2/3 Wheelers industry

14 companies · ₹9.4 L cr · 6 with AI deep dives · Q1FY27 report

Record volumes sector-wide, but West Asia commodity shock arrests the margin recovery

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: +19.4%; 67% of names up
P/E vs own 5y: +25.8%; 36.6x 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%
YoY: +20bps
Peak: 18.3%
vs peak: -100bps

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

28.88x - 58.21x across the panel today

The median name trades at 36.6x, +25.8% against this industry's own 5-year median of 29.1x, and -3.9% against its own peak of 38.1x.

Exhibit 3Structure

₹9.4 L cr

Bajaj Auto Ltd is 36% of this industry by market cap. The top 5 are 97.8% and the top 10 are 100%.

large 5mid 1small 1micro 77 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 36.6x, 5y ROCE above its median of 12.95%, 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.

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Exhibit 5Coverage (14 of 14)

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	₹3.3 L cr	28.1x	22.9x	28.0%	23.4%	+65.1%	Unlock
Eicher Motors Ltd	₹2.1 L cr	36.6x	28.7x	23.5%	29.0%	+31.5%	Unlock
TVS Motor Company Ltd	₹2.0 L cr	57.0x	27.2x	31.6%	14.9%	+33.5%	Unlock
Hero MotoCorp Ltd	₹1.0 L cr	19.4x	13.2x	32.3%	16.3%	+34.9%	Unlock
Ather Energy Ltd	₹65,247 cr	-	-250.9x	-9.3%	-3.3%	+88.8%	Unlock
Ola Electric Mobility Ltd	₹17,805 cr	-	-25.8x	-28.3%	-31.9%	-45.0%	Unlock
Zelio E Mobility Ltd	₹1,788 cr	61.8x	47.6x	31.7%	12.1%	-	Unlock
Eraaya Lifespaces Ltd	₹365 cr	-	7.1x	4.4%	8.4%	-5.1%	Unlock
Scooters India Ltd	₹320 cr	-	-	-	-	-7.6%	Unlock
Wardwizard Innovations & Mobility Ltd	₹197 cr	195.3x	12.7x	13.8%	8.1%	+91.0%	Unlock
Tunwal E-Motors Ltd	₹141 cr	11.9x	7.9x	13.8%	7.7%	+27.2%	Unlock
Delta Autocorp Ltd	₹51 cr	7.6x	5.5x	11.7%	11.5%	-	Unlock
Supertech Ev Ltd	₹44 cr	11.2x	7.5x	12.2%	8.8%	-	Unlock
Victory Electric Vehicles International Ltd	₹37 cr	18.4x	-	7.6%	12.8%	-	Unlock

Bajaj Auto Ltd

Mcap: ₹3.3 L cr
P/E: 28.1x
EV/EBITDA: 22.9x
ROCE: 28.0%
Margin: 23.4%
Rev YoY: +65.1%

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Eicher Motors Ltd

Mcap: ₹2.1 L cr
P/E: 36.6x
EV/EBITDA: 28.7x
ROCE: 23.5%
Margin: 29.0%
Rev YoY: +31.5%

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TVS Motor Company Ltd

Mcap: ₹2.0 L cr
P/E: 57.0x
EV/EBITDA: 27.2x
ROCE: 31.6%
Margin: 14.9%
Rev YoY: +33.5%

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Hero MotoCorp Ltd

Mcap: ₹1.0 L cr
P/E: 19.4x
EV/EBITDA: 13.2x
ROCE: 32.3%
Margin: 16.3%
Rev YoY: +34.9%

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Ather Energy Ltd

Mcap: ₹65,247 cr
P/E: -
EV/EBITDA: -250.9x
ROCE: -9.3%
Margin: -3.3%
Rev YoY: +88.8%

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Ola Electric Mobility Ltd

Mcap: ₹17,805 cr
P/E: -
EV/EBITDA: -25.8x
ROCE: -28.3%
Margin: -31.9%
Rev YoY: -45.0%

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Zelio E Mobility Ltd

Mcap: ₹1,788 cr
P/E: 61.8x
EV/EBITDA: 47.6x
ROCE: 31.7%
Margin: 12.1%
Rev YoY: -

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Eraaya Lifespaces Ltd

Mcap: ₹365 cr
P/E: -
EV/EBITDA: 7.1x
ROCE: 4.4%
Margin: 8.4%
Rev YoY: -5.1%

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Scooters India Ltd

Mcap: ₹320 cr
P/E: -
EV/EBITDA: -
ROCE: -
Margin: -
Rev YoY: -7.6%

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Wardwizard Innovations & Mobility Ltd

Mcap: ₹197 cr
P/E: 195.3x
EV/EBITDA: 12.7x
ROCE: 13.8%
Margin: 8.1%
Rev YoY: +91.0%

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Tunwal E-Motors Ltd

Mcap: ₹141 cr
P/E: 11.9x
EV/EBITDA: 7.9x
ROCE: 13.8%
Margin: 7.7%
Rev YoY: +27.2%

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Delta Autocorp Ltd

Mcap: ₹51 cr
P/E: 7.6x
EV/EBITDA: 5.5x
ROCE: 11.7%
Margin: 11.5%
Rev YoY: -

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Supertech Ev Ltd

Mcap: ₹44 cr
P/E: 11.2x
EV/EBITDA: 7.5x
ROCE: 12.2%
Margin: 8.8%
Rev YoY: -

Unlock

Victory Electric Vehicles International Ltd

Mcap: ₹37 cr
P/E: 18.4x
EV/EBITDA: -
ROCE: 7.6%
Margin: 12.8%
Rev YoY: -

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Exhibit 6What managements said

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

tailwindSector-wide volume records; demand ahead of available supply5 managements

Bajaj, TVS, Royal Enfield, Ather and Ola all reported all-time high or highest-ever quarterly volumes. Multiple managements stated demand exceeds production capacity: Bajaj…

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

headwind5 managements tailwind4 managements tailwind3 managements tailwind4 managements headwind2 managements

5 more themes from this quarter's earnings calls are locked. A free account opens 3 full reports a quarter: every theme with verbatim management quotes, the demand picture, companies running against the tide, and the regulatory & disruption watch. Sign up free →

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

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