3 Largest Two-Wheeler Maker, Premium Motorcycle Brand and Utility Vehicle and Tractor Leader Stocks With a Strong Future Roadmap: Hero MotoCorp, Eicher Motors and Mahindra and Mahindra
- October 26, 2026
- Posted by: Harsh Piplani
- Category: Best Stocks
Hero MotoCorp, Eicher Motors and Mahindra and Mahindra: ROE of 18.4% to 26.6% and FY22 to FY26 revenue CAGR of 12.6% to 23.4%. Prices as of 23 Oct 2026.
Quick Answer
The three motorcycle and utility vehicle maker stocks to watch are Hero MotoCorp, Eicher Motors and Mahindra and Mahindra. Their return on equity ranges from 18.4% to 26.6%, and their revenue compound annual growth from FY22 to FY26 ranges from 12.6% to 23.4%. Hero MotoCorp has the highest return on equity at 26.6%, while Eicher Motors has the fastest revenue growth at 23.4% a year. Prices are based on the 23 October 2026 close, and this article is educational, not investment advice.
Motorcycle and utility vehicle maker stocks let investors follow companies that serve a growing part of the Indian economy. Hero MotoCorp, Eicher Motors and Mahindra and Mahindra cover the largest two-wheeler maker, a premium motorcycle brand and a utility vehicle and tractor leader.
This list covers three motorcycle and utility vehicle maker stocks with complete current figures: Hero MotoCorp, Eicher Motors and Mahindra and Mahindra. Every figure comes from the latest reported financials and the 23 October 2026 market close. Companies without complete current figures were left out.
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What Are Motorcycle and Utility Vehicle Maker Stocks?
Motorcycle and utility vehicle maker stocks are listed companies that make motorcycles, scooters, utility vehicles and tractors for Indian and overseas buyers. Their earnings depend on vehicle volumes, model mix, rural demand and export orders.
Motorcycle and Utility Vehicle Maker Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Hero MotoCorp | 5,047 | 100,778 | 18.4 | 23.4 | 26.6 | 0.04 |
| Eicher Motors | 7,066 | 193,538 | 33.5 | 23.4 | 22.0 | 0.02 |
| Mahindra and Mahindra | 2,861.2 | 354,157 | 17.5 | 23.4 | 18.4 | 1.44 |
On valuation, Hero MotoCorp and Mahindra and Mahindra trade at a P/E below the industry P/E, while Eicher Motors trades above it, which reflects the growth the market already expects. Readers comparing motorcycle and utility vehicle maker stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain. With the Q2 FY27 results season close, investors in motorcycle and utility vehicle maker stocks can use the coming numbers to test whether growth is holding.
Why Do Motorcycle and Utility Vehicle Maker Stocks Have a Strong Roadmap in India?
Motorcycle and utility vehicle maker stocks have a strong roadmap in India because rising incomes, new model launches and a growing push into electric vehicles keep lifting demand for personal and rural mobility.
- Premium models. Buyers upgrade to higher-priced motorcycles and utility vehicles.
- Rural demand. Better farm incomes support two-wheeler and tractor sales.
- Electric vehicles. New electric platforms open another growth lane.
Why Hero MotoCorp Features Among These Motorcycle and Utility Vehicle Maker Stocks
Among the motorcycle and utility vehicle maker stocks on this list, Hero MotoCorp is one of the world’s largest two-wheeler makers by volume, selling motorcycles and scooters across India through a vast network of dealers and service points, and it also exports to several markets.
Revenue rose from Rs 30,106 crore in FY22 to Rs 48,469 crore in FY26, a compound annual growth rate of 12.6%. Net profit grew from Rs 2,329 crore in FY22 to Rs 5,776 crore in FY26, which works out to a compound annual growth rate of 25.5%.
In the June 2026 quarter, revenue grew 35.4% year on year to Rs 13,586 crore. The company has a return on equity of 26.6%, a debt to equity ratio of 0.04 and a market capitalisation of Rs 100,778 crore. The stock trades at a P/E of 18.4, below the industry P/E of 23.4.
Roadmap: The company is widening its premium motorcycle range, building an electric vehicle presence and growing its exports. Its large rural and semi-urban reach supports demand when household spending improves.
What to watch: Track monthly volumes, premium mix, electric vehicle progress and rural demand.
Why Eicher Motors Features Among These Motorcycle and Utility Vehicle Maker Stocks
Among the motorcycle and tractor brand shares on this list, Eicher Motors makes Royal Enfield motorcycles and, through a joint venture, commercial vehicles, and it sells mid-size motorcycles in India and in a growing list of overseas markets.
