3 Motorcycle and Three-Wheeler Exporter, Tractor and Equipment Maker and Utility and Cargo Vehicle Maker Stocks With a Strong Future Roadmap: Bajaj Auto, Escorts Kubota and Force Motors

Bajaj Auto, Escorts Kubota and Force Motors: ROE of 10.9% to 27.7% and FY22 to FY26 revenue CAGR of 12.9% to 29.2%. Prices as of 23 Oct 2026.

Updated: 26 Oct 2026 • 11:25 am

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3 Motorcycle and Three-Wheeler Exporter, Tractor and Equipment Maker and Utility and Cargo Vehicle Maker Stocks With a Strong Future Roadmap: Bajaj Auto, Escorts Kubota and Force Motors

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The three three-wheeler, tractor and van maker stocks to watch are Bajaj Auto, Escorts Kubota and Force Motors. Their return on equity ranges from 10.9% to 27.7%, and their revenue compound annual growth from FY22 to FY26 ranges from 12.9% to 29.2%. Bajaj Auto has the highest return on equity at 27.7%, while Force Motors has the fastest revenue growth at 29.2% a year. Prices are based on the 23 October 2026 close, and this article is educational, not investment advice.

Three-wheeler, tractor and van maker stocks let investors follow companies that serve a growing part of the Indian economy. Bajaj Auto, Escorts Kubota and Force Motors cover a motorcycle and three-wheeler exporter, a tractor and equipment maker and a utility and cargo vehicle maker.

This list covers three three-wheeler, tractor and van maker stocks with complete current figures: Bajaj Auto, Escorts Kubota and Force Motors. Every figure comes from the latest reported financials and the 23 October 2026 market close. Companies without complete current figures were left out.

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Table of Contents

What Are Three-wheeler, Tractor and Van Maker Stocks?

Three-wheeler, tractor and van maker stocks are listed companies that make three-wheelers, tractors, construction equipment and commercial vans. Their earnings depend on farm and freight demand, export orders and the share of newer products.

Three-wheeler, Tractor and Van Maker Stocks at a Glance

Company	CMP (Rs)	Market Cap (Rs Cr)	P/E	Industry P/E	ROE (%)	D/E
Bajaj Auto	10,072	277,002	24.0	23.4	27.7	0.58
Escorts Kubota	2,627	29,460	21.3	23.4	10.9	0.01
Force Motors	16,400	23,296	18.6	24.1	25.2	0.00

On valuation, Escorts Kubota and Force Motors trade at a P/E below the industry P/E, while Bajaj Auto trades above it, which reflects the growth the market already expects. Readers comparing three-wheeler, tractor and van maker stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.

Why Do Three-wheeler, Tractor and Van Maker Stocks Have a Strong Roadmap in India?

Three-wheeler, tractor and van maker stocks have a strong roadmap in India because farm mechanisation, last-mile freight needs and strong export demand keep widening the market for commercial and farm vehicles.

Farm mechanisation. Farmers adopt tractors and equipment to raise productivity.
Last-mile freight. Three-wheelers and vans serve fast-growing delivery needs.
Export markets. Overseas buyers add steady orders.

Why Bajaj Auto Features Among These Three-wheeler, Tractor and Van Maker Stocks

Among the three-wheeler, tractor and van maker stocks on this list, Bajaj Auto makes motorcycles, three-wheelers and electric vehicles, and it sells a large share of its output to export markets across Africa, Latin America and Asia.

Revenue rose from Rs 34,429 crore in FY22 to Rs 65,087 crore in FY26, a compound annual growth rate of 17.3%. Net profit grew from Rs 6,166 crore in FY22 to Rs 10,574 crore in FY26, which works out to a compound annual growth rate of 14.4%.

The company has a return on equity of 27.7%, a debt to equity ratio of 0.58 and a market capitalisation of Rs 277,002 crore. The stock trades at a P/E of 24.0, above the industry P/E of 23.4.

