How India buys motorcycles and scooters
6 listed companies sold ₹176,496 crore of motorcycles and scooters in FY26, up 23.7% on FY25. Bajaj Auto Ltd sold the most, 34.3% of it. Eicher Motors Ltd earned the most on each rupee of sales: 27.2%.
The brands, and who owns them
Bajaj, Chetak, KTM, Pulsar and others are Bajaj Auto Ltd's; CD 100, Hero Xtreme, Splendor, Xtreme and others are Hero MotoCorp Ltd's; Apache, Ntorq, TVS Apache, TVS iQube and others are TVS Motor Company Ltd's; Bullet, Bullet 350, Classic, Classic 350 and others are Eicher Motors Ltd's; Ather 450 series, Ather Rizta are Ather Energy Ltd's. Brands are read from each company's filings and checked against a public source.
Who sells the most
Bajaj Auto Ltd had 34.3% of the listed companies' sales of motorcycles and scooters here, 1.3 times as much as Hero MotoCorp Ltd, the next largest. The two together sold 61%; the other 4 the rest.
What it is made of
Of the sales reported by product line, motorcycles is the largest at ₹83,938 Cr, then electric two-wheelers at ₹4,494 Cr.
How the sales have grown, and who sold them
The listed companies here sold ₹1.76 lakh Cr of motorcycles and scooters in FY26. Counting only the companies with figures in both years, sales went from ₹45,229 Cr in FY19 to ₹74,642 Cr, 1.7 times as much. The biggest rise was in FY23 (+26%) and the weakest year FY20 (-10%). Over three years Ather Energy Ltd grew fastest, +28.5% a year. Some companies are counted only from a later year (Bajaj Auto Ltd from FY25; TVS Motor Company Ltd from FY23; Tube Investments of India Ltd from FY25).
Who earns the most on each rupee
Operating profit before interest and tax, as a share of sales of motorcycles and scooters. Bajaj Auto Ltd earned 19.9% on its sales in FY26, against 17.5% in FY25. Hero MotoCorp Ltd earned 15.0% on its sales in FY26, against 16.6% in FY17. Eicher Motors Ltd earned 27.2% on its sales in FY26, against 32.7% in FY17; its best year was FY18 at 32.8%. Ather Energy Ltd earned -13.5% on its sales in FY26, against -918.8% in FY19. Tube Investments of India Ltd earned -98.0% on its sales in FY26, against -103.7% in FY25.
The companies, and their brands
| Company and brands | Sales FY26 | Growth 1 yr | 3 yrs | 5 yrs | Margin | Profit share | Return on assets | P/E | ROE | Share price 1 yr |
|---|---|---|---|---|---|---|---|---|---|---|
| Bajaj Auto Ltd Bajaj, Chetak, KTM, Pulsar, CT, Dominar, Freedom, GASGAS, Husqvarna Sells in 28 states and 106 countries; exports 34.0% of turnover |
₹60,530 Cr | +21.1% | — | — | 19.9% | 49.4% | 39.6% | 24.5 | 29.3% | +13.3% |
| Hero MotoCorp Ltd CD 100, Hero Xtreme, Splendor, Xtreme, Destini, Destini 110, Destini 125, Hero Destini, Hero Premia, Hero Xtreme 160R 4V, Karizma, Premia Sells in 32 states and 52 countries; exports 7.4% of turnover |
₹47,411 Cr | +15.9% | +10.9% | +8.5% | 15.0% | 29.3% | — | 18.4 | 25.5% | -10.3% |
| TVS Motor Company Ltd Apache, Ntorq, TVS Apache, TVS iQube, TVS iQube ST, TVS Jupiter, TVS Jupiter 110, TVS Jupiter 125, TVS Raider, TVS XL100, Apache RR 310, iQube ST Sells in 29 states and 90 countries; exports 24.0% of turnover |
₹40,652 Cr estimate |
+35.1% | +16.0% | — | — | — | — | 55.6 | 34.2% | +14.4% |
| Eicher Motors Ltd Bullet, Bullet 350, Classic, Classic 350, Himalayan, Himalayan 450, Hunter 350, Meteor 350, Royal Enfield, Bear 650, Bullet 650, Classic 650 Sells in 28 states and 80 countries; exports 12.3% of turnover |
₹23,408 Cr | +24.1% | +15.1% | +20.5% | 27.2% | 26.2% | — | 34.0 | 25.0% | +4.0% |
| Ather Energy Ltd Ather 450 series, Ather Rizta |
₹3,823 Cr | +65.9% | +28.5% | +112.5% | -13.5% | -2.1% | — | — | — | +143.1% |
| Tube Investments of India Ltd | ₹671 Cr | +26.7% | — | — | -98.0% | -2.7% | -32.0% | 70.0 | 14.8% | -29.2% |
See every one of these companies in Valarth
Questions people ask
Which listed companies sell motorcycles and scooters in India?
6 listed companies report their sales of motorcycles and scooters: Bajaj Auto Ltd (BAJAJ-AUTO), Hero MotoCorp Ltd (HEROMOTOCO), TVS Motor Company Ltd (TVSMOTOR), Eicher Motors Ltd (EICHERMOT), Ather Energy Ltd (ATHERENERG), Tube Investments of India Ltd (TIINDIA).
Which listed company sells the most motorcycles and scooters in India?
Bajaj Auto Ltd, with sales of motorcycles and scooters of ₹60,530 crore in FY26: 34.3% of the listed companies' total here.
How big is the listed market for motorcycles and scooters?
The listed companies here sold ₹176,496 crore of motorcycles and scooters in FY26, up 23.7% on FY25. Private makers are not included.
Which listed company makes the most profit on motorcycles and scooters?
Eicher Motors Ltd: its operating profit was 27.2% of its sales of motorcycles and scooters in FY26.
Who owns Bajaj?
Bajaj is a brand of Bajaj Auto Ltd, listed on the NSE as BAJAJ-AUTO.
Who owns Chetak?
Chetak is a brand of Bajaj Auto Ltd, listed on the NSE as BAJAJ-AUTO.
Who owns CD 100?
CD 100 is a brand of Hero MotoCorp Ltd, listed on the NSE as HEROMOTOCO.
Who owns Hero Xtreme?
Hero Xtreme is a brand of Hero MotoCorp Ltd, listed on the NSE as HEROMOTOCO.
Who owns Apache?
Apache is a brand of TVS Motor Company Ltd, listed on the NSE as TVSMOTOR.
Who owns Ntorq?
Ntorq is a brand of TVS Motor Company Ltd, listed on the NSE as TVSMOTOR.
Who owns Bullet?
Bullet is a brand of Eicher Motors Ltd, listed on the NSE as EICHERMOT.
Who owns Bullet 350?
Bullet 350 is a brand of Eicher Motors Ltd, listed on the NSE as EICHERMOT.
Who owns Ather 450 series?
Ather 450 series is a brand of Ather Energy Ltd, listed on the NSE as ATHERENERG.
Who owns Ather Rizta?
Ather Rizta is a brand of Ather Energy Ltd, listed on the NSE as ATHERENERG.