# Auto - 2 & 3 Wheelers — company-by-company sector analysis

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

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Auto - 2 & 3 Wheelers has outperformed NIFTY 500 by 34.3% over 52 weeks and 9% over 13 weeks. 6 of 8 covered companies beat NIFTY on Mansfield relative strength, while 4 of 8 beat the sector itself. Bajaj Auto Ltd leads with revenue of ₹71,460 crore, based on 8 of 8 comparable companies through Jun 2026.

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

Auto - 2 & 3 Wheelers has outperformed NIFTY 500 by 34.3% over 52 weeks and 9% over 13 weeks. 6 of 8 covered companies beat NIFTY on Mansfield relative strength, while 4 of 8 beat the sector itself.

### 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 69.1/100 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.

## Sector relative strength

Auto - 2 & 3 Wheelers has outperformed NIFTY 500 by 34.3% over the last 52 weeks. Over 13 weeks the gap is a lead of 9%. 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 +48.2%.

13-week sector return versus NIFTY 500: 9.0%
52-week sector return versus NIFTY 500: 34%
Stocks leading NIFTY: 6/8
Stocks leading sector: 4/8

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

Companies: 8
Combined market value: ₹8.7 L Cr

## 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.

1. Hero MotoCorp Ltd (HEROMOTOCO): 69/100 — Favorable setup; evidence 90%
   - Growth & earnings 18.9/35 | Capital efficiency 21.2/25 | Valuation 19.6/20 | Relative strength 9.4/20
   - Exact sum: 18.9 + 21.2 + 19.6 + 9.4 = 69.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Bajaj Auto Ltd (BAJAJ-AUTO): 66/100 — Favorable setup; evidence 83%
   - Growth & earnings 21.4/35 | Capital efficiency 17.0/25 | Valuation 8.6/20 | Relative strength 18.7/20
   - Exact sum: 21.4 + 17 + 8.6 + 18.7 = 65.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Eicher Motors Ltd (EICHERMOT): 63/100 — Mixed-positive evidence; evidence 73%
   - Growth & earnings 18.0/35 | Capital efficiency 20.8/25 | Valuation 10.4/20 | Relative strength 13.9/20
   - Exact sum: 18 + 20.8 + 10.4 + 13.9 = 63.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Ather Energy Ltd (ATHERENERG): 59/100 — Mixed-positive evidence; evidence 62%
   - Growth & earnings 26.4/35 | Capital efficiency 6.0/25 | Valuation 10.0/20 | Relative strength 17.0/20
   - 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.
5. TVS Motor Company Ltd (TVSMOTOR): 55/100 — Mixed-positive evidence; evidence 97%
   - Growth & earnings 23.9/35 | Capital efficiency 10.1/25 | Valuation 9.3/20 | Relative strength 11.6/20
   - Exact sum: 23.9 + 10.1 + 9.3 + 11.6 = 54.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Atul Auto Ltd (ATULAUTO): 51/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 24.4/35 | Capital efficiency 13.3/25 | Valuation 9.7/20 | Relative strength 3.2/20
   - Exact sum: 24.4 + 13.3 + 9.7 + 3.2 = 50.6
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -7.1% and the one-year return is 2%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
7. Munjal Showa Ltd (MUNJALSHOW): 40/100 — Mixed-negative evidence; evidence 83%
   - Growth & earnings 11.4/35 | Capital efficiency 11.4/25 | Valuation 7.7/20 | Relative strength 9.7/20
   - Exact sum: 11.4 + 11.4 + 7.7 + 9.7 = 40.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Ola Electric Mobility Ltd (OLAELEC): 28/100 — Adverse evidence; evidence 62%
   - Growth & earnings 11.8/35 | Capital efficiency 3.3/25 | Valuation 10.0/20 | Relative strength 3.0/20
   - Exact sum: 11.8 + 3.3 + 10 + 3 = 28.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

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.

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.

Evidence: Bajaj Auto Ltd · ₹71,460 crore | 18.8% versus #2 · TVS Motor Company Ltd | 8/8 recent comparable periods | 8/8 companies · 118 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Bajaj Auto Ltd (BAJAJ-AUTO): ₹71.5K Cr
2. TVS Motor Company Ltd (TVSMOTOR): ₹60.2K Cr
3. Hero MotoCorp Ltd (HEROMOTOCO): ₹47.4K Cr
4. Eicher Motors Ltd (EICHERMOT): ₹23.4K Cr
5. Ather Energy Ltd (ATHERENERG): ₹3.7K Cr

### Revenue growth — fastest growers
1. Ather Energy Ltd (ATHERENERG): 63%
2. Bajaj Auto Ltd (BAJAJ-AUTO): 37%
3. TVS Motor Company Ltd (TVSMOTOR): 31%
4. Eicher Motors Ltd (EICHERMOT): 24%
5. Hero MotoCorp Ltd (HEROMOTOCO): 16%

