Tata Motors PV vs Maruti Suzuki: Automaker stocks race up to 22% in April so far, should you buy?

The shares of Tata Motors Passenger Vehicles and Maruti Suzuki have rebounded around 22% and 9% respectively in April so far, after declining nearly 23% and 17% during the March massacre on Dalal Street following the outbreak of the raging war in the Middle East.

As the market continues to rebound in April, analysts have suggested which stock better suits different kinds of investors for various time horizons. Tata Motors PV currently has a market capitalisation of more than Rs 1.3 lakh crore, while Maruti Suzuki’s market value stands at over Rs 4.23 lakh crore.

Tata Motors PV shares, which recently demerged from its commercial vehicle business, have fallen more than 3% in 2026 so far, and nearly 43% in one year. On the other hand, Maruti Suzuki shares declined over 19% in this year so far, but gained over 15% in one year and over 54% in three years.

Which stock should you buy?

Maruti Suzuki remains the dominant player in India’s passenger vehicle market, backed by unmatched scale, distribution reach, and consistent profitability, said Harshal Dasani, Business Head at INVasset PMS. "Its leadership in the mass segment ensures steady volumes and strong cash flows, though growth is now moderating and competitive intensity is gradually impacting market share," he said.

The analyst noted that Tata Motors on the other hand is positioning itself as a structural challenger. "Its PV business is growing faster, led by SUVs and a strong push in electrification, where it has an early leadership advantage. This gives it a clear edge in capturing emerging trends like EV adoption and premiumisation," he said.

From an investment perspective, Maruti Suzuki offers stability, margin visibility, and predictable earnings—making it suitable for conservative investors, Dasani said, adding that Tata Motors, however, provides higher growth optionality, albeit with execution and cyclical risks. "At current levels, Tata Motors appears better placed for investors with a medium-term horizon, while Maruti Suzuki remains a reliable compounder for lower-risk portfolios," he added.

“We prefer Tata Motors PV in the medium term, given its superior structural growth led by EV dominance, a robust product pipeline, and valuation comfort. Additionally, its global arm, Jaguar Land Rover, is well positioned for re-rating through its EV transition,” said Vincent K A, senior research analyst at Geojit Investments Limited.

Q4 expectations

Maruti Suzuki is set to announce its earnings for the January-March quarter of the financial year 2026 on April 28. The Ertiga-maker reported a nearly 17% year-on-year (YoY) surge in total sales to 2.25 lakh units in March. Its domestic passenger vehicle sales meanwhile jumped 10% YoY to 1.66 lakh units during the month.

Tata Motors Passenger Vehicles meanwhile reported a 29% YoY rise in total sales to 66,971 units in March, while domestic passenger vehicle sales grew 28% YoY to 66,192 units during the month. The company has not yet announced the date for the release of its Q4 results.

“India’s PV segment is expected to deliver a strong Q4 FY26 topline, supported by healthy volumes, SUV dominance, rising EV adoption, and GST benefits, although margins may see mild pressure from higher input costs. However, Q1 FY27 is likely to face greater headwinds due to ongoing Middle East tensions,” said Vincent K A, senior research analyst at Geojit Investments Limited.

Maruti Suzuki maintained steady performance in FY26, retaining market leadership with strong export momentum, though Haryana wage hikes remain a margin overhang, the analyst added. Tata Motors PV business delivered a standout year in the domestic market, growing significantly ahead of the industry, driven by EV leadership and strong CNG traction, he further said.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)