3 Largecap Two-wheeler Maker Stocks to Watch for Future Multibagger Potential: Bajaj Auto, Eicher Motors and Hero MotoCorp
- October 19, 2026
- Posted by: Manan Bisht
- Category: Best Stocks
Bajaj Auto Rs 10,405. Eicher Motors Rs 7,284.50. Hero MotoCorp Rs 5,225. Market caps from Rs 1.04 lakh crore to Rs 2.81 lakh crore. Data as of 16 Oct 2026.
Quick Answer
Bajaj Auto, Eicher Motors and Hero MotoCorp are the 3 picks in this two-wheeler maker stocks watchlist, with market caps between Rs 1.04 lakh crore and Rs 2.81 lakh crore. Bajaj Auto stands out for the highest return on equity at 27.67%, while Eicher Motors offers the fastest profit growth, 34.67% a year since FY22. PE ratios run from 18.97 to 33.62, so compare each one with its industry PE before investing. All figures are as of 16 October 2026.
Two-wheeler maker stocks to watch for multibagger potential start with a simple filter: size, a clean financial record and earnings that keep growing. Bajaj Auto, Eicher Motors and Hero MotoCorp meet that test, with market caps from Rs 1.04 lakh crore to Rs 2.81 lakh crore and Bajaj Auto offering the highest return on equity at 27.67%. Premium motorcycles, strong exports and a recovery in entry-level demand support the leading two-wheeler makers.
This list covers listed two-wheeler makers with complete, verifiable financials, ranked by market capitalisation. Each company has a market cap above Rs 1 lakh crore. Investors screening two-wheeler maker stocks usually begin with size and balance sheet strength, and this list follows the same logic. All figures are as of 16 October 2026 and are drawn from NSE and BSE data and company filings.
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What Are Two-wheeler Maker Stocks and Why Do They Attract Multibagger Interest?
Two-wheeler maker stocks are shares of companies that make and sell motorcycles and scooters in India and abroad. Earnings depend on volumes, the share of premium models, export sales and input costs.
Rising incomes, rural recovery and export growth help the sector, and premium bikes add to margins. Companies with strong brands, healthy cash flows and regular dividends are the ones investors compare in two-wheeler maker stocks.
Two-wheeler Maker Stocks at a Glance: Price, Market Cap, PE and ROE
Prices are closing prices as of 16 October 2026. Hero MotoCorp has the lowest PE of the group at 18.97, while Bajaj Auto posts the highest return on equity at 27.67%.
| Stock | CMP (Rs) | Market Cap (Rs Cr) | PE | Industry PE | ROE | Debt to Equity | 52-Week Range (Rs) |
|---|---|---|---|---|---|---|---|
| Bajaj Auto | 10,405 | 2,81,374 | 24.36 | 23.82 | 27.67% | 0.58 | 8,605.00 to 12,470.00 |
| Eicher Motors | 7,284.50 | 1,94,090 | 33.62 | 23.82 | 21.97% | 0.02 | 6,442.00 to 8,230.00 |
| Hero MotoCorp | 5,225 | 1,04,083 | 18.97 | 23.62 | 26.57% | 0.04 | 4,671.50 to 6,388.50 |
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.
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. The stock trades at a PE of 24.36 against an industry PE of 23.82, with a return on equity of 27.67%.
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.
The stock trades at a PE of 33.62 against an industry PE of 23.82, with a return on equity of 21.97%. 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.
Hero MotoCorp: 25.49% Profit CAGR Since FY22
Hero MotoCorp is among the largest two-wheeler makers in the world by volume, selling motorcycles and scooters. It reported FY26 revenue of Rs 48,469.37 crore, up 15.49% year on year, and net profit of Rs 5,775.70 crore, up 31.99%. Net profit has compounded at 25.49% a year since FY22, while revenue has grown 12.64% a year. Operating margin was 17.65% in FY26. The debt-to-equity ratio is 0.04, which keeps interest costs low.
Revenue for the June 2026 quarter rose 35.35% to Rs 13,586.09 crore, at an operating margin of 16.47%. The share price has gained 79.11% over five years. Foreign investors raised their holding from 27.05% in June 2025 to 31.09% in June 2026. The stock trades at a PE of 18.97 against an industry PE of 23.62, below the sector average, with a return on equity of 26.57%. The dividend yield is 3.56%.
