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

> Auto - 4 Wheelers: Tata Motors Passenger Vehicles Ltd owns the largest revenue base; Maruti Suzuki India Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-08-05. Not investment advice.

## Bottom line

Auto - 4 Wheelers has underperformed NIFTY 500 by 3.6% over 52 weeks and 7.5% 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.

## Sector relative strength

Auto - 4 Wheelers has underperformed NIFTY 500 by 3.6% over the last 52 weeks. Over 13 weeks the gap is a lead of 7.5%. 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: 7.5%
52-week sector return versus NIFTY 500: -3.6%
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: ₹11.7 L Cr

## 4-Factor Sector Score

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

1. Mahindra & Mahindra Ltd (M&M): 73/100 — Favorable setup; evidence 91%
   - Growth & earnings 29.6/35 | Capital efficiency 13.8/25 | Valuation 15.8/20 | Relative strength 14.2/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of 10 weeks with a reading, within the last 12
   - Exact sum: 29.6 + 13.8 + 15.8 + 14.2 = 73.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Maruti Suzuki India Ltd (MARUTI): 46/100 — Mixed-negative evidence; evidence 91%
   - Growth & earnings 10.0/35 | Capital efficiency 14.2/25 | Valuation 12.0/20 | Relative strength 9.4/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of 10 weeks with a reading, within the last 12
   - Exact sum: 10 + 14.2 + 12 + 9.4 = 45.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Hyundai Motor India Ltd (HYUNDAI): 35/100 — Adverse evidence; evidence 84%
   - Growth & earnings 4.2/35 | Capital efficiency 18.1/25 | Valuation 5.0/20 | Relative strength 7.6/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of 10 weeks with a reading, within the last 12
   - Exact sum: 4.2 + 18.1 + 5 + 7.6 = 34.9
   - 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): 33/100 — Adverse evidence; evidence 62%
   - Growth & earnings 12.6/35 | Capital efficiency 7.8/25 | Valuation 10.0/20 | Relative strength 3.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of 11 weeks with a reading, within the last 12
   - Exact sum: 12.6 + 7.8 + 10 + 3 = 33.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Market action

Maruti Suzuki India Ltd has the strongest one-year price move in Auto - 4 Wheelers at +14.8%. Mahindra & Mahindra Ltd leads on Mansfield relative strength against NIFTY at -0.6%. 0 of 4 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.

### Strongest one-year price performers
1. Maruti Suzuki India Ltd (MARUTI): 15%
2. Mahindra & Mahindra Ltd (M&M): 4.7%
3. Hyundai Motor India Ltd (HYUNDAI): 3.9%
4. Tata Motors Passenger Vehicles Ltd (TMPV): -18%

### Strongest relative strength versus NIFTY 500
1. Mahindra & Mahindra Ltd (M&M): -0.6%
2. Hyundai Motor India Ltd (HYUNDAI): -0.9%
3. Maruti Suzuki India Ltd (MARUTI): -4.0%
4. Tata Motors Passenger Vehicles Ltd (TMPV): -9.3%

## Revenue Scale & Growth Durability

What the numbers say: Tata Motors Passenger Vehicles Ltd is the scale leader at ₹3,35,581 crore, 58.8% ahead of Mahindra & Mahindra Ltd. Maruti Suzuki India Ltd's growth is 26.6% from a ₹1,97,180 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; Maruti Suzuki India 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 Maruti Suzuki India Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Tata Motors Passenger Vehicles Ltd · ₹3,35,581 crore | 58.8% versus #2 · Mahindra & Mahindra Ltd | 2/8 recent comparable periods | 4/4 companies · 67 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): ₹2.1 L Cr
3. Maruti Suzuki India Ltd (MARUTI): ₹2.0 L Cr
4. Hyundai Motor India Ltd (HYUNDAI): ₹70.7K Cr

### Revenue growth — fastest growers
1. Maruti Suzuki India Ltd (MARUTI): 27%
2. Mahindra & Mahindra Ltd (M&M): 26%
3. Hyundai Motor India Ltd (HYUNDAI): 3.6%
4. Tata Motors Passenger Vehicles Ltd (TMPV): -13%

### 20-quarter Revenue history
- MARUTI: 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 | Jun 2026 ₹52.5K Cr
- M&M: 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 | Jun 2026 ₹58.2K Cr
- HYUNDAI: 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 | Jun 2026 ₹16.3K Cr
- TMPV: 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 | Jun 2026 —

### 20-quarter Revenue growth history
- MARUTI: 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% | Jun 2026 36%
- M&M: 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% | Jun 2026 28%
- HYUNDAI: 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% | Jun 2026 -0.5%
- TMPV: 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% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Mahindra & Mahindra Ltd leads both opm at 19% and margin change at +1 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 · 19% | 72.7% versus #2 · Tata Motors Passenger Vehicles 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): 19%
2. Tata Motors Passenger Vehicles Ltd (TMPV): 11%
3. Hyundai Motor India Ltd (HYUNDAI): 9.0%
4. Maruti Suzuki India Ltd (MARUTI): 8.0%

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

### 20-quarter OPM history
- MARUTI: 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% | Jun 2026 8.0%
- M&M: 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% | Jun 2026 19%
- HYUNDAI: 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% | Jun 2026 9.0%
- TMPV: 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 -1.9% | Dec 2025 1.2% | Mar 2026 11% | Jun 2026 —

