4 Largecap Nifty Auto Stocks to Watch for Future Multibagger Potential: M&M, Bajaj Auto, Eicher Motors and TVS Motor
- October 23, 2026
- Posted by: Manan Bisht
- Category: Best Stocks
M&M Rs 2,864.10. Bajaj Auto Rs 10,155. Eicher Motors Rs 7,084.50. TVS Motor Rs 3,974. Market caps from Rs 1.91 lakh crore to Rs 3.48 lakh crore. Data as of 22 Oct 2026.
Quick Answer
M&M, Bajaj Auto, Eicher Motors and TVS Motor are the 4 picks in this Nifty Auto stocks watchlist, with market caps between Rs 1.91 lakh crore and Rs 3.48 lakh crore. M&M stands out for the lowest PE of the group at 17.19, while Bajaj Auto offers 24.05% revenue growth in FY26. PE ratios run from 17.19 to 53.12, so compare each one with its industry PE before investing. All figures are as of 22 October 2026.
Nifty Auto stocks to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. M&M, Bajaj Auto, Eicher Motors and TVS Motor meet that test, with market caps from Rs 1.91 lakh crore to Rs 3.48 lakh crore and M&M offering the lowest PE of the group at 17.19. Each of these companies has membership of the Nifty Auto index, and net profit rose in FY26 and in the latest quarter.
This list covers companies with membership of the Nifty Auto index, rising profit in FY26 and the latest quarter, market capitalisation above Rs 1,00,000 crore, and complete, verifiable financials, ranked by market capitalisation. Each company has a market cap above Rs 1 lakh crore. Investors screening Nifty Auto stocks usually begin with size and balance sheet strength, and this list follows the same logic. All figures are as of 22 October 2026 and are drawn from NSE and BSE data and company filings.
Click Here – Get Free Investment Predictions
What Are Nifty Auto Stocks and Why Do They Attract Multibagger Interest?
Nifty Auto stocks are shares of the vehicle makers that anchor India’s automobile index. The four here cover utility vehicles and tractors, motorcycles, premium motorcycles and two-wheelers.
Vehicle makers gain when rural and urban demand improve together. For Nifty Auto stocks, rising profit adds to the case. Investors researching Nifty Auto stocks get a fuller picture by reading growth and valuation together. The table below lines up Nifty Auto stocks on size, growth and valuation, using complete FY26 and latest quarter numbers. Past performance does not guarantee future returns, so use Nifty Auto stocks as a starting point for your own research.
Nifty Auto Stocks at a Glance: Price, Market Cap, PE, ROE and Price to Book
Prices are closing prices as of 22 October 2026. M&M has the lowest PE of the group at 17.19, while TVS Motor posts the highest return on equity at 31.56%.
| Stock | CMP (Rs) | Market Cap (Rs Cr) | PE | Industry PE | ROE | Price to Book | 52-Week Range (Rs) |
|---|---|---|---|---|---|---|---|
| Mahindra & Mahindra | 2,864.10 | 3,48,064 | 17.19 | 23.82 | 18.37% | 3.74 | 2,744.30 to 3,839.90 |
| Bajaj Auto | 10,155 | 2,81,374 | 24.36 | 23.82 | 27.67% | 7.25 | 8,605.00 to 12,470.00 |
| Eicher Motors | 7,084.50 | 1,94,090 | 33.62 | 23.82 | 21.97% | 7.73 | 6,442.00 to 8,230.00 |
| TVS Motor Company | 3,974 | 1,91,289 | 53.12 | 23.62 | 31.56% | 19.94 | 3,228.00 to 4,484.50 |
M&M: 26.58% Profit CAGR Since FY22
Mahindra & Mahindra is one of the largest SUV makers in India and the country’s largest tractor maker, with financial services and electric vehicles in its portfolio. It reported FY26 revenue of Rs 2,02,084.34 crore, up 25.21% year on year, and net profit of Rs 18,621.71 crore, up 32.32%. Net profit has compounded at 26.58% a year since FY22, while revenue has grown 22.04% a year. Operating margin was 21.19% in FY26.
In the June 2026 quarter, revenue rose 27.47% to Rs 59,203.60 crore and net profit grew 37.04% to Rs 5,997.56 crore. The share price has gained 220.52% over five years. Domestic institutions raised their holding from 29.59% in June 2025 to 32.65% in June 2026. The stock trades at a PE of 17.19 against an industry PE of 23.82, below the sector average, with a return on equity of 18.37%.
Bajaj Auto: Revenue Up 24.05% in FY26
Bajaj Auto makes motorcycles, three-wheelers and electric two-wheelers, and has a large export business. It reported FY26 revenue of Rs 65,087.22 crore, up 24.05% year on year, and net profit of Rs 10,574.50 crore, up 44.37%. Net profit has compounded at 14.44% a year since FY22, while revenue has grown 17.26% a year. Operating margin was 25.06% in FY26.
