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

> Auto Ancillaries - 2&3 Wheelers: Sandhar Technologies Limited owns the largest revenue base AND the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-08-20. Not investment advice.

## Bottom line

Auto Ancillaries - 2&3 Wheelers has outperformed NIFTY 500 by 45.9% over 52 weeks and 13% over 13 weeks. 2 of 2 covered companies beat NIFTY on Mansfield relative strength, while 0 of 2 beat the sector itself. Sandhar Technologies Limited leads with revenue of ₹5,144 crore, based on 2 of 2 comparable companies through Jun 2026.

## Sector relative strength

Auto Ancillaries - 2&3 Wheelers has outperformed NIFTY 500 by 45.9% over the last 52 weeks. Over 13 weeks the gap is a lead of 13%. 2 of 2 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Sandhar Technologies Limited is the strongest against the sector itself at -3.7%.

13-week sector return versus NIFTY 500: 13%
52-week sector return versus NIFTY 500: 46%
Stocks leading NIFTY: 2/2
Stocks leading sector: 0/2

Central tension: The central tension: current leadership is concentrated, so durability matters more than rank.

Companies: 2
Combined market value: ₹10.0K 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. Sandhar Technologies Limited (SANDHAR): 61/100 — Mixed-positive evidence; evidence 91%
   - Growth & earnings 25.1/35 | Capital efficiency 10.3/25 | Valuation 16.5/20 | Relative strength 9.2/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 11 of 11 weeks with a reading, within the last 12
   - Exact sum: 25.1 + 10.3 + 16.5 + 9.2 = 61.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Fiem Industries Ltd (FIEMIND): 59/100 — Mixed-positive evidence; evidence 97%
   - Growth & earnings 22.9/35 | Capital efficiency 18.1/25 | Valuation 12.8/20 | Relative strength 5.0/20
   - 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 the last 12 weeks
   - Exact sum: 22.9 + 18.1 + 12.8 + 5 = 58.8
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -7.5% and the one-year return is 30.1%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.

## Market action

Sandhar Technologies Limited has the strongest one-year price move in Auto Ancillaries - 2&3 Wheelers at +47.2%. It also leads on Mansfield relative strength against NIFTY at +15%. 2 of 2 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-08-14.

### Strongest one-year price performers
1. Sandhar Technologies Limited (SANDHAR): 47%
2. Fiem Industries Ltd (FIEMIND): 30%

### Strongest relative strength versus NIFTY 500
1. Sandhar Technologies Limited (SANDHAR): 15%
2. Fiem Industries Ltd (FIEMIND): 5.2%

## Auto Ancillaries - 2&3 Wheelers — the story behind the numbers

This is the written read behind the Auto Ancillaries - 2&3 Wheelers figures above — what is actually happening in the sector, in words, with the evidence each claim rests on. It is dated 19 Apr 2026, so the words are older than the numbers. 2 themes are live here.

Fiem Industries (FIEMIND) demonstrated a 16.22% YoY revenue growth in Q3 FY26, reaching ₹685.81 Cr. This performance was underpinned by a broad-based recovery in the 2-wheeler segment, particularly with key OEMs like TVS and Honda, and aided by festival demand.

How old this read is: STALE — this read comes from our Auto Ancillaries - 2&3 Wheelers sector brief dated 19 Apr 2026, about 4 months ago. The page says so rather than dressing it up, and a fresh sector dive replaces it the day it runs.

### Live themes, worst first
- MEDIUM | Input cost increases are occurring, impacting margins with a potential lag. | Costs are passed on to OEMs on a rolling basis. | quoted: "Nothing specific. And if it does, as we mentioned, it is kind of passed on. It sometimes comes with a lag." | named for FIEMIND
- LOW | Broader economic headwinds and global instability affecting trade sentiment. | Focusing on resilient domestic demand and steady momentum. | quoted: "The Indian economy continues to demonstrate resilient and steady momentum in spite of the geopolitical challenges." | named for FIEMIND

Sources: our Auto Ancillaries - 2&3 Wheelers sector brief, 19 Apr 2026 · company earnings-call transcripts.

