Bajaj Auto Share Price: 27.0% CAGR in 3 Years as the Pune Exporter Stands Against Hero MotoCorp and TVS Motor

Bajaj Auto previous close Rs 11,040. 3-year CAGR 27.0%. Up 2.0x since 10 Nov 2023. ROE 35.71%. Market cap Rs 3,03,015 crore.

The Bajaj Auto share price has almost doubled in three years, and that makes Bajaj Auto the largest of the three listed two-wheeler makers compared here. The Pune-based company sells motorcycles and three-wheelers in India and exports a large share of its output to Africa, Latin America and Asia.

This article compares that run with Hero MotoCorp and TVS Motor Company. We calculate the three-year CAGR for all three and set the results beside market cap, valuation, return on equity and debt, using prices adjusted for corporate actions.

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How Much Has the Bajaj Auto Share Price Returned in 3 Years?

The Bajaj Auto stock closed at Rs 5,392.05 on 10 November 2023 and at Rs 11,040.00 on 11 November 2026. Rs 1 lakh invested three years ago would have grown to about Rs 2.05 lakh, which is a CAGR of 27.0%. This is a price return and leaves out dividends.

CAGR condenses a bumpy three-year ride into one yearly number, which is why it is the fairest way to compare companies of different sizes. A stock such as Bajaj Auto can look spectacular on a chart and still have earned a modest yearly return, so the compounded figure keeps the comparison honest.

The Bajaj Auto share price has also followed steady export demand, a strong position in three-wheelers and the rollout of the Chetak electric scooter.

Bajaj Auto vs Hero MotoCorp and TVS Motor Company: 3-Year CAGR Compared

The table ranks the companies by three-year CAGR. Prices on 10 November 2023 are adjusted for splits and bonuses, and the latest figures are the previous close on 11 November 2026.

Company	Close on 10 Nov 2023	Previous close (11 Nov 2026)	Price multiple	3-year CAGR
TVS Motor Company	Rs 1,631.95	Rs 4,560.00	2.8x	40.8%
Bajaj Auto	Rs 5,392.05	Rs 11,040.00	2.0x	27.0%
Hero MotoCorp	Rs 3,105.20	Rs 5,345.00	1.7x	19.8%

The Bajaj Auto stock ranks second of the three at 27.0%. It sits ahead of Hero MotoCorp (19.8%). The company ahead is TVS Motor Company (40.8%). TVS Motor leads the group, followed by Bajaj Auto and then Hero MotoCorp. Bajaj Auto is the largest of the three by market cap and carries the highest ROE.

Look at the Bajaj Auto share price alongside the peers as a snapshot of the last three years. It describes what happened, and valuation and earnings will decide what happens next.

Valuation and Quality Compared

Company	Market cap	P/E	Industry P/E	ROE	Debt to equity
Bajaj Auto	Rs 3,03,015 crore	23.64	25.73	35.71%	0.72
TVS Motor Company	Rs 2,16,640 crore	54.32	25.73	33.72%	3.48
Hero MotoCorp	Rs 1,06,886 crore	17.73	25.73	25.64%	0.06

By market cap, Bajaj Auto is the largest of the group at Rs 3,03,015 crore, which gives it the scale advantage over Hero MotoCorp, TVS Motor Company. On earnings, Bajaj Auto shares trade at a P/E of 23.64 against an industry P/E of 25.73, a discount of about 8% to the sector, which leaves room if earnings keep growing. Peer multiples are Hero MotoCorp at 17.73 and TVS Motor Company at 54.32.

Return on equity is 35.71% for the Bajaj Auto stock, which ranks first among the three, and debt to equity stands at 0.72. Trailing EPS is Rs 466.34. Exporters like Bajaj Auto earn in several currencies, so the P/E should be read together with return on equity and the strength of export demand.

What Is Driving the Bajaj Auto Stock?

Bajaj Auto sells sports and commuter motorcycles under brands such as Pulsar, along with auto rickshaws and goods carriers in the three-wheeler segment, where it holds a leading position. Exports make up a large part of revenue.

The company also has a long-standing partnership with KTM, the Austrian motorcycle maker, and sells electric scooters under the Chetak name. Its cash generation is strong and debt is modest, which supports capital spending and shareholder payouts.

