TVS Motor Company Limited (TVSMOTOR) share price
₹4125.00 on NSE as of 2026-09-11. +0.08% on the day. market cap ₹195,973 Cr. P/E 57.2. 52-week range ₹3283.40 to ₹4466.20. Automobile and Auto Components.
What the company does
3 wheelers TVSM is among the largest two -wheeler manufacturers in India. It currently manufactures a wide range of two -wheelers and three-wheelers at its manufacturing facilities at Hosur, Tamil Nadu; Mysuru, Karnataka; and Nalagarh, Himachal Pradesh, with a total installed manufacturing capacity of 61.82 lakh two-wheelers and 2.49 lakh three-wheelers per annum as on March 31, 2025. The company also set up a wholly owned subsidiary in Indonesia in 2007, PT TVS Motor Company Indonesia (PT TVS), for manufacturing motorcycles. In 2020, the company acquired 100% stake in The Norton Motorcycle Company Limited, UK which manufactures premium and super-premium motorcycles. TVSM has a presence in all three categories of the two-wheeler industry, including scooters, motorcycles, and mopeds. It is the only player in moped segment.
Filed by CARE Ratings, page 5.
TVS Motor Q1 FY27: Revenue Up 33% to ₹16,296 Cr, Consolidated PAT ₹1,019 Cr as CARE Hands Over a AAA
At a glance
For the quarter ended June 2026, TVS Motor reported consolidated revenue of ₹16,296 crore, up 33% from ₹12,210 crore a year earlier. Operating profit rose to ₹2,343 crore from ₹1,803 crore, a 30% gain, while operating margin held at 14%. Consolidated profit attributable to owners came in at ₹1,019 crore against ₹610 crore, up 67%, with basic EPS of ₹21.46 versus ₹12.84.
Two things sit inside that profit number. Other income for the quarter was ₹158 crore against ₹40 crore last year, and the company states this includes a ₹149.60 crore gain on fair valuation of investments. Separately, on 3 July 2026 CARE Ratings upgraded TVS Motor's long-term bank facilities and several instruments to CARE AAA; Stable from CARE AA+; Stable, and assigned CARE AAA to fresh NCDs.
The volume side did the heavy lifting: total two- and three-wheelers grew 28% to 1.63 million units, with electric two-wheeler sales up 86% to 129,940 units. TVS also states it crossed one million cumulative EV customers during the quarter.
One number worth holding onto for later: the consolidated figures here differ from the ₹13,896 crore revenue and ₹1,174 crore PAT the company headlined in its press release. That gap has a name, and it lives in Switzerland and the UK. More on that below.
Introduction
TVS Motor Company manufactures two-wheelers, three-wheelers and their accessories, and describes itself as the only Indian player present in all three two-wheeler categories — motorcycles, scooters and mopeds — as well as the only one in the domestic moped segment. In FY26 it recorded a 21.1% wholesale market share in the Indian two-wheeler sector (domestic plus exports), which it states puts it third with a minimal gap to the top two. It held the No. 2 spot in three-wheelers at 16.9%, and a market-leading 24.4% share in electric vehicles.
The company runs manufacturing at Hosur (Tamil Nadu), Mysuru (Karnataka) and Nalagarh (Himachal Pradesh), with installed capacity of 7.4 million two-wheelers and 0.28 million three-wheelers per annum as of FY26. Its distribution spans 6,094 two-wheeler dealerships pan-India, plus over 1,000 EV dealerships and roughly 5,000 public charging points.
Recent corporate activity has been busy. In April 2026 TVS signed a Joint Development Agreement with Hyundai Motor Company to develop and commercialise electric three-wheelers for India and other markets. In May 2026 the NCLT Chennai sanctioned the amalgamation of Sundaram Auto Components into TVS Motor. In May 2026 it agreed to transfer certain assets and liabilities of its loss-making European e-bike business, TVS EBike Company AG, to Callista Asset Management, with the transfer completed in July 2026 at a book value of CHF 13.8 million. It also acquired 4.9% of Jana Small Finance Bank for ₹193.31 crore in May 2026. The group acquired Norton Motorcycles in 2021, which has begun production of its Manx and Atlas models.
Business model
TVS sells things with wheels, and it sells the loan you take to buy the thing with wheels. In FY26 the revenue mix was 87% automotive vehicles and parts, 13% financial services — meaning the NBFC arm, TVS Credit, with an AUM of ₹31,216 crore, is not a rounding error but a genuine second business bolted to the first.
The vehicle catalogue is sprawling to the point of comedy. Motorcycles run from the Apache RR 310 down to the Radeon and the moped-adjacent XL 100. Scooters cover Jupiter and NTORQ across displacements. Electric two-wheelers are the iQube, X and Orbiter. Three-wheelers come as the King in Deluxe, Kargo, Duramax and EV Max trims. If a customer wants a moped, TVS is the only domestic name that will still sell them one — a monopoly on a segment nobody else wanted, which is its own kind of moat.
Geography is where it gets ambitious. Exports were 22% of revenue in FY26, spanning 90-plus countries including Guinea, Nigeria, Congo, Colombia, Brazil and Mexico. Africa is described by management as the largest export engine. The HLX motorcycle series crossed five million cumulative units, with the company stating the last million came in a single year.
Then there is the empire beyond the balance sheet's home page: a Global Centre of Excellence in Italy via the Engines Engineering acquisition, R&D nodes across Italy, the UK, Dubai and Singapore, and Norton in Britain. TVS spent ₹1,254 crore on R&D in FY26, about 2% of revenue, and grew its engineering headcount past 2,000. For a company that started with mopeds, the org chart now needs a passport.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for TVS Motor Company Limited.
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