### 20-quarter Revenue history
- BAJAJ-AUTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹9.3K Cr | Mar 2023 ₹8.9K Cr | Jun 2023 ₹10.3K Cr | Sep 2023 ₹10.8K Cr | Dec 2023 ₹12.2K Cr | Mar 2024 ₹11.6K Cr | Jun 2024 ₹11.9K Cr | Sep 2024 ₹13.2K Cr | Dec 2024 ₹13.2K Cr | Mar 2025 ₹12.6K Cr | Jun 2025 ₹13.1K Cr | Sep 2025 ₹15.7K Cr | Dec 2025 ₹16.2K Cr | Mar 2026 ₹17.8K Cr | Jun 2026 ₹21.7K Cr
- EICHERMOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹3.4K Cr | Dec 2022 ₹3.7K Cr | Mar 2023 ₹3.8K Cr | Jun 2023 ₹4.0K Cr | Sep 2023 ₹4.1K Cr | Dec 2023 ₹4.2K Cr | Mar 2024 ₹4.3K Cr | Jun 2024 ₹4.4K Cr | Sep 2024 ₹4.3K Cr | Dec 2024 ₹5.0K Cr | Mar 2025 ₹5.2K Cr | Jun 2025 ₹5.0K Cr | Sep 2025 ₹6.2K Cr | Dec 2025 ₹6.1K Cr | Mar 2026 ₹6.1K Cr | Jun 2026 —
- TVSMOTOR: Sep 2021 ₹6.5K Cr | Dec 2021 ₹6.6K Cr | Mar 2022 ₹6.6K Cr | Jun 2022 ₹7.3K Cr | Sep 2022 ₹8.6K Cr | Dec 2022 ₹8.1K Cr | Mar 2023 ₹8.0K Cr | Jun 2023 ₹9.1K Cr | Sep 2023 ₹9.9K Cr | Dec 2023 ₹10.1K Cr | Mar 2024 ₹9.9K Cr | Jun 2024 ₹10.3K Cr | Sep 2024 ₹11.3K Cr | Dec 2024 ₹11.0K Cr | Mar 2025 ₹11.5K Cr | Jun 2025 ₹12.2K Cr | Sep 2025 ₹14.1K Cr | Dec 2025 ₹14.8K Cr | Mar 2026 ₹15.1K Cr | Jun 2026 ₹16.3K Cr
- HEROMOTOCO: Sep 2021 ₹8.5K Cr | Dec 2021 ₹8.0K Cr | Mar 2022 ₹7.5K Cr | Jun 2022 ₹8.4K Cr | Sep 2022 ₹9.2K Cr | Dec 2022 ₹8.1K Cr | Mar 2023 ₹8.4K Cr | Jun 2023 ₹8.9K Cr | Sep 2023 ₹9.5K Cr | Dec 2023 ₹9.8K Cr | Mar 2024 ₹9.6K Cr | Jun 2024 ₹10.2K Cr | Sep 2024 ₹10.5K Cr | Dec 2024 ₹10.3K Cr | Mar 2025 ₹10.0K Cr | Jun 2025 ₹9.7K Cr | Sep 2025 ₹12.2K Cr | Dec 2025 ₹12.5K Cr | Mar 2026 ₹13.0K Cr | Jun 2026 —
- ATHERENERG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹523 Cr | Jun 2024 ₹360 Cr | Sep 2024 ₹584 Cr | Dec 2024 ₹635 Cr | Mar 2025 ₹676 Cr | Jun 2025 ₹645 Cr | Sep 2025 ₹899 Cr | Dec 2025 ₹954 Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- OLAELEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹1.2K Cr | Sep 2023 ₹873 Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹611 Cr | Jun 2025 ₹828 Cr | Sep 2025 ₹690 Cr | Dec 2025 ₹470 Cr | Mar 2026 ₹265 Cr | Jun 2026 —
- ATULAUTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹133 Cr | Mar 2023 ₹150 Cr | Jun 2023 ₹60 Cr | Sep 2023 ₹153 Cr | Dec 2023 ₹154 Cr | Mar 2024 ₹160 Cr | Jun 2024 ₹135 Cr | Sep 2024 ₹182 Cr | Dec 2024 ₹195 Cr | Mar 2025 ₹211 Cr | Jun 2025 ₹153 Cr | Sep 2025 ₹200 Cr | Dec 2025 ₹231 Cr | Mar 2026 ₹241 Cr | Jun 2026 —
- MUNJALSHOW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹308 Cr | Mar 2023 ₹299 Cr | Jun 2023 ₹288 Cr | Sep 2023 ₹287 Cr | Dec 2023 ₹303 Cr | Mar 2024 ₹294 Cr | Jun 2024 ₹311 Cr | Sep 2024 ₹318 Cr | Dec 2024 ₹319 Cr | Mar 2025 ₹303 Cr | Jun 2025 ₹286 Cr | Sep 2025 ₹333 Cr | Dec 2025 ₹350 Cr | Mar 2026 ₹347 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- BAJAJ-AUTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 31% | Mar 2024 29% | Jun 2024 16% | Sep 2024 22% | Dec 2024 8.3% | Mar 2025 9.4% | Jun 2025 10% | Sep 2025 19% | Dec 2025 23% | Mar 2026 41% | Jun 2026 65%
- EICHERMOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 21% | Dec 2023 12% | Mar 2024 12% | Jun 2024 10% | Sep 2024 3.6% | Dec 2024 19% | Mar 2025 23% | Jun 2025 15% | Sep 2025 45% | Dec 2025 23% | Mar 2026 16% | Jun 2026 —
- TVSMOTOR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 32% | Dec 2022 22% | Mar 2023 22% | Jun 2023 23% | Sep 2023 16% | Dec 2023 25% | Mar 2024 24% | Jun 2024 14% | Sep 2024 14% | Dec 2024 9.1% | Mar 2025 16% | Jun 2025 18% | Sep 2025 24% | Dec 2025 34% | Mar 2026 30% | Jun 2026 33%
- HEROMOTOCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 54% | Sep 2022 7.3% | Dec 2022 1.3% | Mar 2023 13% | Jun 2023 4.8% | Sep 2023 4.1% | Dec 2023 21% | Mar 2024 14% | Jun 2024 15% | Sep 2024 10.0% | Dec 2024 4.8% | Mar 2025 3.7% | Jun 2025 -4.7% | Sep 2025 17% | Dec 2025 22% | Mar 2026 30% | Jun 2026 —
- ATHERENERG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 29% | Jun 2025 79% | Sep 2025 54% | Dec 2025 50% | Mar 2026 74% | Jun 2026 —
- OLAELEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 32% | Sep 2024 39% | Dec 2024 -19% | Mar 2025 -62% | Jun 2025 -50% | Sep 2025 -43% | Dec 2025 -55% | Mar 2026 -57% | Jun 2026 —
- ATULAUTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 16% | Mar 2024 6.7% | Jun 2024 125% | Sep 2024 19% | Dec 2024 27% | Mar 2025 32% | Jun 2025 13% | Sep 2025 9.9% | Dec 2025 18% | Mar 2026 14% | Jun 2026 —
- MUNJALSHOW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -1.5% | Mar 2024 -1.5% | Jun 2024 8.0% | Sep 2024 11% | Dec 2024 5.2% | Mar 2025 2.9% | Jun 2025 -8.0% | Sep 2025 4.7% | Dec 2025 9.6% | Mar 2026 15% | Jun 2026 —

## Operating Economics & Margin Trend

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

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.

Evidence: Eicher Motors Ltd · 25% | 19% versus #2 · Bajaj Auto Ltd | 3/8 recent comparable periods | 8/8 companies · 137 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Eicher Motors Ltd (EICHERMOT): 25%
2. Bajaj Auto Ltd (BAJAJ-AUTO): 21%
3. Hero MotoCorp Ltd (HEROMOTOCO): 14%
4. TVS Motor Company Ltd (TVSMOTOR): 14%
5. Atul Auto Ltd (ATULAUTO): 11%

### Margin change — fastest expanders
1. Ather Energy Ltd (ATHERENERG): +19.0 pp
2. Ola Electric Mobility Ltd (OLAELEC): +8.0 pp
3. Atul Auto Ltd (ATULAUTO): +4.0 pp
4. Eicher Motors Ltd (EICHERMOT): +1.0 pp
5. Bajaj Auto Ltd (BAJAJ-AUTO): 0.0 pp