Two-wheeler Maker Stocks: Financial Comparison on Growth and Margins
The table compares scale and growth across these two-wheeler maker 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) |
|---|---|---|---|---|---|---|
| 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% |
| Hero MotoCorp | 48,469.37 | 5,775.70 | 15.49% | 12.64% | 25.49% | 16.47% |
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Institutional Holding in Bajaj Auto, Eicher Motors and Hero MotoCorp
Institutional holding shows who is backing these two-wheeler maker stocks alongside the promoter. The table uses the latest reported quarter for each. Hero MotoCorp has the deepest institutional backing, with FII and DII together holding 55.45% as of June 2026. Domestic institutions increased their holding over the past year in Bajaj Auto (from 12.09% to 13.54%).
| Stock | Promoter | FII | DII | Public | Quarter |
|---|---|---|---|---|---|
| Bajaj Auto | 55.01% | 9.01% | 13.54% | 22.44% | June 2026 |
| Eicher Motors | 49.02% | 25.53% | 16.06% | 9.40% | June 2026 |
| Hero MotoCorp | 34.73% | 31.09% | 24.36% | 9.83% | June 2026 |
Risks to Weigh in Two-wheeler Maker Stocks
Being careful with two-wheeler maker stocks means looking at what can slow the story as well as what can speed it up. Four points matter most:
- Two-wheeler demand follows rural incomes, fuel prices and festive seasons.
- Commodity costs can influence margins.
- Valuation: Eicher Motors trades at a PE of 33.62 against an industry PE of 23.82, so earnings need to keep growing to support the price.
- Concentration: Holding all 3 names puts the allocation in one sector, so size each position to match your risk appetite.
How to Choose Between Two-wheeler Maker Stocks
Picking from two-wheeler maker 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 monthly volumes, export sales and the operating margin 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 Bajaj Auto, Eicher Motors and Hero MotoCorp live prices.
Conclusion
Among two-wheeler maker stocks, Bajaj Auto stands out for the highest return on equity at 27.67%, Eicher Motors for the fastest profit growth, 34.67% a year since FY22 and Hero MotoCorp for the lowest PE of the group at 18.97. 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 two-wheeler maker 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 Two-wheeler Maker Stocks to Watch
Which are the best two-wheeler maker stocks to watch for multibagger potential?
Ans. Bajaj Auto, Eicher Motors and Hero MotoCorp are the 3 names this list highlights, with market caps of Rs 2,81,374 crore, Rs 1,94,090 crore and Rs 1,04,083 crore respectively. Bajaj Auto is notable for the highest return on equity at 27.67%. Eicher Motors stands out for the fastest profit growth, 34.67% a year since FY22. Hero MotoCorp offers the lowest PE of the group at 18.97. These are watchlist names for two-wheeler maker stocks, not recommendations, so match each one to your own risk profile and time horizon.
Is Bajaj Auto a good stock for long-term investors?
Ans. Bajaj Auto has a return on equity of 27.67%, a PE of 24.36 against an industry PE of 23.82 and a market cap of Rs 2,81,374 crore. Net profit has compounded at 14.44% a year since FY22, and FY26 revenue rose 24.05% while June 2026 quarter net profit grew 44.26%. Long-term returns in two-wheeler maker 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 two-wheeler maker 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 Bajaj Auto, Eicher Motors and Hero MotoCorp?
Ans. As of 16 October 2026, 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 Hero MotoCorp has a market cap of Rs 1,04,083 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 two-wheeler maker stocks.
What are the risks of investing in two-wheeler maker stocks?
Ans. The main risks are weak rural demand, higher commodity costs and the pace of shift to electric two-wheelers. Companies with strong brands and a mix of premium and mass models cope better. Eicher Motors trades at a PE of 33.62 against an industry PE of 23.82, so earnings growth needs to hold up.
Why is Eicher Motors trading at a PE of 33.62?
Ans. Eicher Motors’ PE of 33.62 compares with an industry PE of 23.82. The market is paying a premium for a return on equity of 21.97%, profit growth of 34.67% a year since FY22 and latest-quarter profit growth of 21.35%, which also means the stock is more sensitive if growth slows. Investors in two-wheeler maker 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 Bajaj Auto, Eicher Motors and Hero MotoCorp?
Ans. As of the latest reported quarter, FII and DII together hold 22.55% of Bajaj Auto (9.01% and 13.54%), 41.59% of Eicher Motors (25.53% and 16.06%) and 55.45% of Hero MotoCorp (31.09% and 24.36%). Rising institutional holding is a useful signal in two-wheeler maker stocks, though it should be read with earnings trends rather than on its own.
