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Indian (NIFTY) Auto Industry Analysis

UpdatedMar 22, 2026
DataAggregated Company Financials
Companies19
  • 7D1.8%
  • 3M-12.5%
  • 1Y4.4%
  • YTD-15.1%

In the last week, the Auto industry is up 1.8%, with Mahindra & Mahindra up 4.6%. In the last 12 months, the industry was up 4.4%. Earnings are forecast to grow by 13% annually.

Industry Valuation and Performance

Has the Indian Auto Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 22 Mar 2026₹17.7t₹10.2t₹598.9b27.4x29.5x1.7x
Tue, 17 Feb 2026₹20.0t₹10.2t₹598.9b30.4x33.5x2x
Thu, 15 Jan 2026₹20.4t₹10.1t₹643.2b32.4x31.7x2x
Sat, 13 Dec 2025₹20.4t₹10.1t₹643.1b33.3x31.7x2x
Mon, 10 Nov 2025₹19.9t₹10.2t₹737.8b33.1x27x2x
Wed, 08 Oct 2025₹21.2t₹10.0t₹717.8b34.8x29.6x2.1x
Fri, 05 Sep 2025₹20.5t₹10.0t₹717.7b33.4x28.6x2.1x
Sun, 03 Aug 2025₹17.9t₹10.0t₹725.5b30.7x24.6x1.8x
Tue, 01 Jul 2025₹18.3t₹9.9t₹716.5b32x25.5x1.8x
Thu, 29 May 2025₹17.9t₹9.9t₹723.1b31.8x24.8x1.8x
Sat, 26 Apr 2025₹16.7t₹9.8t₹807.6b27.8x20.7x1.7x
Mon, 24 Mar 2025₹16.6t₹9.8t₹807.6b27.6x20.6x1.7x
Wed, 19 Feb 2025₹17.0t₹9.8t₹807.6b28.4x21x1.7x
Fri, 17 Jan 2025₹17.5t₹9.6t₹813.0b30.2x21.5x1.8x
Sun, 15 Dec 2024₹17.8t₹9.6t₹813.0b28.9x21.8x1.9x
Tue, 12 Nov 2024₹17.9t₹9.6t₹814.1b27.5x22x1.9x
Thu, 10 Oct 2024₹18.9t₹8.8t₹759.1b31.3x24.9x2.1x
Sat, 07 Sep 2024₹18.4t₹8.8t₹759.1b29.6x24.3x2.1x
Mon, 05 Aug 2024₹17.4t₹8.8t₹770.1b31.3x22.6x2x
Wed, 03 Jul 2024₹16.7t₹8.6t₹733.5b31.7x22.8x1.9x
Fri, 31 May 2024₹16.1t₹8.6t₹733.5b32.5x21.9x1.9x
Sun, 28 Apr 2024₹15.6t₹8.3t₹595.4b32.8x26.2x1.9x
Tue, 26 Mar 2024₹15.1t₹8.3t₹592.3b33x25.6x1.8x
Thu, 22 Feb 2024₹14.4t₹8.3t₹592.3b30.6x24.3x1.7x
Sat, 20 Jan 2024₹12.9t₹7.9t₹530.0b28.9x24.4x1.6x
Mon, 18 Dec 2023₹12.4t₹7.9t₹530.0b29.2x23.4x1.6x
Wed, 15 Nov 2023₹11.2t₹7.8t₹513.5b30.1x21.9x1.4x
Fri, 13 Oct 2023₹11.1t₹7.5t₹460.6b29.7x24.1x1.5x
Sun, 10 Sep 2023₹10.9t₹7.5t₹462.6b30.4x23.5x1.4x
Tue, 08 Aug 2023₹10.4t₹7.5t₹461.6b31.5x22.5x1.4x
Thu, 06 Jul 2023₹10.4t₹7.0t₹342.3b42x30.4x1.5x
Sat, 03 Jun 2023₹9.9t₹7.0t₹342.5b34.7x28.9x1.4x
Mon, 01 May 2023₹9.0t₹6.7t₹268.5b29.6x33.5x1.3x
Wed, 29 Mar 2023₹8.0t₹6.6t₹258.8b24.1x31.1x1.2x
Price to Earnings Ratio

