# Auto - 4 Wheelers — company-by-company sector analysis

> Auto - 4 Wheelers: Tata Motors Passenger Vehicles Ltd owns the largest revenue base; Mahindra & Mahindra 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 - 4 Wheelers has underperformed NIFTY 500 by 7.9% over 52 weeks and 1.3% over 13 weeks. 0 of 4 covered companies beat NIFTY on Mansfield relative strength, while 2 of 4 beat the sector itself. Tata Motors Passenger Vehicles Ltd leads with revenue of ₹3,35,581 crore, based on 4 of 4 comparable companies through Mar 2026.

### Is the Auto - 4 Wheelers sector outperforming NIFTY 500?

Auto - 4 Wheelers has underperformed NIFTY 500 by 7.9% over 52 weeks and 1.3% over 13 weeks. 0 of 4 covered companies beat NIFTY on Mansfield relative strength, while 2 of 4 beat the sector itself.

### Which Auto - 4 Wheelers company is largest by revenue?

Tata Motors Passenger Vehicles Ltd leads with revenue of ₹3,35,581 crore, based on 4 of 4 comparable companies through Mar 2026.

### Which Auto - 4 Wheelers company is growing fastest?

Mahindra & Mahindra Ltd has the fastest current revenue growth at 24.8%, across 4 of 4 comparable companies.

### Which Auto - 4 Wheelers company has the strongest 4-Factor Sector Score?

Mahindra & Mahindra Ltd ranks first at 68.4/100 with 91% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Auto - 4 Wheelers company reports the most CAPEX?

Hyundai Motor India Ltd reports the largest latest CAPEX at ₹990 crore, with 1 of 4 companies comparable.

### Which Auto - 4 Wheelers company has the least gross debt?

Maruti Suzuki India Ltd has the lowest comparable gross debt at ₹102 crore. Mahindra & Mahindra Ltd has the highest at ₹1,36,936 crore.

### Which Auto - 4 Wheelers company has the lowest comparable PEG?

Mahindra & Mahindra Ltd has the lowest comparable Guarded PEG at 0.54, among 3 of 4 companies that pass the metric’s comparability rules.

### How much history does this Auto - 4 Wheelers comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 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 - 4 Wheelers has underperformed NIFTY 500 by 7.9% over the last 52 weeks. Over 13 weeks the gap is a lead of 1.3%. 0 of 4 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Mahindra & Mahindra Ltd is the strongest against the sector itself at +6.4%.

13-week sector return versus NIFTY 500: 1.3%
52-week sector return versus NIFTY 500: -7.9%
Stocks leading NIFTY: 0/4
Stocks leading sector: 2/4

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

Companies: 4
Combined market value: ₹10.9 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. Mahindra & Mahindra Ltd (M&M): 68/100 — Favorable setup; evidence 91%
   - Growth & earnings 27.5/35 | Capital efficiency 13.1/25 | Valuation 15.8/20 | Relative strength 12.0/20
   - Exact sum: 27.5 + 13.1 + 15.8 + 12 = 68.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Maruti Suzuki India Ltd (MARUTI): 56/100 — Mixed-positive evidence; evidence 91%
   - Growth & earnings 15.4/35 | Capital efficiency 19.9/25 | Valuation 12.0/20 | Relative strength 8.9/20
   - Exact sum: 15.4 + 19.9 + 12 + 8.9 = 56.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Hyundai Motor India Ltd (HYUNDAI): 36/100 — Mixed-negative evidence; evidence 84%
   - Growth & earnings 3.8/35 | Capital efficiency 22.0/25 | Valuation 5.0/20 | Relative strength 5.5/20
   - Exact sum: 3.8 + 22 + 5 + 5.5 = 36.3
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
4. Tata Motors Passenger Vehicles Ltd (TMPV): 35/100 — Adverse evidence; evidence 67%
   - Growth & earnings 11.9/35 | Capital efficiency 9.8/25 | Valuation 10.0/20 | Relative strength 3.0/20
   - Exact sum: 11.9 + 9.8 + 10 + 3 = 34.7
   - 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: Tata Motors Passenger Vehicles Ltd is the scale leader at ₹3,35,581 crore, 68.9% ahead of Mahindra & Mahindra Ltd. Mahindra & Mahindra Ltd's growth is 24.8% from a ₹1,98,717 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Tata Motors Passenger Vehicles Ltd is the scale benchmark; Mahindra & Mahindra Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Tata Motors Passenger Vehicles Ltd's growth falls below Mahindra & Mahindra Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Tata Motors Passenger Vehicles Ltd · ₹3,35,581 crore | 68.9% versus #2 · Mahindra & Mahindra Ltd | 2/8 recent comparable periods | 4/4 companies · 66 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. Tata Motors Passenger Vehicles Ltd (TMPV): ₹3.4 L Cr
2. Mahindra & Mahindra Ltd (M&M): ₹2.0 L Cr
3. Maruti Suzuki India Ltd (MARUTI): ₹1.8 L Cr
4. Hyundai Motor India Ltd (HYUNDAI): ₹70.8K Cr

### Revenue growth — fastest growers
1. Mahindra & Mahindra Ltd (M&M): 25%
2. Maruti Suzuki India Ltd (MARUTI): 20%
3. Hyundai Motor India Ltd (HYUNDAI): 2.3%
4. Tata Motors Passenger Vehicles Ltd (TMPV): -13%

