TVS Motor Company Limited held a Q1 FY27 Earnings Conference Call on July 21, 2026, hosted by 360 ONE Capital Market Research (formerly Batlivala & Karani Securities India Pvt Ltd). The call was a post-results investor interaction following the quarter ended June 30, 2026.

Management Participants:

  • Mr. K.N. Radhakrishnan – Director and Chief Executive Officer
  • Mr. K. Gopala Desikan – Chief Financial Officer

Moderator: Mr. Annamalai Jayaraj from 360 ONE Capital Market Research

The company disclosed that the transcript of the earnings call recording has been hosted on the company's website at https://www.tvsmotor.com/investors/communication.

Financial Performance Highlights for Q1 FY27:

  • Sales volume: 1.63 million units (28% growth YoY from 1.28 million units)
  • Revenue: INR 13,896 crores (38% growth YoY from INR 10,081 crores)
  • Operating EBITDA: INR 1,779 crores (41% growth YoY from INR 1,260 crores)
  • Operating EBITDA margin: 12.8% (30 bps improvement from 12.5%)
  • Operating PBT: INR 1,439 crores (41% growth YoY from INR 1,015 crores)
  • PBT including fair valuation gain: INR 1,589 crores (51% growth including INR 150 crores fair valuation gain vs INR 28 crores last year)
  • PAT: INR 1,174 crores (51% growth YoY from INR 776 crores)

Segment-wise Performance:

  • 2-wheeler domestic ICE: 21% growth (industry growth 13%)
  • 2-wheeler international ICE: 31% growth
  • 2-wheeler overall ICE: 23% growth (industry growth 21%)
  • 2-wheeler EV: 86% growth (130,000 units vs 70,000 units last quarter)
  • 3-wheeler: 48% growth (67,000 units vs 45,000 units)

Business Updates:

  • Credit rating upgraded from CARE AA+ to AAA
  • TVS Credit Services reported 19% growth in book size to INR 32,053 crores
  • PBT for TVS Credit grew 16% to INR 283 crores
  • International business achieved record sales of 4.68 lakh units (33% YoY growth)
  • HLX series crossed 5 million units milestone (1 million in last year)
  • EV penetration reached 10.6% in June, 3-wheeler EV penetration crossed 40%
  • iQube crossed 1 million units milestone
  • Norton Motorcycles production started for Manx and Atlas models
  • Capacity expansion underway: 2-wheeler from 6.8M to 8.3M units, 3-wheeler from 0.25M to 0.42M units
  • EV capacity increasing from 40,000 to 50,000+ units
  • Total investment of INR 3,500 crores for new products and capacity expansion

Commodity Cost Impact:

  • Q1 saw 3.5% material cost increase due to West Asia conflict impacting steel, aluminum prices
  • Additional 0.5% expected in Q2
  • Company implemented 1.5% price increase in Q1, planning 0.5% in Q2

Guidance and Outlook:

  • Q2 expected to maintain strong momentum with double-digit industry growth
  • ICE demand expected to be slightly better than Q1
  • EV growth expected to continue at similar or better pace
  • International business expected to maintain or improve growth rate
  • Full-year industry growth expected to be double-digit
  • Company confident of outperforming industry growth in both domestic and international markets

Additional Notes Section

The document includes the enclosed transcript of the earnings conference call. The announcement contains extensive financial data from Q1 FY27 results including detailed performance metrics across business segments. The company has provided forward-looking statements regarding Q2 and full-year outlook.