5 Under the Radar Automobile Stocks in India

Under the radar automobile stocks in India include specialist vehicle makers and engine suppliers that sit well below the Maruti-Tata Motors-Mahindra discussion. India's vehicle market is one of the world's largest, and several niche vehicle categories are served by specialist manufacturers with strong positions but minimal institutional coverage.

From agricultural power tillers to Mahindra tractor engines, from the Gurkha 4x4 to light buses and commercial vehicle bodies, the five overlooked automobile stocks below each occupy defensible positions in specific vehicle categories with data .

Click Here – Get Free Investment Predictions

What Are Automobile Stocks in India?

Under the radar automobile stocks are smallcap and midcap Indian vehicle manufacturers or specialist automotive engineering companies producing niche vehicle categories with limited mainstream analyst coverage compared to large-cap automotive OEMs. These automobile stocks are the focus of this article.

5 Automobile Stocks Flying Under the Radar in India

The table below lists 5 automobile stocks . Data from NSE filings. Sector average PE: 27.59x. Verify on nseindia.com before investing in any of these automobile stocks.

Company	NSE Symbol	MCap	PE	ROE	D/E	EPS (TTM)	Div Yield
Force Motors	NSE: FORCEMOT	Rs 24,040 Cr	19.2x	25.19%	0.0	Rs 950.18	0.27%
VST Tillers Tractors	NSE: VSTTILLERS	Rs 3,867 Cr	35.5x	9.57%	0.0	Rs 125.89	0.56%
Swaraj Engines	NSE: SWARAJENG	Rs 4,370 Cr	21.65x	40.15%	0.0	Rs 166.15	3.06%
SML Isuzu	NSE: SMLISUZU	Rs 7,677 Cr	49.08x	30.76%	0.56	Rs 108.09	0.44%
CEBBCO	NSE: CEBBCO	Rs 10,721 Cr	66.54x	5.74%	0.33	Rs 3.77	0.4%

1. Force Motors (FORCEMOT): One of the Top automobile stocks to Watch

Force Motors is a Pune-based manufacturer of utility vehicles (Gurkha 4x4, Traveller van), commercial vehicles, and agricultural tractors, and the exclusive supplier of axles for Mercedes-Benz and BMW India assembly. CMP is approximately Rs 18,244 with a market cap of Rs 24,040 crore.

Force Motors leads this list: ROE 25.19%, zero debt (D/E 0.00), and PE 19.20 below the sector average of 27.59. EPS (TTM) is Rs 950.18. The Gurkha SUV has built a loyal enthusiast following and the Mercedes axle supply provides stable high-precision revenue uncorrelated with own-brand vehicle cycles. As tracked on Nifty Auto, the Automobile sector PE stands at 27.59x.

Force Motors competes in a competitive SUV market where Mahindra and Maruti have deeper dealer networks. The axle business provides earnings stability but is tied to Mercedes-Benz India production levels.

2. VST Tillers Tractors (VSTTILLERS): One of the Top automobile stocks to Watch

VST Tillers Tractors is a Bengaluru-based company making power tillers and sub-compact tractors for Indian farmers, India's largest power tiller manufacturer with a strong south India position in paddy farming regions. CMP is approximately Rs 4,469 with a market cap of Rs 3,867 crore.

VST Tillers has zero debt (D/E 0.00), PE 35.50 slightly above the sector average, and ROE 9.57%. EPS (TTM) is Rs 125.89. Power tillers are essential equipment for small paddy farmers in south and eastern India, less cyclical than car or truck production. The Automobile sector PE stands at 27.59x.

The power tiller market is niche and geographically concentrated in paddy farming states. Expansion of mechanised harvesting that reduces separate tilling demand could constrain the addressable market over time.

3. Swaraj Engines (SWARAJENG): One of the Top automobile stocks to Watch

Swaraj Engines is a Punjab-based company manufacturing diesel engines exclusively for Mahindra and Mahindra's Swaraj brand tractors as a sole-source supplier. CMP is approximately Rs 3,598 with a market cap of Rs 4,370 crore.

Swaraj Engines has ROE 40.15%, zero debt (D/E 0.00), and dividend yield 3.06%. PE is 21.65, below the sector average. EPS (TTM) is Rs 166.15. The sole-source supplier relationship with Mahindra creates enormous revenue visibility. The 40% ROE with zero debt is exceptional for any manufacturing company. The Automobile sector PE stands at 27.59x.

The sole-source dependency is also the primary risk: 100% of revenue depends on Mahindra tractor production. Any Mahindra decision to in-source engine production would eliminate Swaraj Engines' revenue entirely.

4. SML Isuzu (SMLISUZU): One of the Top automobile stocks to Watch

SML Isuzu is a Gurugram-based JV between Punjab-based promoters and Isuzu Motors Japan making light and medium commercial vehicles, buses, and trucks. CMP is approximately Rs 5,304 with a market cap of Rs 7,677 crore.