### 20-quarter Revenue history
- MARUTI: Jun 2021 ₹17.8K Cr | Sep 2021 ₹20.6K Cr | Dec 2021 ₹23.3K Cr | Mar 2022 ₹26.7K Cr | Jun 2022 ₹26.5K Cr | Sep 2022 ₹29.9K Cr | Dec 2022 ₹29.3K Cr | Mar 2023 ₹32.2K Cr | Jun 2023 ₹32.5K Cr | Sep 2023 ₹37.3K Cr | Dec 2023 ₹33.5K Cr | Mar 2024 ₹38.5K Cr | Jun 2024 ₹35.8K Cr | Sep 2024 ₹37.4K Cr | Dec 2024 ₹38.8K Cr | Mar 2025 ₹40.9K Cr | Jun 2025 ₹38.6K Cr | Sep 2025 ₹42.3K Cr | Dec 2025 ₹49.9K Cr | Mar 2026 ₹52.5K Cr
- M&M: Jun 2021 ₹19.4K Cr | Sep 2021 ₹21.7K Cr | Dec 2021 ₹23.8K Cr | Mar 2022 ₹26.1K Cr | Jun 2022 ₹28.6K Cr | Sep 2022 ₹30.1K Cr | Dec 2022 ₹30.6K Cr | Mar 2023 ₹32.5K Cr | Jun 2023 ₹33.9K Cr | Sep 2023 ₹34.4K Cr | Dec 2023 ₹35.3K Cr | Mar 2024 ₹35.5K Cr | Jun 2024 ₹37.2K Cr | Sep 2024 ₹37.9K Cr | Dec 2024 ₹41.5K Cr | Mar 2025 ₹42.6K Cr | Jun 2025 ₹45.5K Cr | Sep 2025 ₹46.1K Cr | Dec 2025 ₹52.1K Cr | Mar 2026 ₹55.0K Cr
- HYUNDAI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹16.6K Cr | Sep 2023 ₹18.7K Cr | Dec 2023 ₹16.9K Cr | Mar 2024 ₹17.7K Cr | Jun 2024 ₹17.3K Cr | Sep 2024 ₹17.3K Cr | Dec 2024 ₹16.6K Cr | Mar 2025 ₹17.9K Cr | Jun 2025 ₹16.4K Cr | Sep 2025 ₹17.5K Cr | Dec 2025 ₹18.0K Cr | Mar 2026 ₹18.9K Cr
- TMPV: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹88.5K Cr | Mar 2023 ₹1.1 L Cr | Jun 2023 ₹1.0 L Cr | Sep 2023 ₹1.1 L Cr | Dec 2023 ₹1.1 L Cr | Mar 2024 ₹1.2 L Cr | Jun 2024 ₹1.1 L Cr | Sep 2024 ₹83.7K Cr | Dec 2024 ₹94.5K Cr | Mar 2025 ₹98.4K Cr | Jun 2025 ₹87.7K Cr | Sep 2025 ₹72.3K Cr | Dec 2025 ₹70.1K Cr | Mar 2026 ₹1.1 L Cr

### 20-quarter Revenue growth history
- MARUTI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 49% | Sep 2022 46% | Dec 2022 26% | Mar 2023 20% | Jun 2023 23% | Sep 2023 25% | Dec 2023 15% | Mar 2024 19% | Jun 2024 10.0% | Sep 2024 0.3% | Dec 2024 16% | Mar 2025 6.4% | Jun 2025 7.9% | Sep 2025 13% | Dec 2025 29% | Mar 2026 28%
- M&M: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 48% | Sep 2022 38% | Dec 2022 29% | Mar 2023 25% | Jun 2023 18% | Sep 2023 14% | Dec 2023 15% | Mar 2024 9.2% | Jun 2024 9.8% | Sep 2024 10% | Dec 2024 17% | Mar 2025 20% | Jun 2025 22% | Sep 2025 22% | Dec 2025 26% | Mar 2026 29%
- HYUNDAI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 4.3% | Sep 2024 -7.5% | Dec 2024 -1.4% | Mar 2025 1.5% | Jun 2025 -5.4% | Sep 2025 1.2% | Dec 2025 8.0% | Mar 2026 5.4%
- TMPV: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 25% | Mar 2024 12% | Jun 2024 4.8% | Sep 2024 -20% | Dec 2024 -15% | Mar 2025 -17% | Jun 2025 -18% | Sep 2025 -14% | Dec 2025 -26% | Mar 2026 7.2%

## Operating Economics & Margin Trend

What the numbers say: Mahindra & Mahindra Ltd leads opm at 18%; Maruti Suzuki India Ltd leads margin change at 0 percentage points.

