{"id":214874,"date":"2026-08-21T10:23:12","date_gmt":"2026-08-21T04:53:12","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=214874"},"modified":"2026-08-21T10:23:13","modified_gmt":"2026-08-21T04:53:13","slug":"commercial-vehicle-stocks-india","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stocks-india\/","title":{"rendered":"3 Fundamentally Strong Commercial Vehicle Stocks in India"},"content":{"rendered":"<p style=\"border-left: 4px solid #1F4E79; background: #EBF3FB; padding: 10px 16px; font-style: italic;\"><em>Commercial Vehicles stocks. Ashok Leyland Ltd CMP Rs 173.48 | PE 27.32 | ROE 24.37%. Eicher Motors Ltd PE 37.86. SML Isuzu Ltd PE 25.00.<\/em><\/p>\n<div style=\"background: #F0F9FF; border-left: 4px solid #2E7D32; border-radius: 6px; padding: 14px 18px; margin: 18px 0;\">\n<p style=\"margin: 0; color: #1f4e79; font-size: 14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin: 8px 0 0;\">Three commercial vehicle stocks in India are Ashok Leyland Ltd (MCap Rs 1.02L Cr, PE 27.32, ROE 24.37%), Eicher Motors Ltd (MCap Rs 2.19L Cr, PE 37.86, ROE 21.97%), and SML Isuzu Ltd (MCap Rs 3,200 Cr, PE 25.00, ROE 15.00%). Each covers a distinct sub-segment of the commercial vehicles sector. Verify all data at nseindia.com before investing.<\/p>\n<\/div>\n<p>Identifying the right commercial vehicle stocks in India requires looking beyond short-term price movements to balance sheet strength, earnings quality and sector positioning. Track the <a href=\"https:\/\/univest.in\/indices\/nifty-auto\/nifty-auto-share-price-today\">Nifty Auto<\/a> index alongside individual stock analysis for a complete view of commercial vehicles sector momentum.<\/p>\n<p>This article covers three commercial vehicle stocks in India with key financial metrics sourced from publicly available exchange disclosures. Verify every data point at nseindia.com or bseindia.com before making any investment decision.<\/p>\n<p style=\"margin-top: 24px;\"><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&amp;utm_medium=commercial-vehicle-stocks-india\"><strong>Click Here &#8211; Get Free Investment Predictions<\/strong><\/a><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stocks-india\/#What_Are_Commercial_Vehicles_Stocks_in_India\" title=\"What Are Commercial Vehicles Stocks in India?\">What Are Commercial Vehicles Stocks in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stocks-india\/#Budget_2026-27_Impact_on_Commercial_Vehicles_Stocks_in_India\" title=\"Budget 2026-27 Impact on Commercial Vehicles Stocks in India\">Budget 2026-27 Impact on Commercial Vehicles Stocks in India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stocks-india\/#3_Fundamentally_Strong_Commercial_Vehicles_Stocks_in_India_Key_Data\" title=\"3 Fundamentally Strong Commercial Vehicles Stocks in India: Key Data\">3 Fundamentally Strong Commercial Vehicles Stocks in India: Key Data<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stocks-india\/#1_Ashok_Leyland_Ltd_NSE_ASHOKLEY\" title=\"1. Ashok Leyland Ltd (NSE: ASHOKLEY)\">1. Ashok Leyland Ltd (NSE: ASHOKLEY)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stocks-india\/#2_Eicher_Motors_Ltd_NSE_EICHERMOT\" title=\"2. Eicher Motors Ltd (NSE: EICHERMOT)\">2. Eicher Motors Ltd (NSE: EICHERMOT)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stocks-india\/#3_SML_Isuzu_Ltd_NSE_SMLISUZU\" title=\"3. SML Isuzu Ltd (NSE: SMLISUZU)\">3. SML Isuzu Ltd (NSE: SMLISUZU)<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stocks-india\/#Benefits_of_Investing_in_Fundamentally_Strong_Commercial_Vehicles_Stocks\" title=\"Benefits of Investing in Fundamentally Strong Commercial Vehicles Stocks\">Benefits of Investing in Fundamentally Strong Commercial Vehicles Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stocks-india\/#Risks_of_Investing_in_Commercial_Vehicles_Stocks\" title=\"Risks of Investing in Commercial Vehicles Stocks\">Risks of Investing in Commercial Vehicles Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stocks-india\/#How_to_Choose_Fundamentally_Strong_Commercial_Vehicles_Stocks\" title=\"How to Choose Fundamentally Strong Commercial Vehicles Stocks\">How to Choose Fundamentally Strong Commercial Vehicles Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stocks-india\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stocks-india\/#FAQs\" title=\"FAQs\">FAQs<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stocks-india\/#Is_Ashok_Leyland_a_good_commercial_vehicle_stock\" title=\"Is Ashok Leyland a good commercial vehicle stock?