Vehicle Finance Stocks and Companies in India

The largest Vehicle Finance stocks in India by market value are Shriram Finance (₹2.26 lakh crore), Sundaram Finance (₹46,827 crore) and M&M Finance (₹38,904 crore), at prices of 6 Nov 2026.

• Shriram Finance: ₹961.15 | market value ₹2.26 lakh crore | P/BV 2.0
• Sundaram Finance: ₹4,214.70 | market value ₹46,827 crore | P/BV 3.1
• M&M Finance: ₹279.85 | market value ₹38,904 crore | P/BV 1.4
• Tsf Investments: ₹405.05 | market value ₹8,997 crore | P/BV 1.5
• Indostar Capital Finance: ₹192.12 | market value ₹3,106 crore | P/BV 0.8

Share price | market value | P/BV or P/E, biggest first. Prices, market values and ratios at the official close of 6 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 5 listed Indian Finance & Investments - CV Finance companies are named here, largest first. This is the set of companies people mean when they search for a Nifty Finance & Investments - CV Finance index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one.

1. Shriram Finance Ltd₹1.9 lakh cr
2. Sundaram Finance Ltd₹43,800 cr
3. Mahindra & Mahindra Financial Services Ltd₹36,400 cr
4. Tsf Investments Ltd₹8,830 cr
5. Indostar Capital Finance Ltd₹2,960 cr

5 Vehicle Finance companies in the Finance & Investments - CV Finance industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 5 are listed below, largest first. The largest is Shriram Finance (₹1.94 lakh crore) and the smallest with a market value is Indostar Capital Finance.

Download all 5 Vehicle Finance companies (CSV)

The line below covers up to 5.1 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 7% ahead of NIFTY 500. Earnings across its companies grew 12% on average over the last four reported quarters.

0 of 5 companies 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; 0 of the 5 companies in the industry index above their 200-day average (no change from four weeks earlier); 0 of those 5 pass the momentum test (no change from four weeks earlier); earnings rising at 4 of the 5 that report earnings.

Behind NIFTY 500 by −7.8% over a year, with participation off the floor of its own 26-week range. Earnings confirming, 4 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 its 5 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.

Finance & Investments - CV Finance has done worse than the NIFTY 500 by 10.3% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 14.6%. Tsf Investments Ltd is the strongest against the sector itself at +9.9%.

Finance & Investments - CV Finance has done worse than the NIFTY 500 by 10.3% over 52 weeks and by 14.6% over 13 weeks. 0 of 5 companies we track are beating the NIFTY on relative strength (how a share price has done against the index over recent months), and 1 of the 4 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.

Shriram Finance Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 93% evidence confidence.

Shriram Finance Ltd has the strongest one-year price move in Finance & Investments - CV Finance at +10.2%. Tsf Investments Ltd leads on relative strength against the NIFTY, at −2.2%. 0 of 5 companies we track are 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 Finance & Investments - CV Finance 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

3 of 4 Finance & Investments - CV Finance companies held a results call for July to September 2026. Indostar Capital Finance guided: Disbursement yearly growth 35% over FY27-FY29.

From the results calls for July to September 2026.

Big funds, foreign and Indian, raised their stake by 1.2 points over the last two quarters. Founders and promoters cut theirs by 1.0 points.

• Spending on plants is not a useful measure for a lender, so it is left out.

Big funds = foreign and Indian institutions, change in their share of ownership across 5 Finance & Investments - CV Finance companies, in percentage points.

Ownership and spending as of 10 October 2026.

This is the written read behind the Finance & Investments - CV Finance figures above: what is actually happening in the industry, in words, with the evidence each claim rests on. It is dated 17 Apr 2026, so the words are older than the numbers. 2 themes are live here.

The sector outlook is highly bullish, anchored entirely by SHRIRAMFIN's balance sheet transformation. The influx of US$4.4 billion de-risks the liability side and provides immense firepower for market share expansion in the new vehicle segment.

The CV Finance sector, represented in this analysis solely by Shriram Finance (SHRIRAMFIN), is undergoing a massive structural transformation. The demand environment is rated as elevated, underpinned by management's explicit goal to accelerate growth to the 18%-20% range.

How old this read is: OLD: this read comes from our Finance & Investments - CV Finance sector brief dated 17 Apr 2026, about 7 months ago. The page says so rather than dressing it up, and a fresh sector dive replaces it the day it runs.

What is live in this sector right now

Sources: our Finance & Investments - CV Finance sector brief, 17 Apr 2026 · company earnings-call transcripts.

Shriram Finance Ltd has the highest Income among the 5 Finance & Investments - CV Finance companies compared here, at ₹51,876 crore. Mahindra & Mahindra Financial Services Ltd is next at ₹22,643 crore. Tsf Investments Ltd has the highest Income growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Shriram Finance Ltd is the largest at ₹51,876 crore, 129.1% ahead of Mahindra & Mahindra Financial Services Ltd. Tsf Investments Ltd's growth is capped at 100% on the scoring scale; the full change over the last 12 months is 282.1% from a ₹1,112 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: Shriram Finance Ltd is the size to compare against; Tsf Investments 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: Shriram Finance Ltd's growth falls below Tsf Investments Ltd's for two consecutive comparable reports while operating margin also compresses.

For lenders, reported income is used instead of industrial-company sales. Growth is compared year-on-year.

Income · company comparison

Income · largest

Income 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.

Shriram Finance Ltd has the highest Net profit among the 5 Finance & Investments - CV Finance companies compared here, at ₹12,688 crore. Mahindra & Mahindra Financial Services Ltd is next at ₹3,604 crore. Mahindra & Mahindra Financial Services Ltd has the highest Profit growth at 46%, so level and change sit with different companies.

