Two-Wheeler Stocks and Companies in India

The largest Two-Wheeler stocks in India by market value are Bajaj Auto (₹2.92 lakh crore), TVS Motor (₹2.06 lakh crore) and Eicher Motors (₹2.04 lakh crore), at prices of 4 Nov 2026.

• Bajaj Auto: ₹10,608 | market value ₹2.92 lakh crore | P/E 22.2
• TVS Motor: ₹4,331.20 | market value ₹2.06 lakh crore | P/E 53.4
• Eicher Motors: ₹7,420 | market value ₹2.04 lakh crore | P/E 35.0
• Hero MotoCorp: ₹5,399.50 | market value ₹1.08 lakh crore | P/E 17.8
• Ather Energy: ₹1,840 | market value ₹73,027 crore
• Ola Electric: ₹35.04 | market value ₹17,516 crore
• Atul Auto: ₹390.50 | market value ₹1,084 crore | P/E 23.6
• Munjal Showa: ₹125 (price from the week of 4 Oct 2026) | market value ₹498 crore | P/E 18.8

Share price | market value | P/E, biggest first. Prices, market values and ratios at the official close of 4 Nov 2026; the score list below uses the weekly figures.

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 30 Oct 2026.

All 8 listed Indian Auto - 2 & 3 Wheelers companies are named here, largest first. This is the set of companies people mean when they search for a Nifty Auto - 2 & 3 Wheelers index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one.

1. Bajaj Auto Ltd₹2.8 lakh cr
2. TVS Motor Company Ltd₹2 lakh cr
3. Eicher Motors Ltd₹2 lakh cr
4. Hero MotoCorp Ltd₹1 lakh cr
5. Ather Energy Ltd₹69,700 cr
6. Ola Electric Mobility Ltd₹16,600 cr
7. Atul Auto Ltd₹1,130 cr
8. Munjal Showa Ltd₹498 cr

8 Two-Wheeler companies in the Auto - 2 & 3 Wheelers industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 8 are listed below, largest first. The largest is Bajaj Auto (₹2.84 lakh crore) and the smallest with a market value is Munjal Showa.

Download all 8 Two-Wheeler companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 33% ahead of NIFTY 500. Earnings across its companies grew 40% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 30 weeks running.

Price and the fundamentals both up. 2 of the 7 companies with a long enough price record pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high).

Ahead of NIFTY 500 on the three-month view for 30 weeks running; 3 of the 7 companies in the industry index above their 200-day average (no change from four weeks earlier); 2 of those 7 pass the momentum test (2 fewer than four weeks earlier); earnings rising at 7 of the 7 that report earnings.

Participation is shrinking, 4 → 2 of 7 over four weeks, after being ahead of NIFTY 500. Price-only fade, 7 of 7 members have higher trailing twelve-month earnings than a year ago, so the fade is in the price, not in the earnings.

Both lines start at 200 in the same week, so the gap between them tells the story: the sector line is an equal-weighted index of 7 of its 8 companies (the 1 with too short a price record are ranked in the scorecard but cannot sit in this line). The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover or tap any point to read both values and the gap.

Auto - 2 & 3 Wheelers has done better than the NIFTY 500 by 16.1% over the last 52 weeks. Over 13 weeks the gap is a lead of 4.2%. Ather Energy Ltd is the strongest against the sector itself at +65.7%. Readings are as of 30 October 2026.

Relative-strength score for the industry: 26.8 as of 30 October 2026 (leaders, rising).

Auto - 2 & 3 Wheelers has done better than the NIFTY 500 by 16.1% over 52 weeks and by 4.2% over 13 weeks. 2 of 8 companies we track are beating the NIFTY on relative strength (how a share price has done against the index over recent months) (1 has no relative-strength reading yet), and 2 of the 5 with a long enough price history are ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

TVS Motor Company Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 82.3% evidence confidence.

Ather Energy Ltd has the strongest one-year price move in Auto - 2 & 3 Wheelers at +153.8%. It also leads on relative strength against the NIFTY, at +81.8%. 5 of 8 companies we track are ahead of the index on that measure (1 has no relative-strength reading yet). Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts: the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Auto - 2 & 3 Wheelers itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

Sector sales rose from ₹1.23 lakh crore in the year to 2023 to ₹1.98 lakh crore in 2026 and combined profit more than doubled, from ₹10,782 crore to ₹22,766 crore. So the move was earned. In the week of 17 August 2026, 75% of 8 Auto - 2 & 3 Wheelers companies were beating the Nifty 500, against 60% on 6 April 2026.

From our industry review of 22 August 2026. A newer review (10 October 2026) did not cover Auto - 2 & 3 Wheelers, so this is the latest we have.

4 of 7 Auto - 2 & 3 Wheelers companies held a results call for July to September 2026. Hero MotoCorp guided: EV capacity to 45,000 per month in Q4 then over 80,000 per month by Q2 next fiscal.

From the results calls for July to September 2026.

Big funds, foreign and Indian, raised their stake by 0.6 points over the last two quarters. Founders and promoters cut theirs by 0.4 points.

• Spending on new plants and equipment was ₹21,862 crore in the last 12 months, 97% more than a year before.
• Projects still being built grew 95% in a year.
• 1 Auto - 2 & 3 Wheelers call in the last quarters talked about adding capacity.

Big funds = foreign and Indian institutions, change in their share of ownership across 8 Auto - 2 & 3 Wheelers companies, in percentage points.

Ownership and spending as of 10 October 2026.

