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Today's prices ask more of TVS Motor than of Bajaj Auto.
At current prices, buyers of Bajaj Auto are assuming about 7% growth against 19% in its own record; for TVS Motor it is 17% against 23%. That shows which share needs more to go right — not which is cheaper. How far each trades from its estimated fair value is in the full valuations.
- Valuation method: both on discounted cash flow.
- Size: Bajaj Auto is worth about 1.4 times TVS Motor on the stock market.
- Record: TVS Motor has grown revenue faster: Bajaj Auto compounded at about 12% a year (FY2018–FY2026) and TVS Motor at about 16% (FY2018–FY2026).
- What to watch: export demand at Bajaj Auto; domestic share gains at TVS Motor.
| Bajaj Auto | TVS Motor | |
|---|---|---|
| Price | ₹10,850 | ₹4,495 |
| Market cap | ₹2.98L Cr | ₹2.14L Cr |
| P/E | 22.8 | 55.8 |
| P/B | 7.68 | 22.33 |
| Fair value 🔒 sign in | ₹0,000 | ₹0,000 |
| Upside 🔒 sign in | +00% | +00% |
| Valued on | Discounted cash flow | Discounted cash flow |
01Two businesses
Motorcycles, three-wheelers and exports
Bajaj Auto makes motorcycles such as the Pulsar, Platina and Dominar, the Chetak electric scooter and India's best-selling three-wheelers. It also builds and sells motorcycles in partnership with KTM and Triumph.
The fastest-growing big two-wheeler maker
TVS Motor Company, part of Chennai's TVS group, makes scooters such as the Jupiter and Ntorq, motorcycles such as the Apache and Raider, three-wheelers and the iQube electric scooter. It builds BMW's smaller motorcycles under a long-standing partnership and owns the British brand Norton.
02The records side by side
TVS Motor has grown revenue faster: Bajaj Auto compounded at about 12% a year (FY2018–FY2026) and TVS Motor at about 16% (FY2018–FY2026). By revenue the two are of broadly similar size. Bajaj Auto kept 16.8% of revenue as net profit in FY2026; TVS Motor kept 5.7% of revenue as net profit in FY2026 — a sign of very different business models.
Full ten-year tables and charts are on each company's page: Bajaj Auto · TVS Motor.
03What each price assumes
Work backwards from each share price and you can see what buyers are taking for granted — the rate each company must sustain to justify what it costs, against what its own record supports.
04What decides each one's value
- Export demandExports are a big share of volumes, and currencies in markets such as Nigeria can swing them sharply.
- Premium motorcyclesHigher-priced models carry better margins than commuter bikes.
- Domestic share gainsScooters and premium bikes have taken share.
- EV scaleiQube profitability shapes the long-term picture.
05What could go wrong
- Emerging-market currenciesDevaluations hit export volumes and margins.
- EV competitionStart-ups and incumbents are crowding the electric scooter market.
- EV competitionStart-ups and incumbents crowd the electric scooter market.
- Export currenciesDevaluations hit overseas sales.
06Which is better value?
Sign in free to see which trades further below its worth
- ✓Both fair values per share — each on the method that fits the business
- ✓Every step of both workings — growth, margins and cost of capital, with sources
- ✓Bull, base and bear cases — for each company
- ✓Downloadable reports — the full write-up for each, yours to keep
08Questions people ask
Is Bajaj Auto or TVS Motor better value?
That turns on how far each share trades from its estimated fair value. Both figures, with every step of the working, are in the full valuations, free to view once you sign in. On the public numbers, Bajaj Auto trades at 22.8 times earnings and 7.68 times book value, and TVS Motor at 55.8 times earnings and 22.33 times book value — but multiples alone mislead when two businesses work differently, which is why each is valued on the method that fits it.
What is the difference between Bajaj Auto and TVS Motor?
Bajaj Auto makes motorcycles such as the Pulsar, Platina and Dominar, the Chetak electric scooter and India's best-selling three-wheelers. TVS Motor Company, part of Chennai's TVS group, makes scooters such as the Jupiter and Ntorq, motorcycles such as the Apache and Raider, three-wheelers and the iQube electric scooter.
Are Bajaj Auto and TVS Motor valued the same way?
Yes — both on discounted cash flow, so their workings compare like for like.
What does today's price assume for Bajaj Auto and TVS Motor?
Worked backwards from the share price, Bajaj Auto needs about 7% growth and TVS Motor about 17% growth, against 19% and 23% in their own records.