According to reports from The Financial Express, Bajaj Auto and TVS Motor Company have once again outperformed Hero MotoCorp in monthly sales for July 2026 and August 2026, driven by surging exports to Africa and Latin America. Bajaj Auto grew its total vehicle sales by 28% year-on-year to 5,35,764 units in August 2026, while TVS Motor Company achieved 21% growth to 6,16,540 units. In contrast, Hero MotoCorp's growth was modest at just 2.6% to 5,68,398 units during the same period. The performance gap reflects the different strategies of these companies in capitalizing on the current export boom and domestic demand trends.
As reported by The Financial Express, Bajaj Auto's export performance was particularly strong, with two-wheeler exports growing 53% year-on-year to 241,850 units in August 2026. The company's commercial vehicles including three-wheelers exports grew 39% year-on-year to 38,206 units during the same period. TVS Motor Company also benefited from export growth of 29% year-on-year with sales of 1,57,641 units, driven by strong demand for models like HLX, Apache and Raider in Latin America, Africa and Asia. The festive season in Africa and Latin America, which starts in early October till Christmas, is creating significant opportunities for Indian two-wheeler exporters.
According to The Financial Express, TVS Motor Company's electric two-wheeler sales jumped 137% year-on-year to 59,453 units in August 2026, powered by the popularity of its TVS iQube model. Electric two-wheeler sales surged 158% year-on-year to 60,934 units in July 2026, helping total vehicle sales grow 38% year-on-year to 6,29,675 units. Hero MotoCorp also saw strong electric scooter growth, with sales surging 102% year-on-year to 22,714 units in July 2026. The Middle East crisis resulting in retail fuel prices crossing ₹100 per litre is driving consumers toward electric two-wheelers, which are typically 10-25% more expensive than conventional petrol engine vehicles.
As reported by The Financial Express, Hero MotoCorp trades at a significant discount of 39%-61% to its peers, with a standalone P/E ratio of 18.7 times compared to Bajaj Auto's 30.5 times and TVS Motor Company's 48.6 times. Hero MotoCorp's Return on Equity stands at 25.5%, lower than Bajaj Auto's 29.3% and TVS Motor Company's 34.4%. The discount appears to reflect Hero MotoCorp's underperformance on both volume sales and financial parameters compared to its competitors. Bajaj Auto's stock is trading near its 52-week high of ₹12,470, while TVS Motor Company's stock is close to its 52-week high of ₹4,484.7.
According to The Financial Express, rising prices of key inputs for two-wheelers, like steel and copper, continue to worry investors on Dalal Street. Two-wheeler companies had hiked prices of vehicles between 1%-3% in early August 2026, and investors will continue monitoring their ability to pass on higher input costs. Despite the strong performance of Bajaj Auto and TVS Motor Company, Hero MotoCorp's exports remain a small portion of its total monthly vehicle sales, missing out on the export boom enjoyed by its competitors. The company's performance in the June 2026 quarter had also lagged peers on various parameters, with vehicle sales growth of 22.7% compared to Bajaj Auto's 29% and TVS Motor Company's 27.7%.