### 20-quarter OPM history
- BAJAJ-AUTO: Sep 2021 16% | Dec 2021 15% | Mar 2022 17% | Jun 2022 16% | Sep 2022 17% | Dec 2022 19% | Mar 2023 19% | Jun 2023 19% | Sep 2023 20% | Dec 2023 20% | Mar 2024 20% | Jun 2024 20% | Sep 2024 16% | Dec 2024 21% | Mar 2025 19% | Jun 2025 21% | Sep 2025 18% | Dec 2025 23% | Mar 2026 17% | Jun 2026 21%
- EICHERMOT: Sep 2021 21% | Dec 2021 20% | Mar 2022 24% | Jun 2022 24% | Sep 2022 24% | Dec 2022 23% | Mar 2023 25% | Jun 2023 26% | Sep 2023 26% | Dec 2023 26% | Mar 2024 27% | Jun 2024 27% | Sep 2024 26% | Dec 2024 24% | Mar 2025 24% | Jun 2025 24% | Sep 2025 24% | Dec 2025 25% | Mar 2026 25% | Jun 2026 —
- TVSMOTOR: Sep 2021 11% | Dec 2021 12% | Mar 2022 13% | Jun 2022 12% | Sep 2022 13% | Dec 2022 13% | Mar 2023 13% | Jun 2023 13% | Sep 2023 14% | Dec 2023 15% | Mar 2024 15% | Jun 2024 14% | Sep 2024 14% | Dec 2024 15% | Mar 2025 16% | Jun 2025 15% | Sep 2025 15% | Dec 2025 15% | Mar 2026 14% | Jun 2026 14%
- HEROMOTOCO: Sep 2021 12% | Dec 2021 12% | Mar 2022 11% | Jun 2022 11% | Sep 2022 12% | Dec 2022 12% | Mar 2023 13% | Jun 2023 13% | Sep 2023 14% | Dec 2023 14% | Mar 2024 14% | Jun 2024 14% | Sep 2024 14% | Dec 2024 14% | Mar 2025 14% | Jun 2025 15% | Sep 2025 14% | Dec 2025 14% | Mar 2026 14% | Jun 2026 —
- ATHERENERG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -46% | Jun 2024 -36% | Sep 2024 -24% | Dec 2024 -22% | Mar 2025 -25% | Jun 2025 -21% | Sep 2025 -15% | Dec 2025 -8.0% | Mar 2026 -6.0% | Jun 2026 —
- OLAELEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -18% | Sep 2023 -50% | Dec 2023 -23% | Mar 2024 -20% | Jun 2024 -12% | Sep 2024 -31% | Dec 2024 -44% | Mar 2025 -114% | Jun 2025 -29% | Sep 2025 -29% | Dec 2025 -58% | Mar 2026 -106% | Jun 2026 —
- ATULAUTO: Sep 2021 -4.0% | Dec 2021 -5.7% | Mar 2022 -0.7% | Jun 2022 1.5% | Sep 2022 5.5% | Dec 2022 10% | Mar 2023 9.0% | Jun 2023 -7.0% | Sep 2023 11% | Dec 2023 9.0% | Mar 2024 8.0% | Jun 2024 6.0% | Sep 2024 7.0% | Dec 2024 9.0% | Mar 2025 7.0% | Jun 2025 7.0% | Sep 2025 9.0% | Dec 2025 12% | Mar 2026 11% | Jun 2026 —
- MUNJALSHOW: Sep 2021 1.4% | Dec 2021 0.1% | Mar 2022 2.9% | Jun 2022 1.0% | Sep 2022 1.0% | Dec 2022 3.0% | Mar 2023 5.3% | Jun 2023 2.5% | Sep 2023 -0.6% | Dec 2023 1.1% | Mar 2024 2.3% | Jun 2024 2.3% | Sep 2024 -1.7% | Dec 2024 2.4% | Mar 2025 2.4% | Jun 2025 0.6% | Sep 2025 0.9% | Dec 2025 3.5% | Mar 2026 -0.0% | Jun 2026 —

### 20-quarter Margin change history
- BAJAJ-AUTO: Sep 2021 −1.7 pp | Dec 2021 −4.2 pp | Mar 2022 −0.6 pp | Jun 2022 +0.9 pp | Sep 2022 +1.2 pp | Dec 2022 +3.8 pp | Mar 2023 +1.9 pp | Jun 2023 +2.9 pp | Sep 2023 +2.9 pp | Dec 2023 +1.0 pp | Mar 2024 +1.0 pp | Jun 2024 +1.0 pp | Sep 2024 −4.0 pp | Dec 2024 +1.0 pp | Mar 2025 −1.0 pp | Jun 2025 +1.0 pp | Sep 2025 +2.0 pp | Dec 2025 +2.0 pp | Mar 2026 −2.0 pp | Jun 2026 0.0 pp
- EICHERMOT: Sep 2021 −1.0 pp | Dec 2021 −3.5 pp | Mar 2022 +2.1 pp | Jun 2022 +8.1 pp | Sep 2022 +3.1 pp | Dec 2022 +2.8 pp | Mar 2023 +1.3 pp | Jun 2023 +1.5 pp | Sep 2023 +2.0 pp | Dec 2023 +3.0 pp | Mar 2024 +2.0 pp | Jun 2024 +1.0 pp | Sep 2024 0.0 pp | Dec 2024 −2.0 pp | Mar 2025 −3.0 pp | Jun 2025 −3.0 pp | Sep 2025 −2.0 pp | Dec 2025 +1.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- TVSMOTOR: Sep 2021 −0.6 pp | Dec 2021 −0.6 pp | Mar 2022 −0.1 pp | Jun 2022 +3.4 pp | Sep 2022 +1.1 pp | Dec 2022 +1.3 pp | Mar 2023 +0.5 pp | Jun 2023 +0.8 pp | Sep 2023 +1.5 pp | Dec 2023 +2.0 pp | Mar 2024 +2.0 pp | Jun 2024 +1.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 +1.0 pp | Jun 2025 +1.0 pp | Sep 2025 +1.0 pp | Dec 2025 0.0 pp | Mar 2026 −2.0 pp | Jun 2026 −1.0 pp
- HEROMOTOCO: Sep 2021 −1.8 pp | Dec 2021 −1.5 pp | Mar 2022 −3.0 pp | Jun 2022 +3.9 pp | Sep 2022 −0.4 pp | Dec 2022 −0.3 pp | Mar 2023 +1.9 pp | Jun 2023 +2.1 pp | Sep 2023 +2.4 pp | Dec 2023 +2.0 pp | Mar 2024 +1.0 pp | Jun 2024 +1.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 +1.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- ATHERENERG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 +21.0 pp | Jun 2025 +15.0 pp | Sep 2025 +9.0 pp | Dec 2025 +14.0 pp | Mar 2026 +19.0 pp | Jun 2026 —
- OLAELEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +6.0 pp | Sep 2024 +19.0 pp | Dec 2024 −21.0 pp | Mar 2025 −94.0 pp | Jun 2025 −17.0 pp | Sep 2025 +2.0 pp | Dec 2025 −14.0 pp | Mar 2026 +8.0 pp | Jun 2026 —
- ATULAUTO: Sep 2021 −6.9 pp | Dec 2021 −8.5 pp | Mar 2022 +5.3 pp | Jun 2022 +20.8 pp | Sep 2022 +9.6 pp | Dec 2022 +15.7 pp | Mar 2023 +9.7 pp | Jun 2023 −8.5 pp | Sep 2023 +5.5 pp | Dec 2023 −1.0 pp | Mar 2024 −1.0 pp | Jun 2024 +13.0 pp | Sep 2024 −4.0 pp | Dec 2024 0.0 pp | Mar 2025 −1.0 pp | Jun 2025 +1.0 pp | Sep 2025 +2.0 pp | Dec 2025 +3.0 pp | Mar 2026 +4.0 pp | Jun 2026 —
- MUNJALSHOW: Sep 2021 −2.7 pp | Dec 2021 −5.3 pp | Mar 2022 +0.6 pp | Jun 2022 +3.6 pp | Sep 2022 −0.5 pp | Dec 2022 +2.9 pp | Mar 2023 +2.4 pp | Jun 2023 +1.4 pp | Sep 2023 −1.6 pp | Dec 2023 −1.9 pp | Mar 2024 −3.0 pp | Jun 2024 −0.1 pp | Sep 2024 −1.0 pp | Dec 2024 +1.3 pp | Mar 2025 +0.1 pp | Jun 2025 −1.8 pp | Sep 2025 +2.6 pp | Dec 2025 +1.1 pp | Mar 2026 −2.4 pp | Jun 2026 —

## Profit Scale & Acceleration

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.

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.