The stock trades at a PE of 24.36 against an industry PE of 23.82, with a return on equity of 27.67%. In the June 2026 quarter, revenue rose 64.02% to Rs 22,376.69 crore and net profit grew 44.26% to Rs 3,188.75 crore. The share price has gained 165.89% over five years and 13.76% over the past year. Domestic institutions raised their holding from 12.09% in June 2025 to 13.54% in June 2026.
Eicher Motors: 34.67% Profit CAGR Since FY22
Eicher Motors owns the Royal Enfield brand of premium motorcycles and is a partner in the Eicher commercial vehicle business. It reported FY26 revenue of Rs 24,894.09 crore, up 23.39% year on year, and net profit of Rs 5,515.23 crore, up 16.49%. Net profit has compounded at 34.67% a year since FY22, while revenue has grown 23.39% a year. Operating margin was 34.24% in FY26. The debt-to-equity ratio is 0.02, which keeps interest costs low.
In the June 2026 quarter, revenue rose 29.35% to Rs 7,098.73 crore and net profit grew 21.35% to Rs 1,462.51 crore. The share price has gained 174.76% over five years. The stock trades at a PE of 33.62 against an industry PE of 23.82, with a return on equity of 21.97%.
TVS Motor: 44.50% Profit CAGR Since FY22
TVS Motor Company makes motorcycles, scooters, mopeds and electric two-wheelers, with a growing export business. It reported FY26 revenue of Rs 56,091.53 crore, up 27.02% year on year, and net profit of Rs 3,186.43 crore, up 35.60%. Net profit has compounded at 44.50% a year since FY22, while revenue has grown 23.15% a year. Operating margin was 14.85% in FY26.
The stock trades at a PE of 53.12 against an industry PE of 23.62, with a return on equity of 31.56%. In the June 2026 quarter, revenue rose 34.32% to Rs 16,453.72 crore and net profit grew 64.52% to Rs 1,057.61 crore. The share price has gained 598.75% over five years and 14.49% over the past year. Domestic institutions raised their holding from 18.81% in June 2025 to 21.13% in June 2026.
Nifty Auto Stocks: Financial Comparison on Growth and Margins
The table compares scale and growth across these Nifty Auto stocks. Latest quarter means the most recent reported quarter for each company, and only metrics that are positive for every company are shown.
| Stock | Revenue (Rs Cr) | Net Profit (Rs Cr) | Revenue Growth (YoY) | 4-Year Revenue CAGR | 4-Year Net Profit CAGR | Operating Margin (Latest Quarter) |
|---|---|---|---|---|---|---|
| M&M | 2,02,084.34 | 18,621.71 | 25.21% | 22.04% | 26.58% | 20.77% |
| Bajaj Auto | 65,087.22 | 10,574.50 | 24.05% | 17.26% | 14.44% | 24.99% |
| Eicher Motors | 24,894.09 | 5,515.23 | 23.39% | 23.39% | 34.67% | 34.28% |
| TVS Motor | 56,091.53 | 3,186.43 | 27.02% | 23.15% | 44.50% | 15.35% |
Check the Univest Screener for live data on these Nifty Auto stocks
Institutional Holding in M&M, Bajaj Auto, Eicher Motors and TVS Motor
Institutional holding shows who is backing these Nifty Auto stocks alongside the promoter. The table uses the latest reported quarter for each. M&M has the deepest institutional backing, with FII and DII together holding 67.54% as of June 2026. Domestic institutions increased their holding over the past year in M&M (from 29.59% to 32.65%), Bajaj Auto (from 12.09% to 13.54%) and TVS Motor (from 18.81% to 21.13%).
| Stock | Promoter | FII | DII | Public | Quarter |
|---|---|---|---|---|---|
| M&M | 18.45% | 34.89% | 32.65% | 14.01% | June 2026 |
| Bajaj Auto | 55.01% | 9.01% | 13.54% | 22.44% | June 2026 |
| Eicher Motors | 49.02% | 25.53% | 16.06% | 9.40% | June 2026 |
| TVS Motor | 50.27% | 20.45% | 21.13% | 8.15% | June 2026 |
Risks to Weigh in Nifty Auto Stocks
Being careful with Nifty Auto stocks means looking at what can slow the story as well as what can speed it up. Four points matter most:
- Past growth may not repeat.
- Share prices can move sharply in either direction.
- Valuation: TVS Motor trades at a PE of 53.12 against an industry PE of 23.62, so earnings need to keep growing to support the price.
- Concentration: Holding all 4 names puts the allocation in one sector, so size each position to match your risk appetite.