Investor read: Mahindra & Mahindra 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: Mahindra & Mahindra Ltd · 18% | 50% versus #2 · Maruti Suzuki India Ltd | 3/8 recent comparable periods | 4/4 companies · 72 observations

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

### OPM — highest
1. Mahindra & Mahindra Ltd (M&M): 18%
2. Maruti Suzuki India Ltd (MARUTI): 12%
3. Tata Motors Passenger Vehicles Ltd (TMPV): 11%
4. Hyundai Motor India Ltd (HYUNDAI): 10%

### Margin change — fastest expanders
1. Maruti Suzuki India Ltd (MARUTI): 0.0 pp
2. Mahindra & Mahindra Ltd (M&M): −1.0 pp
3. Hyundai Motor India Ltd (HYUNDAI): −4.0 pp
4. Tata Motors Passenger Vehicles Ltd (TMPV): −4.0 pp

### 20-quarter OPM history
- MARUTI: Jun 2021 4.6% | Sep 2021 4.2% | Dec 2021 6.7% | Mar 2022 9.1% | Jun 2022 7.2% | Sep 2022 9.3% | Dec 2022 12% | Mar 2023 12% | Jun 2023 11% | Sep 2023 14% | Dec 2023 13% | Mar 2024 14% | Jun 2024 14% | Sep 2024 13% | Dec 2024 13% | Mar 2025 12% | Jun 2025 12% | Sep 2025 12% | Dec 2025 11% | Mar 2026 12%
- M&M: Jun 2021 5.2% | Sep 2021 23% | Dec 2021 19% | Mar 2022 16% | Jun 2022 15% | Sep 2022 17% | Dec 2022 17% | Mar 2023 17% | Jun 2023 18% | Sep 2023 17% | Dec 2023 18% | Mar 2024 19% | Jun 2024 19% | Sep 2024 19% | Dec 2024 20% | Mar 2025 19% | Jun 2025 18% | Sep 2025 19% | Dec 2025 20% | Mar 2026 18%
- HYUNDAI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 12% | Sep 2023 13% | Dec 2023 13% | Mar 2024 14% | Jun 2024 13% | Sep 2024 13% | Dec 2024 11% | Mar 2025 14% | Jun 2025 13% | Sep 2025 14% | Dec 2025 11% | Mar 2026 10%
- TMPV: Jun 2021 7.9% | Sep 2021 6.7% | Dec 2021 9.8% | Mar 2022 11% | Jun 2022 3.4% | Sep 2022 7.0% | Dec 2022 12% | Mar 2023 12% | Jun 2023 13% | Sep 2023 13% | Dec 2023 14% | Mar 2024 14% | Jun 2024 14% | Sep 2024 12% | Dec 2024 11% | Mar 2025 15% | Jun 2025 9.0% | Sep 2025 -2.0% | Dec 2025 1.0% | Mar 2026 11%

### 20-quarter Margin change history
- MARUTI: Jun 2021 +26.2 pp | Sep 2021 −6.2 pp | Dec 2021 −2.8 pp | Mar 2022 +0.8 pp | Jun 2022 +2.6 pp | Sep 2022 +5.1 pp | Dec 2022 +5.3 pp | Mar 2023 +2.9 pp | Jun 2023 +3.8 pp | Sep 2023 +4.8 pp | Dec 2023 +1.0 pp | Mar 2024 +2.0 pp | Jun 2024 +3.0 pp | Sep 2024 −1.0 pp | Dec 2024 0.0 pp | Mar 2025 −2.0 pp | Jun 2025 −2.0 pp | Sep 2025 −1.0 pp | Dec 2025 −2.0 pp | Mar 2026 0.0 pp
- M&M: Jun 2021 −12.1 pp | Sep 2021 +4.6 pp | Dec 2021 +7.5 pp | Mar 2022 +0.7 pp | Jun 2022 +10.3 pp | Sep 2022 −5.8 pp | Dec 2022 −2.2 pp | Mar 2023 +0.5 pp | Jun 2023 +2.5 pp | Sep 2023 +0.0 pp | Dec 2023 +1.0 pp | Mar 2024 +2.0 pp | Jun 2024 +1.0 pp | Sep 2024 +2.0 pp | Dec 2024 +2.0 pp | Mar 2025 0.0 pp | Jun 2025 −1.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 −1.0 pp
- HYUNDAI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 +1.0 pp | Sep 2024 0.0 pp | Dec 2024 −2.0 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 +1.0 pp | Dec 2025 0.0 pp | Mar 2026 −4.0 pp
- TMPV: Jun 2021 +5.8 pp | Sep 2021 −4.7 pp | Dec 2021 −6.2 pp | Mar 2022 −4.5 pp | Jun 2022 −4.5 pp | Sep 2022 +0.3 pp | Dec 2022 +2.2 pp | Mar 2023 +1.4 pp | Jun 2023 +9.7 pp | Sep 2023 +6.0 pp | Dec 2023 +2.0 pp | Mar 2024 +2.0 pp | Jun 2024 +1.0 pp | Sep 2024 −1.0 pp | Dec 2024 −3.0 pp | Mar 2025 +1.0 pp | Jun 2025 −5.0 pp | Sep 2025 −14.0 pp | Dec 2025 −10.0 pp | Mar 2026 −4.0 pp

## Profit Scale & Acceleration

What the numbers say: Tata Motors Passenger Vehicles Ltd leads with ₹82,646 crore of TTM profit, 343.8% above Mahindra & Mahindra Ltd. Tata Motors Passenger Vehicles Ltd shows ≥100% on the scoring scale (193.6% uncapped) growth from a ₹82,646 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Tata Motors Passenger Vehicles 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: Tata Motors Passenger Vehicles Ltd · ₹82,646 crore | 343.8% versus #2 · Mahindra & Mahindra Ltd | 2/8 recent comparable periods | 4/4 companies · 66 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. Tata Motors Passenger Vehicles Ltd (TMPV): ₹82.6K Cr
2. Mahindra & Mahindra Ltd (M&M): ₹18.6K Cr
3. Maruti Suzuki India Ltd (MARUTI): ₹14.7K Cr
4. Hyundai Motor India Ltd (HYUNDAI): ₹5.4K Cr

