TVS MOTOR COMPANY LTD

Manufactures and sells two-wheelers, three-wheelers and related parts, with motorcycles in the 160cc-310cc range (Apache), entry-level commuter HLX series, premium commuter Raider, and the iQube electric scooter. Sells in 90 countries and runs an RBI-registered NBFC subsidiary (TVS Credit Services) providing auto finance, consumer durable and small business loans. Revenue splits between Automotive Vehicles & Parts (87.2% of segment revenue in FY26) and Financial services (12.8%); the automotive segment carries brands like Apache (7 million global customers) and HLX (5 million cumulative units), with new products including Norton motorcycles (production starting at Hosur), an electric three-wheeler being developed with Hyundai, and the King Kargo HD for LPG distribution. International sales hit a record 4.68 lakh units in Q1 FY27, up 33% YoY, with launches including the Raider in Egypt, Orbiter EV in Nepal and Callisto 110 in Indonesia; domestic EV penetration reached 10.6% in June 2026 while iQube crossed 1 million cumulative units. Materials and components are the dominant cost at 59.3% of revenue, followed by other operating expenses at 15.0% and employee costs at 7.8%. The company is investing to raise two-wheeler capacity from 6.8M to 8.3M units and three-wheeler capacity from 0.25M to 0.42M units, backed by INR 3,500 crores of capex, and carries a CARE AAA/Stable long-term credit rating.