## Revenue Scale & Growth Durability

What the numbers say: Sandhar Technologies Limited is the scale leader at ₹5,144 crore, 75.5% ahead of Fiem Industries Ltd. Sandhar Technologies Limited's growth is 26.6% from a ₹5,144 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: Sandhar Technologies Limited is the scale benchmark; Sandhar Technologies Limited is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Sandhar Technologies Limited's growth falls below Sandhar Technologies Limited's for two consecutive comparable reports while operating margin also compresses.

Evidence: Sandhar Technologies Limited · ₹5,144 crore | 75.5% versus #2 · Fiem Industries Ltd | 8/8 recent comparable periods | 2/2 companies · 40 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. Sandhar Technologies Limited (SANDHAR): ₹5.1K Cr
2. Fiem Industries Ltd (FIEMIND): ₹2.9K Cr

### Revenue growth — fastest growers
1. Sandhar Technologies Limited (SANDHAR): 27%
2. Fiem Industries Ltd (FIEMIND): 17%

### 20-quarter Revenue history
- FIEMIND: Sep 2021 ₹420 Cr | Dec 2021 ₹390 Cr | Mar 2022 ₹490 Cr | Jun 2022 ₹445 Cr | Sep 2022 ₹525 Cr | Dec 2022 ₹442 Cr | Mar 2023 ₹436 Cr | Jun 2023 ₹475 Cr | Sep 2023 ₹509 Cr | Dec 2023 ₹487 Cr | Mar 2024 ₹558 Cr | Jun 2024 ₹578 Cr | Sep 2024 ₹612 Cr | Dec 2024 ₹593 Cr | Mar 2025 ₹639 Cr | Jun 2025 ₹659 Cr | Sep 2025 ₹715 Cr | Dec 2025 ₹690 Cr | Mar 2026 ₹751 Cr | Jun 2026 ₹775 Cr
- SANDHAR: Sep 2021 ₹618 Cr | Dec 2021 ₹612 Cr | Mar 2022 ₹684 Cr | Jun 2022 ₹675 Cr | Sep 2022 ₹746 Cr | Dec 2022 ₹723 Cr | Mar 2023 ₹765 Cr | Jun 2023 ₹829 Cr | Sep 2023 ₹885 Cr | Dec 2023 ₹890 Cr | Mar 2024 ₹918 Cr | Jun 2024 ₹913 Cr | Sep 2024 ₹984 Cr | Dec 2024 ₹974 Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 ₹1.4K Cr

### 20-quarter Revenue growth history
- FIEMIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 62% | Sep 2022 25% | Dec 2022 13% | Mar 2023 -11% | Jun 2023 6.7% | Sep 2023 -3.1% | Dec 2023 10% | Mar 2024 28% | Jun 2024 22% | Sep 2024 20% | Dec 2024 22% | Mar 2025 15% | Jun 2025 14% | Sep 2025 17% | Dec 2025 16% | Mar 2026 18% | Jun 2026 18%
- SANDHAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 65% | Sep 2022 21% | Dec 2022 18% | Mar 2023 12% | Jun 2023 23% | Sep 2023 19% | Dec 2023 23% | Mar 2024 20% | Jun 2024 10% | Sep 2024 11% | Dec 2024 9.4% | Mar 2025 10% | Jun 2025 19% | Sep 2025 29% | Dec 2025 22% | Mar 2026 29% | Jun 2026 27%

## Operating Economics & Margin Trend

What the numbers say: Fiem Industries Ltd leads opm at 13%; Sandhar Technologies Limited leads margin change at 0 percentage points.

