# Auto - Bus/LCVs — company-by-company sector analysis

> Auto - Bus/LCVs: Force Motors Ltd owns the largest revenue base; Olectra Greentech 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 - Bus/LCVs has outperformed NIFTY 500 by 1.3% over 52 weeks and 0.1% over 13 weeks. 3 of 4 covered companies beat NIFTY on Mansfield relative strength, while 2 of 4 beat the sector itself. Force Motors Ltd leads with revenue of ₹9,057 crore, based on 4 of 4 comparable companies through Mar 2026.

### Is the Auto - Bus/LCVs sector outperforming NIFTY 500?

Auto - Bus/LCVs has outperformed NIFTY 500 by 1.3% over 52 weeks and 0.1% over 13 weeks. 3 of 4 covered companies beat NIFTY on Mansfield relative strength, while 2 of 4 beat the sector itself.

### Which Auto - Bus/LCVs company is largest by revenue?

Force Motors Ltd leads with revenue of ₹9,057 crore, based on 4 of 4 comparable companies through Mar 2026.

### Which Auto - Bus/LCVs company is growing fastest?

Olectra Greentech Ltd has the fastest current revenue growth at 28.4%, across 4 of 4 comparable companies.

### Which Auto - Bus/LCVs company has the strongest 4-Factor Sector Score?

Olectra Greentech Ltd ranks first at 63.1/100 with 86.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Auto - Bus/LCVs company has the least gross debt?

Force Motors Ltd has the lowest comparable gross debt at ₹0 crore. JBM Auto Ltd has the highest at ₹3,029 crore.

### Which Auto - Bus/LCVs company has the lowest comparable PEG?

Force Motors Ltd has the lowest comparable Guarded PEG at 1.57, among 3 of 4 companies that pass the metric’s comparability rules.

### How much history does this Auto - Bus/LCVs 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 - Bus/LCVs has outperformed NIFTY 500 by 1.3% over the last 52 weeks. Over 13 weeks the gap is a lead of 0.1%. 3 of 4 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. SML Mahindra Ltd is the strongest against the sector itself at +20.3%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 0.1%
52-week sector return versus NIFTY 500: 1.3%
Stocks leading NIFTY: 3/4
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: ₹55.3K 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. Olectra Greentech Ltd (OLECTRA): 63/100 — Mixed-positive evidence; evidence 87%
   - Growth & earnings 29.2/35 | Capital efficiency 19.2/25 | Valuation 7.1/20 | Relative strength 7.6/20
   - Exact sum: 29.2 + 19.2 + 7.1 + 7.6 = 63.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. JBM Auto Ltd (JBMA): 58/100 — Mixed-positive evidence; evidence 69%
   - Growth & earnings 19.1/35 | Capital efficiency 10.9/25 | Valuation 10.0/20 | Relative strength 18.2/20
   - Exact sum: 19.1 + 10.9 + 10 + 18.2 = 58.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Force Motors Ltd (FORCEMOT): 58/100 — Mixed-positive evidence; evidence 93%
   - Growth & earnings 25.3/35 | Capital efficiency 21.0/25 | Valuation 11.4/20 | Relative strength 0.0/20
   - Exact sum: 25.3 + 21 + 11.4 + 0 = 57.7
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -10.4% and the one-year return is 6.1%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
4. SML Mahindra Ltd (SMLMAH): 49/100 — Mixed-negative evidence; evidence 81%
   - Growth & earnings 11.1/35 | Capital efficiency 15.7/25 | Valuation 6.8/20 | Relative strength 15.4/20
   - Exact sum: 11.1 + 15.7 + 6.8 + 15.4 = 49
   - Decision use: Price leads the evidence: RS versus the benchmark is 1.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

## Revenue Scale & Growth Durability

What the numbers say: Force Motors Ltd is the scale leader at ₹9,057 crore, 48.8% ahead of JBM Auto Ltd. Olectra Greentech Ltd's growth is 28.4% from a ₹2,313 crore base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Force Motors Ltd is the scale benchmark; Olectra Greentech Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Force Motors Ltd's growth falls below Olectra Greentech Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Force Motors Ltd · ₹9,057 crore | 48.8% versus #2 · JBM Auto Ltd | 8/8 recent comparable periods | 4/4 companies · 72 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. Force Motors Ltd (FORCEMOT): ₹9.1K Cr
2. JBM Auto Ltd (JBMA): ₹6.1K Cr
3. SML Mahindra Ltd (SMLMAH): ₹3.0K Cr
4. Olectra Greentech Ltd (OLECTRA): ₹2.3K Cr

### Revenue growth — fastest growers
1. Olectra Greentech Ltd (OLECTRA): 28%
2. SML Mahindra Ltd (SMLMAH): 18%
3. Force Motors Ltd (FORCEMOT): 12%
4. JBM Auto Ltd (JBMA): 11%