Evidence: Bajaj Auto Ltd · ₹11,553 crore | 100% versus #2 · Hero MotoCorp Ltd | 6/8 recent comparable periods | 8/8 companies · 118 observations

Definition: 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 profit — largest
1. Bajaj Auto Ltd (BAJAJ-AUTO): ₹11.6K Cr
2. Hero MotoCorp Ltd (HEROMOTOCO): ₹5.8K Cr
3. Eicher Motors Ltd (EICHERMOT): ₹5.5K Cr
4. TVS Motor Company Ltd (TVSMOTOR): ₹3.6K Cr
5. Atul Auto Ltd (ATULAUTO): ₹43 Cr

### Profit growth — fastest growers
1. Atul Auto Ltd (ATULAUTO): 100%
2. Bajaj Auto Ltd (BAJAJ-AUTO): 52%
3. TVS Motor Company Ltd (TVSMOTOR): 42%
4. Hero MotoCorp Ltd (HEROMOTOCO): 32%
5. Eicher Motors Ltd (EICHERMOT): 17%

### 20-quarter Net profit history
- BAJAJ-AUTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹3.5K Cr | Jun 2026 ₹3.2K Cr
- EICHERMOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹615 Cr | Dec 2022 ₹741 Cr | Mar 2023 ₹906 Cr | Jun 2023 ₹918 Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹996 Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- TVSMOTOR: Sep 2021 ₹242 Cr | Dec 2021 ₹248 Cr | Mar 2022 ₹277 Cr | Jun 2022 ₹305 Cr | Sep 2022 ₹386 Cr | Dec 2022 ₹304 Cr | Mar 2023 ₹336 Cr | Jun 2023 ₹441 Cr | Sep 2023 ₹416 Cr | Dec 2023 ₹510 Cr | Mar 2024 ₹412 Cr | Jun 2024 ₹485 Cr | Sep 2024 ₹588 Cr | Dec 2024 ₹609 Cr | Mar 2025 ₹698 Cr | Jun 2025 ₹643 Cr | Sep 2025 ₹833 Cr | Dec 2025 ₹891 Cr | Mar 2026 ₹820 Cr | Jun 2026 ₹1.1K Cr
- HEROMOTOCO: Sep 2021 ₹746 Cr | Dec 2021 ₹704 Cr | Mar 2022 ₹611 Cr | Jun 2022 ₹590 Cr | Sep 2022 ₹688 Cr | Dec 2022 ₹721 Cr | Mar 2023 ₹811 Cr | Jun 2023 ₹701 Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹943 Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- ATHERENERG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹-283 Cr | Jun 2024 ₹-183 Cr | Sep 2024 ₹-197 Cr | Dec 2024 ₹-198 Cr | Mar 2025 ₹-234 Cr | Jun 2025 ₹-178 Cr | Sep 2025 ₹-154 Cr | Dec 2025 ₹-85 Cr | Mar 2026 ₹-100 Cr | Jun 2026 —
- OLAELEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹-267 Cr | Sep 2023 ₹-524 Cr | Dec 2023 ₹-376 Cr | Mar 2024 ₹-416 Cr | Jun 2024 ₹-347 Cr | Sep 2024 ₹-495 Cr | Dec 2024 ₹-564 Cr | Mar 2025 ₹-870 Cr | Jun 2025 ₹-428 Cr | Sep 2025 ₹-418 Cr | Dec 2025 ₹-487 Cr | Mar 2026 ₹-500 Cr | Jun 2026 —
- ATULAUTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹-9 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹18 Cr | Jun 2026 —
- MUNJALSHOW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹3 Cr | Mar 2023 ₹21 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹-0 Cr | Jun 2026 —

### 20-quarter Profit growth history
- BAJAJ-AUTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 38% | Mar 2024 18% | Jun 2024 18% | Sep 2024 -31% | Dec 2024 8.0% | Mar 2025 -10% | Jun 2025 14% | Sep 2025 53% | Dec 2025 25% | Mar 2026 94% | Jun 2026 44%
- EICHERMOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 65% | Dec 2023 34% | Mar 2024 18% | Jun 2024 20% | Sep 2024 8.3% | Dec 2024 17% | Mar 2025 27% | Jun 2025 9.5% | Sep 2025 24% | Dec 2025 21% | Mar 2026 12% | Jun 2026 —
- TVSMOTOR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 60% | Dec 2022 23% | Mar 2023 21% | Jun 2023 45% | Sep 2023 7.8% | Dec 2023 68% | Mar 2024 23% | Jun 2024 10.0% | Sep 2024 41% | Dec 2024 19% | Mar 2025 69% | Jun 2025 33% | Sep 2025 42% | Dec 2025 46% | Mar 2026 17% | Jun 2026 65%
- HEROMOTOCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 130% | Sep 2022 -7.8% | Dec 2022 2.4% | Mar 2023 33% | Jun 2023 19% | Sep 2023 46% | Dec 2023 51% | Mar 2024 16% | Jun 2024 47% | Sep 2024 5.9% | Dec 2024 1.6% | Mar 2025 24% | Jun 2025 65% | Sep 2025 24% | Dec 2025 15% | Mar 2026 26% | Jun 2026 —
- ATULAUTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.0% | Mar 2024 67% | Jun 2024 — | Sep 2024 -29% | Dec 2024 75% | Mar 2025 20% | Jun 2025 100% | Sep 2025 60% | Dec 2025 114% | Mar 2026 200% | Jun 2026 —
- MUNJALSHOW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 188% | Mar 2024 -63% | Jun 2024 -6.6% | Sep 2024 33% | Dec 2024 -31% | Mar 2025 14% | Jun 2025 -31% | Sep 2025 33% | Dec 2025 82% | Mar 2026 -101% | Jun 2026 —

## Capacity Spending & Returns On It

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.

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.

Evidence: Ola Electric Mobility Ltd · ₹198 crore | 160.5% versus #2 · Ather Energy Ltd | 2/2 recent comparable periods | 2/8 companies · 5 observations

Definition: 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.

### CAPEX — largest spenders
1. Ola Electric Mobility Ltd (OLAELEC): ₹198 Cr
2. Ather Energy Ltd (ATHERENERG): ₹76 Cr

### CAPEX intensity — highest reinvestment intensity
1. Ola Electric Mobility Ltd (OLAELEC): 23%
2. Ather Energy Ltd (ATHERENERG): 11%

### 20-quarter CAPEX history
- ATHERENERG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹40 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 ₹68 Cr | Mar 2025 ₹76 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- OLAELEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹162 Cr | Sep 2023 ₹198 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- ATHERENERG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 7.6% | Jun 2024 — | Sep 2024 — | Dec 2024 11% | Mar 2025 11% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- OLAELEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 13% | Sep 2023 23% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

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.

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.

