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India's largest car, SUV, tractor, motorcycle and premium-motorcycle makers, plus Jaguar Land Rover's owner.
Designs, builds and sells cars, SUVs, tractors and two-wheelers to Indian households and export markets. The group is a mid-sized block of the index, a little smaller than IT.
Vehicle sales are a fast read on household confidence, rural incomes and credit availability. The Sep 2025 GST cut on small cars and two-wheelers reset prices and demand.
SUVs and premium motorcycles carry the best margins; entry cars and scooters are price-sensitive. Exports (Bajaj, Maruti) and JLR (Tata Motors PV) add overseas exposure.