Bus and LCV Maker Stocks and Companies in India

The largest Bus and LCV Maker stocks in India by market value are Force Motors (₹23,912 crore), JBM Auto (₹11,756 crore) and Olectra Greentech (₹8,690 crore), at prices of 4 Nov 2026.

• Force Motors: ₹18,148 | market value ₹23,912 crore | P/E 22.9
• JBM Auto: ₹497.10 | market value ₹11,756 crore | P/E 49.7
• Olectra Greentech: ₹1,058.70 | market value ₹8,690 crore | P/E 49.0
• SML Mahindra: ₹4,928.80 | market value ₹7,132 crore | P/E 48.5

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.

All 4 listed Indian Auto - Bus/LCVs companies are named here, largest first. This is the set of companies people mean when they search for a Nifty Auto - Bus/LCVs index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one. One large company cannot set the reading.

1. Force Motors Ltd₹22,900 cr
2. JBM Auto Ltd₹11,100 cr
3. Olectra Greentech Ltd₹7,810 cr
4. SML Mahindra Ltd₹6,840 cr

4 Bus and LCV Maker companies in the Auto - Bus/LCVs industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 4 are listed below, largest first. The largest is Force Motors (₹22,867 crore) and the smallest with a market value is SML Mahindra.

Download all 4 Bus and LCV Maker 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 37% ahead of NIFTY 500. Earnings across its companies grew 20% on average over the last four reported quarters.

Price and the fundamentals both up. 0 of 4 companies pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high). 1 is 20% or more behind over a year while earnings grew 20% or more.

Not ahead of NIFTY 500 on the three-month view this week; 1 of the 4 companies in the industry index above their 200-day average (no change from four weeks earlier); 0 of those 4 pass the momentum test (1 fewer than four weeks earlier); earnings rising at 4 of the 4 that report earnings.

Participation is shrinking, 1 → 0 of 4 over four weeks, after being ahead of NIFTY 500. Price-only fade, 4 of 4 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 its 4 companies. 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 - Bus/LCVs has done better than the NIFTY 500 by 2.4% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 12.3%. Force Motors Ltd is the strongest against the sector itself at −0.7%.

Auto - Bus/LCVs has done better than the NIFTY 500 by 2.4% over 52 weeks, but is 12.3% behind over the last 13 weeks. 0 of 4 companies we track are beating the NIFTY on relative strength (how a share price has done against the index over recent months), and 0 of the 2 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.

Olectra Greentech Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 77.6% evidence confidence.

SML Mahindra Ltd has the strongest one-year price move in Auto - Bus/LCVs at +55.4%. It also leads on relative strength against the NIFTY, at +12.6%. 1 of 4 companies we track is ahead of the index on that measure. 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 - Bus/LCVs 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

1 of 4 Auto - Bus/LCVs companies held a results call for April to June 2026. Olectra Greentech guided: FY27 bus TIV about 8,000 and Olectra deliveries 2,000-plus to 2,500; next-year bus adoption growth predicted at 30%-50%.

From the results calls for April to June 2026.

Big funds, foreign and Indian, raised their stake by 0.5 points over the last two quarters. Founders and promoters kept theirs about the same.

• Spending on new plants and equipment was ₹1,397 crore in the last 12 months, 21% less than a year before.
• Projects still being built grew 38% in a year.

Big funds = foreign and Indian institutions, change in their share of ownership across 4 Auto - Bus/LCVs companies, in percentage points.

Ownership and spending as of 10 October 2026.

This is the written read behind the Auto - Bus/LCVs figures above: what is actually happening in the industry, in words, with the evidence each claim rests on. It is dated 9 Aug 2026.

The Auto - Bus/LCVs sector analysis for the week ending 7 August 2026 covers 1 constituent, FORCEMOT. The company delivered its 'strongest-ever annual performance in FY26' with Revenue at Rs 9,167 Cr (+13%) and PAT at Rs 1,211 Cr (+51%). EBITDA margin expanded 370 bps to 17.6%. The balance sheet shows 'debt fully repaid' with Rs 2,200 Cr+ liquid reserves.

How old this read is: This read comes from our Auto - Bus/LCVs sector brief dated 9 Aug 2026, 88 days old. The numbers above it are newer than the words here.

Sources: our Auto - Bus/LCVs sector brief, 9 Aug 2026.

Force Motors Ltd has the highest Revenue among the 4 Auto - Bus/LCVs companies compared here, at ₹10,044 crore. JBM Auto Ltd is next at ₹6,564 crore. Olectra Greentech Ltd has the highest Revenue growth at 38.5%, so level and change sit with different companies. 4 of 4 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Force Motors Ltd is the largest at ₹10,044 crore, 53% ahead of JBM Auto Ltd. Olectra Greentech Ltd's growth is 38.5% from a ₹2,542 crore base, with 19 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: Force Motors Ltd is the size to compare against; Olectra Greentech 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: Force Motors Ltd's growth falls below Olectra Greentech 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.

Force Motors Ltd has the highest OPM among the 4 Auto - Bus/LCVs companies compared here, at 15%. Olectra Greentech Ltd is next at 12%. JBM Auto Ltd has the highest Margin change at 0 percentage points, so level and change sit with different companies. 4 of 4 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Force Motors Ltd leads opm at 15%; JBM Auto Ltd leads margin change at 0 percentage points.

What this means: Force 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

Force Motors Ltd has the highest Net profit among the 4 Auto - Bus/LCVs companies compared here, at ₹1,196 crore. JBM Auto Ltd is next at ₹249 crore. Olectra Greentech Ltd has the highest Profit growth at 26.8%, so level and change sit with different companies. 4 of 4 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Force Motors Ltd earns the most, ₹1,196 crore of profit over the last 12 months, 380.3% above JBM Auto Ltd. Olectra Greentech Ltd shows 26.8% growth from a profit base of ₹180 crore. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: Force 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

Force Motors Ltd has the highest ROCE among the 4 Auto - Bus/LCVs companies compared here, at 36%. SML Mahindra Ltd is next at 30.9%. Olectra Greentech Ltd has the highest ROCE change at +1.6 percentage points, so level and change sit with different companies. 4 of 4 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Force Motors Ltd leads ROCE at 36%, 5.1 percentage points above SML Mahindra 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: Force 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: JBM Auto Ltd (JBMA): its two data sources disagree by up to 11% 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

Force Motors Ltd has the lowest PEG among the 4 Auto - Bus/LCVs companies compared here, at 1.57×. SML Mahindra Ltd is next at 6.07×. The same company also has the lowest P/E, at 21.9×. 3 of 4 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Force Motors Ltd has the lowest comparable PEG at 1.57×, 74.1% below SML Mahindra 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 - Bus/LCVs companies show up on 2 of our India lists. The most are on the 52 week high & low list (1 company).

This Auto - Bus/LCVs comparison names 5 specific ways its own evidence can mislead, all listed below. All 4 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 4 Auto - Bus/LCVs 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 4 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: JBM Auto Ltd (JBMA): its two data sources disagree by up to 11% on reported income across 15 comparable periods, so its derived ratios are withheld.

These 23 answers restate the Auto - Bus/LCVs comparison above in question form. Every one is computed from the same 4 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.