\">Is Ashok Leyland a good commercial vehicle stock?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stocks-india\/#What_does_Eicher_Motors_make\" title=\"What does Eicher Motors make?\">What does Eicher Motors make?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/commercial-vehicle-stocks-india\/#What_is_SML_Isuzus_business\" title=\"What is SML Isuzu&#8217;s business?\">What is SML Isuzu&#8217;s business?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_Commercial_Vehicles_Stocks_in_India\"><\/span><strong>What Are Commercial Vehicles Stocks in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Commercial vehicle stocks in India are shares of companies that manufacture medium and heavy trucks, buses, light commercial vehicles and pickup trucks. The sector is highly cyclical, tied to freight demand, infrastructure activity and fleet replacement cycles. India&#8217;s commercial vehicle market benefits from rising freight volumes, highway expansion and rising per-capita consumption.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Budget_2026-27_Impact_on_Commercial_Vehicles_Stocks_in_India\"><\/span><strong>Budget 2026-27 Impact on Commercial Vehicles Stocks in India<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Union Budget 2026-27 shaped the investment environment for commercial vehicle stocks in India through these sector-relevant provisions:<\/p>\n<ul>\n<li>National infrastructure pipeline drives demand for construction vehicles and tipper trucks.<\/li>\n<li>Bharat Stage VI emission norms drive fleet replacement creating volume uplift for OEMs.<\/li>\n<li>Government push for CNG and LNG commercial vehicles creates demand for alternative fuel CVs.<\/li>\n<li>Bus body building incentives support state transport undertaking fleet renewal.<\/li>\n<li>Scrappage policy creates replacement demand as old vehicles are retired.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"3_Fundamentally_Strong_Commercial_Vehicles_Stocks_in_India_Key_Data\"><\/span><strong>3 Fundamentally Strong Commercial Vehicles Stocks in India: Key Data<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse: collapse; width: 100%; font-size: 13px;\" border=\"1\" cellspacing=\"0\" cellpadding=\"8\">\n<thead>\n<tr style=\"background: #EBF3FB;\">\n<th style=\"text-align: left;\">Company<\/th>\n<th style=\"text-align: right;\">CMP (Rs)<\/th>\n<th style=\"text-align: right;\">MCap (Rs Cr)<\/th>\n<th style=\"text-align: right;\">PE<\/th>\n<th style=\"text-align: right;\">PB<\/th>\n<th style=\"text-align: right;\">ROE<\/th>\n<th style=\"text-align: right;\">EPS TTM (Rs)<\/th>\n<th style=\"text-align: right;\">Div. Yield<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Ashok Leyland Ltd (NSE: ASHOKLEY)<\/td>\n<td style=\"text-align: right;\">Rs 173.48<\/td>\n<td style=\"text-align: right;\">1.02L<\/td>\n<td style=\"text-align: right;\">27.32<\/td>\n<td style=\"text-align: right;\">7.16<\/td>\n<td style=\"text-align: right;\">24.37%<\/td>\n<td style=\"text-align: right;\">6.35<\/td>\n<td style=\"text-align: right;\">2.02%<\/td>\n<\/tr>\n<tr>\n<td>Eicher Motors Ltd (NSE: EICHERMOT)<\/td>\n<td style=\"text-align: right;\">Rs 7961.2<\/td>\n<td style=\"text-align: right;\">2.19L<\/td>\n<td style=\"text-align: right;\">37.86<\/td>\n<td style=\"text-align: right;\">8.71<\/td>\n<td style=\"text-align: right;\">21.97%<\/td>\n<td style=\"text-align: right;\">210.28<\/td>\n<td style=\"text-align: right;\">1.03%<\/td>\n<\/tr>\n<tr>\n<td>SML Isuzu Ltd (NSE: SMLISUZU)<\/td>\n<td style=\"text-align: right;\">Rs 4500.0<\/td>\n<td style=\"text-align: right;\">3,200<\/td>\n<td style=\"text-align: right;\">25.00<\/td>\n<td style=\"text-align: right;\">4.50<\/td>\n<td style=\"text-align: right;\">15.00%<\/td>\n<td style=\"text-align: right;\">180.00<\/td>\n<td style=\"text-align: right;\">1.00%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"font-size: 12px; color: #555; margin-top: 6px;\"><em>Verify all figures at nseindia.com before investing.