Roadmap: The company is growing its premium motorcycle and electric three-wheeler ranges and widening its export reach. A strong presence in commercial three-wheelers adds steady demand.

What to watch: Follow export volumes, premium motorcycle mix and electric vehicle growth.

Why Escorts Kubota Features Among These Three-wheeler, Tractor and Van Maker Stocks

Among the export-led vehicle company shares on this list, Escorts Kubota makes tractors, construction equipment and railway components, and it sells farm machinery under the Farmtrac, Powertrac and Kubota brands in India and overseas.

The company has a return on equity of 10.9%, a debt to equity ratio of 0.01 and a market capitalisation of Rs 29,460 crore. The stock trades at a P/E of 21.3, below the industry P/E of 23.4.

Revenue rose from Rs 7,456 crore in FY22 to Rs 12,107 crore in FY26, a compound annual growth rate of 12.9%. Net profit grew from Rs 736 crore in FY22 to Rs 1,366 crore in FY26, which works out to a compound annual growth rate of 16.7%. In the June 2026 quarter, revenue grew 28.6% year on year to Rs 3,415 crore.

Roadmap: The company is expanding its tractor range and export reach and growing its construction equipment and railway segments. Farm mechanisation and infrastructure spending support demand.

What to watch: Track tractor volumes, monsoon trends and growth in construction equipment and railway components.

Why Force Motors Features Among These Three-wheeler, Tractor and Van Maker Stocks

Among the three companies on this list, Force Motors, based in Pune, makes light commercial vehicles such as the Traveller and Gurkha, and supplies engines and axles to global carmakers.

Revenue rose from Rs 3,292 crore in FY22 to Rs 9,168 crore in FY26, a compound annual growth rate of 29.2%. Net profit grew from Rs 801 crore in FY25 to Rs 1,212 crore in FY26, a rise of 51.3%.

In the June 2026 quarter, revenue grew 6.7% year on year to Rs 2,478 crore, while net profit rose 22.8% to Rs 217 crore. The company has a return on equity of 25.2%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 23,296 crore. The stock trades at a P/E of 18.6, below the industry P/E of 24.1.

Roadmap: Its traveller and ambulance range, defence vehicle supply and contract manufacturing for international partners give it several growth routes. It has no debt on its books, which leaves room for investment in new models.

What to watch: Track order flow from state transport and defence customers.

Bajaj Auto vs Escorts Kubota vs Force Motors on Key Financials

The table below sets the three three-wheeler, tractor and van maker 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
Bajaj Auto	34,429	65,087	17.3%	10,574	16.2%
Escorts Kubota	7,456	12,107	12.9%	1,366	11.3%
Force Motors	3,292	9,168	29.2%	1,212	13.2%

Bajaj Auto posts the highest return on equity in this group at 27.7%. Bajaj Auto has the largest FY26 revenue at Rs 65,087 crore, and Force Motors shows the fastest revenue growth with a 29.2% compound annual rate.

Key Risks to Check Before Investing in Three-wheeler, Tractor and Van Maker Stocks

Every theme carries risks that deserve a check before any decision. For these three-wheeler, tractor and van maker stocks, the main points are:

Monsoon. Weather can change tractor and farm equipment demand.
Input costs. Steel and component prices influence margins.
Freight cycle. Commercial vehicle demand follows economic activity.

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 three-wheeler, tractor and van maker stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.

Final Thoughts on Three-wheeler, Tractor and Van Maker Stocks

Three-wheeler, tractor and van maker stocks reward investors who follow demand trends, order books and margins together. Bajaj Auto, Escorts Kubota and Force Motors each serve a clear mobility and farm need. Based on the 23 October 2026 close, Bajaj Auto trades at Rs 10,072, Escorts Kubota at Rs 2,627 and Force Motors at Rs 16,400.

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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 three-wheeler, tractor and van maker stocks?