Dealer inventory days start rising while wholesale volumes keep growing. Today the whole margin case rests on scarcity, Hero at 2-3 days of channel stock, Eicher at 10-12, nobody discounting through a 4.5% cost shock. The disproving print is the quarterly operating margin falling below the 16.65% just reported while sales still grow.

From our industry review of 22 August 2026.

Bajaj Auto Ltd has the highest Revenue among the 8 Auto - 2 & 3 Wheelers companies compared here, at ₹80,851 crore. TVS Motor Company Ltd is next at ₹65,579 crore. Ather Energy Ltd has the highest Revenue growth at 68.5%, so level and change sit with different companies. Its Revenue series carries 16 reported observations across the 20-quarter window.

What the numbers say: Bajaj Auto Ltd is the largest at ₹80,851 crore, 23.3% ahead of TVS Motor Company Ltd. Ather Energy Ltd's growth is 68.5% from a ₹4,809 crore base, with 11 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: Bajaj Auto Ltd is the size to compare against; Ather Energy Ltd is the one growing fastest. The faster grower has to keep that growth and turn it into margin and returns before it counts as more than a fast start.

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

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

Revenue · company comparison

Revenue · largest

Revenue growth · fastest growers

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

Eicher Motors Ltd has the highest OPM among the 8 Auto - 2 & 3 Wheelers companies compared here, at 24%. Bajaj Auto Ltd is next at 19%. Ather Energy Ltd has the highest Margin change at +15.5 percentage points, so level and change sit with different companies. Its OPM series carries 19 reported observations across the 20-quarter window.

What the numbers say: Eicher Motors Ltd leads opm at 24%; Ather Energy Ltd leads margin change at +15.5 percentage points.

What this means: Eicher Motors Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

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

Operating margin · company comparison

OPM · highest

Margin change · fastest expanders

All-company data · latest reported quarter

Bajaj Auto Ltd has the highest Net profit among the 8 Auto - 2 & 3 Wheelers companies compared here, at ₹12,815 crore. Hero MotoCorp Ltd is next at ₹6,028 crore. Atul Auto Ltd has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Bajaj Auto Ltd earns the most, ₹12,815 crore of profit over the last 12 months, 112.6% above Hero MotoCorp Ltd. Atul Auto Ltd shows at least 100% on the scoring scale (104.7% in full) growth from a profit base of ₹48 crore. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: Bajaj Auto Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

Net profit · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

Hero MotoCorp Ltd has the highest ROCE among the 8 Auto - 2 & 3 Wheelers companies compared here, at 35.2%. Eicher Motors Ltd is next at 30.5%. Ather Energy Ltd has the highest ROCE change at +17.6 percentage points, so level and change sit with different companies. Its ROCE series carries 16 reported observations across the 20-quarter window.

What the numbers say: Hero MotoCorp Ltd leads ROCE at 35.2%, 4.7 percentage points above Eicher Motors Ltd. A high return reported once may be one good year; a high return reported year after year shows a lasting business.

What this means: Hero MotoCorp Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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

ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

Return on capital · company comparison

Withheld from this chart: TVS Motor Company Ltd (TVSMOTOR): its two data sources disagree by up to 7% on reported income across 13 comparable periods, so its derived ratios are withheld; Eicher Motors Ltd (EICHERMOT): its two data sources disagree by up to 8% on reported income across 16 comparable periods, so its derived ratios are withheld; Atul Auto Ltd (ATULAUTO): its two data sources disagree by up to 19% on reported income across 15 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn, the gap is a decision, not missing data.

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

Hero MotoCorp Ltd has the lowest PEG among the 8 Auto - 2 & 3 Wheelers companies compared here, at 1.96×. Munjal Showa Ltd is next at 2.12×. The same company also has the lowest P/E, at 17×. 2 of 8 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Hero MotoCorp Ltd has the lowest comparable PEG at 1.96×, 7.5% below Munjal Showa Ltd. That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

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

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is worked out the same way every time, as the P/E on the last 12 months of reported earnings divided by that growth rate, never on expected earnings. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

Valuation · company comparison

PEG · lowest PEG

P/E · lowest P/E

All-company data · latest reported quarter

Auto - 2 & 3 Wheelers companies show up on 6 of our India lists. The most are on the small & mid cap stocks list (3 companies).

This Auto - 2 & 3 Wheelers comparison names 6 specific ways its own evidence can mislead, all listed below. All 8 companies here report on comparable dates, so no rank carries a stale marker. 3 have second-source figures left out because the two sources disagree. 1 of the 5 ranked sections has fewer than three usable current readings.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROCE can be temporary, or look high because the capital base is small. It is best read beside margin, cash flow and how much is spent back on the business.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
• 3 companies are missing from the second-source figures on purpose: the two sources disagree, so nothing from the second is drawn. Those rows have less evidence; that does not make the business weaker.
• Thin comparisons: Valuation have fewer than three usable current readings.

This comparison is built from the reported filings of 8 Auto - 2 & 3 Wheelers companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Sep 2026 and market data through 30 October 2026.

3 of 8 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: TVS Motor Company Ltd (TVSMOTOR): its two data sources disagree by up to 7% on reported income across 13 comparable periods, so its derived ratios are withheld; Eicher Motors Ltd (EICHERMOT): its two data sources disagree by up to 8% on reported income across 16 comparable periods, so its derived ratios are withheld; Atul Auto Ltd (ATULAUTO): its two data sources disagree by up to 19% on reported income across 15 comparable periods, so its derived ratios are withheld.

These 24 answers restate the Auto - 2 & 3 Wheelers comparison above in question form. Every one is computed from the same 8 companies and the same reported filings as the rankings and charts, current through Sep 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.