Commercial Vehicle Stocks and Companies in India

The largest Commercial Vehicle stocks in India by market value are Tata Motors (₹1.48 lakh crore), Ashok Leyland (₹90,475 crore) and Jamna Auto Industries (₹5,133 crore), at prices of 4 Nov 2026.

• Tata Motors: ₹402.80 | market value ₹1.48 lakh crore | P/E 20.7
• Ashok Leyland: ₹154.03 | market value ₹90,475 crore | P/E 24.3
• Jamna Auto Industries: ₹128.33 | market value ₹5,133 crore | P/E 21.2
• GNA Axles: ₹534.60 | market value ₹2,380 crore | P/E 16.4
• Automotive Axles: ₹1,587.20 | market value ₹2,399 crore | P/E 13.1
• Premier: ₹2.78 (price from the week of 29 Mar 2026) | market value ₹8.0 crore

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

1. Tata Motors Ltd₹1.5 lakh cr
2. Ashok Leyland Ltd₹85,100 cr
3. Jamna Auto Industries Ltd₹4,830 cr
4. GNA Axles Ltd₹2,380 cr
5. Automotive Axles Ltd₹2,330 cr
6. Premier Ltd₹8 cr

6 Commercial Vehicle companies in the Auto & Auto Ancl - CV industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 6 are listed below, largest first. The largest is Tata Motors (₹1.46 lakh crore) and the smallest with a market value is Premier.

Download all 6 Commercial Vehicle 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 26% ahead of NIFTY 500. Earnings across its companies grew 12% on average over the last four reported quarters.

Price and the fundamentals both up. 1 of the 5 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).

Not ahead of NIFTY 500 on the three-month view this week; 1 of the 5 companies in the industry index above their 200-day average (1 fewer than four weeks earlier); 1 of those 5 pass the momentum test (no change from four weeks earlier); earnings rising at 5 of the 5 that report earnings.

Not ahead of NIFTY 500, not building participation, not giving any back. Earnings confirming, 5 of 5 members have higher trailing twelve-month earnings than a year ago.

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 5 of its 6 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 & Auto Ancl - CV has done better than the NIFTY 500 by 27.5% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 0.5%. GNA Axles Ltd is the strongest against the sector itself at +26.1%.

Auto & Auto Ancl - CV has done better than the NIFTY 500 by 27.5% over 52 weeks, but is 0.5% behind over the last 13 weeks. 1 of 6 companies we track is beating the NIFTY on relative strength (how a share price has done against the index over recent months) (2 have no relative-strength reading yet), and 1 of the 3 with a long enough price history is 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.

GNA Axles Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 100% evidence confidence.

Automotive Axles Ltd scores well on valuation against its peers or its own history, but its earnings have not yet improved enough to back that up.

Ranked last: too little evidence (1 company)

Under 60% of the evidence behind this score is available, so it ranks after every company above, whatever the score.

GNA Axles Ltd has the strongest one-year price move in Auto & Auto Ancl - CV at +70.3%. It also leads on relative strength against the NIFTY, at +29.4%. 2 of 6 companies we track are ahead of the index on that measure (2 have 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 & Auto Ancl - CV 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

This is the batch's most contaminated curve, and reading it honestly changes the verdict. Almost none of that is like-for-like. In the week of 17 August 2026, 60% of 6 Auto & Auto Ancl - CV companies were beating the Nifty 500, against 100% on 6 April 2026.

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

1 of 1 Auto & Auto Ancl - CV companies held a results call for October to December 2025.

From the results calls for October to December 2025.

Big funds, foreign and Indian, raised their stake by 1.6 points over the last two quarters. Founders and promoters cut theirs by 1.3 points.

• Spending on new plants and equipment was ₹12,676 crore in the last 12 months, 54% more than a year before.
• Projects still being built grew 14% in a year.
• 1 Auto & Auto Ancl - CV call in the last quarters talked about adding capacity.

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

Ownership and spending as of 10 October 2026.