31.1x


Total Market Cap: ₹8.0tTotal Earnings: ₹258.8bTotal Revenue: ₹6.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Auto Industry Price to Earnings3Y Average 25.6x202420252026
Current Industry PE
  • Investors are optimistic on the Indian Auto industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 29.5x which is higher than its 3-year average PE of 25.6x.
  • The industry is trading close to its 3-year average PS ratio of 1.8x.
Past Earnings Growth
  • The earnings for companies in the Auto industry have grown 32% per year over the last three years.
  • Revenues for these companies have grown 15% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Indian Consumer Discretionary industry?

IN Market-0.17%
Consumer Discretionary1.44%
Auto1.77%
Motorcycle Manufacturers2.85%
Automobile Manufacturers0.98%
Industry PE
  • Investors are most optimistic about the Motorcycle Manufacturers industry, which is trading close to its 3-year average PE ratio of 36.0x.
    • Analysts are expecting annual earnings growth of 15.4%, which is lower than the prior year's growth of 28.9% per year.
  • Investors are most pessimistic about the Automobile Manufacturers industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 22.7x.
Forecasted Growth
  • Analysts are most optimistic on the Motorcycle Manufacturers industry, expecting annual earnings growth of 15% over the next 5 years.
  • However this is lower than its past earnings growth rate of 29% per year.
  • In contrast, the Automobile Manufacturers industry is expected to see its earnings grow by 11% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
M&M Mahindra & Mahindra₹3.07k4.6%
+₹150.7b		9.4%PE21.8x
532343 TVS Motor₹3.46k4.1%
+₹64.8b		43.2%PE57x
BAJAJ-AUTO Bajaj Auto₹9.05k2.0%
+₹49.2b		12.2%PE28.5x
505200 Eicher Motors₹6.91k2.4%
+₹44.7b		30.2%PE35.4x
ATHERENERG Ather Energy₹780.6010.7%
+₹28.9b		n/aPS9.4x

Latest News

500182
₹5,277.45
Hero MotoCorp
7D
1.4%
1Y
45.3%

500182: Interim Dividend And EV Investment Will Support Future Upside

Analysts have kept the price target for Hero MotoCorp steady at ₹7,500, citing only marginal adjustments in the discount rate, revenue growth, profit margin and assumed future P/E as the basis for maintaining this view. What's in the News The Board approved an interim dividend of INR 110 per equity share with a nominal value of INR 2 for the 2025-26 financial year, describing it as 5,500% on the face value.
OLAELEC
₹24.66
Ola Electric Mobility
7D
6.9%
1Y
-56.0%

OLAELEC: In-House Battery And Storage Subsidiary Will Drive Future Upside

The analyst price target for Ola Electric Mobility has been revised from ₹45.88 to ₹30.13, with analysts citing updated assumptions for fair value, discount rate, revenue growth, profit margin, and future P/E as key drivers of the change. What's in the News Board meeting scheduled on Mar 18, 2026 to consider changing the objects and timing of IPO proceeds utilisation, including a proposed variation in how and when the funds are used.
DELTIC
₹35.50
Delta Autocorp
7D
-0.8%
1Y
-49.7%
532343
₹3,462.45
TVS Motor
7D
4.1%
1Y
43.2%

532343: Elevated Expectations On Modest Margin Gains May Pressure Future Returns

Analysts have lifted their fair value estimate for TVS Motor from about ₹2,117 to roughly ₹2,828, citing updated assumptions around revenue growth, profit margins, discount rate and future P/E levels. What's in the News Launch of the TVS Orbiter V1 electric scooter with a 1.8 kWh battery, expanding the company’s EV lineup with a more accessible city-focused model that offers a certified IDC range of 86 km and charging from 0 to 80% in about 2 hours and 20 minutes (Key Developments).
500570
₹314.15
Tata Motors Passenger Vehicles
7D
-0.05%
1Y
-55.3%