### 20-quarter Revenue history
- FORCEMOT: Sep 2021 ₹952 Cr | Dec 2021 ₹791 Cr | Mar 2022 ₹838 Cr | Jun 2022 ₹971 Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 —
- JBMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹953 Cr | Mar 2023 ₹1.0K Cr | Jun 2023 ₹946 Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 —
- OLECTRA: Sep 2021 ₹71 Cr | Dec 2021 ₹208 Cr | Mar 2022 ₹271 Cr | Jun 2022 ₹281 Cr | Sep 2022 ₹177 Cr | Dec 2022 ₹256 Cr | Mar 2023 ₹376 Cr | Jun 2023 ₹216 Cr | Sep 2023 ₹307 Cr | Dec 2023 ₹342 Cr | Mar 2024 ₹289 Cr | Jun 2024 ₹314 Cr | Sep 2024 ₹524 Cr | Dec 2024 ₹515 Cr | Mar 2025 ₹449 Cr | Jun 2025 ₹347 Cr | Sep 2025 ₹657 Cr | Dec 2025 ₹664 Cr | Mar 2026 ₹645 Cr | Jun 2026 —
- SMLMAH: Sep 2021 ₹233 Cr | Dec 2021 ₹250 Cr | Mar 2022 ₹342 Cr | Jun 2022 ₹500 Cr | Sep 2022 ₹410 Cr | Dec 2022 ₹328 Cr | Mar 2023 ₹583 Cr | Jun 2023 ₹632 Cr | Sep 2023 ₹499 Cr | Dec 2023 ₹386 Cr | Mar 2024 ₹680 Cr | Jun 2024 ₹746 Cr | Sep 2024 ₹550 Cr | Dec 2024 ₹332 Cr | Mar 2025 ₹771 Cr | Jun 2025 ₹846 Cr | Sep 2025 ₹555 Cr | Dec 2025 ₹539 Cr | Mar 2026 ₹898 Cr | Jun 2026 ₹958 Cr

### 20-quarter Revenue growth history
- FORCEMOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 47% | Sep 2022 33% | Dec 2022 65% | Mar 2023 78% | Jun 2023 53% | Sep 2023 43% | Dec 2023 30% | Mar 2024 35% | Jun 2024 27% | Sep 2024 7.7% | Dec 2024 12% | Mar 2025 17% | Jun 2025 22% | Sep 2025 7.2% | Dec 2025 13% | Mar 2026 8.2% | Jun 2026 —
- JBMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 41% | Mar 2024 47% | Jun 2024 21% | Sep 2024 4.5% | Dec 2024 3.7% | Mar 2025 11% | Jun 2025 9.6% | Sep 2025 6.4% | Dec 2025 16% | Mar 2026 13% | Jun 2026 —
- OLECTRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 569% | Sep 2022 149% | Dec 2022 23% | Mar 2023 39% | Jun 2023 -23% | Sep 2023 73% | Dec 2023 34% | Mar 2024 -23% | Jun 2024 45% | Sep 2024 71% | Dec 2024 51% | Mar 2025 55% | Jun 2025 11% | Sep 2025 25% | Dec 2025 29% | Mar 2026 44% | Jun 2026 —
- SMLMAH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 76% | Dec 2022 31% | Mar 2023 70% | Jun 2023 26% | Sep 2023 22% | Dec 2023 18% | Mar 2024 17% | Jun 2024 18% | Sep 2024 10% | Dec 2024 -14% | Mar 2025 13% | Jun 2025 13% | Sep 2025 0.9% | Dec 2025 62% | Mar 2026 16% | Jun 2026 13%

## Operating Economics & Margin Trend

What the numbers say: Force Motors Ltd leads opm at 16%; Olectra Greentech Ltd leads margin change at +3 percentage points.

Investor read: Force 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: Force Motors Ltd · 16% | 6.7% versus #2 · Olectra Greentech Ltd | 6/8 recent comparable periods | 4/4 companies · 77 observations

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

### OPM — highest
1. Force Motors Ltd (FORCEMOT): 16%
2. Olectra Greentech Ltd (OLECTRA): 15%
3. JBM Auto Ltd (JBMA): 12%
4. SML Mahindra Ltd (SMLMAH): 10%

### Margin change — fastest expanders
1. Olectra Greentech Ltd (OLECTRA): +3.0 pp
2. Force Motors Ltd (FORCEMOT): +2.0 pp
3. JBM Auto Ltd (JBMA): +1.0 pp
4. SML Mahindra Ltd (SMLMAH): −2.0 pp