In the June 2026 quarter, revenue grew 29.4% year on year to Rs 7,099 crore, while net profit rose 21.3% to Rs 1,463 crore. Revenue rose from Rs 10,739 crore in FY22 to Rs 24,894 crore in FY26, a compound annual growth rate of 23.4%.
Net profit grew from Rs 1,677 crore in FY22 to Rs 5,515 crore in FY26, which works out to a compound annual growth rate of 34.7%. The company has a return on equity of 22.0%, a debt to equity ratio of 0.02 and a market capitalisation of Rs 193,538 crore. The stock trades at a P/E of 33.5, above the industry P/E of 23.4.
Roadmap: The company is launching new models, expanding its dealer and export network and entering electric motorcycles. A strong brand with loyal riders supports pricing and repeat demand.
What to watch: Follow new launches, export growth and the pace of electric and adventure model rollouts.
Why Mahindra and Mahindra Features Among These Motorcycle and Utility Vehicle Maker Stocks
Among the three companies on this list, Mahindra and Mahindra is a leading maker of utility vehicles, tractors and commercial vehicles in India, and it also has businesses in farm services, logistics and renewable energy.
The company has a return on equity of 18.4%, a debt to equity ratio of 1.44 and a market capitalisation of Rs 354,157 crore. The stock trades at a P/E of 17.5, below the industry P/E of 23.4.
Revenue rose from Rs 91,105 crore in FY22 to Rs 202,084 crore in FY26, a compound annual growth rate of 22.0%. Net profit grew from Rs 7,253 crore in FY22 to Rs 18,622 crore in FY26, which works out to a compound annual growth rate of 26.6%. In the June 2026 quarter, revenue grew 27.5% year on year to Rs 59,204 crore, while net profit rose 37.0% to Rs 5,998 crore.
Roadmap: The company is launching new utility and electric vehicle platforms while its tractor business benefits from farm mechanisation. A strong brand in rural and semi-urban India supports volumes.
What to watch: Track utility vehicle bookings, tractor demand and progress on new electric platforms.
Hero MotoCorp vs Eicher Motors vs Mahindra and Mahindra on Key Financials
The table below sets the three motorcycle and utility vehicle maker stocks side by side on revenue, profit and margin, using reported figures.
| Company | FY22 Revenue (Rs Cr) | FY26 Revenue (Rs Cr) | Revenue CAGR (FY22-FY26) | FY26 Net Profit (Rs Cr) | FY26 Net Margin |
|---|---|---|---|---|---|
| Hero MotoCorp | 30,106 | 48,469 | 12.6% | 5,776 | 11.9% |
| Eicher Motors | 10,739 | 24,894 | 23.4% | 5,515 | 22.2% |
| Mahindra and Mahindra | 91,105 | 202,084 | 22.0% | 18,622 | 9.2% |
Hero MotoCorp posts the highest return on equity in this group at 26.6%. Mahindra and Mahindra has the largest FY26 revenue at Rs 202,084 crore, and Eicher Motors shows the fastest revenue growth with a 23.4% compound annual rate. A useful habit with motorcycle and utility vehicle maker stocks is to check each new quarterly result against the capacity plans the company described earlier.
The June 2026 quarter, the latest reported, gives a fresh read on momentum:
| Company | Q1 FY26 Revenue (Rs Cr) | Q1 FY27 Revenue (Rs Cr) | Year-on-Year Growth |
|---|---|---|---|
| Hero MotoCorp | 10,038 | 13,586 | 35.4% |
| Eicher Motors | 5,488 | 7,099 | 29.4% |
| Mahindra and Mahindra | 46,446 | 59,204 | 27.5% |
Key Risks to Check Before Investing in Motorcycle and Utility Vehicle Maker Stocks
Every theme carries risks that deserve a check before any decision. For these motorcycle and utility vehicle maker stocks, the main points are: Long-term motorcycle and tractor brand shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Vehicle cycle. Demand can slow with interest rates or fuel prices.
- Input costs. Steel, aluminium and electronics prices influence margins.
- Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them.
Treat this list as a starting point for research and not as a recommendation. Read the latest results presentation, check the management commentary on order books or capacity plans, and compare each company with its peers before you decide anything.
Use the Univest Stock Screener to filter motorcycle and utility vehicle maker stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Motorcycle and Utility Vehicle Maker Stocks
Motorcycle and utility vehicle maker stocks reward investors who follow demand trends, order books and margins together. Hero MotoCorp, Eicher Motors and Mahindra and Mahindra each have a clear plan to grow their vehicle range. Based on the 23 October 2026 close, Hero MotoCorp trades at Rs 5,047, Eicher Motors at Rs 7,066 and Mahindra and Mahindra at Rs 2,861.2. Valuation matters as much as growth, so compare each company’s P/E with its industry P/E before adding any of these motorcycle and utility vehicle maker stocks to a watchlist.