What the numbers say: Shriram Finance Ltd earns the most, ₹12,688 crore of profit over the last 12 months, 252.1% above Mahindra & Mahindra Financial Services Ltd. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: Shriram Finance 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 ranked only where the comparison base is economically meaningful. Loss-to-profit flips are shown but do not win the growth table.

Net profit · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

Shriram Finance Ltd has the highest Deposits among the 5 Finance & Investments - CV Finance companies compared here, at ₹73,598 crore. Mahindra & Mahindra Financial Services Ltd is next at ₹14,700 crore. The same company also has the highest Borrowings, at ₹2,36,272 crore. 3 of 5 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Shriram Finance Ltd leads both deposits at ₹73,598 crore and borrowings at ₹2,36,272 crore.

What this means: Shriram Finance 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 borrowings signal.

For banks, debt is operating funding rather than industrial leverage. Deposits and borrowings are therefore shown as funding-base levels; asset quality, funding cost and liquidity determine whether that funding is attractive.

Funding base · company comparison

Deposits · largest deposit bases

Borrowings · largest borrowings

All-company data · latest reported quarter

Deposit scale can lower funding risk, while rising wholesale borrowings can change cost and liquidity. Asset quality and margins decide whether the funding base creates value.

Shriram Finance Ltd has the highest ROA among the 5 Finance & Investments - CV Finance companies compared here, at 3.6%. Sundaram Finance Ltd is next at 2.4%. Tsf Investments Ltd has the highest ROA change at +0.6 percentage points, so level and change sit with different companies. Its ROA series carries 10 reported observations across the 20-quarter window.

What the numbers say: Shriram Finance Ltd leads roa at 3.6%; Tsf Investments Ltd leads roa change at +0.6 percentage points.

What this means: Shriram Finance 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 roa change signal.

ROA is the cleanest first comparison for lenders because the balance sheet is the operating asset.

Return on assets · company comparison

Withheld from this chart: Indostar Capital Finance Ltd (INDOSTAR): its two data sources disagree by up to 2,691% on reported income across 14 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.

ROA · highest

ROA change · fastest improvers

All-company data · latest reported quarter

Shriram Finance Ltd has the highest ROE among the 5 Finance & Investments - CV Finance companies compared here, at 16.4%. Sundaram Finance Ltd is next at 15%. Mahindra & Mahindra Financial Services Ltd has the highest ROE change at +2.8 percentage points, so level and change sit with different companies.

What the numbers say: Shriram Finance Ltd leads roe at 16.4%; Mahindra & Mahindra Financial Services Ltd leads roe change at +2.8 percentage points.

What this means: Shriram Finance 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 roe change signal.

ROE shows the return to shareholders, but should be read with asset quality and leverage.

Return on equity · company comparison

Withheld from this chart: Indostar Capital Finance Ltd (INDOSTAR): its two data sources disagree by up to 2,691% on reported income across 14 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.

ROE · highest

ROE change · fastest improvers

All-company data · latest reported quarter

No company in this Finance & Investments - CV Finance comparison reports a gross NPA figure this section can compare, so the Gross NPA rank is empty. On GNPA change, Shriram Finance Ltd is lowest at −0.8 percentage points, across 3 of 5 companies with a usable reading.

What the numbers say: There is not enough comparable evidence to name a reliable gross npa leader.

What this means: The current leader 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 gnpa change signal.

Lower gross NPA is better. Improvement means the ratio is falling, so ranks are intentionally inverted.

Asset quality · company comparison

Withheld from this chart: Indostar Capital Finance Ltd (INDOSTAR): its two data sources disagree by up to 2,691% on reported income across 14 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.

Gross NPA · lowest

Not enough comparable data.

GNPA change · fastest improvers

All-company data · latest reported quarter

Mahindra & Mahindra Financial Services Ltd has the lowest P/BV ÷ ROE among the 5 Finance & Investments - CV Finance companies compared here, at 0.11×. Indostar Capital Finance Ltd has the lowest P/BV at 0.78×, so level and change sit with different companies. 4 of 5 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Mahindra & Mahindra Financial Services Ltd has the lowest comparable P/BV ÷ ROE at 0.11×, 0% below Shriram Finance 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/bv signal.

Banks are compared on P/BV and P/BV÷ROE, not PEG. A lower figure is better only if loan quality and returns stay strong; a low price against book value while bad loans are rising is not a good sign by itself.

Valuation · company comparison

P/BV ÷ ROE · lowest return-adjusted price

P/BV · lowest P/BV

All-company data · latest reported quarter

Finance & Investments - CV Finance companies show up on 4 of our India lists. The most are on the dividend stocks list (3 companies).

This Finance & Investments - CV Finance comparison names 7 specific ways its own evidence can mislead, all listed below. All 5 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. 1 of the 7 ranked sections has fewer than three usable current readings.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROE can come from heavy borrowing. It is best read beside ROA and loan quality.
• 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.
• Banks and lenders are not forced through operating-margin or ROCE comparisons; missing lender-specific fields remain visibly missing.
• 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.
• Thin comparisons: Asset quality have fewer than three usable current readings.

This comparison is built from the reported filings of 5 Finance & Investments - CV Finance 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 5 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Indostar Capital Finance Ltd (INDOSTAR): its two data sources disagree by up to 2,691% on reported income across 14 comparable periods, so its derived ratios are withheld.

These 25 answers restate the Finance & Investments - CV Finance comparison above in question form. Every one is computed from the same 5 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.