### 20-quarter OPM history
- FORCEMOT: Sep 2021 4.2% | Dec 2021 -1.8% | Mar 2022 -0.4% | Jun 2022 4.2% | Sep 2022 7.8% | Dec 2022 4.0% | Mar 2023 8.0% | Jun 2023 12% | Sep 2023 12% | Dec 2023 13% | Mar 2024 14% | Jun 2024 13% | Sep 2024 14% | Dec 2024 12% | Mar 2025 14% | Jun 2025 14% | Sep 2025 17% | Dec 2025 18% | Mar 2026 16% | Jun 2026 —
- JBMA: Sep 2021 10% | Dec 2021 10% | Mar 2022 11% | Jun 2022 9.6% | Sep 2022 9.7% | Dec 2022 11% | Mar 2023 11% | Jun 2023 12% | Sep 2023 11% | Dec 2023 12% | Mar 2024 12% | Jun 2024 11% | Sep 2024 12% | Dec 2024 12% | Mar 2025 11% | Jun 2025 10% | Sep 2025 11% | Dec 2025 11% | Mar 2026 12% | Jun 2026 —
- OLECTRA: Sep 2021 21% | Dec 2021 14% | Mar 2022 12% | Jun 2022 13% | Sep 2022 11% | Dec 2022 14% | Mar 2023 13% | Jun 2023 19% | Sep 2023 13% | Dec 2023 14% | Mar 2024 12% | Jun 2024 14% | Sep 2024 16% | Dec 2024 15% | Mar 2025 12% | Jun 2025 14% | Sep 2025 14% | Dec 2025 14% | Mar 2026 15% | Jun 2026 —
- SMLMAH: Sep 2021 -6.9% | Dec 2021 -4.0% | Mar 2022 0.7% | Jun 2022 3.4% | Sep 2022 1.4% | Dec 2022 5.0% | Mar 2023 7.0% | Jun 2023 7.0% | Sep 2023 8.0% | Dec 2023 6.0% | Mar 2024 10% | Jun 2024 11% | Sep 2024 8.0% | Dec 2024 6.0% | Mar 2025 12% | Jun 2025 12% | Sep 2025 8.0% | Dec 2025 8.0% | Mar 2026 10% | Jun 2026 10%

### 20-quarter Margin change history
- FORCEMOT: Sep 2021 −5.0 pp | Dec 2021 −7.7 pp | Mar 2022 +6.1 pp | Jun 2022 −0.2 pp | Sep 2022 +3.6 pp | Dec 2022 +5.8 pp | Mar 2023 +8.4 pp | Jun 2023 +7.8 pp | Sep 2023 +4.2 pp | Dec 2023 +9.0 pp | Mar 2024 +6.0 pp | Jun 2024 +1.0 pp | Sep 2024 +2.0 pp | Dec 2024 −1.0 pp | Mar 2025 0.0 pp | Jun 2025 +1.0 pp | Sep 2025 +3.0 pp | Dec 2025 +6.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- JBMA: Sep 2021 −1.1 pp | Dec 2021 −0.8 pp | Mar 2022 −0.4 pp | Jun 2022 −0.5 pp | Sep 2022 −0.7 pp | Dec 2022 +0.7 pp | Mar 2023 +0.2 pp | Jun 2023 +2.4 pp | Sep 2023 +1.3 pp | Dec 2023 +1.0 pp | Mar 2024 +1.0 pp | Jun 2024 −1.0 pp | Sep 2024 +1.0 pp | Dec 2024 0.0 pp | Mar 2025 −1.0 pp | Jun 2025 −1.0 pp | Sep 2025 −1.0 pp | Dec 2025 −1.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- OLECTRA: Sep 2021 +15.4 pp | Dec 2021 +3.6 pp | Mar 2022 −0.0 pp | Jun 2022 −8.1 pp | Sep 2022 −9.9 pp | Dec 2022 +0.3 pp | Mar 2023 +1.2 pp | Jun 2023 +6.2 pp | Sep 2023 +1.7 pp | Dec 2023 0.0 pp | Mar 2024 −1.0 pp | Jun 2024 −5.0 pp | Sep 2024 +3.0 pp | Dec 2024 +1.0 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 −2.0 pp | Dec 2025 −1.0 pp | Mar 2026 +3.0 pp | Jun 2026 —
- SMLMAH: Sep 2021 +8.4 pp | Dec 2021 +1.0 pp | Mar 2022 +2.8 pp | Jun 2022 +20.7 pp | Sep 2022 +8.3 pp | Dec 2022 +9.0 pp | Mar 2023 +6.3 pp | Jun 2023 +3.6 pp | Sep 2023 +6.6 pp | Dec 2023 +1.0 pp | Mar 2024 +3.0 pp | Jun 2024 +4.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 +2.0 pp | Jun 2025 +1.0 pp | Sep 2025 0.0 pp | Dec 2025 +2.0 pp | Mar 2026 −2.0 pp | Jun 2026 −2.0 pp

## Profit Scale & Acceleration

What the numbers say: Force Motors Ltd leads with ₹1,212 crore of TTM profit, 409.2% above JBM Auto Ltd. Force Motors Ltd shows 51.3% growth from a ₹1,212 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Force 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 profit growth signal.

Evidence: Force Motors Ltd · ₹1,212 crore | 409.2% versus #2 · JBM Auto Ltd | 7/8 recent comparable periods | 4/4 companies · 72 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. Force Motors Ltd (FORCEMOT): ₹1.2K Cr
2. JBM Auto Ltd (JBMA): ₹238 Cr
3. Olectra Greentech Ltd (OLECTRA): ₹179 Cr
4. SML Mahindra Ltd (SMLMAH): ₹157 Cr

### Profit growth — fastest growers
1. Force Motors Ltd (FORCEMOT): 51%
2. Olectra Greentech Ltd (OLECTRA): 28%
3. JBM Auto Ltd (JBMA): 11%
4. SML Mahindra Ltd (SMLMAH): 9.8%