### Profit growth — fastest growers
1. Tata Motors Passenger Vehicles Ltd (TMPV): 100%
2. Mahindra & Mahindra Ltd (M&M): 32%
3. Maruti Suzuki India Ltd (MARUTI): 1.2%
4. Hyundai Motor India Ltd (HYUNDAI): -3.7%

### 20-quarter Net profit history
- MARUTI: Jun 2021 ₹475 Cr | Sep 2021 ₹487 Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.7K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹3.8K Cr | Dec 2023 ₹3.2K Cr | Mar 2024 ₹4.0K Cr | Jun 2024 ₹3.8K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹3.7K Cr | Mar 2025 ₹3.9K Cr | Jun 2025 ₹3.8K Cr | Sep 2025 ₹3.3K Cr | Dec 2025 ₹3.9K Cr | Mar 2026 ₹3.7K Cr
- M&M: Jun 2021 ₹-332 Cr | Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹3.1K Cr | Jun 2024 ₹3.5K Cr | Sep 2024 ₹3.4K Cr | Dec 2024 ₹3.6K Cr | Mar 2025 ₹3.5K Cr | Jun 2025 ₹4.4K Cr | Sep 2025 ₹4.0K Cr | Dec 2025 ₹5.0K Cr | Mar 2026 ₹5.3K Cr
- HYUNDAI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.3K Cr
- TMPV: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹3.0K Cr | Mar 2023 ₹5.5K Cr | Jun 2023 ₹3.3K Cr | Sep 2023 ₹3.8K Cr | Dec 2023 ₹7.1K Cr | Mar 2024 ₹17.5K Cr | Jun 2024 ₹10.6K Cr | Sep 2024 ₹3.5K Cr | Dec 2024 ₹5.5K Cr | Mar 2025 ₹8.6K Cr | Jun 2025 ₹4.0K Cr | Sep 2025 ₹76.2K Cr | Dec 2025 ₹-3.5K Cr | Mar 2026 ₹5.9K Cr

### 20-quarter Profit growth history
- MARUTI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 118% | Sep 2022 334% | Dec 2022 131% | Mar 2023 43% | Jun 2023 145% | Sep 2023 79% | Dec 2023 33% | Mar 2024 47% | Jun 2024 48% | Sep 2024 -18% | Dec 2024 16% | Mar 2025 -1.0% | Jun 2025 0.9% | Sep 2025 8.0% | Dec 2025 4.1% | Mar 2026 -6.4%
- M&M: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 21% | Dec 2022 20% | Mar 2023 15% | Jun 2023 56% | Sep 2023 -18% | Dec 2023 -0.6% | Mar 2024 4.2% | Jun 2024 -3.8% | Sep 2024 35% | Dec 2024 22% | Mar 2025 13% | Jun 2025 23% | Sep 2025 18% | Dec 2025 39% | Mar 2026 49%
- HYUNDAI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 12% | Sep 2024 -16% | Dec 2024 -19% | Mar 2025 -3.8% | Jun 2025 -8.1% | Sep 2025 14% | Dec 2025 6.3% | Mar 2026 -22%
- TMPV: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 135% | Mar 2024 219% | Jun 2024 221% | Sep 2024 -8.1% | Dec 2024 -23% | Mar 2025 -51% | Jun 2025 -62% | Sep 2025 2,066% | Dec 2025 -164% | Mar 2026 -31%

## Capacity Spending & Returns On It

What the numbers say: Hyundai Motor India Ltd reports ₹990 crore of CAPEX; Hyundai Motor India Ltd has the highest covered intensity at 5.7%. Coverage is only 1 of 4 companies and 6 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: Hyundai Motor India Ltd · ₹990 crore | Not enough peers | 6/6 recent comparable periods | 1/4 companies · 6 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. Hyundai Motor India Ltd (HYUNDAI): ₹990 Cr

### CAPEX intensity — highest reinvestment intensity
1. Hyundai Motor India Ltd (HYUNDAI): 5.7%

### 20-quarter CAPEX history
- HYUNDAI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹536 Cr | Sep 2023 ₹844 Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹511 Cr | Jun 2024 ₹559 Cr | Sep 2024 ₹990 Cr | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter CAPEX intensity history
- HYUNDAI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 3.2% | Sep 2023 4.5% | Dec 2023 8.0% | Mar 2024 2.9% | Jun 2024 3.2% | Sep 2024 5.7% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Maruti Suzuki India Ltd has the clearest covered balance-sheet capacity with ₹17,243 crore net cash and gross debt of ₹102 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: Maruti Suzuki India Ltd · ₹102 crore | 90.7% versus #2 · Hyundai Motor India Ltd | 8/8 recent comparable periods | 4/4 companies · 57 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. Maruti Suzuki India Ltd (MARUTI): ₹102 Cr
2. Hyundai Motor India Ltd (HYUNDAI): ₹1.1K Cr
3. Tata Motors Passenger Vehicles Ltd (TMPV): ₹79.1K Cr
4. Mahindra & Mahindra Ltd (M&M): ₹1.4 L Cr

### Net debt — lowest net debt
1. Maruti Suzuki India Ltd (MARUTI): ₹-17.2K Cr
2. Hyundai Motor India Ltd (HYUNDAI): ₹-9.5K Cr
3. Mahindra & Mahindra Ltd (M&M): ₹85.8K Cr