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Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
What are motorcycle and utility vehicle maker stocks?
Ans. Motorcycle and utility vehicle maker stocks are listed companies that make motorcycles, scooters, utility vehicles and tractors for Indian and overseas buyers. Their earnings depend on vehicle volumes, model mix, rural demand and export orders. This list looks at three of them, Hero MotoCorp, Eicher Motors and Mahindra and Mahindra, using reported FY22 to FY26 financials and the 23 October 2026 closing prices.
Which motorcycle and utility vehicle maker stocks are covered in this list?
Ans. This list covers Hero MotoCorp, Eicher Motors and Mahindra and Mahindra. Based on the 23 October 2026 close, Hero MotoCorp traded at Rs 5,047, Eicher Motors at Rs 7,066 and Mahindra and Mahindra at Rs 2,861.2. Their return on equity ranges from 18.4% to 26.6%, and their revenue compound annual growth from FY22 to FY26 ranges from 12.6% to 23.4%.
Why do motorcycle and utility vehicle maker stocks have a strong future roadmap in India?
Ans. Motorcycle and utility vehicle maker stocks have a strong roadmap in India because rising incomes, new model launches and a growing push into electric vehicles keep lifting demand for personal and rural mobility. The main drivers are as follows. Premium models. Buyers upgrade to higher-priced motorcycles and utility vehicles. Rural demand. Better farm incomes support two-wheeler and tractor sales. Electric vehicles. New electric platforms open another growth lane. Together these factors give the companies on this list a visible path for growth over the coming years.
How has Hero MotoCorp performed financially?
Ans. Revenue rose from Rs 30,106 crore in FY22 to Rs 48,469 crore in FY26, a compound annual growth rate of 12.6%. Net profit grew from Rs 2,329 crore in FY22 to Rs 5,776 crore in FY26, which works out to a compound annual growth rate of 25.5%. In the June 2026 quarter, revenue grew 35.4% year on year to Rs 13,586 crore. The company has a return on equity of 26.6%, a debt to equity ratio of 0.04 and a market capitalisation of Rs 100,778 crore. The stock trades at a P/E of 18.4, below the industry P/E of 23.4. Looking ahead, the company is widening its premium motorcycle range, building an electric vehicle presence and growing its exports. Its large rural and semi-urban reach supports demand when household spending improves.
How has Eicher Motors performed financially?
Ans. Revenue rose from Rs 10,739 crore in FY22 to Rs 24,894 crore in FY26, a compound annual growth rate of 23.4%. Net profit grew from Rs 1,677 crore in FY22 to Rs 5,515 crore in FY26, which works out to a compound annual growth rate of 34.7%. In the June 2026 quarter, revenue grew 29.4% year on year to Rs 7,099 crore, while net profit rose 21.3% to Rs 1,463 crore. The company has a return on equity of 22.0%, a debt to equity ratio of 0.02 and a market capitalisation of Rs 193,538 crore. The stock trades at a P/E of 33.5, above the industry P/E of 23.4. Looking ahead, the company is launching new models, expanding its dealer and export network and entering electric motorcycles. A strong brand with loyal riders supports pricing and repeat demand.
How has Mahindra and Mahindra performed financially?
Ans. Revenue rose from Rs 91,105 crore in FY22 to Rs 202,084 crore in FY26, a compound annual growth rate of 22.0%. Net profit grew from Rs 7,253 crore in FY22 to Rs 18,622 crore in FY26, which works out to a compound annual growth rate of 26.6%. In the June 2026 quarter, revenue grew 27.5% year on year to Rs 59,204 crore, while net profit rose 37.0% to Rs 5,998 crore. The company has a return on equity of 18.4%, a debt to equity ratio of 1.44 and a market capitalisation of Rs 354,157 crore. The stock trades at a P/E of 17.5, below the industry P/E of 23.4. Looking ahead, the company is launching new utility and electric vehicle platforms while its tractor business benefits from farm mechanisation. A strong brand in rural and semi-urban India supports volumes.
What risks should investors check before buying motorcycle and utility vehicle maker stocks?
Ans. Investors should check a few risks before buying motorcycle and utility vehicle maker stocks. Vehicle cycle. Demand can slow with interest rates or fuel prices. Input costs. Steel, aluminium and electronics prices influence margins. Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them. Reading the latest results presentation and comparing each company with its peers helps judge how these risks apply to each stock.
Is this list of motorcycle and utility vehicle maker stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 23 October 2026 close. Please verify figures on NSE and BSE, read company filings and consult a SEBI registered adviser before investing. Univest is SEBI registered research analyst INH000013776.
