3 Steel Wheels Maker, Forged and Machined Components Maker and Largest Car Maker Stocks With a Strong Future Roadmap: Wheels India, Happy Forgings and Maruti Suzuki
- October 30, 2026
- Posted by: Ankit Jaiswal
- Category: Best Stocks
Wheels India, Happy Forgings and Maruti Suzuki: ROE of 13.7% to 14.9% and FY22 to FY26 revenue CAGR of 8.4% to 20.1%. Prices as of 29 Oct 2026.
Quick Answer
The three steel wheel, forged part and carmaker stocks to watch are Wheels India, Happy Forgings and Maruti Suzuki. Their return on equity ranges from 13.7% to 14.9%, and their revenue compound annual growth from FY22 to FY26 ranges from 8.4% to 20.1%. Wheels India has the highest return on equity at 14.9%, while Maruti Suzuki has the fastest revenue growth at 20.1% a year. Prices are based on the 29 October 2026 close, and this article is educational, not investment advice.
Steel wheel, forged part and carmaker stocks offer a focused view of a sector where demand keeps widening. Wheels India, Happy Forgings and Maruti Suzuki cover a steel wheels maker, a forged and machined components maker and the largest car maker.
This list covers three steel wheel, forged part and carmaker stocks with complete current figures: Wheels India, Happy Forgings and Maruti Suzuki. Every figure comes from the latest reported financials and the 29 October 2026 market close. Companies without complete current figures were left out.
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What Are Steel Wheel, Forged Part and Carmaker Stocks?
Steel wheel, forged part and carmaker stocks are listed companies that make steel wheels for commercial vehicles, tractors and off highway machines, supply forged transmission and axle parts to vehicle makers and sell the most cars in India through a vast sales and service network. Their earnings depend on vehicle volumes, new launches and input costs.
Steel Wheel, Forged Part and Carmaker Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Wheels India | 2,196.8 | 6,549 | 39.4 | 36.9 | 14.9 | 0.74 |
| Happy Forgings | 1,800.1 | 17,630 | 53.9 | 50.7 | 14.2 | 0.15 |
| Maruti Suzuki | 11,426 | 353,984 | 24.7 | 23.4 | 13.7 | 0.00 |
On valuation, all three trade at a P/E above their industry P/E, which reflects the growth the market already expects from them. Readers comparing steel wheel, forged part and carmaker 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 steel wheel, forged part and carmaker stocks can use the coming numbers to test whether growth is holding.
Why Do Steel Wheel, Forged Part and Carmaker Stocks Have a Strong Roadmap in India?
Steel wheel, forged part and carmaker stocks have a strong roadmap in India because rising car sales, freight and farm vehicle upgrades and growing demand for forged components keep widening the market for these auto and parts makers.
- Car demand. First time buyers and upgraders lift sales.
- Truck and tractor demand. Freight and farm use needs wheels and axles.
- Wide network. Sales and service reach keeps buyers loyal.
Why Wheels India Features Among These Steel Wheel, Forged Part and Carmaker Stocks
Among the steel wheel, forged part and carmaker stocks on this list, Wheels India, based in Chennai, manufactures steel wheels for commercial vehicles, tractors and off-highway machines, and is part of the Amalgamations group.
In the June 2026 quarter, revenue grew 17.7% year on year to Rs 1,493 crore, while net profit rose 27.3% to Rs 38.9 crore. Revenue rose from Rs 3,979 crore in FY22 to Rs 5,488 crore in FY26, a compound annual growth rate of 8.4%.
Net profit grew from Rs 74.2 crore in FY22 to Rs 158 crore in FY26, which works out to a compound annual growth rate of 20.8%. The company has a return on equity of 14.9%, a debt to equity ratio of 0.74 and a market capitalisation of Rs 6,549 crore. The stock trades at a P/E of 39.4, above the industry P/E of 36.9.
Roadmap: Demand from trucks, tractors and construction equipment, along with exports and a growing aftermarket, supports its volumes. The company is also working on lighter wheels and new products for farm and construction machines.
What to watch: Follow farm and construction equipment demand and steel prices.
