Why M&M, Tata Motors & Force Motors Stand Out In India’s Auto Story

Nitin Bhasin, Head of Institutional Equities at Ambit, shares his nuanced perspective on the Indian auto sector. While the sector has delivered strong performance over the past three to four years, Bhasin notes that the last six to twelve months have brought pressure. Yet, stocks like Mahindra & Mahindra have stood out, thanks to their strong portfolio in tractors and SUVs. He emphasises that consistent product innovation and pricing power are the two key ingredients for sustained market share and returns in the auto space. Bhasin highlights names such as M&M, Tata Motors, and notably small-cap player Force Motors, which has surprised many with successful product launches. He also points to Hyundai’s ambitious plan to introduce 25–26 new models over the next few years—including the Creta EV—as a sign of growing seriousness among OEMs to cater to India’s increasingly aspirational consumer base. With the global EV race intensifying and customer expectations evolving rapidly, he believes Indian auto players must return to the drawing board with innovative, premium-quality offerings to stay competitive in the market.