Investor read: Fiem Industries 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: Fiem Industries Ltd · 13% | 62.5% versus #2 · Sandhar Technologies Limited | 3/8 recent comparable periods | 2/2 companies · 40 observations

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

### OPM — highest
1. Fiem Industries Ltd (FIEMIND): 13%
2. Sandhar Technologies Limited (SANDHAR): 8.0%

### Margin change — fastest expanders
1. Sandhar Technologies Limited (SANDHAR): 0.0 pp
2. Fiem Industries Ltd (FIEMIND): −1.0 pp

### 20-quarter OPM history
- FIEMIND: Sep 2021 12% | Dec 2021 12% | Mar 2022 13% | Jun 2022 13% | Sep 2022 13% | Dec 2022 14% | Mar 2023 14% | Jun 2023 13% | Sep 2023 13% | Dec 2023 13% | Mar 2024 13% | Jun 2024 14% | Sep 2024 13% | Dec 2024 13% | Mar 2025 13% | Jun 2025 14% | Sep 2025 14% | Dec 2025 14% | Mar 2026 15% | Jun 2026 13%
- SANDHAR: Sep 2021 9.0% | Dec 2021 8.0% | Mar 2022 8.8% | Jun 2022 7.7% | Sep 2022 7.6% | Dec 2022 9.0% | Mar 2023 9.0% | Jun 2023 9.0% | Sep 2023 9.0% | Dec 2023 10% | Mar 2024 11% | Jun 2024 9.0% | Sep 2024 10% | Dec 2024 10% | Mar 2025 10% | Jun 2025 8.0% | Sep 2025 9.0% | Dec 2025 9.0% | Mar 2026 10% | Jun 2026 8.0%

### 20-quarter Margin change history
- FIEMIND: Sep 2021 −1.8 pp | Dec 2021 +0.3 pp | Mar 2022 +0.3 pp | Jun 2022 +1.3 pp | Sep 2022 +0.7 pp | Dec 2022 +2.0 pp | Mar 2023 +0.8 pp | Jun 2023 +0.3 pp | Sep 2023 0.0 pp | Dec 2023 −1.0 pp | Mar 2024 −1.0 pp | Jun 2024 +1.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 +1.0 pp | Dec 2025 +1.0 pp | Mar 2026 +2.0 pp | Jun 2026 −1.0 pp
- SANDHAR: Sep 2021 −1.5 pp | Dec 2021 −3.0 pp | Mar 2022 −3.0 pp | Jun 2022 +0.9 pp | Sep 2022 −1.5 pp | Dec 2022 +1.0 pp | Mar 2023 +0.2 pp | Jun 2023 +1.3 pp | Sep 2023 +1.4 pp | Dec 2023 +1.0 pp | Mar 2024 +2.0 pp | Jun 2024 0.0 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 0.0 pp | Jun 2026 0.0 pp

## Profit Scale & Acceleration

What the numbers say: Fiem Industries Ltd leads with ₹263 crore of TTM profit, 27.1% above Sandhar Technologies Limited. Sandhar Technologies Limited shows 46.8% growth from a ₹207 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Fiem Industries 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: Fiem Industries Ltd · ₹263 crore | 27.1% versus #2 · Sandhar Technologies Limited | 8/8 recent comparable periods | 2/2 companies · 40 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. Fiem Industries Ltd (FIEMIND): ₹263 Cr
2. Sandhar Technologies Limited (SANDHAR): ₹207 Cr

### Profit growth — fastest growers
1. Sandhar Technologies Limited (SANDHAR): 47%
2. Fiem Industries Ltd (FIEMIND): 23%

### 20-quarter Net profit history
- FIEMIND: Sep 2021 ₹26 Cr | Dec 2021 ₹23 Cr | Mar 2022 ₹34 Cr | Jun 2022 ₹29 Cr | Sep 2022 ₹39 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹38 Cr | Jun 2023 ₹36 Cr | Sep 2023 ₹43 Cr | Dec 2023 ₹40 Cr | Mar 2024 ₹46 Cr | Jun 2024 ₹49 Cr | Sep 2024 ₹50 Cr | Dec 2024 ₹47 Cr | Mar 2025 ₹59 Cr | Jun 2025 ₹58 Cr | Sep 2025 ₹64 Cr | Dec 2025 ₹63 Cr | Mar 2026 ₹71 Cr | Jun 2026 ₹65 Cr
- SANDHAR: Sep 2021 ₹21 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹25 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹36 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹40 Cr | Dec 2024 ₹30 Cr | Mar 2025 ₹43 Cr | Jun 2025 ₹28 Cr | Sep 2025 ₹73 Cr | Dec 2025 ₹33 Cr | Mar 2026 ₹64 Cr | Jun 2026 ₹37 Cr