How to Choose Between Nifty Auto Stocks
Picking from Nifty Auto stocks comes down to four checks, applied in order.
- Check balance sheet strength first, and prefer a debt-to-equity ratio below 1 for non-financial companies.
- Compare each PE with the industry PE (23.62 to 23.82) and ask whether the growth rate justifies any gap.
- Track net profit growth, the operating margin and the return on equity in every quarterly result.
- Stagger entries across quarters and review institutional holding every reporting season.
Download the Univest iOS App or Univest Android App to track M&M, Bajaj Auto, Eicher Motors and TVS Motor live prices.
Conclusion
Among Nifty Auto stocks, M&M stands out for the lowest PE of the group at 17.19, Bajaj Auto for 24.05% revenue growth in FY26, Eicher Motors for a nearly debt-free balance sheet, with a debt-to-equity ratio of 0.02 and TVS Motor for the highest return on equity at 31.56%. Which one suits a portfolio depends on how much valuation risk it can carry, so staggering entries and reviewing each quarterly result is a sound habit. Investors comparing Nifty Auto stocks should rank them on growth, financial strength and the price paid, and anyone who wants personalised guidance can consult a SEBI-registered advisor before acting.
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).
Frequently Asked Questions on Nifty Auto Stocks to Watch
Which are the best Nifty Auto stocks to watch for multibagger potential?
Ans. M&M, Bajaj Auto, Eicher Motors and TVS Motor are the 4 names this list highlights, with market caps of Rs 3,48,064 crore, Rs 2,81,374 crore, Rs 1,94,090 crore and Rs 1,91,289 crore respectively. M&M is notable for the lowest PE of the group at 17.19. Bajaj Auto stands out for 24.05% revenue growth in FY26. Eicher Motors offers a nearly debt-free balance sheet, with a debt-to-equity ratio of 0.02. TVS Motor brings the highest return on equity at 31.56%. These are watchlist names for Nifty Auto stocks, not recommendations, so match each one to your own risk profile and time horizon.
Is TVS Motor a good stock for long-term investors?
Ans. TVS Motor has a return on equity of 31.56%, a PE of 53.12 against an industry PE of 23.62 and a market cap of Rs 1,91,289 crore. Net profit has compounded at 44.50% a year since FY22, and FY26 revenue rose 27.02% while June 2026 quarter net profit grew 64.52%. Long-term returns in Nifty Auto stocks depend on earnings growth and the price paid at entry, so staggering purchases and consulting a SEBI-registered advisor is sensible.
Can Eicher Motors become a multibagger from here?
Ans. Eicher Motors has already gained 174.76% in five years, so another multi-fold move would need sustained earnings growth. A multibagger outcome in Nifty Auto stocks requires earnings to keep growing faster than the market for several years. Net profit has compounded at 34.67% a year since FY22, and FY26 revenue rose 23.39%. At a PE of 33.62 against an industry PE of 23.82, valuation should be checked against that growth before investing.
What is the market cap of M&M, Bajaj Auto, Eicher Motors and TVS Motor?
Ans. As of 22 October 2026, M&M has a market cap of Rs 3,48,064 crore, Bajaj Auto has a market cap of Rs 2,81,374 crore, Eicher Motors has a market cap of Rs 1,94,090 crore and TVS Motor has a market cap of Rs 1,91,289 crore. All of them qualify as largecaps. Market cap changes daily with the share price, so check the latest figure on the Univest Screener or on NSE before taking a decision on Nifty Auto stocks.
What are the risks of investing in Nifty Auto stocks?
Ans. The main risks are market swings, slower growth than expected and valuations that already reflect good news. Companies with strong balance sheets and steady earnings handle these better. TVS Motor trades at a PE of 53.12 against an industry PE of 23.62, so earnings growth needs to hold up.
Why is TVS Motor trading at a PE of 53.12?
Ans. TVS Motor’s PE of 53.12 compares with an industry PE of 23.62. The market is paying a premium for a return on equity of 31.56%, profit growth of 44.50% a year since FY22 and latest-quarter profit growth of 64.52%, which also means the stock is more sensitive if growth slows. Investors in Nifty Auto stocks who are comfortable with higher valuation risk may prefer to stagger purchases instead of investing in one go.
How much do institutions hold in M&M, Bajaj Auto, Eicher Motors and TVS Motor?
Ans. As of the latest reported quarter, FII and DII together hold 67.54% of M&M (34.89% and 32.65%), 22.55% of Bajaj Auto (9.01% and 13.54%), 41.59% of Eicher Motors (25.53% and 16.06%) and 41.58% of TVS Motor (20.45% and 21.13%). Rising institutional holding is a useful signal in Nifty Auto stocks, though it should be read with earnings trends rather than on its own.
