Performance Overview

TVS Motor Company delivered record performance in FY 2025-26 with highest-ever sales of 5.89 million units (24% growth) comprising 5.67 million two-wheelers and 2.19 lakh three-wheelers. The company achieved revenue of ₹47,270 crore (30.4% growth) and operating EBITDA of ₹6,079 crore (37% growth) with EBITDA margin of 12.9% (60 bps improvement). Profit Before Tax stood at ₹4,945 crore (40.4% growth) and Profit After Tax was ₹3,615 crore. Consolidated revenue reached ₹56,069.52 crores (27% growth) with automotive segment contributing ₹48,904.68 crores and financial services ₹7,186.85 crores.

Financial Highlights

  • Revenue: ₹47,270 crore (30.4% YoY growth)
  • EBITDA: ₹6,079 crore (37% growth)
  • PAT: ₹3,615 crore (37% growth)
  • Sales Volume: 5.89 million units (24% growth)
  • Dividend: ₹12 per share (20% increase)
  • EPS: ₹76.09 (37% growth)
  • Consolidated Assets: ₹56,500.62 crores

Operational Performance

Domestic Business

  • Two-wheeler ICE sales: 3.87 million units (19% growth)
  • EV two-wheeler sales: 3.67 lakh units (33% growth)
  • Three-wheeler sales: 2.19 lakh units (63% growth)

International Business

  • Two-wheeler exports: 1.43 million units (30% growth)
  • Three-wheeler exports: 1.58 lakh units (50% growth)
  • Contribution to overall business: ~25%
  • Presence in 90+ countries

Electric Vehicle Business

  • EV sales: 3.71 lakh units (33% growth)
  • EV revenue: ~₹1,269 crore
  • 1,000+ EV dealers
  • ~5,000 public charging points
  • Market leadership in Indian EV two-wheeler segment

Product Launches & Portfolio Expansion

TVS launched several new products including TVS Apache RTX 300 (won IMOTY 2026), TVS NTORQ 150, TVS Orbiter electric scooter, TVS Jupiter 125 DT SXC, TVS King Kargo HD EV & CNG, and TVS iQube 3.1 kWh variant with enhanced range.

Capital Structure & Corporate Actions

  • Issued 6% cumulative non-convertible redeemable preference shares (NCRPS) of ₹10 each as bonus to equity shareholders (4 NCRPS for every 1 equity share)
  • Total NCRPS issued: 190,034,845 shares amounting to ₹1,900.35 crores
  • Authorized share capital increased from ₹50 crores to ₹2,050 crores
  • Completed amalgamation of Sundaram Auto Components Limited effective April 1, 2025, approved by NCLT

Board & Governance Changes

  • Mr. Sudarshan Venu elevated as Chairman and Managing Director effective 25th August 2025
  • Ms. Kalpana Unadkat appointed as Independent Director on 15th December 2025
  • Current board strength: 8 directors (3 executive, 5 independent)
  • Board composition: 62.5% Independent Directors with 8 meetings during FY26

ESG Performance

Environmental

  • Renewable Energy: 97.13% in India operations
  • Emissions Avoided: 76,708.24 tCO2e
  • Water Recycled: 170,654 kL in India operations
  • CDP Rating: A- (Leadership)
  • S&P Global ESG Score: 65/100 (top 7 in automotive sector)

Social & Governance

  • Women Workforce: 21% blue-collar, 15.5% white-collar
  • CSR Expenditure: ₹56.37 crores against required ₹55.99 crores
  • Whistleblower mechanism operational with no denials of access to Audit Committee
  • All statutory audits completed without qualifications

R&D & Global Expansion

  • R&D Investment: ₹1,254 crore (22% growth) with 2,000+ engineers
  • Global Centers: Bologna (Italy), Jakarta (Indonesia), Hosur (India), Solihull (UK)
  • Norton Motorcycles: Investments exceeding £250 million for international expansion
  • BMW Motorrad Partnership: Over 206,000 customers globally
  • Engines Engineering: 100% stake acquired in Italian automotive design company

Regulatory Compliance & Disclosures

The annual report and financial statements were filed pursuant to SEBI Listing Regulations 34(1) and 53(2) and Companies Act, 2013 requirements. All mandatory SEBI Listing Regulations were complied with, including non-mandatory requirements like board performance evaluation. The 34th Annual General Meeting is scheduled for July 22, 2026, to ratify cost auditor remuneration and re-appoint directors.

Forward Outlook

The company remains cautiously optimistic about FY 2026-27, expecting to perform in line with market expectations barring any weather shocks or unforeseen circumstances. Focus areas include premiumisation, electrification, global expansion, and technology innovation.