Top Commercial Vehicle Stocks Compared: Ashok Leyland vs Eicher Motors vs Escorts Kubota vs Force Motors vs M&M on Price, Valuation, Q2 FY27 Results and Risks

Commercial vehicle stocks compared here means Ashok Leyland, Eicher Motors, Escorts Kubota, Force Motors and M&M on one page, checked on previous close, market value, valuation and the latest quarterly numbers. The group mixes a truck and bus maker, a premium motorcycle and truck group, two tractor makers and a light commercial vehicle maker, so a side-by-side look shows how differently each one earns.

Escorts Kubota, Force Motors and M&M have filed their September 2026 quarter, so their results below are Q2 FY27. Ashok Leyland and Eicher Motors are shown on their June 2026 quarter, which is Q1 FY27. Commercial vehicle and tractor makers follow freight demand and farm activity, so a glance at the Nifty Auto page and the Sensex page before you read the tables gives useful backdrop.

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Commercial Vehicle Stocks Compared: Trucks, Vans and Tractors

The commercial vehicle stocks compared here are Ashok Leyland, Eicher Motors, Escorts Kubota, Force Motors and M&M. M&M is the largest by market capitalisation at Rs 4,08,375 crore. Previous closes run from Rs 178.00 for Ashok Leyland to Rs 18,900.00 for Force Motors, which is why a side-by-side look at value rather than price is more useful. This commercial vehicle stocks compared list is the base for every table that follows.

Stock	Previous close (Rs)	Market cap (Rs crore)
Ashok Leyland	178.00	1,02,646
Eicher Motors	7,651.00	2,09,186
Escorts Kubota	2,491.60	27,230
Force Motors	18,900.00	24,771
M&M	3,267.80	4,08,375

A quick look at the business behind each ticker puts the numbers in context. Ashok Leyland is one of the largest commercial vehicle makers in the country, with a strong truck and bus range, while Eicher Motors makes Royal Enfield motorcycles and, through its joint venture with Volvo, trucks and buses. Escorts Kubota makes Kubota tractors, construction equipment and railway components, and Force Motors makes light commercial vehicles, vans and utility vehicles and supplies engines and axles to other makers. To compare commercial vehicle stocks properly, line up price to earnings, return on equity and dividend yield before forming a view.

Rounding out the group, M&M makes tractors, SUVs and commercial vehicles and has a large farm equipment business. A fair commercial vehicle stock comparison looks at what each company actually earns from, not only at the share price. Heavy truck makers, light vehicle makers and tractor makers belong in separate mental boxes whenever you compare commercial vehicle stocks fairly.

Commercial Vehicle Stocks Valuation: Multiples, Returns and Payouts

M&M trades at the lowest price to earnings ratio in this group at 19.04. Ashok Leyland reports the highest return on equity at 24.37%. Escorts Kubota has the lowest price to book value at 2.20. These commercial vehicle stocks valuation readings come from the previous close and the latest reported financials. That is the idea behind this commercial vehicle stocks compared table: price to earnings and return on equity sit side by side so a high or low reading stands out at once.

Stock	Price to earnings	Price to book	ROE (%)	Dividend yield (%)	Debt to equity
Ashok Leyland	27.52	7.21	24.37	2.00	4.49
Eicher Motors	36.24	8.33	21.97	1.08	0.02
Escorts Kubota	20.71	2.20		2.10	0.00
Force Motors	20.73	5.34	22.50	0.27	0.00
M&M	19.04	4.17	19.80	0.97	1.57

Commercial vehicle stocks tend to trade at moderate to premium price to earnings multiples that move with the cycle. Return on equity and dividend yield help you judge how well each maker converts volumes into returns and how much it pays back. Earnings per share and book value per share are the building blocks behind price to earnings and price to book, so a glance at both in each filing is time well spent. A simple commercial vehicle stock comparison like this one is only as useful as the context behind it, which is why dividend yield is worth checking as well.