Evidence: Munjal Showa Ltd · ₹0 crore | 100% versus #2 · Atul Auto Ltd | Not enough history | 8/8 companies · 97 observations

Definition: 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 debt — lowest gross debt
1. Munjal Showa Ltd (MUNJALSHOW): ₹0 Cr
2. Atul Auto Ltd (ATULAUTO): ₹145 Cr
3. Eicher Motors Ltd (EICHERMOT): ₹514 Cr
4. Ather Energy Ltd (ATHERENERG): ₹664 Cr
5. Hero MotoCorp Ltd (HEROMOTOCO): ₹779 Cr

### Net debt — lowest net debt
1. Hero MotoCorp Ltd (HEROMOTOCO): ₹-12.2K Cr
2. Ather Energy Ltd (ATHERENERG): ₹-1.8K Cr
3. Atul Auto Ltd (ATULAUTO): ₹63 Cr
4. Ola Electric Mobility Ltd (OLAELEC): ₹2.1K Cr
5. TVS Motor Company Ltd (TVSMOTOR): ₹28.3K Cr

### 20-quarter Gross debt history
- BAJAJ-AUTO: Sep 2021 — | Dec 2021 — | Mar 2022 ₹123 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹124 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1.9K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹9.4K Cr | Jun 2025 — | Sep 2025 ₹19.7K Cr | Dec 2025 — | Mar 2026 ₹22.7K Cr | Jun 2026 —
- EICHERMOT: Sep 2021 — | Dec 2021 — | Mar 2022 ₹108 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹288 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹419 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹458 Cr | Jun 2025 — | Sep 2025 ₹446 Cr | Dec 2025 — | Mar 2026 ₹514 Cr | Jun 2026 —
- TVSMOTOR: Sep 2021 ₹13.7K Cr | Dec 2021 ₹13.7K Cr | Mar 2022 ₹15.8K Cr | Jun 2022 ₹15.8K Cr | Sep 2022 ₹18.7K Cr | Dec 2022 ₹18.7K Cr | Mar 2023 ₹22.4K Cr | Jun 2023 ₹22.4K Cr | Sep 2023 ₹25.1K Cr | Dec 2023 ₹25.1K Cr | Mar 2024 ₹26.0K Cr | Jun 2024 ₹26.0K Cr | Sep 2024 ₹26.8K Cr | Dec 2024 ₹26.8K Cr | Mar 2025 ₹28.6K Cr | Jun 2025 ₹28.6K Cr | Sep 2025 ₹31.6K Cr | Dec 2025 ₹31.6K Cr | Mar 2026 ₹32.8K Cr | Jun 2026 ₹32.8K Cr
- HEROMOTOCO: Sep 2021 ₹617 Cr | Dec 2021 ₹617 Cr | Mar 2022 ₹605 Cr | Jun 2022 ₹605 Cr | Sep 2022 ₹727 Cr | Dec 2022 ₹727 Cr | Mar 2023 ₹568 Cr | Jun 2023 ₹568 Cr | Sep 2023 ₹651 Cr | Dec 2023 ₹651 Cr | Mar 2024 ₹606 Cr | Jun 2024 ₹606 Cr | Sep 2024 ₹588 Cr | Dec 2024 ₹588 Cr | Mar 2025 ₹700 Cr | Jun 2025 ₹700 Cr | Sep 2025 ₹718 Cr | Dec 2025 ₹718 Cr | Mar 2026 ₹779 Cr | Jun 2026 —
- ATHERENERG: Sep 2021 — | Dec 2021 — | Mar 2022 ₹365 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹485 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹478 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 ₹1.3K Cr | Mar 2025 ₹619 Cr | Jun 2025 ₹619 Cr | Sep 2025 ₹430 Cr | Dec 2025 ₹430 Cr | Mar 2026 ₹664 Cr | Jun 2026 —
- OLAELEC: Sep 2021 — | Dec 2021 — | Mar 2022 ₹2.6K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹3.5K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹5.7K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹3.4K Cr | Dec 2024 ₹3.4K Cr | Mar 2025 ₹3.6K Cr | Jun 2025 ₹3.6K Cr | Sep 2025 ₹3.1K Cr | Dec 2025 ₹3.1K Cr | Mar 2026 ₹2.8K Cr | Jun 2026 —
- ATULAUTO: Sep 2021 ₹168 Cr | Dec 2021 ₹168 Cr | Mar 2022 ₹188 Cr | Jun 2022 ₹188 Cr | Sep 2022 ₹210 Cr | Dec 2022 ₹210 Cr | Mar 2023 ₹171 Cr | Jun 2023 ₹171 Cr | Sep 2023 ₹136 Cr | Dec 2023 ₹136 Cr | Mar 2024 ₹144 Cr | Jun 2024 ₹144 Cr | Sep 2024 ₹125 Cr | Dec 2024 ₹125 Cr | Mar 2025 ₹110 Cr | Jun 2025 ₹110 Cr | Sep 2025 ₹145 Cr | Dec 2025 ₹145 Cr | Mar 2026 ₹145 Cr | Jun 2026 —
- MUNJALSHOW: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 —

### 20-quarter Net debt history
- TVSMOTOR: Sep 2021 ₹12.0K Cr | Dec 2021 ₹12.0K Cr | Mar 2022 ₹14.2K Cr | Jun 2022 ₹14.2K Cr | Sep 2022 ₹16.3K Cr | Dec 2022 ₹16.3K Cr | Mar 2023 ₹20.3K Cr | Jun 2023 ₹20.3K Cr | Sep 2023 ₹22.0K Cr | Dec 2023 ₹22.0K Cr | Mar 2024 ₹23.5K Cr | Jun 2024 ₹23.5K Cr | Sep 2024 ₹22.9K Cr | Dec 2024 ₹22.9K Cr | Mar 2025 ₹24.0K Cr | Jun 2025 ₹24.0K Cr | Sep 2025 ₹26.3K Cr | Dec 2025 ₹26.3K Cr | Mar 2026 ₹28.3K Cr | Jun 2026 ₹28.3K Cr
- HEROMOTOCO: Sep 2021 ₹-5.2K Cr | Dec 2021 ₹-5.2K Cr | Mar 2022 ₹-5.4K Cr | Jun 2022 ₹-5.4K Cr | Sep 2022 ₹-4.0K Cr | Dec 2022 ₹-4.0K Cr | Mar 2023 ₹-3.5K Cr | Jun 2023 ₹-3.3K Cr | Sep 2023 ₹-3.0K Cr | Dec 2023 ₹-3.0K Cr | Mar 2024 ₹-4.4K Cr | Jun 2024 ₹-4.4K Cr | Sep 2024 ₹-6.9K Cr | Dec 2024 ₹-6.9K Cr | Mar 2025 ₹-6.5K Cr | Jun 2025 ₹-6.5K Cr | Sep 2025 ₹-10.1K Cr | Dec 2025 ₹-10.1K Cr | Mar 2026 ₹-12.2K Cr | Jun 2026 —
- ATHERENERG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹-177 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 ₹790 Cr | Mar 2025 ₹275 Cr | Jun 2025 ₹208 Cr | Sep 2025 ₹-843 Cr | Dec 2025 ₹-843 Cr | Mar 2026 ₹-1.8K Cr | Jun 2026 —
- OLAELEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹979 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹-2.6K Cr | Dec 2024 ₹-2.6K Cr | Mar 2025 ₹793 Cr | Jun 2025 ₹38 Cr | Sep 2025 ₹195 Cr | Dec 2025 ₹195 Cr | Mar 2026 ₹2.1K Cr | Jun 2026 —
- ATULAUTO: Sep 2021 ₹152 Cr | Dec 2021 ₹152 Cr | Mar 2022 ₹182 Cr | Jun 2022 ₹181 Cr | Sep 2022 ₹200 Cr | Dec 2022 ₹200 Cr | Mar 2023 ₹150 Cr | Jun 2023 ₹149 Cr | Sep 2023 ₹104 Cr | Dec 2023 ₹104 Cr | Mar 2024 ₹101 Cr | Jun 2024 ₹99 Cr | Sep 2024 ₹95 Cr | Dec 2024 ₹95 Cr | Mar 2025 ₹93 Cr | Jun 2025 ₹90 Cr | Sep 2025 ₹114 Cr | Dec 2025 ₹114 Cr | Mar 2026 ₹63 Cr | Jun 2026 —

## Return On Capital Employed

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.

