TVS Motor Share Price: 39.9% CAGR in 3 Years as the Chennai Maker Leaves Eicher, Bajaj Auto and Hero Behind

TVS Motor previous close Rs 4,505.90. 3-year CAGR 39.9%. Up 2.7x since 9 Nov 2023. ROE 33.72%. Market cap Rs 2,13,362 crore.

The TVS Motor share price has almost tripled in three years, and that makes TVS Motor Company the best performer among the large listed two-wheeler makers. The Chennai-based company has gained ground in scooters, motorcycles and exports at the same time.

This article compares that run with Eicher Motors, Bajaj Auto and Hero MotoCorp. We calculate the three-year CAGR for all four 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 TVS Motor Share Price Returned in 3 Years?

The TVS Motor stock closed at Rs 1,646.90 on 9 November 2023 and at Rs 4,505.90 on 9 November 2026. Rs 1 lakh invested three years ago would have grown to about Rs 2.74 lakh, which is a CAGR of 39.9%. 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 TVS Motor can look spectacular on a chart and still have earned a modest yearly return, so the compounded figure keeps the comparison honest.

The TVS Motor share price has also been helped by premium motorcycle demand, a growing electric scooter range and rising exports to Africa, Latin America and Asia.

TVS Motor vs Eicher Motors, Bajaj Auto and Hero MotoCorp: 3-Year CAGR Compared

The table ranks the companies by three-year CAGR. Prices on 9 November 2023 are adjusted for splits and bonuses, and the latest figures are the previous close on 9 November 2026.

Company	Close on 9 Nov 2023	Previous close (9 Nov 2026)	Price multiple	3-year CAGR
TVS Motor Company	Rs 1,646.90	Rs 4,505.90	2.7x	39.9%
Eicher Motors	Rs 3,541.90	Rs 7,629.00	2.2x	29.1%
Bajaj Auto	Rs 5,418.90	Rs 10,979.00	2.0x	26.5%
Hero MotoCorp	Rs 3,173.90	Rs 5,410.50	1.7x	19.5%

The TVS Motor stock leads the group at 39.9%, followed by Eicher Motors at 29.1%, Bajaj Auto at 26.5% and Hero MotoCorp at 19.5%. TVS Motor leads the group, followed by Eicher Motors, Bajaj Auto and Hero MotoCorp. Bajaj Auto is the largest of the four by market cap, so the TVS Motor return came from a business that is smaller than its biggest rival.

Look at the TVS Motor 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 3,00,913 crore	23.48	25.70	35.71%	0.72
TVS Motor Company	Rs 2,13,362 crore	53.50	25.70	33.72%	3.48
Eicher Motors	Rs 2,09,186 crore	36.24	25.70	21.97%	0.02
Hero MotoCorp	Rs 1,08,288 crore	17.97	25.70	25.64%	0.06

By market cap, Bajaj Auto is the largest of the group at Rs 3,00,913 crore, while the TVS Motor stock stands at Rs 2,13,362 crore, about 71% of that size. On earnings, TVS Motor shares trade at a P/E of 53.50 against an industry P/E of 25.70, a premium of about 108%, which signals that the market expects faster earnings growth. Peer multiples are Eicher Motors at 36.24, Bajaj Auto at 23.48 and Hero MotoCorp at 17.97.

Return on equity is 33.72% for the TVS Motor stock, which ranks second among the four, and debt to equity stands at 3.48. Trailing EPS is Rs 83.94. Auto stocks are valued on volume growth and margins, so the P/E is best read next to return on equity and the share of premium products in the mix.

What Is Driving the TVS Motor Stock?

TVS Motor makes motorcycles, scooters, mopeds and three-wheelers, and it has a growing range of electric two-wheelers. Its scooter brand is among the best known in India, and the Apache motorcycle range targets younger buyers.

The company has also expanded its exports and its premium portfolio, which usually carries better margins than entry-level models. Strong festive demand and rural recovery add to volumes when conditions are favourable.

Followers of the TVS Motor share price usually track monthly sales numbers, the share of premium models, electric vehicle volumes, export growth and operating margins.

How the Established Players Stack Up

Eicher Motors owns the Royal Enfield brand of mid-size motorcycles and has a joint venture in commercial vehicles with Volvo. It compounded at 29.1% a year, on a market cap of Rs 2,09,186 crore and an ROE of 21.97%.

Bajaj Auto is a Pune-based maker of motorcycles and three-wheelers with a large export business. It compounded at 26.5% a year, on a market cap of Rs 3,00,913 crore and an ROE of 35.71%.

Hero MotoCorp is India's largest two-wheeler maker by volume, with strength in entry-level and commuter motorcycles. It compounded at 19.5% a year, on a market cap of Rs 1,08,288 crore and an ROE of 25.64%.

What Should Investors Track Next?

Three things are worth watching on the TVS Motor share price. First, monthly sales and market share in scooters. Second, the ramp-up of electric models. Third, export growth across emerging markets.

At a P/E of 54, expectations are high, and the multiple is the highest in the group. A premium valuation leaves less room if sales slow, so size any position with that in mind.

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How to Compare Two-Wheeler Stocks Yourself

You can repeat this exercise for any pair of stocks, including the TVS Motor 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 TVS Motor share price, the same four checks give a more complete picture than price alone.

Download the Univest iOS App or Univest Android App to track the TVS Motor share price and compare two-wheeler stocks live.

A Growth Leader With a Strong Return on Equity

The TVS Motor share price compounded at 39.9% a year over three years, ahead of Eicher Motors at 29.1%, Bajaj Auto at 26.5% and Hero MotoCorp at 19.5%. Its ROE of 33.72% is strong.

Eicher brings the Royal Enfield premium franchise, Bajaj Auto brings export strength and the highest ROE, and Hero offers the lowest multiple. The choice depends on what you want from a two-wheeler stock.

Frequently Asked Questions

What is the TVS Motor share price today?

Ans. TVS Motor Company closed at Rs 4,505.90 on 9 November 2026, according to NSE data. It has a market cap of Rs 2,13,362 crore and a P/E of 53.50. Check live quotes before acting, as prices change every trading day.

What is the 3-year CAGR of the TVS Motor stock?

Ans. TVS Motor Company delivered a price CAGR of 39.9% over three years, moving from Rs 1,646.90 on 9 November 2023 to Rs 4,505.90 on 9 November 2026. The figure excludes dividends and uses adjusted closing prices.

Is TVS Motor better than Hero MotoCorp?

Ans. TVS Motor delivered a higher three-year CAGR at 39.9% than Hero MotoCorp at 19.5%. Hero trades at a lower P/E of 17.97 against 53.50 and has a market cap of Rs 1,08,288 crore, while TVS Motor has a higher ROE at 33.72% against 25.64%. The better choice depends on your view of each business.

What does TVS Motor Company do?

Ans. TVS Motor Company is a Chennai-based maker of motorcycles, scooters, mopeds, three-wheelers and electric two-wheelers, sold in India and in many export markets.

Is the TVS Motor stock debt free?

Ans. The debt to equity ratio of the TVS Motor stock is 3.48 and its return on equity is 33.72%. Always check the latest balance sheet for current figures, as debt levels change with expansion plans.

Is TVS Motor expensive compared with the industry?

Ans. TVS Motor trades at a P/E of 53.50 against an industry P/E of 25.70. 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 39.9%, followed by Eicher Motors at 29.1%. 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.