In this group, price to earnings runs from 19.04 for M&M to 36.24 for Eicher Motors. Escorts Kubota offers the highest dividend yield at 2.10%. For reference, the industry price to earnings sits at 25.70, so you can see at a glance which stocks are rated above or below the group. The industry price to earnings is a handy anchor: a commercial vehicle stock above it is priced for faster growth, and one below it is priced for steadier earnings. A well-built commercial vehicle stock comparison also notes that the monsoon and festive season can move volumes between quarters. Run the same commercial vehicle stock comparison on your own watchlist and the pattern in these numbers will be easier to spot. Whenever you compare commercial vehicle stocks, note whether a premium is backed by returns or only by size.

Commercial Vehicle Stocks Q2 FY27 Results: Revenue and Profit Check

Three of the five commercial vehicle stocks compared have filed Q2 FY27 numbers. Force Motors posted the fastest revenue growth at 40.9% year on year. M&M showed the sharpest rise in net profit at 30.4%. Read revenue first and quarterly profit second, since the two together show how much of the growth reaches shareholders. The others are shown on their latest reported quarter, so read each one for what it is. Treat the Q2 FY27 numbers in this commercial vehicle stocks compared review as a snapshot of one quarter, not a verdict on any vehicle maker.

Stock	Q2 FY27 revenue (Rs crore)	Q2 FY26 revenue (Rs crore)	Q2 FY27 net profit (Rs crore)	Q2 FY26 net profit (Rs crore)
Escorts Kubota	3,367	2,926
Force Motors	2,967	2,106
M&M	58,740	46,781	5,167	3,964

Ashok Leyland Results Snapshot

Ashok Leyland has reported only its Q1 FY27 numbers so far, with revenue of Rs 13,258 crore for the June 2026 quarter. Its Q2 FY27 filing is yet to appear, so read the exchange disclosure when it lands before you set it against the others.

Eicher Motors Results Snapshot

Eicher Motors has reported only its Q1 FY27 numbers so far, with revenue of Rs 7,099 crore for the June 2026 quarter. Its Q2 FY27 filing is yet to appear, so read the exchange disclosure when it lands before you set it against the others.

Escorts Kubota Results Snapshot

Escorts Kubota's Q2 FY27 top line stood at Rs 3,367 crore, versus Rs 2,926 crore in Q2 FY26, a rise of 15.1%.

Force Motors Results Snapshot

Force Motors reported Q2 FY27 revenue of Rs 2,967 crore, compared with Rs 2,106 crore a year earlier, a rise of 40.9%.

M&M Results Snapshot

In the September 2026 quarter, M&M booked revenue of Rs 58,740 crore against Rs 46,781 crore in the same quarter last year, a rise of 25.6%. Net profit rose 30.4% to Rs 5,167 crore from Rs 3,964 crore. Earnings per share for the quarter rose to Rs 40.90 from Rs 32.51.

Commercial vehicle results depend on volumes, pricing and input costs, so profit can look different from revenue in a single quarter. That is why a commercial vehicle stock comparison works best when revenue and profit are read together across two or three quarters. Used this way, a commercial vehicle stocks compared review becomes a map of the sector rather than a price list. When you compare commercial vehicle stocks after each result season, track how dividend yield changes from one quarter to the next. A commercial vehicle stock comparison built on one quarter of data is a starting point, and the next set of results will update it.

Commercial Vehicle Stocks Compared Two at a Time: Three Pairings

Readers rarely want a five-way table and nothing else, so here are three head-to-head reads drawn from the same data. Use them as a quick way to compare commercial vehicle stocks two at a time.

Ashok Leyland vs Eicher Motors

Ashok Leyland and Eicher Motors both make trucks and buses, with Eicher also known for Royal Enfield motorcycles. Eicher Motors is about 2.0 times the size of Ashok Leyland by market capitalisation, at Rs 2,09,186 crore against Rs 1,02,646 crore. On price to earnings, Ashok Leyland carries the lower multiple at 27.52 against 36.24 for Eicher Motors. Ashok Leyland reports the higher return on equity, at 24.37% against 21.97% for Eicher Motors. A pure commercial vehicle maker and a group with a motorcycle arm are priced differently, so read the business mix before you read the ratio.