This is the written read behind the Auto & Auto Ancl - CV figures above: what is actually happening in the industry, in words, with the evidence each claim rests on. It is dated 22 Aug 2026. It also states what would change this read.

How old this read is: This read comes from our fortnightly sector read dated 22 Aug 2026, 75 days old. The numbers above it are newer than the words here.

What would change this read

Monthly heavy-truck volume prints from September through November come in at or above high-single-digit growth, settling the OEM-versus-supplier argument in the truck maker's favour, WHILE Ashok Leyland's margin turns up as it has guided for the January-March quarter.

Sources: our fortnightly Auto & Auto Ancl - CV read, 22 Aug 2026.

Tata Motors Ltd has the highest Revenue among the 6 Auto & Auto Ancl - CV companies compared here, at ₹93,950 crore. Ashok Leyland Ltd is next at ₹57,723 crore. GNA Axles Ltd has the highest Revenue growth at 23%, so level and change sit with different companies. Its Revenue series carries 9 reported observations across the 20-quarter window.

What the numbers say: Tata Motors Ltd is the largest at ₹93,950 crore, 62.8% ahead of Ashok Leyland Ltd. GNA Axles Ltd's growth is 23% from a ₹1,777 crore base, with 20 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: Tata Motors Ltd is the size to compare against; GNA Axles 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: Tata Motors Ltd's growth falls below GNA Axles 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.

Ashok Leyland Ltd has the highest OPM among the 6 Auto & Auto Ancl - CV companies compared here, at 18%. GNA Axles Ltd is next at 16%. Automotive Axles Ltd has the highest Margin change at +2 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: Ashok Leyland Ltd leads opm at 18%; Automotive Axles Ltd leads margin change at +2 percentage points.

What this means: Ashok Leyland 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

Tata Motors Ltd has the highest Net profit among the 6 Auto & Auto Ancl - CV companies compared here, at ₹6,308 crore. Ashok Leyland Ltd is next at ₹3,731 crore. GNA Axles Ltd has the highest Profit growth at 39.4%, so level and change sit with different companies.

What the numbers say: Tata Motors Ltd earns the most, ₹6,308 crore of profit over the last 12 months, 69.1% above Ashok Leyland Ltd. GNA Axles Ltd shows 39.4% growth from a profit base of ₹145 crore. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: Tata 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 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

Tata Motors Ltd has the highest ROCE among the 6 Auto & Auto Ancl - CV companies compared here, at 35.9%. Jamna Auto Industries Ltd is next at 26%. Jamna Auto Industries Ltd has the highest ROCE change at +4 percentage points, so level and change sit with different companies.

What the numbers say: Tata Motors Ltd leads ROCE at 35.9%, 9.9 percentage points above Jamna Auto Industries 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: Tata 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 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: Ashok Leyland Ltd (ASHOKLEY): its two data sources disagree by up to 17% on reported income across 16 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

Tata Motors Ltd has the lowest PEG among the 6 Auto & Auto Ancl - CV companies compared here, at 0.96×. Automotive Axles Ltd is next at 1.4×. Automotive Axles Ltd has the lowest P/E at 12.7×, so level and change sit with different companies. 4 of 6 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Tata Motors Ltd has the lowest comparable PEG at 0.96×, 31.4% below Automotive Axles 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 & Auto Ancl - CV companies show up on 4 of our India lists. The most are on the dividend stocks list (3 companies).

This Auto & Auto Ancl - CV comparison names 5 specific ways its own evidence can mislead, all listed below. All 6 companies here report on comparable dates, so no rank carries a stale marker. 1 has second-source figures left out because the two sources disagree. A high growth rate can still come from a very small starting figure.

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.
• 1 company is 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.

This comparison is built from the reported filings of 6 Auto & Auto Ancl - CV 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.

1 of 6 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Ashok Leyland Ltd (ASHOKLEY): its two data sources disagree by up to 17% on reported income across 16 comparable periods, so its derived ratios are withheld.

These 24 answers restate the Auto & Auto Ancl - CV comparison above in question form. Every one is computed from the same 6 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.