### 20-quarter Net profit history
- FORCEMOT: Sep 2021 ₹-1 Cr | Dec 2021 ₹-43 Cr | Mar 2022 ₹-43 Cr | Jun 2022 ₹-17 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹-16 Cr | Mar 2023 ₹147 Cr | Jun 2023 ₹69 Cr | Sep 2023 ₹94 Cr | Dec 2023 ₹85 Cr | Mar 2024 ₹140 Cr | Jun 2024 ₹116 Cr | Sep 2024 ₹135 Cr | Dec 2024 ₹115 Cr | Mar 2025 ₹435 Cr | Jun 2025 ₹176 Cr | Sep 2025 ₹351 Cr | Dec 2025 ₹406 Cr | Mar 2026 ₹279 Cr | Jun 2026 —
- JBMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹35 Cr | Mar 2023 ₹28 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹49 Cr | Dec 2023 ₹52 Cr | Mar 2024 ₹62 Cr | Jun 2024 ₹34 Cr | Sep 2024 ₹53 Cr | Dec 2024 ₹56 Cr | Mar 2025 ₹72 Cr | Jun 2025 ₹39 Cr | Sep 2025 ₹55 Cr | Dec 2025 ₹60 Cr | Mar 2026 ₹84 Cr | Jun 2026 —
- OLECTRA: Sep 2021 ₹4 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹28 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹48 Cr | Dec 2024 ₹47 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹26 Cr | Sep 2025 ₹49 Cr | Dec 2025 ₹47 Cr | Mar 2026 ₹57 Cr | Jun 2026 —
- SMLMAH: Sep 2021 ₹-29 Cr | Dec 2021 ₹-26 Cr | Mar 2022 ₹-11 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹-9 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹27 Cr | Jun 2023 ₹32 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹52 Cr | Jun 2024 ₹46 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹53 Cr | Jun 2025 ₹67 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹54 Cr | Jun 2026 ₹64 Cr

### 20-quarter Profit growth history
- FORCEMOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 395% | Dec 2023 — | Mar 2024 -4.8% | Jun 2024 68% | Sep 2024 44% | Dec 2024 35% | Mar 2025 211% | Jun 2025 52% | Sep 2025 160% | Dec 2025 253% | Mar 2026 -36% | Jun 2026 —
- JBMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 49% | Mar 2024 121% | Jun 2024 13% | Sep 2024 8.2% | Dec 2024 7.7% | Mar 2025 16% | Jun 2025 15% | Sep 2025 3.8% | Dec 2025 7.1% | Mar 2026 17% | Jun 2026 —
- OLECTRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1,600% | Sep 2022 75% | Dec 2022 15% | Mar 2023 56% | Jun 2023 5.9% | Sep 2023 171% | Dec 2023 80% | Mar 2024 -46% | Jun 2024 33% | Sep 2024 153% | Dec 2024 74% | Mar 2025 40% | Jun 2025 8.3% | Sep 2025 2.1% | Dec 2025 0.0% | Mar 2026 171% | Jun 2026 —
- SMLMAH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1,500% | Sep 2023 — | Dec 2023 — | Mar 2024 93% | Jun 2024 44% | Sep 2024 4.8% | Dec 2024 -67% | Mar 2025 1.9% | Jun 2025 46% | Sep 2025 -4.6% | Dec 2025 1,700% | Mar 2026 1.9% | Jun 2026 -4.5%

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

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: No comparable leader | Not enough peers | Not enough history | 0/4 companies · 0 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

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: Force Motors Ltd has the clearest covered balance-sheet capacity with ₹490 crore net cash and gross debt of ₹0 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: Force Motors Ltd · ₹0 crore | 100% versus #2 · SML Mahindra Ltd | 4/8 recent comparable periods | 4/4 companies · 63 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. Force Motors Ltd (FORCEMOT): ₹0 Cr
2. SML Mahindra Ltd (SMLMAH): ₹289 Cr
3. Olectra Greentech Ltd (OLECTRA): ₹380 Cr
4. JBM Auto Ltd (JBMA): ₹3.0K Cr

### Net debt — lowest net debt
1. Force Motors Ltd (FORCEMOT): ₹-490 Cr
2. Olectra Greentech Ltd (OLECTRA): ₹208 Cr
3. SML Mahindra Ltd (SMLMAH): ₹282 Cr

### 20-quarter Gross debt history
- FORCEMOT: Sep 2021 ₹839 Cr | Dec 2021 ₹839 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹991 Cr | Dec 2022 ₹991 Cr | Mar 2023 ₹955 Cr | Jun 2023 ₹955 Cr | Sep 2023 ₹728 Cr | Dec 2023 ₹728 Cr | Mar 2024 ₹524 Cr | Jun 2024 ₹525 Cr | Sep 2024 ₹229 Cr | Dec 2024 ₹229 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 —
- JBMA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹1.4K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1.7K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹2.1K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹2.6K Cr | Jun 2025 — | Sep 2025 ₹3.2K Cr | Dec 2025 — | Mar 2026 ₹3.0K Cr | Jun 2026 —
- OLECTRA: Sep 2021 ₹15 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹67 Cr | Jun 2022 ₹67 Cr | Sep 2022 ₹84 Cr | Dec 2022 ₹84 Cr | Mar 2023 ₹134 Cr | Jun 2023 ₹134 Cr | Sep 2023 ₹131 Cr | Dec 2023 ₹131 Cr | Mar 2024 ₹121 Cr | Jun 2024 ₹121 Cr | Sep 2024 ₹187 Cr | Dec 2024 ₹187 Cr | Mar 2025 ₹255 Cr | Jun 2025 ₹255 Cr | Sep 2025 ₹366 Cr | Dec 2025 ₹366 Cr | Mar 2026 ₹380 Cr | Jun 2026 —
- SMLMAH: Sep 2021 ₹351 Cr | Dec 2021 ₹351 Cr | Mar 2022 ₹298 Cr | Jun 2022 ₹298 Cr | Sep 2022 ₹272 Cr | Dec 2022 ₹272 Cr | Mar 2023 ₹265 Cr | Jun 2023 ₹265 Cr | Sep 2023 ₹255 Cr | Dec 2023 ₹255 Cr | Mar 2024 ₹421 Cr | Jun 2024 ₹421 Cr | Sep 2024 ₹291 Cr | Dec 2024 ₹291 Cr | Mar 2025 ₹327 Cr | Jun 2025 ₹327 Cr | Sep 2025 ₹254 Cr | Dec 2025 ₹254 Cr | Mar 2026 ₹289 Cr | Jun 2026 ₹289 Cr