SML Isuzu has ROE 30.76%, the second highest on this list, and PE 49.08, above the sector average. D/E is 0.56 and EPS (TTM) is Rs 108.09. The Isuzu brand partnership gives access to Japanese commercial vehicle technology. Light commercial buses are essential for school transport, staff transport, and rural connectivity. The Automobile sector PE stands at 27.59x.

The PE of 49.08 is above the sector average and leaves limited room for earnings disappointment. LCV demand is cyclical and tied to corporate fleet investments and institutional bus procurement.

5. CEBBCO (CEBBCO): One of the Top automobile stocks to Watch

CEBBCO (Commercial Engineers and Body Builders Company) makes commercial vehicle body structures (truck, tipper, and bus bodies) and railway wagons, a unique intersection of automotive body building and railway engineering. CMP is approximately Rs 251 with a market cap of Rs 10,721 crore.

CEBBCO has PE 66.54 from compressed earnings (ROE 5.74%). D/E is 0.33 and EPS (TTM) is Rs 3.77. As India's truck body manufacturing moves toward OEM-level quality standards from the informal sector, organised body builders like CEBBCO are positioned to capture this formalisation trend. The Automobile sector PE stands at 27.59x.

The compressed ROE and elevated PE make CEBBCO a speculative play on CV body building formalisation. Any acceleration in truck body standards regulation or large fleet tender would catalyse earnings recovery.

Use the Univest Screener to filter automobile stocks by PE, ROE, D/E, and dividend yield — find more automobile stocks on your own.

Download the Univest iOS App or Univest Android App to get live NSE data and track automobile stocks across every sector..

Why Do These Automobile Stocks Stay Under the Radar?

Specialist automobile manufacturers stay under the institutional radar because most auto sector coverage focuses on volume-driven OEMs. Swaraj Engines makes engines for one customer. VST Tillers serves power tiller farmers. Force Motors makes a niche 4x4 SUV. None of these fit the standard auto sector volume-growth framework most analysts apply.

The tractor and power tiller segments are under-represented in auto sector research despite being structurally essential to Indian agriculture. Swaraj Engines' 40% ROE with zero debt is exceptional by any metric, yet it receives minimal coverage because it is a sub-sector of the tractor market rather than the mainstream passenger vehicle space.

Key Factors to Evaluate These Automobile Stocks

Before investing in any of these automobile stocks, review these five parameters:

• TMA tractor sales data: Quarterly tractor industry volumes from the Tractor Manufacturers Association directly drive Swaraj Engines and provide context for VST Tillers power tiller demand.
• Zero-debt quality advantage: Force Motors, VST Tillers, and Swaraj Engines all carry zero debt. In cyclical automotive, zero-debt companies sustain operations through demand downturns without financial stress.
• ROE leadership: Swaraj Engines (40.15%), SML Isuzu (30.76%), and Force Motors (25.19%) have exceptional ROE reflecting the competitive moats of sole-source relationships and niche positioning.
• PE vs sector PE: The sector PE is 27.59. Force Motors (19.20) and Swaraj Engines (21.65) trade below that. VST Tillers (35.50) and SML Isuzu (49.08) carry niche premiums.
• Dividend yield: Swaraj Engines at 3.06% combined with 40% ROE and zero debt is particularly attractive for income-oriented quality investors.

Risks in Under the Radar Automobile Stocks

Every investment in automobile stocks carries risk. The four primary risks are:

• Sole-source concentration: 100% revenue dependence on Mahindra tractor production is Swaraj Engines' defining risk. Any in-sourcing by Mahindra would eliminate this company's revenue.
• Niche market size limits: VST Tillers' power tiller market is geographically concentrated with limited growth ceiling.
• Cyclicality: Agricultural vehicle demand tracks monsoon quality and rural income. Poor monsoons reduce farmer equipment purchases.
• EV bus transition: SML Isuzu's diesel bus segment faces an accelerating electric bus transition from government procurement.

How to Invest in Overlooked Automobile Stocks in India

Track TMA monthly tractor sales data. Rising tractor volumes directly benefit Swaraj Engines and provide context for VST Tillers demand.

Monitor Force Motors quarterly Gurkha volumes. The Gurkha SUV is the higher-margin product; its volume trajectory indicates premium vehicle business health.

Watch Mercedes-Benz India and BMW India production expansion announcements. Force Motors supplies axles to both and any India assembly expansion creates incremental revenue.

Verify all data on NSE (nseindia.com) or BSE (bseindia.com). Auto quarterly results include segment volume, revenue per unit, and market share data.

Conclusion: Top Automobile Stocks Under the Radar in India

India's automobile sector extends well beyond Maruti and Tata Motors. Force Motors, VST Tillers, Swaraj Engines, SML Isuzu, and CEBBCO each serve specific vehicle segments with defensible positions, often with superior ROE and zero debt. These under the radar automobile stocks are shared for research only. Consult a SEBI-registered advisor before investing.

The five automobile stocks discussed in this article are Force Motors, VST Tillers Tractors, Swaraj Engines, SML Isuzu, CEBBCO. Each of these automobile stocks carries unique risks and opportunities. Always verify current data on NSE (nseindia.com) or BSE (bseindia.com) before making any investment decision in these or any other automobile stocks.