TVS, Bajaj Auto eye same goalpost with different approach

Bajaj Auto and TVS Motor posted strong Q1FY27 results with standalone revenue growth of 37% and 38% year-on-year respectively, prompting brokerages such as Nuvama to raise FY27 and FY28 earnings estimates for both. Bajaj Auto's operating margin held steady sequentially at 20.9% despite a 4.5% commodity cost headwind, while TVS Motor's margin of 12.8% exceeded expectations; shares of both gained over 3%, with Bajaj hitting a fresh 52-week high of about Rs 10,838. Bajaj's growth was driven by record exports of 730,000 units, premium motorcycles and EVs, whereas TVS delivered broad-based growth across scooters (up 36%), motorcycles (up 19%), EVs (up 86%) and exports (up 33%), posting record quarterly sales of 1.63 million units.