Value: exports, 3W, net cash
| Peer | Status | P/E | ROE | Mkt cap | Why we do not hold it (approved text) | Links |
|---|---|---|---|---|---|---|
| Bajaj Auto | Held | 26.57 | 27.67% | 3.12 L Cr | Value: exports, 3W, net cash | |
| Hero MotoCorp | Not held | n/a | n/a | n/a | Hero is cheaper (19x TTM, 3.5% yield, ROE 28%) but its growth is GST-cut-led entry motorcycles (Bernstein: Bajaj's growth is execution-led); Hero has only 9.8% e-2W share, no export engine (Bajaj exports 732k/qtr) and promoter holding 34.7%. | Screener · Tijori |
| TVS Motor | Not held | n/a | n/a | n/a | TVS leads e-2W (27.5%) and grew Q1 PAT 64%, but trades at 56.8x TTM PE / 20.5x P/B vs Bajaj 27.5x / 8.5x - Bajaj gives similar volume growth (+29%) at half the multiple with a much stronger balance sheet. | Screener · Tijori |
| Eicher Motors | Not held | n/a | n/a | n/a | Eicher (36.4x TTM, ROE 24%) is a single-brand (Royal Enfield) mid-weight play; Bajaj offers 3W dominance, EV scale and KTM/Triumph at a lower 24.3x FY28e. | Screener · Tijori |
Peer numbers are shown only where the peer is in the security master (fundamentals pulled); "n/a" otherwise — a peer is not added to the data pull without a research request. Reasons are quoted from the one-pager (8 Sep 2026).
Maruti is the PV leader but at 30x prices a recovery that CNG/hybrid mix has already delivered, and it is the most exposed to small-car weakness; Tata Motors is a JLR story; M&M is the best-run OEM but at 30x+ after a 3x move we prefer Bajaj's export optionality and net cash. Hero MotoCorp is losing share to scooters and EVs; TVS and Eicher are great franchises at 40–45x. Among components, Bharat Forge carries a defence multiple and Motherson a European-auto cycle we do not want.
All sectors we avoid or underweight →Bajaj Auto (1.6%, Value): the most profitable two-wheeler company in the world (20% EBITDA margin, 30% ROE), exports to 100+ countries, a 45%+ three-wheeler share, and a multiple (34x/24x FY27E/28E) below Eicher and TVS despite comparable growth. RK Forgings (2.1%, Cyclical): a top-three global CV forging supplier whose FY26 earnings were wiped out by a ~₹270 crore inventory discrepancy — the fix is done, the customers stayed, and FY28E P/E is 38x on trough recovery. Varroc (0.8%, Cyclical): a two-wheeler lighting and electronics supplier with an 80% domestic 2W share of business, net debt now under 0.5x and margins recovering to 10%.
| Electric Vehicles - 2W - Market Share | 22.43 % | as of Aug 26 |
| Sports or Performance Motorcycle Segment (Pulsar & Avenger) Market Share | 18.20 % | as of Mar 24 |
| Three Wheeler - Market Share | 33.57 % | as of Jul 26 |
| Three Wheeler Goods Carrier Segment Market Share | 52.80 % | as of Mar 24 |
| Three Wheeler Passenger Vehicle - Market Share | 77.90 % | as of Mar 24 |
| Two Wheeler - Market Share | 9.91 % | as of Jul 26 |