₹1.3K Cr₹4732026-07-19Mar 2026Includes unverified figures
Munjal Showa Ltd MUNJALSHOW19/26 WEEKS₹543 Cr₹1362026-07-19Mar 2026Primary source only
How each company's sources stand: 1 of 8 companies draws at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear. 1 of 8 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Eicher Motors Ltd (EICHERMOT) — its two data sources disagree by up to 8% on reported income across 15 comparable periods, so its derived ratios are withheld.
Evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 8 Auto - 2 & 3 Wheelers companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-07-24.

FundamentalsThrough Jun 2026 · up to 20 quarters per company
Market dataThrough 2026-07-24 · weekly price and relative-strength history
Derived metricsGrowth, changes, CAPEX intensity, net debt, guarded PEG and P/BV÷ROE are calculated only when their inputs are comparable.
Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.
Source standing4 cross-checked · 3 unverified · 1 withheld, of 8 graded companies.

A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from. Every company's standing is listed in the register above.

Questions investors ask · short, speakable answers

Auto - 2 & 3 Wheelers company comparison FAQs

These 18 answers restate the Auto - 2 & 3 Wheelers comparison above in question form. Every one is computed from the same 8 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-07-24. Nothing here is estimated, and none of it is a recommendation.

What is the Nifty Auto - 2 & 3 Wheelers index?

The Nifty Auto - 2 & 3 Wheelers index tracks India's listed Auto - 2 & 3 Wheelers companies as a single basket. This page follows the same 8 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Auto - 2 & 3 Wheelers sector rather than to its largest constituent. Figures are as of Jun 2026.

Which are the best Auto - 2 & 3 Wheelers stocks in India?

Ranked by this page's four-factor score, Hero MotoCorp Ltd places first among 8 listed Auto - 2 & 3 Wheelers companies, followed by Eicher Motors Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

How many Auto - 2 & 3 Wheelers stocks are listed in India?

This comparison covers 8 listed Auto - 2 & 3 Wheelers companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

Which Auto - 2 & 3 Wheelers company is the biggest?

Bajaj Auto Ltd is the largest, with trailing-twelve-month revenue of ₹71,460 crore, ahead of TVS Motor Company Ltd at ₹60,156 crore. That covers 8 of 8 companies with comparable reporting through Jun 2026.

Which Auto - 2 & 3 Wheelers company is growing fastest?

Ather Energy Ltd has the fastest revenue growth at 62.9% year on year, across 8 of 8 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

Which Auto - 2 & 3 Wheelers company has the best profit margins?

Eicher Motors Ltd has the highest operating margin at 25%, from 8 of 8 comparable companies. Ather Energy Ltd shows the biggest recent improvement, at +19 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

Which Auto - 2 & 3 Wheelers company makes the most profit?

Bajaj Auto Ltd earns the most, at ₹11,553 crore of trailing-twelve-month net profit, from 8 of 8 comparable companies. Atul Auto Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

Which Auto - 2 & 3 Wheelers company earns the highest return on capital?

Hero MotoCorp Ltd leads on return on capital employed at 35.2%, across 8 of 8 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

Which Auto - 2 & 3 Wheelers stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Hero MotoCorp Ltd screens cheapest at 0.56×. Only 2 of 8 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

Which Auto - 2 & 3 Wheelers company has the strongest balance sheet?

Munjal Showa Ltd carries the lowest comparable gross debt at ₹0 crore, from 8 of 8 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

Which Auto - 2 & 3 Wheelers stock has the strongest price momentum?

Ather Energy Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

Which Auto - 2 & 3 Wheelers company scores highest for research priority?

Hero MotoCorp Ltd scores 69.4 out of 100 with 89.6% evidence confidence, from 18.9 points on growth and earnings, 21.2 on capital efficiency, 19.6 on valuation and 9.7 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

How many Auto - 2 & 3 Wheelers companies does this comparison cover, and over what period?

It compares 8 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

What is the total market cap of the Auto - 2 & 3 Wheelers sector?

The 8 Auto - 2 & 3 Wheelers companies on this page carry ₹8,66,038 crore of combined market value. Bajaj Auto Ltd is the largest at ₹3,05,857 crore, about 35% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

What is the Auto - 2 & 3 Wheelers sector's P/E ratio?

The median price-to-earnings ratio across the 8 Auto - 2 & 3 Wheelers companies on this page is 30.4×, measured on the 6 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

How is the Auto - 2 & 3 Wheelers sector performing?

6 of the 8 covered Auto - 2 & 3 Wheelers companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

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