### 20-quarter Net debt history
- FORCEMOT: Sep 2021 ₹808 Cr | Dec 2021 ₹808 Cr | Mar 2022 ₹996 Cr | Jun 2022 ₹995 Cr | Sep 2022 ₹853 Cr | Dec 2022 ₹853 Cr | Mar 2023 ₹815 Cr | Jun 2023 ₹814 Cr | Sep 2023 ₹265 Cr | Dec 2023 ₹265 Cr | Mar 2024 ₹77 Cr | Jun 2024 ₹76 Cr | Sep 2024 ₹-46 Cr | Dec 2024 ₹-46 Cr | Mar 2025 ₹-490 Cr | Jun 2025 ₹-490 Cr | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- OLECTRA: Sep 2021 ₹-86 Cr | Dec 2021 ₹-86 Cr | Mar 2022 ₹48 Cr | Jun 2022 ₹-132 Cr | Sep 2022 ₹-35 Cr | Dec 2022 ₹-35 Cr | Mar 2023 ₹128 Cr | Jun 2023 ₹-33 Cr | Sep 2023 ₹-46 Cr | Dec 2023 ₹-46 Cr | Mar 2024 ₹-54 Cr | Jun 2024 ₹-54 Cr | Sep 2024 ₹-32 Cr | Dec 2024 ₹-32 Cr | Mar 2025 ₹85 Cr | Jun 2025 ₹85 Cr | Sep 2025 ₹241 Cr | Dec 2025 ₹241 Cr | Mar 2026 ₹208 Cr | Jun 2026 —
- SMLMAH: Sep 2021 ₹314 Cr | Dec 2021 ₹314 Cr | Mar 2022 ₹282 Cr | Jun 2022 ₹284 Cr | Sep 2022 ₹265 Cr | Dec 2022 ₹265 Cr | Mar 2023 ₹260 Cr | Jun 2023 ₹259 Cr | Sep 2023 ₹248 Cr | Dec 2023 ₹248 Cr | Mar 2024 ₹385 Cr | Jun 2024 ₹372 Cr | Sep 2024 ₹246 Cr | Dec 2024 ₹246 Cr | Mar 2025 ₹320 Cr | Jun 2025 ₹307 Cr | Sep 2025 ₹212 Cr | Dec 2025 ₹212 Cr | Mar 2026 ₹282 Cr | Jun 2026 ₹282 Cr

## Return On Capital Employed

What the numbers say: Force Motors Ltd leads ROCE at 36.1%, 5.2 percentage points above SML Mahindra Ltd. Force Motors Ltd has the strongest latest improvement at +1.8 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: Force 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 roce change signal.

Evidence: Force Motors Ltd · 36.1% | 16.8% versus #2 · SML Mahindra Ltd | 6/8 recent comparable periods | 4/4 companies · 46 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. Force Motors Ltd (FORCEMOT): 36%
2. SML Mahindra Ltd (SMLMAH): 31%
3. Olectra Greentech Ltd (OLECTRA): 21%
4. JBM Auto Ltd (JBMA): 15%

### ROCE change — fastest improvers
1. Force Motors Ltd (FORCEMOT): +1.8 pp
2. Olectra Greentech Ltd (OLECTRA): +1.3 pp
3. JBM Auto Ltd (JBMA): +1.0 pp
4. SML Mahindra Ltd (SMLMAH): −7.0 pp

### 20-quarter ROCE history
- FORCEMOT: Sep 2021 -1.7% | Dec 2021 — | Mar 2022 -4.0% | Jun 2022 — | Sep 2022 -3.2% | Dec 2022 — | Mar 2023 6.4% | Jun 2023 — | Sep 2023 17% | Dec 2023 31% | Mar 2024 24% | Jun 2024 28% | Sep 2024 27% | Dec 2024 30% | Mar 2025 25% | Jun 2025 44% | Sep 2025 26% | Dec 2025 54% | Mar 2026 27% | Jun 2026 —
- OLECTRA: Sep 2021 3.4% | Dec 2021 — | Mar 2022 6.1% | Jun 2022 — | Sep 2022 9.8% | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 14% | Dec 2023 18% | Mar 2024 13% | Jun 2024 17% | Sep 2024 16% | Dec 2024 23% | Mar 2025 18% | Jun 2025 22% | Sep 2025 17% | Dec 2025 21% | Mar 2026 19% | Jun 2026 —
- SMLMAH: Sep 2021 -35% | Dec 2021 — | Mar 2022 -38% | Jun 2022 — | Sep 2022 -12% | Dec 2022 — | Mar 2023 16% | Jun 2023 — | Sep 2023 32% | Dec 2023 41% | Mar 2024 33% | Jun 2024 53% | Sep 2024 39% | Dec 2024 46% | Mar 2025 35% | Jun 2025 47% | Sep 2025 37% | Dec 2025 47% | Mar 2026 37% | Jun 2026 40%