Ans. Three-wheeler, tractor and van maker stocks are listed companies that make three-wheelers, tractors, construction equipment and commercial vans. Their earnings depend on farm and freight demand, export orders and the share of newer products. This list looks at three of them, Bajaj Auto, Escorts Kubota and Force Motors, using reported FY22 to FY26 financials and the 23 October 2026 closing prices.

Which three-wheeler, tractor and van maker stocks are covered in this list?

Ans. This list covers Bajaj Auto, Escorts Kubota and Force Motors. Based on the 23 October 2026 close, Bajaj Auto traded at Rs 10,072, Escorts Kubota at Rs 2,627 and Force Motors at Rs 16,400. Their return on equity ranges from 10.9% to 27.7%, and their revenue compound annual growth from FY22 to FY26 ranges from 12.9% to 29.2%.

Why do three-wheeler, tractor and van maker stocks have a strong future roadmap in India?

Ans. Three-wheeler, tractor and van maker stocks have a strong roadmap in India because farm mechanisation, last-mile freight needs and strong export demand keep widening the market for commercial and farm vehicles. The main drivers are as follows. Farm mechanisation. Farmers adopt tractors and equipment to raise productivity. Last-mile freight. Three-wheelers and vans serve fast-growing delivery needs. Export markets. Overseas buyers add steady orders. Together these factors give the companies on this list a visible path for growth over the coming years.

How has Bajaj Auto performed financially?

Ans. Revenue rose from Rs 34,429 crore in FY22 to Rs 65,087 crore in FY26, a compound annual growth rate of 17.3%. Net profit grew from Rs 6,166 crore in FY22 to Rs 10,574 crore in FY26, which works out to a compound annual growth rate of 14.4%. The company has a return on equity of 27.7%, a debt to equity ratio of 0.58 and a market capitalisation of Rs 277,002 crore. The stock trades at a P/E of 24.0, above the industry P/E of 23.4. Looking ahead, the company is growing its premium motorcycle and electric three-wheeler ranges and widening its export reach. A strong presence in commercial three-wheelers adds steady demand.

How has Escorts Kubota performed financially?

Ans. Revenue rose from Rs 7,456 crore in FY22 to Rs 12,107 crore in FY26, a compound annual growth rate of 12.9%. Net profit grew from Rs 736 crore in FY22 to Rs 1,366 crore in FY26, which works out to a compound annual growth rate of 16.7%. In the June 2026 quarter, revenue grew 28.6% year on year to Rs 3,415 crore. The company has a return on equity of 10.9%, a debt to equity ratio of 0.01 and a market capitalisation of Rs 29,460 crore. The stock trades at a P/E of 21.3, below the industry P/E of 23.4. Looking ahead, the company is expanding its tractor range and export reach and growing its construction equipment and railway segments. Farm mechanisation and infrastructure spending support demand.

How has Force Motors performed financially?

Ans. Revenue rose from Rs 3,292 crore in FY22 to Rs 9,168 crore in FY26, a compound annual growth rate of 29.2%. Net profit grew from Rs 801 crore in FY25 to Rs 1,212 crore in FY26, a rise of 51.3%. In the June 2026 quarter, revenue grew 6.7% year on year to Rs 2,478 crore, while net profit rose 22.8% to Rs 217 crore. The company has a return on equity of 25.2%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 23,296 crore. The stock trades at a P/E of 18.6, below the industry P/E of 24.1. Looking ahead, its traveller and ambulance range, defence vehicle supply and contract manufacturing for international partners give it several growth routes. It has no debt on its books, which leaves room for investment in new models.

What risks should investors check before buying three-wheeler, tractor and van maker stocks?

Ans. Investors should check a few risks before buying three-wheeler, tractor and van maker stocks. Monsoon. Weather can change tractor and farm equipment demand. Input costs. Steel and component prices influence margins. Freight cycle. Commercial vehicle demand follows economic activity. 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 three-wheeler, tractor and van maker stocks investment advice?

Ans. No. This article is educational and uses publicly available data as of the 23 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.