Why Happy Forgings Features Among These Steel Wheel, Forged Part and Carmaker Stocks
Among the vehicle supply chain shares on this list, Happy Forgings is a Ludhiana-based maker of forged and machined components for engines, transmissions and axles, selling to commercial vehicle, off-highway, farm and industrial customers.
The company has a return on equity of 14.2%, a debt to equity ratio of 0.15 and a market capitalisation of Rs 17,630 crore. The stock trades at a P/E of 53.9, above the industry P/E of 50.7.
Revenue rose from Rs 866 crore in FY22 to Rs 1,577 crore in FY26, a compound annual growth rate of 16.2%. Net profit grew from Rs 142 crore in FY22 to Rs 302 crore in FY26, which works out to a compound annual growth rate of 20.7%. In the June 2026 quarter, revenue grew 26.5% year on year to Rs 460 crore, while net profit rose 39.2% to Rs 91.5 crore.
Roadmap: The company is adding machining capacity and widening its range to serve passenger vehicles, railways and aerospace, which reduces reliance on a single segment. Its focus on precision components supports long-term relationships with global customers.
What to watch: Monitor the pace of new capacity and the shift towards higher-value, fully machined parts.
Why Maruti Suzuki Features Among These Steel Wheel, Forged Part and Carmaker Stocks
Among the three companies on this list, Maruti Suzuki is India’s largest passenger car maker, selling a wide range of hatchbacks, sedans and utility vehicles through a vast sales and service network, and it also exports cars to many countries.
Revenue rose from Rs 90,074 crore in FY22 to Rs 187,673 crore in FY26, a compound annual growth rate of 20.1%. Net profit grew from Rs 3,880 crore in FY22 to Rs 14,680 crore in FY26, which works out to a compound annual growth rate of 39.5%.
In the June 2026 quarter, revenue grew 34.2% year on year to Rs 54,344 crore. The company has a return on equity of 13.7%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 353,984 crore. The stock trades at a P/E of 24.7, above the industry P/E of 23.4.
Roadmap: The company is widening its utility vehicle range, adding hybrid and electric models and growing its exports from new capacity. A trusted brand and wide service reach support demand among first-time and repeat buyers.
What to watch: Follow monthly sales, utility vehicle mix, export volumes and progress on electric models.
Wheels India vs Happy Forgings vs Maruti Suzuki on Key Financials
The table below sets the three steel wheel, forged part and carmaker 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 |
|---|---|---|---|---|---|
| Wheels India | 3,979 | 5,488 | 8.4% | 158 | 2.9% |
| Happy Forgings | 866 | 1,577 | 16.2% | 302 | 19.1% |
| Maruti Suzuki | 90,074 | 187,673 | 20.1% | 14,680 | 7.8% |
Wheels India posts the highest return on equity in this group at 14.9%. Maruti Suzuki combines the largest FY26 revenue at Rs 187,673 crore with the fastest revenue growth, a 20.1% compound annual rate. A useful habit with steel wheel, forged part and carmaker stocks is to check each new quarterly result against the capacity plans the company described earlier. Many investors spread money across several automaker and supplier stocks instead of one name, which keeps a single result from deciding the outcome.
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 |
|---|---|---|---|
| Wheels India | 1,269 | 1,493 | 17.7% |
| Happy Forgings | 364 | 460 | 26.5% |
| Maruti Suzuki | 40,493 | 54,344 | 34.2% |
Key Risks to Check Before Investing in Steel Wheel, Forged Part and Carmaker Stocks
Every theme carries risks that deserve a check before any decision. For these steel wheel, forged part and carmaker stocks, the main points are: Long-term vehicle supply chain shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Production cycles. Vehicle output can vary with demand.
- Input costs. Metal and material prices can move 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 steel wheel, forged part and carmaker stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Steel Wheel, Forged Part and Carmaker Stocks
Steel wheel, forged part and carmaker stocks reward patient research into demand, execution and financial strength. Wheels India, Happy Forgings and Maruti Suzuki each have a clear plan to grow. Based on the 29 October 2026 close, Wheels India trades at Rs 2,196.8, Happy Forgings at Rs 1,800.1 and Maruti Suzuki at Rs 11,426. Valuation matters as much as growth, so compare each company’s P/E with its industry P/E before adding any of these steel wheel, forged part and carmaker 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 steel wheel, forged part and carmaker stocks?