### 20-quarter ROCE change history
- FORCEMOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.5 pp | Dec 2022 — | Mar 2023 +10.4 pp | Jun 2023 — | Sep 2023 +20.0 pp | Dec 2023 — | Mar 2024 +17.6 pp | Jun 2024 — | Sep 2024 +10.0 pp | Dec 2024 −0.9 pp | Mar 2025 +0.8 pp | Jun 2025 +15.9 pp | Sep 2025 −1.0 pp | Dec 2025 +23.5 pp | Mar 2026 +1.8 pp | Jun 2026 —
- OLECTRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.4 pp | Dec 2022 — | Mar 2023 +6.0 pp | Jun 2023 — | Sep 2023 +4.5 pp | Dec 2023 — | Mar 2024 +1.2 pp | Jun 2024 — | Sep 2024 +1.8 pp | Dec 2024 +4.6 pp | Mar 2025 +4.8 pp | Jun 2025 +5.0 pp | Sep 2025 +0.8 pp | Dec 2025 −1.2 pp | Mar 2026 +1.3 pp | Jun 2026 —
- SMLMAH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +22.1 pp | Dec 2022 — | Mar 2023 +53.4 pp | Jun 2023 — | Sep 2023 +43.9 pp | Dec 2023 — | Mar 2024 +17.9 pp | Jun 2024 — | Sep 2024 +7.2 pp | Dec 2024 +5.3 pp | Mar 2025 +1.8 pp | Jun 2025 −5.3 pp | Sep 2025 −2.2 pp | Dec 2025 +1.1 pp | Mar 2026 +2.1 pp | Jun 2026 −7.0 pp

## Valuation Against Growth & Quality

What the numbers say: Force Motors Ltd has the lowest comparable Guarded PEG at 1.57×, 37.2% below SML Mahindra 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: Force Motors Ltd · 1.57× | 37.2% versus #2 · SML Mahindra Ltd | 0/8 recent comparable periods | 3/4 companies · 15 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. Force Motors Ltd (FORCEMOT): 1.6
2. SML Mahindra Ltd (SMLMAH): 2.5
3. Olectra Greentech Ltd (OLECTRA): 6.8

### P/E — lowest P/E
1. Force Motors Ltd (FORCEMOT): 22.0
2. SML Mahindra Ltd (SMLMAH): 35.6
3. Olectra Greentech Ltd (OLECTRA): 61.8
4. JBM Auto Ltd (JBMA): 69.1

### 20-quarter Guarded PEG history
- FORCEMOT: 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 0.9 | Sep 2025 1.6 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- OLECTRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 5.5 | Mar 2023 — | Jun 2023 14.5 | Sep 2023 5.2 | Dec 2023 — | Mar 2024 2.9 | Jun 2024 5.8 | Sep 2024 6.9 | Dec 2024 2.3 | Mar 2025 1.6 | Jun 2025 — | Sep 2025 — | Dec 2025 2.6 | Mar 2026 6.8 | Jun 2026 —
- SMLMAH: 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 0.6 | Sep 2025 2.0 | Dec 2025 2.5 | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- FORCEMOT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -19.8 | Dec 2022 — | Mar 2023 11.5 | Jun 2023 117.5 | Sep 2023 45.4 | Dec 2023 25.7 | Mar 2024 33.3 | Jun 2024 30.5 | Sep 2024 23.1 | Dec 2024 18.2 | Mar 2025 25.0 | Jun 2025 49.1 | Sep 2025 41.6 | Dec 2025 44.2 | Mar 2026 28.0 | Jun 2026 —
- JBMA: Sep 2021 27.7 | Dec 2021 57.7 | Mar 2022 52.1 | Jun 2022 32.1 | Sep 2022 26.6 | Dec 2022 33.8 | Mar 2023 41.9 | Jun 2023 127.1 | Sep 2023 126.1 | Dec 2023 126.4 | Mar 2024 141.2 | Jun 2024 135.7 | Sep 2024 117.8 | Dec 2024 99.0 | Mar 2025 73.2 | Jun 2025 75.2 | Sep 2025 79.0 | Dec 2025 70.7 | Mar 2026 59.7 | Jun 2026 —
- OLECTRA: Sep 2021 237.7 | Dec 2021 341.0 | Mar 2022 178.1 | Jun 2022 134.2 | Sep 2022 92.1 | Dec 2022 74.3 | Mar 2023 90.1 | Jun 2023 121.7 | Sep 2023 147.0 | Dec 2023 142.5 | Mar 2024 172.0 | Jun 2024 190.1 | Sep 2024 162.3 | Dec 2024 104.3 | Mar 2025 72.8 | Jun 2025 68.8 | Sep 2025 90.5 | Dec 2025 71.1 | Mar 2026 58.9 | Jun 2026 —
- SMLMAH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -13.0 | Sep 2022 — | Dec 2022 — | Mar 2023 53.8 | Jun 2023 81.6 | Sep 2023 34.6 | Dec 2023 24.1 | Mar 2024 33.5 | Jun 2024 28.1 | Sep 2024 21.6 | Dec 2024 17.1 | Mar 2025 18.7 | Jun 2025 24.2 | Sep 2025 32.4 | Dec 2025 37.1 | Mar 2026 36.3 | Jun 2026 37.1