Escorts Kubota vs M&M

Escorts Kubota and M&M are two of the best-known tractor makers, with M&M also selling SUVs and commercial vehicles. On price to earnings, M&M carries the lower multiple at 19.04 against 20.71 for Escorts Kubota. For dividend income, Escorts Kubota offers 2.10% against 0.97% at M&M. In Q2 FY27, M&M grew revenue faster, at 25.6% year on year against 15.1% for Escorts Kubota. Both depend on farm demand, so read growth next to valuation before you judge either multiple.

Force Motors vs Ashok Leyland

Force Motors makes light commercial vehicles and vans, while Ashok Leyland makes larger trucks and buses. Ashok Leyland is about 4.1 times the size of Force Motors by market capitalisation, at Rs 1,02,646 crore against Rs 24,771 crore. Ashok Leyland reports the higher return on equity, at 24.37% against 22.50% for Force Motors. For dividend income, Ashok Leyland offers 2.00% against 0.27% at Force Motors. Light and heavy vehicles follow different demand cycles, so read the business model before you read the ratio.

Best Commercial Vehicle Stocks for Each Type of Investor

Which of the best commercial vehicle stocks is right for you depends on your priorities, so the table below lists the leader on each measure instead of crowning one name. Any commercial vehicle stocks compared table can mislead if you stop at one row, because each vehicle maker leads on a different measure.

If you care most about	Start your research with	The number
Lowest price to earnings	M&M	19.04
Highest return on equity	Ashok Leyland	24.37%
Highest dividend yield	Escorts Kubota	2.10%
Lowest price to book value	Escorts Kubota	2.20
Largest by market capitalisation	M&M	Rs 4,08,375 crore
Fastest Q2 FY27 revenue growth	Force Motors	40.9%
Sharpest Q2 FY27 net profit rise	M&M	30.4%

No single name tops every row, which is exactly why a commercial vehicle stock comparison helps. Scale, returns, payouts and valuation each point to a different maker, so decide what matters most to you before you rank the numbers.

What Is Driving Truck, Bus and Tractor Demand Right Now?

Road building, mining and goods movement keep demand for trucks and buses steady, and farm activity supports tractor sales. Replacement of older vehicles under newer rules also adds to orders. Knowing what moves freight demand and the farm season helps you compare commercial vehicle stocks with the right questions in mind.

Volumes, pricing and input costs decide margins for vehicle makers. Companies with strong aftersales and parts businesses earn through the whole life of a vehicle. A good commercial vehicle stocks compared routine therefore tracks volumes, pricing and input costs.

Risks to Weigh When You Compare Commercial Vehicle Stocks

Commercial vehicle stocks depend on freight demand, interest rates, fleet financing and steel and other input prices. A weak monsoon can slow tractor sales. Read each filing for volume, pricing and order commentary before you compare them. Every commercial vehicle stock comparison has blind spots, and for this group the biggest is freight demand and the farm season.

Because volumes, pricing and input costs drive these businesses, the most useful habit is to read the management commentary that comes with every result and note what is expected for the next quarter. Read together, the risk notes and the tables make this commercial vehicle stocks compared guide a balanced starting point.

How to Compare Commercial Vehicle Stocks and Build a Shortlist

Start by deciding whether you want heavy trucks and buses, light commercial vehicles or tractors, because each responds to different triggers. Truck names reward readers who track freight demand, while tractor names reward those who track the farm season. Done step by step, this commercial vehicle stocks compared routine becomes repeatable rather than a one-off exercise.