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.

Evidence: Hero MotoCorp Ltd · 35.2% | 15.4% versus #2 · Eicher Motors Ltd | 7/8 recent comparable periods | 8/8 companies · 63 observations

Definition: 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.

### ROCE — highest
1. Hero MotoCorp Ltd (HEROMOTOCO): 35%
2. Eicher Motors Ltd (EICHERMOT): 31%
3. Bajaj Auto Ltd (BAJAJ-AUTO): 28%
4. TVS Motor Company Ltd (TVSMOTOR): 17%
5. Atul Auto Ltd (ATULAUTO): 11%

### ROCE change — fastest improvers
1. Ather Energy Ltd (ATHERENERG): +63.5 pp
2. TVS Motor Company Ltd (TVSMOTOR): +5.4 pp
3. Munjal Showa Ltd (MUNJALSHOW): +5.0 pp
4. Atul Auto Ltd (ATULAUTO): +4.7 pp
5. Hero MotoCorp Ltd (HEROMOTOCO): +1.6 pp

### 20-quarter ROCE history
- TVSMOTOR: Sep 2021 18% | Dec 2021 — | Mar 2022 15% | Jun 2022 — | Sep 2022 18% | Dec 2022 — | Mar 2023 21% | Jun 2023 — | Sep 2023 20% | Dec 2023 24% | Mar 2024 25% | Jun 2024 26% | Sep 2024 18% | Dec 2024 25% | Mar 2025 25% | Jun 2025 26% | Sep 2025 19% | Dec 2025 29% | Mar 2026 29% | Jun 2026 31%
- HEROMOTOCO: Sep 2021 21% | Dec 2021 — | Mar 2022 16% | Jun 2022 — | Sep 2022 18% | Dec 2022 — | Mar 2023 19% | Jun 2023 — | Sep 2023 21% | Dec 2023 27% | Mar 2024 24% | Jun 2024 30% | Sep 2024 24% | Dec 2024 29% | Mar 2025 25% | Jun 2025 34% | Sep 2025 24% | Dec 2025 33% | Mar 2026 26% | Jun 2026 —
- ATHERENERG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -33% | Jun 2024 — | Sep 2024 — | Dec 2024 -144% | Mar 2025 -81% | Jun 2025 -79% | Sep 2025 -24% | Dec 2025 -30% | Mar 2026 -18% | Jun 2026 —
- OLAELEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -8.8% | Sep 2023 — | Dec 2023 — | Mar 2024 -43% | Jun 2024 -43% | Sep 2024 -19% | Dec 2024 -26% | Mar 2025 -30% | Jun 2025 -35% | Sep 2025 -34% | Dec 2025 -24% | Mar 2026 -34% | Jun 2026 —
- ATULAUTO: Sep 2021 -5.0% | Dec 2021 — | Mar 2022 -6.3% | Jun 2022 — | Sep 2022 -2.4% | Dec 2022 — | Mar 2023 4.9% | Jun 2023 — | Sep 2023 5.0% | Dec 2023 5.3% | Mar 2024 4.4% | Jun 2024 7.5% | Sep 2024 6.3% | Dec 2024 7.2% | Mar 2025 7.3% | Jun 2025 7.6% | Sep 2025 8.7% | Dec 2025 11% | Mar 2026 12% | Jun 2026 —

### 20-quarter ROCE change history
- TVSMOTOR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 — | Mar 2023 +5.5 pp | Jun 2023 — | Sep 2023 +1.6 pp | Dec 2023 — | Mar 2024 +4.1 pp | Jun 2024 — | Sep 2024 −1.6 pp | Dec 2024 +0.6 pp | Mar 2025 −0.4 pp | Jun 2025 0.0 pp | Sep 2025 +0.8 pp | Dec 2025 +3.7 pp | Mar 2026 +4.5 pp | Jun 2026 +5.4 pp
- HEROMOTOCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.1 pp | Dec 2022 — | Mar 2023 +2.9 pp | Jun 2023 — | Sep 2023 +2.7 pp | Dec 2023 — | Mar 2024 +4.7 pp | Jun 2024 — | Sep 2024 +3.3 pp | Dec 2024 +1.6 pp | Mar 2025 +0.7 pp | Jun 2025 +3.4 pp | Sep 2025 −0.4 pp | Dec 2025 +4.4 pp | Mar 2026 +1.6 pp | Jun 2026 —
- ATHERENERG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 −48.4 pp | Jun 2025 — | Sep 2025 — | Dec 2025 +114.4 pp | Mar 2026 +63.5 pp | Jun 2026 —
- OLAELEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 −34.3 pp | Sep 2024 — | Dec 2024 — | Mar 2025 +12.7 pp | Jun 2025 +8.2 pp | Sep 2025 −14.6 pp | Dec 2025 +2.4 pp | Mar 2026 −3.2 pp | Jun 2026 —
- ATULAUTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.6 pp | Dec 2022 — | Mar 2023 +11.2 pp | Jun 2023 — | Sep 2023 +7.4 pp | Dec 2023 — | Mar 2024 −0.5 pp | Jun 2024 — | Sep 2024 +1.3 pp | Dec 2024 +1.9 pp | Mar 2025 +2.9 pp | Jun 2025 +0.1 pp | Sep 2025 +2.4 pp | Dec 2025 +3.7 pp | Mar 2026 +4.7 pp | Jun 2026 —

## Valuation Against Growth & Quality

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.

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.

Evidence: Hero MotoCorp Ltd · 0.56× | 62.7% versus #2 · TVS Motor Company Ltd | 0/8 recent comparable periods | 2/8 companies · 28 observations

Definition: 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 PEG — lowest PEG
1. Hero MotoCorp Ltd (HEROMOTOCO): 0.6
2. TVS Motor Company Ltd (TVSMOTOR): 1.5

### P/E — lowest P/E
1. Hero MotoCorp Ltd (HEROMOTOCO): 17.4
2. Munjal Showa Ltd (MUNJALSHOW): 23.1
3. Bajaj Auto Ltd (BAJAJ-AUTO): 26.0
4. Atul Auto Ltd (ATULAUTO): 30.4
5. Eicher Motors Ltd (EICHERMOT): 37.7

### 20-quarter Guarded PEG history
- TVSMOTOR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.6 | Sep 2022 1.2 | Dec 2022 2.0 | Mar 2023 0.7 | Jun 2023 — | Sep 2023 1.4 | Dec 2023 1.1 | Mar 2024 2.2 | Jun 2024 2.3 | Sep 2024 5.1 | Dec 2024 2.2 | Mar 2025 3.0 | Jun 2025 2.0 | Sep 2025 1.7 | Dec 2025 1.7 | Mar 2026 1.1 | Jun 2026 1.5
- HEROMOTOCO: Sep 2021 0.7 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.0 | Sep 2023 0.4 | Dec 2023 0.8 | Mar 2024 1.6 | Jun 2024 0.8 | Sep 2024 0.9 | Dec 2024 — | Mar 2025 0.7 | Jun 2025 1.5 | Sep 2025 0.9 | Dec 2025 1.5 | Mar 2026 0.6 | Jun 2026 —