### 20-quarter Margin change history
- MARUTI: 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 | Jun 2026 −4.0 pp
- M&M: 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 | Jun 2026 +1.0 pp
- HYUNDAI: 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 | Jun 2026 −4.0 pp
- TMPV: 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 −13.9 pp | Dec 2025 −9.8 pp | Mar 2026 −4.0 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Tata Motors Passenger Vehicles Ltd leads with ₹82,646 crore of TTM profit, 308.3% 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 | 308.3% versus #2 · Mahindra & Mahindra Ltd | 2/8 recent comparable periods | 4/4 companies · 67 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): ₹20.2K Cr
3. Maruti Suzuki India Ltd (MARUTI): ₹14.3K Cr
4. Hyundai Motor India Ltd (HYUNDAI): ₹5.0K Cr

### Profit growth — fastest growers
1. Tata Motors Passenger Vehicles Ltd (TMPV): 100%
2. Mahindra & Mahindra Ltd (M&M): 36%
3. Maruti Suzuki India Ltd (MARUTI): -1.4%
4. Hyundai Motor India Ltd (HYUNDAI): -10%

### 20-quarter Net profit history
- MARUTI: 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 | Jun 2026 ₹3.4K Cr
- M&M: 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 | Jun 2026 ₹6.0K Cr
- HYUNDAI: 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 | Jun 2026 ₹889 Cr
- TMPV: 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 | Jun 2026 —

### 20-quarter Profit growth history
- MARUTI: 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% | Jun 2026 -9.1%
- M&M: 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% | Jun 2026 37%
- HYUNDAI: 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% | Jun 2026 -35%
- TMPV: 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% | Jun 2026 —

## 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 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 | 2/7 recent comparable periods | 4/4 companies · 42 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): +2.0 pp
2. Maruti Suzuki India Ltd (MARUTI): −3.2 pp
3. Hyundai Motor India Ltd (HYUNDAI): −12.4 pp
4. Tata Motors Passenger Vehicles Ltd (TMPV): −13.0 pp

### 20-quarter ROCE history
- MARUTI: 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% | Jun 2026 18%
- M&M: 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% | Jun 2026 19%
- HYUNDAI: 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% | Jun 2026 32%

### 20-quarter ROCE change history
- MARUTI: 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 | Jun 2026 −3.2 pp
- M&M: 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 | Jun 2026 +2.0 pp
- HYUNDAI: 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 | Jun 2026 −12.4 pp

## Valuation Against Growth & Quality

What the numbers say: Mahindra & Mahindra Ltd has the lowest comparable PEG at 0.6×, 62.7% below Maruti Suzuki India Ltd. Only 3 of 4 companies have earnings and growth steady enough for the ratio to mean anything, 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 · 0.6× | 62.7% versus #2 · Maruti Suzuki India Ltd | 0/8 recent comparable periods | 3/4 companies · 20 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 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.

### PEG — lowest PEG
1. Mahindra & Mahindra Ltd (M&M): 0.6
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): 1.5
2. Mahindra & Mahindra Ltd (M&M): 22.0
3. Maruti Suzuki India Ltd (MARUTI): 31.2
4. Hyundai Motor India Ltd (HYUNDAI): 35.8

### 20-quarter PEG history
- MARUTI: 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 — | Jun 2026 —
- M&M: 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 1.2 | Dec 2025 1.5 | Mar 2026 0.5 | Jun 2026 0.6
- HYUNDAI: 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 — | Jun 2026 —

### 20-quarter P/E history
- MARUTI: 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 | Jun 2026 29.4
- M&M: 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 30.4 | Dec 2025 31.3 | Mar 2026 23.4 | Jun 2026 22.3
- HYUNDAI: 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 | Jun 2026 29.5
- TMPV: 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 | Jun 2026 —


## 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.

## Every company
- Maruti Suzuki India Ltd (MARUTI) — market value ₹4.5 L Cr; latest fundamentals Jun 2026
- Mahindra & Mahindra Ltd (M&M) — market value ₹4.2 L Cr; latest fundamentals Jun 2026
- Hyundai Motor India Ltd (HYUNDAI) — market value ₹1.8 L Cr; latest fundamentals Jun 2026
- Tata Motors Passenger Vehicles Ltd (TMPV) — market value ₹1.3 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 Jun 2026; prices through 2026-07-31.
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

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

Auto - 4 Wheelers has underperformed NIFTY 500 by 3.6% over 52 weeks and 7.5% 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?

Maruti Suzuki India Ltd has the fastest current revenue growth at 26.6%, across 4 of 4 comparable companies.

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

Mahindra & Mahindra Ltd ranks first at 73.4/100 with 91% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

Mahindra & Mahindra Ltd has the lowest comparable PEG at 0.6, among 3 of 4 companies whose earnings and growth are steady enough for the ratio to mean anything.

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

The page compares up to 20 reported quarters per company for fundamentals, returns 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.

### 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 Jun 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 Jun 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 Jun 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 ₹2,11,376 crore. That covers 4 of 4 companies with comparable reporting through Mar 2026.

### Which Auto - 4 Wheelers company has the best profit margins?

Mahindra & Mahindra Ltd has the highest operating margin at 19%, from 4 of 4 comparable companies. Mahindra & Mahindra Ltd shows the biggest recent improvement, at +1 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 PEG — where a LOWER number is cheaper — Mahindra & Mahindra Ltd screens cheapest at 0.6×. Only 3 of 4 companies have earnings and growth steady enough for the ratio to mean anything, 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.

### Is the Auto - 4 Wheelers sector beating the market?

Auto - 4 Wheelers has underperformed NIFTY 500 by 3.6% over the last 52 weeks and 7.5% 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 73.4 out of 100 with 91% evidence confidence, from 29.6 points on growth and earnings, 13.8 on capital efficiency, 15.8 on valuation and 14.2 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, 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 - 4 Wheelers sector?

The 4 Auto - 4 Wheelers companies on this page carry ₹11,72,441 crore of combined market value. Maruti Suzuki India Ltd is the largest at ₹4,47,521 crore, about 38% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05.

### 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 3.6% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-05.

### 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.