## Enterprise Value & Book Value

What the numbers say: Force Motors Ltd leads both ev/ebitda at 17.7× and p/bv at 5.54×.

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: Force Motors Ltd · 17.7× | 16.5% versus #2 · JBM Auto Ltd | 0/8 recent comparable periods | 4/4 companies · 72 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. Force Motors Ltd (FORCEMOT): 17.7
2. JBM Auto Ltd (JBMA): 21.2
3. SML Mahindra Ltd (SMLMAH): 21.8
4. Olectra Greentech Ltd (OLECTRA): 28.4

### P/BV — lowest P/BV
1. Force Motors Ltd (FORCEMOT): 5.5
2. Olectra Greentech Ltd (OLECTRA): 8.9
3. JBM Auto Ltd (JBMA): 10.1
4. SML Mahindra Ltd (SMLMAH): 10.7

### 20-quarter EV/EBITDA history
- FORCEMOT: Sep 2021 21.9 | Dec 2021 25.0 | Mar 2022 34.4 | Jun 2022 18.0 | Sep 2022 23.8 | Dec 2022 16.7 | Mar 2023 11.4 | Jun 2023 12.3 | Sep 2023 11.4 | Dec 2023 8.0 | Mar 2024 12.4 | Jun 2024 13.6 | Sep 2024 10.1 | Dec 2024 8.1 | Mar 2025 11.2 | Jun 2025 35.3 | Sep 2025 19.4 | Dec 2025 20.7 | Mar 2026 17.7 | Jun 2026 —
- JBMA: Sep 2021 11.7 | Dec 2021 21.6 | Mar 2022 20.2 | Jun 2022 16.5 | Sep 2022 16.0 | Dec 2022 18.8 | Mar 2023 20.6 | Jun 2023 40.3 | Sep 2023 39.2 | Dec 2023 39.0 | Mar 2024 43.2 | Jun 2024 42.2 | Sep 2024 36.9 | Dec 2024 32.1 | Mar 2025 24.4 | Jun 2025 24.8 | Sep 2025 26.1 | Dec 2025 24.1 | Mar 2026 21.2 | Jun 2026 —
- OLECTRA: Sep 2021 74.9 | Dec 2021 116.5 | Mar 2022 65.5 | Jun 2022 52.2 | Sep 2022 39.2 | Dec 2022 30.6 | Mar 2023 35.9 | Jun 2023 51.0 | Sep 2023 62.8 | Dec 2023 62.8 | Mar 2024 79.5 | Jun 2024 78.6 | Sep 2024 68.8 | Dec 2024 49.7 | Mar 2025 36.6 | Jun 2025 34.4 | Sep 2025 45.6 | Dec 2025 36.0 | Mar 2026 28.4 | Jun 2026 —
- SMLMAH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 71.7 | Mar 2023 31.5 | Jun 2023 22.5 | Sep 2023 16.9 | Dec 2023 14.5 | Mar 2024 19.3 | Jun 2024 17.9 | Sep 2024 13.9 | Dec 2024 10.5 | Mar 2025 11.4 | Jun 2025 13.8 | Sep 2025 18.6 | Dec 2025 20.8 | Mar 2026 20.9 | Jun 2026 21.8

### 20-quarter P/BV history
- FORCEMOT: Sep 2021 1.1 | Dec 2021 0.9 | Mar 2022 0.8 | Jun 2022 0.7 | Sep 2022 0.9 | Dec 2022 1.1 | Mar 2023 0.9 | Jun 2023 2.1 | Sep 2023 2.7 | Dec 2023 2.4 | Mar 2024 4.7 | Jun 2024 6.3 | Sep 2024 4.5 | Dec 2024 3.5 | Mar 2025 4.8 | Jun 2025 8.5 | Sep 2025 7.5 | Dec 2025 6.9 | Mar 2026 7.7 | Jun 2026 —
- JBMA: Sep 2021 3.2 | Dec 2021 6.9 | Mar 2022 6.9 | Jun 2022 6.7 | Sep 2022 4.7 | Dec 2022 6.4 | Mar 2023 8.5 | Jun 2023 17.6 | Sep 2023 15.8 | Dec 2023 16.2 | Mar 2024 20.0 | Jun 2024 23.6 | Sep 2024 18.4 | Dec 2024 15.0 | Mar 2025 11.4 | Jun 2025 13.0 | Sep 2025 12.0 | Dec 2025 10.4 | Mar 2026 9.1 | Jun 2026 —
- OLECTRA: Sep 2021 4.6 | Dec 2021 8.8 | Mar 2022 6.9 | Jun 2022 6.7 | Sep 2022 6.0 | Dec 2022 5.1 | Mar 2023 6.5 | Jun 2023 10.3 | Sep 2023 11.7 | Dec 2023 12.7 | Mar 2024 17.8 | Jun 2024 17.4 | Sep 2024 14.7 | Dec 2024 11.9 | Mar 2025 9.8 | Jun 2025 10.5 | Sep 2025 12.2 | Dec 2025 9.1 | Mar 2026 7.5 | Jun 2026 —
- SMLMAH: Sep 2021 3.0 | Dec 2021 4.7 | Mar 2022 3.7 | Jun 2022 3.0 | Sep 2022 7.7 | Dec 2022 6.3 | Mar 2023 6.7 | Jun 2023 10.0 | Sep 2023 9.6 | Dec 2023 8.3 | Mar 2024 12.0 | Jun 2024 17.1 | Sep 2024 9.2 | Dec 2024 6.4 | Mar 2025 6.9 | Jun 2025 10.3 | Sep 2025 12.1 | Dec 2025 11.8 | Mar 2026 13.0 | Jun 2026 15.5