### 20-quarter P/E history
- BAJAJ-AUTO: Sep 2021 19.6 | Dec 2021 15.5 | Mar 2022 18.3 | Jun 2022 20.0 | Sep 2022 18.6 | Dec 2022 18.7 | Mar 2023 19.8 | Jun 2023 22.1 | Sep 2023 22.0 | Dec 2023 28.1 | Mar 2024 35.0 | Jun 2024 34.4 | Sep 2024 44.5 | Dec 2024 34.0 | Mar 2025 29.2 | Jun 2025 32.2 | Sep 2025 32.0 | Dec 2025 30.4 | Mar 2026 27.8 | Jun 2026 25.5
- EICHERMOT: Sep 2021 48.9 | Dec 2021 42.5 | Mar 2022 40.1 | Jun 2022 46.9 | Sep 2022 49.0 | Dec 2022 37.8 | Mar 2023 30.8 | Jun 2023 33.6 | Sep 2023 29.3 | Dec 2023 31.6 | Mar 2024 28.7 | Jun 2024 32.0 | Sep 2024 33.1 | Dec 2024 31.3 | Mar 2025 33.0 | Jun 2025 32.8 | Sep 2025 39.9 | Dec 2025 39.3 | Mar 2026 34.6 | Jun 2026 —
- TVSMOTOR: Sep 2021 32.6 | Dec 2021 35.3 | Mar 2022 35.5 | Jun 2022 48.6 | Sep 2022 45.6 | Dec 2022 42.3 | Mar 2023 40.2 | Jun 2023 48.5 | Sep 2023 49.6 | Dec 2023 66.0 | Mar 2024 62.5 | Jun 2024 67.0 | Sep 2024 82.6 | Dec 2024 61.5 | Mar 2025 58.8 | Jun 2025 63.1 | Sep 2025 68.4 | Dec 2025 66.3 | Mar 2026 56.1 | Jun 2026 55.6
- HEROMOTOCO: Sep 2021 18.2 | Dec 2021 16.9 | Mar 2022 18.4 | Jun 2022 23.8 | Sep 2022 19.2 | Dec 2022 21.1 | Mar 2023 17.9 | Jun 2023 20.7 | Sep 2023 20.1 | Dec 2023 24.6 | Mar 2024 25.3 | Jun 2024 28.9 | Sep 2024 29.2 | Dec 2024 20.5 | Mar 2025 17.9 | Jun 2025 19.7 | Sep 2025 21.1 | Dec 2025 21.3 | Mar 2026 18.6 | Jun 2026 —
- ATULAUTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -110.6 | Mar 2023 186.6 | Jun 2023 205.7 | Sep 2023 219.1 | Dec 2023 216.7 | Mar 2024 175.5 | Jun 2024 206.9 | Sep 2024 91.4 | Dec 2024 91.5 | Mar 2025 61.9 | Jun 2025 58.5 | Sep 2025 57.0 | Dec 2025 44.9 | Mar 2026 31.2 | Jun 2026 —
- MUNJALSHOW: Sep 2021 16.9 | Dec 2021 17.8 | Mar 2022 37.5 | Jun 2022 33.0 | Sep 2022 20.5 | Dec 2022 19.9 | Mar 2023 14.7 | Jun 2023 18.6 | Sep 2023 16.1 | Dec 2023 18.0 | Mar 2024 17.6 | Jun 2024 19.8 | Sep 2024 21.9 | Dec 2024 19.5 | Mar 2025 15.7 | Jun 2025 18.3 | Sep 2025 21.8 | Dec 2025 19.3 | Mar 2026 14.2 | Jun 2026 —

## Enterprise Value & Book Value

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

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.

Evidence: Munjal Showa Ltd · 8.4× | 33.3% versus #2 · Hero MotoCorp Ltd | 0/8 recent comparable periods | 6/8 companies · 111 observations

Definition: 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/EBITDA — lowest EV/EBITDA
1. Munjal Showa Ltd (MUNJALSHOW): 8.4
2. Hero MotoCorp Ltd (HEROMOTOCO): 12.6
3. Atul Auto Ltd (ATULAUTO): 17.0
4. Bajaj Auto Ltd (BAJAJ-AUTO): 17.8
5. TVS Motor Company Ltd (TVSMOTOR): 23.1

### P/BV — lowest P/BV
1. Munjal Showa Ltd (MUNJALSHOW): 0.8
2. Atul Auto Ltd (ATULAUTO): 2.7
3. Hero MotoCorp Ltd (HEROMOTOCO): 4.6
4. Ola Electric Mobility Ltd (OLAELEC): 4.9
5. Bajaj Auto Ltd (BAJAJ-AUTO): 8.0

### 20-quarter EV/EBITDA history
- BAJAJ-AUTO: Sep 2021 14.7 | Dec 2021 11.9 | Mar 2022 14.2 | Jun 2022 15.5 | Sep 2022 14.1 | Dec 2022 13.6 | Mar 2023 14.3 | Jun 2023 16.1 | Sep 2023 16.1 | Dec 2023 20.7 | Mar 2024 25.4 | Jun 2024 25.4 | Sep 2024 32.6 | Dec 2024 23.7 | Mar 2025 20.3 | Jun 2025 21.4 | Sep 2025 21.5 | Dec 2025 21.6 | Mar 2026 19.6 | Jun 2026 17.8
- EICHERMOT: Sep 2021 28.0 | Dec 2021 25.2 | Mar 2022 23.6 | Jun 2022 27.3 | Sep 2022 31.3 | Dec 2022 24.1 | Mar 2023 19.7 | Jun 2023 21.9 | Sep 2023 19.5 | Dec 2023 21.4 | Mar 2024 19.5 | Jun 2024 21.8 | Sep 2024 22.8 | Dec 2024 21.6 | Mar 2025 23.0 | Jun 2025 23.2 | Sep 2025 28.0 | Dec 2025 27.4 | Mar 2026 24.1 | Jun 2026 —
- TVSMOTOR: Sep 2021 13.8 | Dec 2021 13.9 | Mar 2022 13.4 | Jun 2022 18.7 | Sep 2022 19.9 | Dec 2022 18.6 | Mar 2023 16.8 | Jun 2023 20.3 | Sep 2023 20.5 | Dec 2023 22.0 | Mar 2024 21.2 | Jun 2024 23.8 | Sep 2024 28.4 | Dec 2024 20.9 | Mar 2025 20.2 | Jun 2025 24.5 | Sep 2025 26.5 | Dec 2025 26.7 | Mar 2026 23.7 | Jun 2026 23.1
- HEROMOTOCO: Sep 2021 11.7 | Dec 2021 10.8 | Mar 2022 11.5 | Jun 2022 14.6 | Sep 2022 12.1 | Dec 2022 13.0 | Mar 2023 11.0 | Jun 2023 12.5 | Sep 2023 12.2 | Dec 2023 15.2 | Mar 2024 16.0 | Jun 2024 18.4 | Sep 2024 18.7 | Dec 2024 13.1 | Mar 2025 11.4 | Jun 2025 12.6 | Sep 2025 14.1 | Dec 2025 14.4 | Mar 2026 12.6 | Jun 2026 —
- ATULAUTO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 207.9 | Mar 2023 40.5 | Jun 2023 28.4 | Sep 2023 57.6 | Dec 2023 41.0 | Mar 2024 34.2 | Jun 2024 45.4 | Sep 2024 35.0 | Dec 2024 33.4 | Mar 2025 25.1 | Jun 2025 25.3 | Sep 2025 24.9 | Dec 2025 21.8 | Mar 2026 17.0 | Jun 2026 —
- MUNJALSHOW: Sep 2021 9.3 | Dec 2021 9.6 | Mar 2022 14.7 | Jun 2022 14.8 | Sep 2022 10.9 | Dec 2022 10.8 | Mar 2023 7.9 | Jun 2023 10.4 | Sep 2023 9.9 | Dec 2023 10.7 | Mar 2024 11.2 | Jun 2024 12.5 | Sep 2024 13.8 | Dec 2024 12.5 | Mar 2025 9.6 | Jun 2025 10.8 | Sep 2025 12.1 | Dec 2025 10.8 | Mar 2026 8.4 | Jun 2026 —