### 20-quarter Gross debt history
- MARUTI: Jun 2021 ₹538 Cr | Sep 2021 ₹221 Cr | Dec 2021 ₹221 Cr | Mar 2022 ₹426 Cr | Jun 2022 ₹423 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹393 Cr | Dec 2023 ₹393 Cr | Mar 2024 ₹119 Cr | Jun 2024 ₹119 Cr | Sep 2024 ₹158 Cr | Dec 2024 ₹158 Cr | Mar 2025 ₹87 Cr | Jun 2025 ₹87 Cr | Sep 2025 ₹100 Cr | Dec 2025 ₹100 Cr | Mar 2026 ₹102 Cr
- M&M: Jun 2021 ₹80.6K Cr | Sep 2021 ₹79.0K Cr | Dec 2021 ₹79.0K Cr | Mar 2022 ₹77.6K Cr | Jun 2022 ₹77.8K Cr | Sep 2022 ₹83.3K Cr | Dec 2022 ₹83.3K Cr | Mar 2023 ₹92.6K Cr | Jun 2023 ₹92.9K Cr | Sep 2023 ₹99.7K Cr | Dec 2023 ₹99.7K Cr | Mar 2024 ₹1.1 L Cr | Jun 2024 ₹1.1 L Cr | Sep 2024 ₹1.2 L Cr | Dec 2024 ₹1.2 L Cr | Mar 2025 ₹1.3 L Cr | Jun 2025 ₹1.3 L Cr | Sep 2025 ₹1.3 L Cr | Dec 2025 ₹1.3 L Cr | Mar 2026 ₹1.4 L Cr
- HYUNDAI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹1.2K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 — | Dec 2023 ₹836 Cr | Mar 2024 ₹833 Cr | Jun 2024 ₹821 Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹850 Cr | Jun 2025 ₹850 Cr | Sep 2025 ₹859 Cr | Dec 2025 ₹859 Cr | Mar 2026 ₹1.1K Cr
- TMPV: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹1.5 L Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1.3 L Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1.1 L Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹71.5K Cr | Jun 2025 — | Sep 2025 ₹67.3K Cr | Dec 2025 — | Mar 2026 ₹79.1K Cr

### 20-quarter Net debt history
- MARUTI: Jun 2021 ₹-10.9K Cr | Sep 2021 ₹-4.6K Cr | Dec 2021 ₹-4.6K Cr | Mar 2022 ₹-6.7K Cr | Jun 2022 ₹-6.7K Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-2.9K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹-1.4K Cr | Dec 2023 ₹-1.4K Cr | Mar 2024 ₹-9.0K Cr | Jun 2024 ₹-6.6K Cr | Sep 2024 ₹-3.5K Cr | Dec 2024 ₹-3.5K Cr | Mar 2025 ₹-11.4K Cr | Jun 2025 ₹-8.8K Cr | Sep 2025 ₹-7.5K Cr | Dec 2025 ₹-7.5K Cr | Mar 2026 ₹-17.2K Cr
- M&M: Jun 2021 ₹57.2K Cr | Sep 2021 ₹60.4K Cr | Dec 2021 ₹60.4K Cr | Mar 2022 ₹55.1K Cr | Jun 2022 ₹55.1K Cr | Sep 2022 ₹60.6K Cr | Dec 2022 ₹60.6K Cr | Mar 2023 ₹66.5K Cr | Jun 2023 ₹66.5K Cr | Sep 2023 ₹77.5K Cr | Dec 2023 ₹77.5K Cr | Mar 2024 ₹83.9K Cr | Jun 2024 ₹82.8K Cr | Sep 2024 ₹89.0K Cr | Dec 2024 ₹89.0K Cr | Mar 2025 ₹87.6K Cr | Jun 2025 ₹88.5K Cr | Sep 2025 ₹91.3K Cr | Dec 2025 ₹91.3K Cr | Mar 2026 ₹85.8K Cr
- HYUNDAI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹-16.6K Cr | Sep 2023 — | Dec 2023 ₹-14.4K Cr | Mar 2024 ₹-8.2K Cr | Jun 2024 ₹-7.7K Cr | Sep 2024 ₹-7.7K Cr | Dec 2024 ₹-7.7K Cr | Mar 2025 ₹-7.7K Cr | Jun 2025 ₹-7.7K Cr | Sep 2025 ₹-5.9K Cr | Dec 2025 ₹-5.9K Cr | Mar 2026 ₹-9.5K Cr

## Return On Capital Employed

What the numbers say: Hyundai Motor India Ltd leads ROCE at 38.4%, 19.4 percentage points above Maruti Suzuki India Ltd. Mahindra & Mahindra Ltd has the strongest latest improvement at +2.8 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: Hyundai Motor India 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: Hyundai Motor India Ltd · 38.4% | 102.1% versus #2 · Maruti Suzuki India Ltd | 2/6 recent comparable periods | 4/4 companies · 39 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. Hyundai Motor India Ltd (HYUNDAI): 38%
2. Maruti Suzuki India Ltd (MARUTI): 19%
3. Mahindra & Mahindra Ltd (M&M): 15%
4. Tata Motors Passenger Vehicles Ltd (TMPV): 2.7%