Followers of the Bajaj Auto share price usually track monthly export numbers, three-wheeler demand, the Chetak ramp-up and operating margins.

How the Established Players Stack Up

Hero MotoCorp is a New Delhi-based maker of commuter motorcycles and scooters and is among the largest two-wheeler makers in the world by volume. It compounded at 19.8% a year, on a market cap of Rs 1,06,886 crore and an ROE of 25.64%.

TVS Motor Company is a Chennai-based maker of motorcycles, scooters, mopeds and three-wheelers, with a growing presence in exports and electric vehicles. It compounded at 40.8% a year, on a market cap of Rs 2,16,640 crore and an ROE of 33.72%.

What Should Investors Track Next?

Three things are worth watching on the Bajaj Auto share price. First, export volumes and currency trends. Second, the pace of electric scooter sales. Third, margins as commodity costs and the product mix change.

At a P/E of 24, the stock trades just below the industry P/E of 26, and its ROE of 35.71% is the highest of the group. Export markets can be uneven, so follow monthly numbers closely.

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How to Compare Two-Wheeler Stocks Yourself

You can repeat this exercise for any pair of stocks, including the Bajaj Auto stock against its peers. Note the adjusted closing price on the base date, take the latest close, divide one by the other, raise the result to the power of one third and subtract one. Then place the CAGR next to market cap, P/E against the industry P/E, ROE and debt to equity. Benchmark the result against the Nifty 50 as well, so you know whether the stock beat the broader market.

A stock that scores well on growth but weakly on quality, or the reverse, deserves closer study before it enters a portfolio. When tracking the Bajaj Auto share price, the same four checks give a more complete picture than price alone.

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An Exporter With the Highest ROE and the Largest Market Cap in Its Group

The Bajaj Auto share price compounded at 27.0% a year over three years, ahead of Hero MotoCorp at 19.8% and behind TVS Motor at 40.8%. Its ROE of 35.71% is the highest of the three.

TVS Motor brings the faster return, while Hero MotoCorp brings the lowest P/E. The choice depends on whether you prefer an export-led model or a domestic one.

Frequently Asked Questions

What is the Bajaj Auto share price today?

Ans. Bajaj Auto closed at Rs 11,040 on 11 November 2026, according to NSE data. It has a market cap of Rs 3,03,015 crore and a P/E of 23.64. Check live quotes before acting, as prices change every trading day.

What is the 3-year CAGR of the Bajaj Auto stock?

Ans. Bajaj Auto delivered a price CAGR of 27.0% over three years, moving from Rs 5,392.05 on 10 November 2023 to Rs 11,040.00 on 11 November 2026. The figure excludes dividends and uses adjusted closing prices.

Is Bajaj Auto better than Hero MotoCorp?

Ans. Bajaj Auto delivered a higher three-year CAGR at 27.0% than Hero MotoCorp at 19.8%. Bajaj Auto is larger by market cap at Rs 3,03,015 crore against Rs 1,06,886 crore and has a higher ROE at 35.71% against 25.64%, while Hero MotoCorp trades at a lower P/E of 17.73 against 23.64. The better choice depends on your view of each business.

What does Bajaj Auto do?

Ans. Bajaj Auto is a Pune-based maker of motorcycles and three-wheelers that sells in India and exports to many countries in Africa, Latin America and Asia.

Is the Bajaj Auto stock debt free?

Ans. The debt to equity ratio of the Bajaj Auto stock is 0.72 and its return on equity is 35.71%. Always check the latest balance sheet for current figures, as debt levels change with expansion plans.

Is Bajaj Auto expensive compared with the industry?

Ans. Bajaj Auto trades at a P/E of 23.64 against an industry P/E of 25.73. A higher multiple reflects expectations of faster growth, which the company must deliver through earnings.

Which two-wheeler stock gave the highest return in 3 years?

Ans. Among the companies compared here, TVS Motor Company delivered the highest three-year CAGR at 40.8%, followed by Bajaj Auto at 27.0%. Past returns do not guarantee future performance.

How do I calculate CAGR for a stock?

Ans. Divide the latest price by the starting price, raise the result to the power of one divided by the number of years, and subtract one. Multiply by 100 for a percentage. Use split and bonus adjusted prices for accurate results.