TVS Motor Company Ltd(TVSMOTOR)

NSE: TVSMOTORBSE: 532343

₹ 3,977-0.02%refreshed 23 Oct, 03:51 pm ISTMarket cap: ₹ 1.89 L crNext results: 28 Oct 2026Website: www.tvsmotor.comUpdated: 24 Oct 2026

About

TVS Motor Company makes mopeds, motorcycles, petrol and electric scooters, premium and super-premium motorcycles and three-wheelers under the TVS and Norton brands. It also runs a financial services arm, TVS Credit. The company describes itself as the world's fourth-largest two-wheeler manufacturer and India's second-largest two-wheeler exporter. It sold 5.9 million units in FY26 and reported revenue of Rs 56,069.52 Cr that year.^[1][2][3]

Business segments

Automotive Vehicles & Parts: 87.2% of group revenue (₹48,906.84 crores) in FY26, with an EBIT margin of 8.1%.^[4]
Financial Services (TVS Credit Services): 12.8% of group revenue (₹7,201.95 crores) in FY26, with an EBIT margin of 17.4%. Its revenue share rose 8.4 percentage points over FY2018-FY2026.^[4]

Products and brands

The two-wheeler range covers motorcycles (Apache, Raider, Ronin), scooters (Jupiter, Ntorq, iQube EV, Orbiter EV) and mopeds under the TVS brand.^[5]
The three-wheeler range includes the TVS King passenger EV and the TVS King Kargo HD EV for cargo. The King EV Max, its first electric three-wheeler, launched in FY25 with a 9.2 kWh battery.^[5][1]
Norton Motorcycles, the UK premium brand owned by TVS, makes the Manx, Manx R, Atlas and Atlas GT, which were unveiled at EICMA Milan 2025.^[6]
Swiss E-Mobility Group sells e-bikes in Germany, Austria and Switzerland and holds about 16% market share in Switzerland (FY25).^[1]

Manufacturing and capacity

As of FY25 the company had five manufacturing units: three in India (Hosur, Mysuru and Nalagarh), one in Indonesia and one in the UK.^[1]
Two-wheeler capacity is targeted to reach 8.3 million units by Q4 FY27, up from about 6.8 million units (stated in Q1 FY27).^[7]
Three-wheeler capacity is set to rise from 0.25 million to 0.42 million units by the end of FY27.^[7]
Monthly capacity for electric two-wheelers is moving from about 40,000 to 50,000+ units. Electric three-wheeler capacity is moving from about 20,000 to about 30,000 units a month.^[7]
Norton Atlas production has started at Hosur, India, as of June 2026. Manx production runs at Solihull, UK.^[7]
In FY25, R&D was backed by more than 2,000 engineers and manufacturing and IT specialists, and 84% of materials were sourced locally.^[1]

Key volume metrics

Total two- and three-wheeler volumes were 1.63 million units in Q1 FY27, up 28% from 1.28 million in Q1 FY26. Full-year FY26 volumes were 5.9 million units, up 24%.^[7]
In Q1 FY27, year on year: scooters sold 680,000 units (+36%), motorcycles 741,000 units (+19%) and three-wheelers 66,697 units (+48%).^[7]
Electric two-wheeler volumes were 129,940 units in Q1 FY27 (+86% YoY), and penetration reached 10.6% in June 2026. TVS iQube has passed 1 million cumulative customers.^[7]
Electric vehicles passed 40% of three-wheeler volumes for the first time in Q1 FY27.^[7]
Total sales in September 2026 were 672,790 units (+24% YoY), including 65,799 electric two-wheelers (+110% YoY).^[8]

International business and distribution

International volumes reached a record 468,000 units in Q1 FY27 (+33% YoY). Export revenue was ₹3,634 crores in that quarter.^[7]
International sales reached 15.8 lakh units in FY26 (+33% YoY), against industry international growth of 23%. Africa, Asia and LatAm are the key markets.^[2]
International sales were 180,700 units in September 2026 (+48% YoY).^[8]
In FY25, more than 8,000 dealers covered over 3,800 cities in India and 4,000 cities globally. Exports made up almost 30% of total volume that year.^[1]
In FY25 the company entered Western Europe through distribution partnerships in France and Italy with partner Emil Frey. It set up TVS Motor Company DMCC in Dubai on 27 June 2024 to serve the Middle East and North Africa.^[1]

TVS Credit Services

The TVS Credit loan book was ₹32,053 crores in Q1 FY27, up 19% from ₹26,898 crores a year earlier.^[7]
TVS Credit has about 62,000 touchpoints and about 2.6 crore customers. It disbursed loans to over 14 lakh new customers in Q1 FY27.^[7]

Capital expenditure

Standalone capex of about ₹3,500 crores is guided for FY27, including about ₹2,000 crores for product development and about ₹1,000 crores for capacity.^[2]
Investment in subsidiaries is guided at about ₹1,800-1,900 crores in FY27, against about ₹2,900 crores in FY26. The FY26 amount covered Norton, TVS Credit, ION PT TVS and the e-bike business.^[2]

Recent developments

The credit rating was upgraded from CARE AA+ to CARE AAA, as stated on the Q1 FY27 call.^[7]
In Q4 FY26 the company signed a joint development agreement with Hyundai Motor Company for an electric three-wheeler, with Hyundai leading design and R&D.^[2]
Norton Atlas shipments to Europe (UK, France, Italy, Germany, Spain) began in June 2026. Launches in India and the US are planned later in FY27.^[7]
TVS Paddock, a premium retail format for Norton and premium TVS models, is planned to open in India.^[7]

Market Cap

₹1,88,942 Cr

High / Low

₹4,485 / 3,228

Stock P/E

55.1

Price / Book

19.8

Book Value

₹201

EPS

₹63.5

No. of Shares

47.51 Cr

ROCE

17.6%

ROE

33.4%

OPM

12.7%

Debt / Equity

3.31

Sales

₹56,070 Cr

Net Profit

₹3,186 Cr

Promoter holding

50.3%

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TVS Motor Company Ltd(TVSMOTOR)

About

Business segments

Products and brands

Manufacturing and capacity

Key volume metrics

International business and distribution

TVS Credit Services

Capital expenditure

Recent developments

Signal history

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AI Deep Dive

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