### ROCE change — fastest improvers
1. Mahindra & Mahindra Ltd (M&M): +2.8 pp
2. Maruti Suzuki India Ltd (MARUTI): −1.2 pp
3. Hyundai Motor India Ltd (HYUNDAI): −8.8 pp
4. Tata Motors Passenger Vehicles Ltd (TMPV): −13.0 pp

### 20-quarter ROCE history
- MARUTI: Jun 2021 — | Sep 2021 5.5% | Dec 2021 — | Mar 2022 5.1% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 16% | Dec 2023 25% | Mar 2024 15% | Jun 2024 23% | Sep 2024 16% | Dec 2024 25% | Mar 2025 14% | Jun 2025 21% | Sep 2025 13% | Dec 2025 19% | Mar 2026 13%
- M&M: Jun 2021 — | Sep 2021 9.5% | Dec 2021 — | Mar 2022 10% | Jun 2022 — | Sep 2022 12% | Dec 2022 — | Mar 2023 13% | Jun 2023 — | Sep 2023 13% | Dec 2023 17% | Mar 2024 14% | Jun 2024 16% | Sep 2024 14% | Dec 2024 17% | Mar 2025 14% | Jun 2025 17% | Sep 2025 15% | Dec 2025 18% | Mar 2026 17%
- HYUNDAI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 22% | Mar 2024 52% | Jun 2024 49% | Sep 2024 44% | Dec 2024 40% | Mar 2025 37% | Jun 2025 45% | Sep 2025 35% | Dec 2025 44% | Mar 2026 28%

### 20-quarter ROCE change history
- MARUTI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +5.4 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +4.6 pp | Jun 2024 — | Sep 2024 −0.5 pp | Dec 2024 −0.6 pp | Mar 2025 −0.8 pp | Jun 2025 −2.1 pp | Sep 2025 −2.7 pp | Dec 2025 −5.2 pp | Mar 2026 −1.2 pp
- M&M: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.9 pp | Dec 2022 — | Mar 2023 +2.4 pp | Jun 2023 — | Sep 2023 +1.0 pp | Dec 2023 — | Mar 2024 +1.0 pp | Jun 2024 — | Sep 2024 +0.7 pp | Dec 2024 +0.4 pp | Mar 2025 +0.6 pp | Jun 2025 +0.8 pp | Sep 2025 +1.2 pp | Dec 2025 +0.7 pp | Mar 2026 +2.8 pp
- HYUNDAI: Jun 2021 — | 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 +18.2 pp | Mar 2025 −15.0 pp | Jun 2025 −4.6 pp | Sep 2025 −8.9 pp | Dec 2025 +3.4 pp | Mar 2026 −8.8 pp

## Valuation Against Growth & Quality

What the numbers say: Mahindra & Mahindra Ltd has the lowest comparable Guarded PEG at 0.54×, 66.5% below Maruti Suzuki India Ltd. Only 3 of 4 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: Mahindra & Mahindra Ltd · 0.54× | 66.5% versus #2 · Maruti Suzuki India Ltd | 0/8 recent comparable periods | 3/4 companies · 19 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. Mahindra & Mahindra Ltd (M&M): 0.5
2. Maruti Suzuki India Ltd (MARUTI): 1.6
3. Hyundai Motor India Ltd (HYUNDAI): 5.2

### P/E — lowest P/E
1. Tata Motors Passenger Vehicles Ltd (TMPV): 1.4
2. Mahindra & Mahindra Ltd (M&M): 22.7
3. Maruti Suzuki India Ltd (MARUTI): 28.8
4. Hyundai Motor India Ltd (HYUNDAI): 29.2

### 20-quarter Guarded PEG history
- MARUTI: Jun 2021 — | Sep 2021 1.5 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.9 | Mar 2024 — | Jun 2024 0.6 | Sep 2024 0.6 | Dec 2024 1.5 | Mar 2025 1.6 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- M&M: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.5 | Mar 2023 0.9 | Jun 2023 0.3 | Sep 2023 0.4 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 2.0 | Dec 2024 3.3 | Mar 2025 1.6 | Jun 2025 2.1 | Sep 2025 1.3 | Dec 2025 1.6 | Mar 2026 0.5
- HYUNDAI: Jun 2021 — | 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 — | Sep 2025 2.7 | Dec 2025 5.2 | Mar 2026 —

### 20-quarter P/E history
- MARUTI: Jun 2021 52.6 | Sep 2021 40.9 | Dec 2021 53.4 | Mar 2022 69.0 | Jun 2022 65.1 | Sep 2022 60.1 | Dec 2022 41.8 | Mar 2023 33.7 | Jun 2023 35.9 | Sep 2023 32.9 | Dec 2023 27.2 | Mar 2024 31.5 | Jun 2024 27.5 | Sep 2024 28.6 | Dec 2024 24.5 | Mar 2025 24.9 | Jun 2025 27.4 | Sep 2025 35.2 | Dec 2025 35.3 | Mar 2026 26.1
- M&M: Jun 2021 77.4 | Sep 2021 52.1 | Dec 2021 31.6 | Mar 2022 21.9 | Jun 2022 21.2 | Sep 2022 19.6 | Dec 2022 18.6 | Mar 2023 16.3 | Jun 2023 19.2 | Sep 2023 18.0 | Dec 2023 19.9 | Mar 2024 21.5 | Jun 2024 31.6 | Sep 2024 35.9 | Dec 2024 32.0 | Mar 2025 26.8 | Jun 2025 30.8 | Sep 2025 30.7 | Dec 2025 31.6 | Mar 2026 23.6
- HYUNDAI: Jun 2021 — | 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 25.7 | Mar 2025 24.6 | Jun 2025 31.6 | Sep 2025 38.9 | Dec 2025 33.0 | Mar 2026 25.5
- TMPV: Jun 2021 — | Sep 2021 15.0 | Dec 2021 22.8 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 50.7 | Sep 2023 11.4 | Dec 2023 9.8 | Mar 2024 9.9 | Jun 2024 6.2 | Sep 2024 5.8 | Dec 2024 4.6 | Mar 2025 4.6 | Jun 2025 5.5 | Sep 2025 8.7 | Dec 2025 12.2 | Mar 2026 23.8

