2/3 Wheelers industry

13 companies · ₹8.3 L cr · 8 with AI deep dives · Q1FY27 report

Record volumes across all six names, but West Asia commodity shock is consuming the operating leverage

Turning upmargin troughed at 16.1% and has risen for 7 quarters to 17.3%, on positive revenue growth

Revenue YoY: +42.2%
EBITDA margin: 17.3%; +20bps YoY
Price, 1 year: +10.6%; 71% of names up
P/E vs own 5y: +15.2%; 33.5x now

Exhibit 1The quarter in numbers

constant panel of 5 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	58,198 cr	52,209 cr	+11.5%	40,941 cr	+42.2%	58,198 cr	0.0%
EBITDA margin	17.3%	16.1%	+120bps	17.1%	+20bps	18.3%	-100bps

Revenue

Jun 26: 58,198 cr
Mar 26: 52,209 cr
QoQ: +11.5%
Jun 25: 40,941 cr
YoY: +42.2%
Peak: 58,198 cr
vs peak: 0.0%

EBITDA margin

Jun 26: 17.3%
Mar 26: 16.1%
QoQ: +120bps
Jun 25: 17.1%

Sept 26: 0 of 7 reported so far, so it is not in the trend above.

Breadth: 83% of 6 companies grew revenue year on year (was 83% a quarter earlier) and 33% expanded margin (was 67%).

Exhibit 2What it costs

23.95x - 55.12x across the panel today

The median name trades at 33.5x, +15.2% against this industry's own 5-year median of 29.1x, and -12.0% against its own peak of 38.1x.

Exhibit 3Structure

₹8.3 L cr

Bajaj Auto Ltd is 33.3% of this industry by market cap. The top 5 are 97.9% and the top 10 are 100%.

large 5mid 1small 1micro 67 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 33.51x, 5y ROCE above its median of 11.33%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

Diwali open house: sign in free and Premium is open to you until 8 Nov.See plans →

Exhibit 5Coverage (13 of 13)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Bajaj Auto Ltd	₹2.8 L cr	24.0x	20.0x	28.2%	20.8%	+65.1%	Unlock
Eicher Motors Ltd	₹2.0 L cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

tailwindSector-wide record dispatches: all six companies delivered all-time or highest-ever volumes6 managements

Every company in the bucket reported its highest-ever quarterly volumes or close to it in Q1 FY27, with YoY wholesale growth ranging from +23% (Hero) to +94% QoQ (Ola Electric's…

BAJAJ-AUTO (Q1FY27): “volumes reached an all-time high of over 1.4 million units, a growth of 29% year-on-year…”

headwind6 managements mixed6 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

Create a free account →

AppendixThe other 0 companies

1-0

sort: mcap · composite · name