### 20-quarter Profit growth history
- FIEMIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 164% | Sep 2022 50% | Dec 2022 39% | Mar 2023 12% | Jun 2023 24% | Sep 2023 10% | Dec 2023 25% | Mar 2024 21% | Jun 2024 36% | Sep 2024 16% | Dec 2024 18% | Mar 2025 28% | Jun 2025 18% | Sep 2025 28% | Dec 2025 34% | Mar 2026 20% | Jun 2026 12%
- SANDHAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 550% | Sep 2022 -24% | Dec 2022 54% | Mar 2023 32% | Jun 2023 69% | Sep 2023 75% | Dec 2023 25% | Mar 2024 44% | Jun 2024 32% | Sep 2024 43% | Dec 2024 20% | Mar 2025 19% | Jun 2025 -3.5% | Sep 2025 83% | Dec 2025 10% | Mar 2026 49% | Jun 2026 32%

## Return On Capital Employed

What the numbers say: Fiem Industries Ltd leads ROCE at 29.3%, 14.9 percentage points above Sandhar Technologies Limited. Fiem Industries Ltd has the strongest latest improvement at +1.4 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: Fiem Industries 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: Fiem Industries Ltd · 29.3% | 103.5% versus #2 · Sandhar Technologies Limited | 8/8 recent comparable periods | 2/2 companies · 31 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. Fiem Industries Ltd (FIEMIND): 29%
2. Sandhar Technologies Limited (SANDHAR): 14%

### ROCE change — fastest improvers
1. Fiem Industries Ltd (FIEMIND): +1.4 pp
2. Sandhar Technologies Limited (SANDHAR): −0.4 pp

### 20-quarter ROCE history
- FIEMIND: Sep 2021 18% | Dec 2021 — | Mar 2022 19% | Jun 2022 — | Sep 2022 23% | Dec 2022 — | Mar 2023 22% | Jun 2023 27% | Sep 2023 22% | Dec 2023 26% | Mar 2024 22% | Jun 2024 27% | Sep 2024 24% | Dec 2024 28% | Mar 2025 23% | Jun 2025 28% | Sep 2025 24% | Dec 2025 30% | Mar 2026 25% | Jun 2026 —
- SANDHAR: Sep 2021 14% | Dec 2021 — | Mar 2022 8.8% | Jun 2022 — | Sep 2022 9.4% | Dec 2022 — | Mar 2023 9.1% | Jun 2023 — | Sep 2023 11% | Dec 2023 14% | Mar 2024 13% | Jun 2024 15% | Sep 2024 14% | Dec 2024 16% | Mar 2025 14% | Jun 2025 16% | Sep 2025 13% | Dec 2025 19% | Mar 2026 13% | Jun 2026 —

### 20-quarter ROCE change history
- FIEMIND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.1 pp | Dec 2022 — | Mar 2023 +3.5 pp | Jun 2023 — | Sep 2023 −1.4 pp | Dec 2023 — | Mar 2024 −0.3 pp | Jun 2024 +0.9 pp | Sep 2024 +1.8 pp | Dec 2024 +2.2 pp | Mar 2025 +1.3 pp | Jun 2025 +1.0 pp | Sep 2025 +0.1 pp | Dec 2025 +1.7 pp | Mar 2026 +1.4 pp | Jun 2026 —
- SANDHAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.4 pp | Dec 2022 — | Mar 2023 +0.3 pp | Jun 2023 — | Sep 2023 +1.6 pp | Dec 2023 — | Mar 2024 +3.7 pp | Jun 2024 — | Sep 2024 +3.2 pp | Dec 2024 +2.3 pp | Mar 2025 +0.9 pp | Jun 2025 +1.2 pp | Sep 2025 −1.1 pp | Dec 2025 +2.8 pp | Mar 2026 −0.4 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Sandhar Technologies Limited has the lowest comparable PEG at 0.69×, 19.8% below Fiem Industries Ltd. Only 2 of 2 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: Sandhar Technologies Limited · 0.69× | 19.8% versus #2 · Fiem Industries Ltd | 0/8 recent comparable periods | 2/2 companies · 30 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. Sandhar Technologies Limited (SANDHAR): 0.7
2. Fiem Industries Ltd (FIEMIND): 0.9