## Enterprise Value & Book Value

What the numbers say: Tata Motors Passenger Vehicles Ltd leads both ev/ebitda at 5.4× and p/bv at 1.07×.

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: Tata Motors Passenger Vehicles Ltd · 5.4× | 55% versus #2 · Mahindra & Mahindra Ltd | 0/8 recent comparable periods | 4/4 companies · 66 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. Tata Motors Passenger Vehicles Ltd (TMPV): 5.4
2. Mahindra & Mahindra Ltd (M&M): 12.0
3. Hyundai Motor India Ltd (HYUNDAI): 14.1
4. Maruti Suzuki India Ltd (MARUTI): 15.1

### P/BV — lowest P/BV
1. Tata Motors Passenger Vehicles Ltd (TMPV): 1.1
2. Maruti Suzuki India Ltd (MARUTI): 3.9
3. Mahindra & Mahindra Ltd (M&M): 4.2
4. Hyundai Motor India Ltd (HYUNDAI): 7.9

### 20-quarter EV/EBITDA history
- MARUTI: Jun 2021 27.3 | Sep 2021 22.1 | Dec 2021 27.0 | Mar 2022 32.4 | Jun 2022 32.9 | Sep 2022 31.9 | Dec 2022 24.3 | Mar 2023 19.6 | Jun 2023 20.3 | Sep 2023 18.9 | Dec 2023 16.3 | Mar 2024 18.7 | Jun 2024 16.6 | Sep 2024 17.2 | Dec 2024 13.8 | Mar 2025 14.1 | Jun 2025 15.5 | Sep 2025 19.9 | Dec 2025 20.6 | Mar 2026 15.1
- M&M: Jun 2021 12.5 | Sep 2021 12.8 | Dec 2021 11.9 | Mar 2022 9.9 | Jun 2022 11.5 | Sep 2022 11.1 | Dec 2022 10.9 | Mar 2023 9.7 | Jun 2023 10.8 | Sep 2023 10.9 | Dec 2023 11.7 | Mar 2024 12.1 | Jun 2024 15.6 | Sep 2024 17.1 | Dec 2024 15.7 | Mar 2025 13.3 | Jun 2025 14.5 | Sep 2025 14.8 | Dec 2025 14.7 | Mar 2026 12.0
- HYUNDAI: Jun 2021 — | 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 13.0 | Mar 2025 12.4 | Jun 2025 17.3 | Sep 2025 21.4 | Dec 2025 18.4 | Mar 2026 14.1
- TMPV: Jun 2021 4.6 | Sep 2021 4.0 | Dec 2021 5.6 | Mar 2022 6.2 | Jun 2022 6.8 | Sep 2022 7.6 | Dec 2022 7.0 | Mar 2023 6.1 | Jun 2023 5.9 | Sep 2023 4.7 | Dec 2023 4.3 | Mar 2024 4.6 | Jun 2024 4.0 | Sep 2024 4.2 | Dec 2024 3.8 | Mar 2025 3.9 | Jun 2025 3.4 | Sep 2025 3.7 | Dec 2025 4.6 | Mar 2026 5.4

### 20-quarter P/BV history
- MARUTI: Jun 2021 4.7 | Sep 2021 4.0 | Dec 2021 4.3 | Mar 2022 4.3 | Jun 2022 4.8 | Sep 2022 4.7 | Dec 2022 4.4 | Mar 2023 4.5 | Jun 2023 5.3 | Sep 2023 5.2 | Dec 2023 4.7 | Mar 2024 6.0 | Jun 2024 5.9 | Sep 2024 5.0 | Dec 2024 3.9 | Mar 2025 4.1 | Jun 2025 4.6 | Sep 2025 5.3 | Dec 2025 5.2 | Mar 2026 3.9
- M&M: Jun 2021 2.5 | Sep 2021 2.3 | Dec 2021 2.4 | Mar 2022 2.2 | Jun 2022 3.2 | Sep 2022 3.1 | Dec 2022 3.1 | Mar 2023 3.1 | Jun 2023 3.8 | Sep 2023 3.4 | Dec 2023 3.6 | Mar 2024 4.0 | Jun 2024 6.3 | Sep 2024 6.0 | Dec 2024 5.4 | Mar 2025 4.7 | Jun 2025 6.0 | Sep 2025 5.5 | Dec 2025 5.4 | Mar 2026 4.6
- HYUNDAI: Jun 2021 — | 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 10.9 | Mar 2025 10.3 | Jun 2025 10.9 | Sep 2025 13.2 | Dec 2025 10.7 | Mar 2026 8.4
- TMPV: Jun 2021 1.0 | Sep 2021 1.1 | Dec 2021 2.2 | Mar 2022 1.9 | Jun 2022 1.8 | Sep 2022 3.1 | Dec 2022 3.0 | Mar 2023 1.9 | Jun 2023 2.6 | Sep 2023 2.8 | Dec 2023 2.9 | Mar 2024 3.7 | Jun 2024 2.3 | Sep 2024 2.4 | Dec 2024 1.6 | Mar 2025 1.5 | Jun 2025 1.3 | Sep 2025 1.3 | Dec 2025 1.2 | Mar 2026 1.0