### 20-quarter P/BV history
- BAJAJ-AUTO: Sep 2021 4.0 | Dec 2021 3.5 | Mar 2022 3.9 | Jun 2022 4.0 | Sep 2022 3.9 | Dec 2022 4.0 | Mar 2023 3.8 | Jun 2023 4.5 | Sep 2023 4.9 | Dec 2023 6.6 | Mar 2024 8.8 | Jun 2024 9.2 | Sep 2024 12.2 | Dec 2024 8.1 | Mar 2025 7.1 | Jun 2025 8.1 | Sep 2025 6.9 | Dec 2025 7.4 | Mar 2026 7.3 | Jun 2026 7.8
- EICHERMOT: Sep 2021 7.0 | Dec 2021 6.1 | Mar 2022 5.5 | Jun 2022 6.9 | Sep 2022 7.6 | Dec 2022 6.7 | Mar 2023 6.4 | Jun 2023 7.8 | Sep 2023 6.3 | Dec 2023 7.1 | Mar 2024 6.9 | Jun 2024 8.5 | Sep 2024 7.7 | Dec 2024 7.0 | Mar 2025 7.7 | Jun 2025 8.6 | Sep 2025 9.1 | Dec 2025 9.1 | Mar 2026 8.5 | Jun 2026 —
- TVSMOTOR: Sep 2021 6.7 | Dec 2021 7.4 | Mar 2022 7.1 | Jun 2022 8.6 | Sep 2022 9.7 | Dec 2022 10.2 | Mar 2023 11.6 | Jun 2023 11.4 | Sep 2023 13.1 | Dec 2023 15.2 | Mar 2024 16.2 | Jun 2024 20.4 | Sep 2024 20.7 | Dec 2024 14.8 | Mar 2025 14.8 | Jun 2025 20.6 | Sep 2025 19.1 | Dec 2025 21.3 | Mar 2026 20.2 | Jun 2026 19.9
- HEROMOTOCO: Sep 2021 3.7 | Dec 2021 3.1 | Mar 2022 3.0 | Jun 2022 3.6 | Sep 2022 3.1 | Dec 2022 3.3 | Mar 2023 3.0 | Jun 2023 3.7 | Sep 2023 3.7 | Dec 2023 4.7 | Mar 2024 5.3 | Jun 2024 6.7 | Sep 2024 6.7 | Dec 2024 4.5 | Mar 2025 3.9 | Jun 2025 4.9 | Sep 2025 5.5 | Dec 2025 5.4 | Mar 2026 4.9 | Jun 2026 —
- ATHERENERG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 25.1 | Sep 2025 7.9 | Dec 2025 10.6 | Mar 2026 10.6 | Jun 2026 —
- OLAELEC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 6.7 | Dec 2024 6.0 | Mar 2025 3.6 | Jun 2025 3.7 | Sep 2025 4.7 | Dec 2025 3.7 | Mar 2026 2.5 | Jun 2026 —
- ATULAUTO: Sep 2021 1.4 | Dec 2021 1.4 | Mar 2022 1.3 | Jun 2022 1.2 | Sep 2022 1.5 | Dec 2022 2.2 | Mar 2023 2.5 | Jun 2023 2.4 | Sep 2023 4.5 | Dec 2023 3.9 | Mar 2024 3.3 | Jun 2024 4.3 | Sep 2024 4.2 | Dec 2024 3.7 | Mar 2025 2.9 | Jun 2025 3.0 | Sep 2025 3.0 | Dec 2025 2.7 | Mar 2026 2.5 | Jun 2026 —
- MUNJALSHOW: Sep 2021 0.8 | Dec 2021 0.8 | Mar 2022 0.7 | Jun 2022 0.6 | Sep 2022 0.6 | Dec 2022 0.7 | Mar 2023 0.5 | Jun 2023 0.8 | Sep 2023 0.9 | Dec 2023 0.9 | Mar 2024 1.0 | Jun 2024 1.0 | Sep 2024 1.0 | Dec 2024 0.9 | Mar 2025 0.7 | Jun 2025 0.8 | Sep 2025 0.8 | Dec 2025 0.8 | Mar 2026 0.7 | Jun 2026 —

## Market action

Ather Energy Ltd has the strongest one-year price move in Auto - 2 & 3 Wheelers at +254.1%. It also leads on Mansfield relative strength against NIFTY at +62.7%. 6 of 8 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Ather Energy Ltd (ATHERENERG): 254%
2. TVS Motor Company Ltd (TVSMOTOR): 36%
3. Eicher Motors Ltd (EICHERMOT): 36%
4. Bajaj Auto Ltd (BAJAJ-AUTO): 33%
5. Hero MotoCorp Ltd (HEROMOTOCO): 14%

### Strongest relative strength versus NIFTY 500
1. Ather Energy Ltd (ATHERENERG): 63%
2. Bajaj Auto Ltd (BAJAJ-AUTO): 19%
3. TVS Motor Company Ltd (TVSMOTOR): 10%
4. Eicher Motors Ltd (EICHERMOT): 8.9%
5. Munjal Showa Ltd (MUNJALSHOW): 5.7%

## What can make this comparison misleading?
- 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.

## Every company
- Bajaj Auto Ltd (BAJAJ-AUTO) — market value ₹3.1 L Cr; latest fundamentals Jun 2026
- Eicher Motors Ltd (EICHERMOT) — market value ₹2.1 L Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- TVS Motor Company Ltd (TVSMOTOR) — market value ₹1.8 L Cr; latest fundamentals Jun 2026
- Hero MotoCorp Ltd (HEROMOTOCO) — market value ₹1.0 L Cr; latest fundamentals Mar 2026
- Ather Energy Ltd (ATHERENERG) — market value ₹47.6K Cr; latest fundamentals Mar 2026
- Ola Electric Mobility Ltd (OLAELEC) — market value ₹17.2K Cr; latest fundamentals Mar 2026
- Atul Auto Ltd (ATULAUTO) — market value ₹1.3K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Munjal Showa Ltd (MUNJALSHOW) — market value ₹543 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 4. Unverified: 3. Withheld: 1. Graded companies: 8.

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.

- WITHHELD | EICHERMOT | Eicher Motors Ltd | diff_gt_2pct | disagreement up to 7.96% over 15 comparable periods

- UNVERIFIED | ATULAUTO | Atul Auto Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### 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 Bajaj Auto 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.

### Is the Auto - 2 & 3 Wheelers sector beating the market?

Auto - 2 & 3 Wheelers has outperformed NIFTY 500 by 34.3% over the last 52 weeks and 9% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 6 of 8 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### 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 69.1 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 9.4 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. The sector itself is 34.3% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. 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.

Narrative sector analysis: https://www.sectoralpha.in/sectors/auto-2-3-wheelers