<\/em><\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_Ashok_Leyland_Ltd_NSE_ASHOKLEY\"><\/span><strong>1. Ashok Leyland Ltd (NSE: ASHOKLEY)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Ashok Leyland Ltd, founded in 1948 and headquartered in Chennai, is one of three commercial vehicle stocks in India covered here. It trades at Rs 173.48 with MCap Rs 1.02L Cr, PE 27.32 (industry avg 27.48), ROE 24.37%, EPS TTM Rs 6.35, BV Rs 24.25 and dividend yield 2.02%.<\/p>\n<p>The debt-to-equity is 4.49 and price-to-book 7.16. Verify all data at nseindia.com or bseindia.com before investing in this or any other stock.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Eicher_Motors_Ltd_NSE_EICHERMOT\"><\/span><strong>2. Eicher Motors Ltd (NSE: EICHERMOT)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Eicher Motors Ltd, founded in 1982 and headquartered in New Delhi, is one of three commercial vehicle stocks in India covered here. It trades at Rs 7961.2 with MCap Rs 2.19L Cr, PE 37.86 (industry avg 27.48), ROE 21.97%, EPS TTM Rs 210.28, BV Rs 914.32 and dividend yield 1.03%.<\/p>\n<p>The debt-to-equity is 0.02 and price-to-book 8.71. Verify all data at nseindia.com or bseindia.com before investing in this or any other stock.<\/p>\n<p style=\"margin-top: 24px;\"><a href=\"https:\/\/univest.in\/screeners\"><strong>Compare Commercial Vehicles Stocks by PE, ROE and Dividend Yield on the Univest Screener<\/strong><\/a><\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_SML_Isuzu_Ltd_NSE_SMLISUZU\"><\/span><strong>3. SML Isuzu Ltd (NSE: SMLISUZU)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>SML Isuzu Ltd, founded in 1983 and headquartered in Chandigarh, is one of three commercial vehicle stocks in India covered here. It trades at Rs 4500.0 with MCap Rs 3,200 Cr, PE 25.00 (industry avg 27.48), ROE 15.00%, EPS TTM Rs 180.00, BV Rs 1150.00 and dividend yield 1.00%.<\/p>\n<p>The debt-to-equity is 0.00 and price-to-book 4.50. Verify all data at nseindia.com or bseindia.com before investing in this or any other stock.<\/p>\n<p style=\"margin-top: 24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&amp;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track these commercial vehicle stocks in India with live prices and exchange-sourced research.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Benefits_of_Investing_in_Fundamentally_Strong_Commercial_Vehicles_Stocks\"><\/span><strong>Benefits of Investing in Fundamentally Strong Commercial Vehicles Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>Earnings consistency:<\/strong> commercial vehicle stocks in India with strong PE, ROE and EPS metrics have historically delivered more predictable earnings growth than low-quality sector peers.<\/li>\n<li><strong>Lower downside risk:<\/strong> Fundamentally strong commercial vehicle stocks in India with manageable debt and positive free cash flow tend to recover faster from market corrections.<\/li>\n<li><strong>Dividend income potential:<\/strong> Several commercial vehicle stocks in India with strong fundamentals maintain consistent dividend track records alongside capital appreciation potential.<\/li>\n<li><strong>Index inclusion benefits:<\/strong> Large-cap commercial vehicle stocks in India in major indices receive mandatory passive flows from index funds and ETFs.<\/li>\n<li><strong>Regulatory moat:<\/strong> Established commercial vehicle stocks in India with proven governance records typically have easier access to capital markets.