## Market action

Maruti Suzuki India Ltd has the strongest one-year price move in Auto - 4 Wheelers at +8.2%. Mahindra & Mahindra Ltd leads on Mansfield relative strength against NIFTY at -5.3%. 0 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Maruti Suzuki India Ltd (MARUTI): 8.2%
2. Mahindra & Mahindra Ltd (M&M): -1.0%
3. Hyundai Motor India Ltd (HYUNDAI): -7.9%
4. Tata Motors Passenger Vehicles Ltd (TMPV): -21%

### Strongest relative strength versus NIFTY 500
1. Mahindra & Mahindra Ltd (M&M): -5.3%
2. Maruti Suzuki India Ltd (MARUTI): -7.0%
3. Hyundai Motor India Ltd (HYUNDAI): -9.2%
4. Tata Motors Passenger Vehicles Ltd (TMPV): -12%

## 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 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 have fewer than three usable current readings.

## Every company
- Maruti Suzuki India Ltd (MARUTI) — market value ₹4.2 L Cr; latest fundamentals Mar 2026
- Mahindra & Mahindra Ltd (M&M) — market value ₹3.9 L Cr; latest fundamentals Mar 2026
- Hyundai Motor India Ltd (HYUNDAI) — market value ₹1.6 L Cr; latest fundamentals Mar 2026
- Tata Motors Passenger Vehicles Ltd (TMPV) — market value ₹1.2 L Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD

## Source standing of each company

Cross-checked: 3. Unverified: 0. Withheld: 1. Graded companies: 4.

1 of 4 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Tata Motors Passenger Vehicles Ltd (TMPV) — its two data sources disagree by up to 46% on reported income across 12 comparable periods, so its derived ratios are withheld.

- WITHHELD | TMPV | Tata Motors Passenger Vehicles Ltd | diff_gt_2pct | disagreement up to 46.23% over 12 comparable periods

## Methodology and freshness

Fundamentals through Mar 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 - 4 Wheelers index?

The Nifty Auto - 4 Wheelers index tracks India's listed Auto - 4 Wheelers companies as a single basket. This page follows the same 4 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Auto - 4 Wheelers sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Auto - 4 Wheelers stocks in India?

Ranked by this page's four-factor score, Mahindra & Mahindra Ltd places first among 4 listed Auto - 4 Wheelers companies, followed by Maruti Suzuki India Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Auto - 4 Wheelers stocks are listed in India?

This comparison covers 4 listed Auto - 4 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 Mar 2026.

### Which Auto - 4 Wheelers company is the biggest?

Tata Motors Passenger Vehicles Ltd is the largest, with trailing-twelve-month revenue of ₹3,35,581 crore, ahead of Mahindra & Mahindra Ltd at ₹1,98,717 crore. That covers 4 of 4 companies with comparable reporting through Mar 2026.

### Which Auto - 4 Wheelers company is growing fastest?

Mahindra & Mahindra Ltd has the fastest revenue growth at 24.8% year on year, across 4 of 4 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 - 4 Wheelers company has the best profit margins?

Mahindra & Mahindra Ltd has the highest operating margin at 18%, from 4 of 4 comparable companies. Maruti Suzuki India Ltd shows the biggest recent improvement, at 0 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Auto - 4 Wheelers company makes the most profit?

Tata Motors Passenger Vehicles Ltd earns the most, at ₹82,646 crore of trailing-twelve-month net profit, from 4 of 4 comparable companies. Tata Motors Passenger Vehicles 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 - 4 Wheelers company earns the highest return on capital?

Hyundai Motor India Ltd leads on return on capital employed at 38.4%, across 4 of 4 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 - 4 Wheelers stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Mahindra & Mahindra Ltd screens cheapest at 0.54×. Only 3 of 4 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 - 4 Wheelers company has the strongest balance sheet?

Maruti Suzuki India Ltd carries the lowest comparable gross debt at ₹102 crore, from 4 of 4 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 - 4 Wheelers sector beating the market?

Auto - 4 Wheelers has underperformed NIFTY 500 by 7.9% over the last 52 weeks and 1.3% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 0 of 4 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Auto - 4 Wheelers stock has the strongest price momentum?

Mahindra & Mahindra 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 - 4 Wheelers company scores highest for research priority?

Mahindra & Mahindra Ltd scores 68.4 out of 100 with 91% evidence confidence, from 27.5 points on growth and earnings, 13.1 on capital efficiency, 15.8 on valuation and 12 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 - 4 Wheelers companies does this comparison cover, and over what period?

It compares 4 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 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 - 4 Wheelers sector?

The 4 Auto - 4 Wheelers companies on this page carry ₹10,93,648 crore of combined market value. Maruti Suzuki India Ltd is the largest at ₹4,22,620 crore, about 39% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the Auto - 4 Wheelers sector performing?

0 of the 4 covered Auto - 4 Wheelers companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 7.9% behind 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-4-wheelers