NSE: TVSMOTOR · BSE: 532343
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. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Automotive Vehicles & Parts (87%), Financial services (13%). Asset-heavy two and three-wheeler manufacturer with a captive NBFC financing arm
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 24,355 | 31,974 | 39,145 | 44,089 | 56,070 |
| EBITDA (ex other income) | 2,715 | 4,066 | 5,543 | 6,649 | 8,343 |
| margin % | 11.1 | 12.7 | 14.2 | 15.1 | 14.9 |
| Owners' profit | 757 | 1,329 | 1,686 | 2,236 | 3,018 |
| EPS, as reported (₹) | 15.93 | 27.97 | 35.50 | 47.05 | 63.53 |
| ROE % · ROCE % | 14.5 · 15.2 | 22.2 · 20.9 | 23.7 · 22.1 | 25.2 · 22.9 | 29.7 · 29.0 |
| Debt / equity (x) | 3.03 | 3.66 | 3.37 | 2.92 | 2.95 |
| Cash from operations | (1,560) | (4,405) | (1,253) | 3,503 | 1,867 |
| Capex | (985) | (1,341) | (1,145) | (2,478) | (3,235) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11,302 | 11,135 | 11,542 | 12,210 | 14,051 | 14,756 | 15,053 | 16,296 |
| Profit before tax | 906 | 927 | 1,009 | 988 | 1,236 | 1,326 | 1,313 | 1,560 |
| Net profit | 588 | 609 | 698 | 643 | 833 | 891 | 820 | 1,058 |
| EPS (₹) | 11.80 | 11.91 | 13.64 | 12.84 | 16.74 | 17.71 | 16.24 | 21.46 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Automotive Vehicles & Parts | 26,097 | 46.5 |
| Financial services | 3,719 | 6.6 |
| a) Automotive Vehicles & Parts | 22,810 | 40.7 |
| b) Financial services | 3,483 | 6.2 |
| Total, before eliminations | 56,109 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ AUTO LIMITED | 2,90,401 | 24.7 | 7.22 | 20.4 | 26.3 | 23.1 | 17.8 | 24.1 |
| EICHER MOTORS LTD | 1,96,679 | 34.0 | 7.84 | 27.3 | 22.0 | 23.2 | 21.8 | 31.0 |
| TVS MOTOR COMPANY LTD ◆ | 1,94,173 | 56.6 | 18.13 | 26.5 | 29.7 | 19.9 | 23.6 | 15.4 |
| HERO MOTOCORP LIMITED | 1,04,422 | 19.2 | 4.79 | 13.1 | 26.5 | 29.9 | 8.9 | 16.8 |
| ATHER ENERGY LIMITED | 64,131 | — | — | — | — | — | — | 0.8 |
| OLA ELECTRIC MOBILITY LTD | 16,560 | — | 4.94 | — | (54.7) | (37.0) | — | (29.9) |
| Zelio E Mobility Limited | 2,157 | 67.8 | — | — | — | 29.9 | — | — |
| WARDWIZARD INNO & MOB L | 99 | 46.9 | 0.66 | 9.0 | 1.3 | 1.8 | — | 6.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 56.6 | 34.0 | 6 of 7 | 17% |
| P/B | 18.1 | 6.1 | 6 of 6 | 0% |
| ROCE | 19.9 | 21.5 | 5 of 8 | 43% |
| ROE | 29.7 | 24.1 | 1 of 6 | 100% |
| Debt / Equity | 3.0 | 0.6 | 6 of 6 | 0% |
| EBITDA margin | 15.4 | 15.4 | 4 of 7 | 50% |
| Revenue growth | 33.5 | 32.5 | 3 of 6 | 60% |
| Profit growth | 64.5 | 21.4 | 1 of 6 | 100% |
| Market cap | 194173 | 64131 | 3 of 9 | 75% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Peyman Kargar approved as TVS Motor director and CEO for five years | management changes | high | — | — |
| 21 Oct 2026 · TVS Motor schedules analyst call on Q2 FY27 results on Oct 28 | board shareholder meetings | low | — | — |
| 20 Oct 2026 · CARE reaffirms top ratings; Rs 1,900.35 crore instruments redeemed | credit debt | medium | — | — |
| 16 Oct 2026 · Board meeting on 28 Oct to consider Q2 FY27 results | results | low | — | — |
| 5 Oct 2026 · TVS Motor files routine demat compliance certificate for Q2 FY26 | compliance | minimal | — | — |
| 1 Oct 2026 · TVS Motor September 2026 sales up 24 percent to 673K units; Q2 grows 27 percent | business updates | medium | — | — |
| 30 Sept 2026 · TVS Motor publishes notice on special window for physical share demat | compliance | minimal | — | — |
| 30 Sept 2026 · TVS MotoSoul 6.0 - flagship motorcycling festival returns to Goa this December | compliance | low | — | — |
| 30 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 26 Sept 2026 · TVS MOTOR COMPANY LAUNCHES NEPAL''S FIRST 150CC HYPER SPORT SCOOTER TVS NTORQ 150 | compliance | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.