## Market action

SML Mahindra Ltd has the strongest one-year price move in Auto - Bus/LCVs at +16.2%. JBM Auto Ltd leads on Mansfield relative strength against NIFTY at +6%. 3 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. SML Mahindra Ltd (SMLMAH): 16%
2. Force Motors Ltd (FORCEMOT): 6.1%
3. Olectra Greentech Ltd (OLECTRA): 4.1%
4. JBM Auto Ltd (JBMA): 2.5%

### Strongest relative strength versus NIFTY 500
1. JBM Auto Ltd (JBMA): 6.0%
2. Olectra Greentech Ltd (OLECTRA): 4.3%
3. SML Mahindra Ltd (SMLMAH): 1.8%
4. Force Motors Ltd (FORCEMOT): -7.9%

## 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
- Force Motors Ltd (FORCEMOT) — market value ₹23.2K Cr; latest fundamentals Mar 2026
- JBM Auto Ltd (JBMA) — market value ₹15.5K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Olectra Greentech Ltd (OLECTRA) — market value ₹11.0K Cr; latest fundamentals Mar 2026
- SML Mahindra Ltd (SMLMAH) — market value ₹5.6K Cr; latest fundamentals Jun 2026

## 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: JBM Auto Ltd (JBMA) — its two data sources disagree by up to 11% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | JBMA | JBM Auto Ltd | diff_gt_2pct | disagreement up to 11.02% over 14 comparable periods

## 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 - Bus/LCVs index?

The Nifty Auto - Bus/LCVs index tracks India's listed Auto - Bus/LCVs 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 - Bus/LCVs sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Auto - Bus/LCVs stocks in India?

Ranked by this page's four-factor score, Olectra Greentech Ltd places first among 4 listed Auto - Bus/LCVs companies, followed by JBM 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 - Bus/LCVs stocks are listed in India?

This comparison covers 4 listed Auto - Bus/LCVs 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 - Bus/LCVs company is the biggest?

Force Motors Ltd is the largest, with trailing-twelve-month revenue of ₹9,057 crore, ahead of JBM Auto Ltd at ₹6,088 crore. That covers 4 of 4 companies with comparable reporting through Mar 2026.

### Which Auto - Bus/LCVs company is growing fastest?

Olectra Greentech Ltd has the fastest revenue growth at 28.4% 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 - Bus/LCVs company has the best profit margins?

Force Motors Ltd has the highest operating margin at 16%, from 4 of 4 comparable companies. Olectra Greentech Ltd shows the biggest recent improvement, at +3 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Auto - Bus/LCVs company makes the most profit?

Force Motors Ltd earns the most, at ₹1,212 crore of trailing-twelve-month net profit, from 4 of 4 comparable companies. Force Motors Ltd has the fastest profit growth at 51.3%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Auto - Bus/LCVs company earns the highest return on capital?

Force Motors Ltd leads on return on capital employed at 36.1%, 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 - Bus/LCVs stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Force Motors Ltd screens cheapest at 1.57×. 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 - Bus/LCVs company has the strongest balance sheet?

Force Motors Ltd carries the lowest comparable gross debt at ₹0 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 - Bus/LCVs sector beating the market?

Auto - Bus/LCVs has outperformed NIFTY 500 by 1.3% over the last 52 weeks and 0.1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 3 of 4 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Auto - Bus/LCVs stock has the strongest price momentum?

JBM Auto 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 - Bus/LCVs company scores highest for research priority?

Olectra Greentech Ltd scores 63.1 out of 100 with 86.6% evidence confidence, from 29.2 points on growth and earnings, 19.2 on capital efficiency, 7.1 on valuation and 7.6 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 - Bus/LCVs 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 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 - Bus/LCVs sector?

The 4 Auto - Bus/LCVs companies on this page carry ₹55,263 crore of combined market value. Force Motors Ltd is the largest at ₹23,217 crore, about 42% 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 - Bus/LCVs sector performing?

3 of the 4 covered Auto - Bus/LCVs companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 1.3% 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-bus-lcvs