Ans. Steel wheel, forged part and carmaker stocks are listed companies that make steel wheels for commercial vehicles, tractors and off highway machines, supply forged transmission and axle parts to vehicle makers and sell the most cars in India through a vast sales and service network. Their earnings depend on vehicle volumes, new launches and input costs. This list looks at three of them, Wheels India, Happy Forgings and Maruti Suzuki, using reported FY22 to FY26 financials and the 29 October 2026 closing prices.
Which steel wheel, forged part and carmaker stocks are covered in this list?
Ans. This list covers Wheels India, Happy Forgings and Maruti Suzuki. Based on the 29 October 2026 close, Wheels India traded at Rs 2,196.8, Happy Forgings at Rs 1,800.1 and Maruti Suzuki at Rs 11,426. Their return on equity ranges from 13.7% to 14.9%, and their revenue compound annual growth from FY22 to FY26 ranges from 8.4% to 20.1%.
Why do steel wheel, forged part and carmaker stocks have a strong future roadmap in India?
Ans. Steel wheel, forged part and carmaker stocks have a strong roadmap in India because rising car sales, freight and farm vehicle upgrades and growing demand for forged components keep widening the market for these auto and parts makers. The main drivers are as follows. Car demand. First time buyers and upgraders lift sales. Truck and tractor demand. Freight and farm use needs wheels and axles. Wide network. Sales and service reach keeps buyers loyal. Together these factors give the companies on this list a visible path for growth over the coming years.
How has Wheels India performed financially?
Ans. Revenue rose from Rs 3,979 crore in FY22 to Rs 5,488 crore in FY26, a compound annual growth rate of 8.4%. Net profit grew from Rs 74.2 crore in FY22 to Rs 158 crore in FY26, which works out to a compound annual growth rate of 20.8%. In the June 2026 quarter, revenue grew 17.7% year on year to Rs 1,493 crore, while net profit rose 27.3% to Rs 38.9 crore. The company has a return on equity of 14.9%, a debt to equity ratio of 0.74 and a market capitalisation of Rs 6,549 crore. The stock trades at a P/E of 39.4, above the industry P/E of 36.9. Looking ahead, demand from trucks, tractors and construction equipment, along with exports and a growing aftermarket, supports its volumes. The company is also working on lighter wheels and new products for farm and construction machines.
How has Happy Forgings performed financially?
Ans. Revenue rose from Rs 866 crore in FY22 to Rs 1,577 crore in FY26, a compound annual growth rate of 16.2%. Net profit grew from Rs 142 crore in FY22 to Rs 302 crore in FY26, which works out to a compound annual growth rate of 20.7%. In the June 2026 quarter, revenue grew 26.5% year on year to Rs 460 crore, while net profit rose 39.2% to Rs 91.5 crore. The company has a return on equity of 14.2%, a debt to equity ratio of 0.15 and a market capitalisation of Rs 17,630 crore. The stock trades at a P/E of 53.9, above the industry P/E of 50.7. Looking ahead, the company is adding machining capacity and widening its range to serve passenger vehicles, railways and aerospace, which reduces reliance on a single segment. Its focus on precision components supports long-term relationships with global customers.
How has Maruti Suzuki performed financially?
Ans. Revenue rose from Rs 90,074 crore in FY22 to Rs 187,673 crore in FY26, a compound annual growth rate of 20.1%. Net profit grew from Rs 3,880 crore in FY22 to Rs 14,680 crore in FY26, which works out to a compound annual growth rate of 39.5%. In the June 2026 quarter, revenue grew 34.2% year on year to Rs 54,344 crore. The company has a return on equity of 13.7%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 353,984 crore. The stock trades at a P/E of 24.7, above the industry P/E of 23.4. Looking ahead, the company is widening its utility vehicle range, adding hybrid and electric models and growing its exports from new capacity. A trusted brand and wide service reach support demand among first-time and repeat buyers.
What risks should investors check before buying steel wheel, forged part and carmaker stocks?
Ans. Investors should check a few risks before buying steel wheel, forged part and carmaker stocks. Production cycles. Vehicle output can vary with demand. Input costs. Metal and material prices can move 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 steel wheel, forged part and carmaker stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 29 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.