### P/E — lowest P/E
1. Sandhar Technologies Limited (SANDHAR): 18.4
2. Fiem Industries Ltd (FIEMIND): 23.5

### 20-quarter PEG history
- FIEMIND: Sep 2021 — | Dec 2021 1.0 | Mar 2022 0.7 | Jun 2022 — | Sep 2022 0.5 | Dec 2022 0.5 | Mar 2023 0.3 | Jun 2023 0.4 | Sep 2023 0.5 | Dec 2023 1.1 | Mar 2024 1.2 | Jun 2024 1.1 | Sep 2024 1.1 | Dec 2024 0.9 | Mar 2025 0.9 | Jun 2025 1.4 | Sep 2025 1.4 | Dec 2025 1.3 | Mar 2026 0.9 | Jun 2026 —
- SANDHAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.4 | Mar 2023 — | Jun 2023 0.7 | Sep 2023 1.1 | Dec 2023 0.6 | Mar 2024 0.7 | Jun 2024 0.6 | Sep 2024 0.7 | Dec 2024 0.6 | Mar 2025 0.5 | Jun 2025 0.9 | Sep 2025 1.1 | Dec 2025 4.3 | Mar 2026 — | Jun 2026 0.7

### 20-quarter P/E history
- FIEMIND: Sep 2021 16.9 | Dec 2021 17.5 | Mar 2022 14.1 | Jun 2022 17.1 | Sep 2022 17.0 | Dec 2022 18.0 | Mar 2023 15.2 | Jun 2023 16.8 | Sep 2023 16.2 | Dec 2023 18.5 | Mar 2024 18.9 | Jun 2024 20.3 | Sep 2024 25.2 | Dec 2024 21.5 | Mar 2025 19.3 | Jun 2025 23.9 | Sep 2025 24.5 | Dec 2025 27.1 | Mar 2026 21.5 | Jun 2026 22.9
- SANDHAR: Sep 2021 18.9 | Dec 2021 16.4 | Mar 2022 17.8 | Jun 2022 25.5 | Sep 2022 20.8 | Dec 2022 22.3 | Mar 2023 18.0 | Jun 2023 25.9 | Sep 2023 29.7 | Dec 2023 32.0 | Mar 2024 32.2 | Jun 2024 30.1 | Sep 2024 28.6 | Dec 2024 23.9 | Mar 2025 17.0 | Jun 2025 23.4 | Sep 2025 19.9 | Dec 2025 24.1 | Mar 2026 20.3 | Jun 2026 30.0


## 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.

## Every company
- Fiem Industries Ltd (FIEMIND) — market value ₹6.2K Cr; latest fundamentals Jun 2026
- Sandhar Technologies Limited (SANDHAR) — market value ₹3.9K Cr; latest fundamentals Jun 2026

## Source standing of each company

Cross-checked: 2. Unverified: 0. Withheld: 0. Graded companies: 2.

Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld.

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-08-14.
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 Ancillaries - 2&3 Wheelers sector outperforming NIFTY 500?

Auto Ancillaries - 2&3 Wheelers has outperformed NIFTY 500 by 45.9% over 52 weeks and 13% over 13 weeks. 2 of 2 covered companies beat NIFTY on Mansfield relative strength, while 0 of 2 beat the sector itself.

### Which Auto Ancillaries - 2&3 Wheelers company is largest by revenue?

Sandhar Technologies Limited leads with revenue of ₹5,144 crore, based on 2 of 2 comparable companies through Jun 2026.