500570: Hydrogen Cargo Trials And Margin Reset Will Shape A More Balanced Outlook

Narrative Update: Tata Motors Passenger Vehicles Analysts have adjusted their price target for Tata Motors Passenger Vehicles from ₹575 to ₹310. This change reflects updated views on revenue growth assumptions, profit margin outlook, and a slightly higher discount rate applied to a similar future P/E multiple.
HYUNDAI
₹1,951.00
Hyundai Motor India
7D
-3.3%
1Y
14.9%

SUV Demand, Export Expansion And Capacity Investments Will Support Long Term Upside

Catalysts About Hyundai Motor India Hyundai Motor India manufactures and sells passenger vehicles in India and exports vehicles to multiple emerging markets. What are the underlying business or industry changes driving this perspective?
BAJAJ-AUTO
₹9,051.00
Bajaj Auto
7D
2.0%
1Y
12.2%

BAJAJ-AUTO: Electric Three Wheeler Rollout Will Support Positive Long Term Outlook

Analysts have inched up their price target for Bajaj Auto to ₹10,183 from about ₹10,154, citing slightly adjusted assumptions on discount rate, revenue growth, profit margin and future P/E. What's in the News Bajaj Auto announced the launch of the Bajaj WEGO P9018, an electric three wheeler positioned as India's biggest in its category, with a 17.7 kWh battery and a certified range of 296 km (Key Developments).
MARUTI
₹12,601.00
Maruti Suzuki India
7D
0.08%
1Y
7.4%

MARUTI: New Gujarat Facility Will Support Long Term Export-Focused Upside

Analysts have trimmed their price target on Maruti Suzuki India by ₹65 to ₹17,484, reflecting slightly higher assumed discount rates and valuation multiples that remain broadly consistent with earlier expectations. What's in the News Maruti Suzuki plans a new manufacturing facility in Khoraj, Gujarat, with an investment of ₹3,50,000 million, a targeted annual capacity of 1 million vehicles and around 12,000 potential jobs on 1,750 acres allotted by GIDC, positioned as part of the "Make in India, Made for the World" push (Key Developments).
M&M
₹3,066.10
Mahindra & Mahindra
7D
4.6%
1Y
9.4%

M&M: New Maharashtra Mega Facility Will Define Next Phase Of Upside Potential

Analysts have adjusted their price target on Mahindra & Mahindra slightly lower, from ₹4,320.29 to ₹4,314.29, reflecting updated assumptions around the discount rate, revenue growth, profit margins, and future P/E expectations. What's in the News Mahindra Group plans to set up its largest integrated automobile and tractor manufacturing facility in Nagpur, Maharashtra, across 1,500 acres, with a 150 acre supplier park in Sambhajinagar and a planned capacity of over 5 million vehicles and 1 million tractors annually, supported by a ₹15,000 million investment over 10 years in Maharashtra (Key Developments).
544428
₹46.40
Supertech EV
7D
-1.3%
1Y
n/a
505200
₹6,908.30
Eicher Motors
7D
2.4%
1Y
30.2%

505200: Refined Assumptions Will Guide Outlook Ahead Of Upcoming Q3 Results

Analysts now place Eicher Motors' fair value at ₹7,854.79, up slightly from ₹7,739.51. This reflects modest tweaks to assumptions around discount rate, revenue growth, profit margins and future P/E expectations.
538970
₹6.12
Wardwizard Innovations & Mobility
7D
-4.1%
1Y
-71.7%
531357
₹30.11
Mercury Ev-Tech
7D
-5.8%
1Y
-50.3%
500500
₹13.06
Hindustan Motors
7D
-8.2%
1Y
-44.4%
ATHERENERG
₹780.60
Ather Energy
7D
10.7%
1Y
n/a
TUNWAL
₹29.65
Tunwal E-Motors
7D
-1.7%
1Y
-5.0%