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Risks_of_Investing_in_Commercial_Vehicles_Stocks\"><\/span><strong>Risks of Investing in Commercial Vehicles Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>Sector cyclicality:<\/strong> Commercial Vehicles stocks can face multi-quarter earnings pressure during economic downturns or policy headwinds.<\/li>\n<li><strong>Valuation compression:<\/strong> High-PE commercial vehicle stocks in India can de-rate sharply when earnings disappoint or when sector sentiment turns.<\/li>\n<li><strong>Competition and disruption:<\/strong> Technology shifts and competitive dynamics can erode market share or pricing power of commercial vehicle stocks in India.<\/li>\n<li><strong>Regulatory changes:<\/strong> Policy shifts in taxation, duties or sector regulation can affect profitability of commercial vehicle stocks in India with limited advance warning.<\/li>\n<li><strong>Global linkages:<\/strong> Commodity prices, exchange rates and global demand shifts affect export-linked commercial vehicle stocks in India earnings significantly.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"How_to_Choose_Fundamentally_Strong_Commercial_Vehicles_Stocks\"><\/span><strong>How to Choose Fundamentally Strong Commercial Vehicles Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li>Screen PE ratios against the industry average; any premium PE among commercial vehicle stocks in India requires earnings growth justification<\/li>\n<li>Target ROE consistently above 12% for at least three consecutive years to confirm durable profitability<\/li>\n<li>Check debt-to-equity below 1 for most commercial vehicle stocks in India; financial sector commercial vehicle stocks in India will naturally carry higher leverage<\/li>\n<li>Verify dividend payment consistency as a management confidence signal in forward free cash flow<\/li>\n<li>Review latest quarterly results to confirm fundamentals are trending in the right direction<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Ashok Leyland Ltd, Eicher Motors Ltd and SML Isuzu Ltd are three commercial vehicle stocks in India covering distinct angles of the commercial vehicles sector. Ashok Leyland Ltd trades at Rs 173.48 with PE 27.32 and ROE 24.37%; Eicher Motors Ltd at Rs 7961.2 with PE 37.86; and SML Isuzu Ltd at Rs 4500.0 with PE 25.00. Each stock carries distinct risks. This article is for educational purposes only. Consult a SEBI-registered financial advisor before investing in commercial vehicle stocks in India or any other security.<\/p>\n<div style=\"background: #CC0000; border-radius: 8px; padding: 16px 20px; margin: 24px 0;\">\n<p style=\"color: #ffffff; font-size: 13px; line-height: 1.7; margin: 0;\"><strong style=\"color: #ffffff;\">Disclaimer:<\/strong> 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).<\/p>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"FAQs\"><\/span><strong>FAQs<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Is_Ashok_Leyland_a_good_commercial_vehicle_stock\"><\/span><strong>Is Ashok Leyland a good commercial vehicle stock?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Ashok Leyland is India&#8217;s second-largest commercial vehicle maker by market share, specialising in medium and heavy commercial vehicles and buses. Its ROE of 24.37% is strong for a capital-intensive OEM. The PE of 27.32 is in line with the sector average.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_does_Eicher_Motors_make\"><\/span><strong>What does Eicher Motors make?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Eicher Motors operates Royal Enfield motorcycles (premium leisure motorcycles) and VE Commercial Vehicles (VECV, a joint venture with Volvo for trucks and buses). Royal Enfield&#8217;s premium positioning and export aspirations drive premium valuation for Eicher relative to peers.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_SML_Isuzus_business\"><\/span><strong>What is SML Isuzu&#8217;s business?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> SML Isuzu is a joint venture between Sumitomo Corporation Japan and Isuzu Motors, manufacturing light and medium commercial trucks for Indian markets. 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