### Which Auto Ancillaries - 2&3 Wheelers company is growing fastest?

Sandhar Technologies Limited has the fastest current revenue growth at 26.6%, across 2 of 2 comparable companies.

### Which Auto Ancillaries - 2&3 Wheelers company has the strongest 4-Factor Sector Score?

Sandhar Technologies Limited ranks first at 61.1/100 with 91% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Auto Ancillaries - 2&3 Wheelers company has the lowest comparable PEG?

Sandhar Technologies Limited has the lowest comparable PEG at 0.69, among 2 of 2 companies whose earnings and growth are steady enough for the ratio to mean anything.

### How much history does this Auto Ancillaries - 2&3 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.

### Is there a Nifty Auto Ancillaries - 2&3 Wheelers index?

NSE India maintains Nifty indices for several broad sector categories — Nifty Bank, Nifty IT, Nifty Pharma and others — but not for every sub-sector grouping on this site. Whether or not an official Nifty index covers Auto Ancillaries - 2&3 Wheelers, this page builds its own equal-weight basket of 2 listed Auto Ancillaries - 2&3 Wheelers companies — one company, one vote, regardless of market value — so no single large company dominates the reading. Figures are as of Jun 2026.

### Which are the best Auto Ancillaries - 2&3 Wheelers stocks in India?

Ranked by this page's four-factor score, Sandhar Technologies Limited places first among 2 listed Auto Ancillaries - 2&3 Wheelers companies, followed by Fiem Industries 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 Ancillaries - 2&3 Wheelers stocks are listed in India?

This comparison covers 2 listed Auto Ancillaries - 2&3 Wheelers companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Auto Ancillaries - 2&3 Wheelers company is the biggest?

Sandhar Technologies Limited is the largest, with trailing-twelve-month revenue of ₹5,144 crore, ahead of Fiem Industries Ltd at ₹2,931 crore. That covers 2 of 2 companies with comparable reporting through Jun 2026.

### Which Auto Ancillaries - 2&3 Wheelers company has the best profit margins?

Fiem Industries Ltd has the highest operating margin at 13%, from 2 of 2 comparable companies. Sandhar Technologies Limited 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 Ancillaries - 2&3 Wheelers company makes the most profit?

Fiem Industries Ltd earns the most, at ₹263 crore of trailing-twelve-month net profit, from 2 of 2 comparable companies. Sandhar Technologies Limited has the fastest profit growth at 46.8%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Auto Ancillaries - 2&3 Wheelers company earns the highest return on capital?

Fiem Industries Ltd leads on return on capital employed at 29.3%, across 2 of 2 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 Ancillaries - 2&3 Wheelers stock is the cheapest?

On PEG — where a LOWER number is cheaper — Sandhar Technologies Limited screens cheapest at 0.69×. All 2 companies qualify for the ratio comparison. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

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

Auto Ancillaries - 2&3 Wheelers has outperformed NIFTY 500 by 45.9% over the last 52 weeks and 13% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 2 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Auto Ancillaries - 2&3 Wheelers stock has the strongest price momentum?

Sandhar Technologies Limited 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 Ancillaries - 2&3 Wheelers company scores highest for research priority?

Sandhar Technologies Limited scores 61.1 out of 100 with 91% evidence confidence, from 25.1 points on growth and earnings, 10.3 on capital efficiency, 16.5 on valuation and 9.2 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 Ancillaries - 2&3 Wheelers companies does this comparison cover, and over what period?

It compares 2 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 Ancillaries - 2&3 Wheelers sector?

The 2 Auto Ancillaries - 2&3 Wheelers companies on this page carry ₹10,037 crore of combined market value. Fiem Industries Ltd is the largest at ₹6,186 crore, about 62% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-20.

### How is the Auto Ancillaries - 2&3 Wheelers sector performing?

2 of the 2 covered Auto Ancillaries - 2&3 Wheelers companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 45.9% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-20.

### 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.