Then check valuation and payouts, because dividend yield differs widely across the group and multiples move with the cycle. Spreading your attention across one truck maker and one tractor maker is a simple way to see both sides of the sector. Keep the shortlist of best commercial vehicle stocks short enough that you can actually follow each company's quarterly results. When you compare commercial vehicle stocks again after new results, update only the rows that changed instead of starting over.

The Univest stock screener lets you filter commercial vehicle stocks by market capitalisation, return on equity and price to earnings, and the app keeps live prices a tap away through the trading day. Come back to this commercial vehicle stocks compared page after the next set of results to see which numbers have moved.

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Conclusion: Commercial Vehicle Stocks Compared at a Glance

This commercial vehicle stocks compared review on price, valuation and Q2 FY27 results shows that no single name wins every measure. M&M leads on size and Ashok Leyland leads on return on equity, while the others bring their own strengths. Treat the commercial vehicle stocks Q2 FY27 results and commercial vehicle stocks valuation tables as a research starting point, then check the filings and speak to a SEBI-registered advisor before you invest. If you plan to compare commercial vehicle stocks again next quarter, the same checklist of price to earnings, return on equity and dividend yield will work.

Frequently Asked Questions on Commercial Vehicle Stocks Compared

Which are the top commercial vehicle stocks compared in this article?

Ans. The commercial vehicle stocks compared in this article are Ashok Leyland, Eicher Motors, Escorts Kubota, Force Motors and M&M. They are checked on previous close, market capitalisation, price to earnings, price to book, return on equity and the latest quarterly results, so the group can be read in one sitting before you go deeper into any single company.

Which commercial vehicle stock has the highest market capitalisation?

Ans. Among the five names, M&M has the highest market capitalisation at Rs 4,08,375 crore. Eicher Motors follows at Rs 2,09,186 crore. Market value changes with every price move, which means the ranking can shuffle, so look at the latest figure on the exchange.

Which of these commercial vehicle stocks has the lowest price to earnings ratio?

Ans. On commercial vehicle stocks valuation, M&M has the lowest price to earnings ratio among these commercial vehicle stocks at 19.04, based on the latest reported earnings. Eicher Motors sits at the other end at 36.24. Treat the lowest multiple as a place to start asking questions, because growth and business quality explain why investors pay more or less.

Which commercial vehicle stock has the highest return on equity?

Ans. Ashok Leyland reports the highest return on equity in this group at 24.37%. In plain terms, return on equity tells you how hard shareholder funds are working. Read it across a few years and alongside debt, since a high ratio built on borrowing carries more risk.

How did commercial vehicle stocks perform in Q2 FY27 results?

Ans. Three of the five names have filed Q2 FY27 numbers in our data. Force Motors recorded the fastest revenue growth at 40.9% year on year. M&M showed the sharpest net profit rise at 30.4%. For commercial vehicle stocks Q2 FY27 results, the others are covered on their latest reported quarter, and each filing on the exchange website carries the full detail.

What are the main risks when you compare commercial vehicle stocks?

Ans. Commercial vehicle stocks depend on freight demand, interest rates, fleet financing and steel and other input prices. A weak monsoon can slow tractor sales. Read each filing for volume, pricing and order commentary before you compare them. Keep an eye on volumes, pricing and input costs.

Which metrics matter most when you compare commercial vehicle stocks?

Ans. Volumes, realisation per vehicle, operating margin and order inflow matter most for operating performance. Price to earnings, return on equity, dividend yield and debt to equity show how the market values each maker and how it is funded. Read each company's filing for these along with the numbers in this article.

Which is the best commercial vehicle stock to buy among these five?

Ans. The best commercial vehicle stock depends on whether you value heavy trucks, light vehicles or tractors, because the five names differ on all three. On the numbers in this article, M&M has the largest market capitalisation as well as the lowest price to earnings; Ashok Leyland has the highest return on equity; Escorts Kubota has the highest dividend yield. There is no clear winner across every measure, and nothing here is a recommendation. Let the tables narrow your list, confirm the numbers in the filings, and take advice from a SEBI-registered advisor before acting.