• Event Type: Q2 FY27 Post Results Conference Call hosted by 360 ONE Capital Market Research.
  • Date and Time: October 28, 2026. The specific time was not mentioned in the transcript.
  • Purpose: Discussion of quarterly results for the quarter ended September 30, 2026 (Q2 FY27), and a strategic update on the demerger of the consumer finance business.
  • Earnings Timing: The meeting was scheduled after the earnings announcement, as it is a post-results call.
  • Management Participants: Mr. K.N. Radhakrishnan (Director and Chief Executive Officer) and Mr. K. Gopala Desikan (Chief Financial Officer). The call was moderated by Mr. Annamalai Jayaraj from 360 ONE Capital Market Research.
  • Availability of Materials: The audio recording and its transcript were made available on the company's website at https://www.tvsmotor.com/en/Investors/Communication.
  • UPSI Statement: The document is a disclosure of already announced results and a Board-approved demerger; no specific language indicating that no UPSI would be shared was present in the call transcript itself, as the call was a discussion of published results.

Financial Highlights Discussed

  • Financial Period: Q2 FY27 (Quarter ended September 30, 2026) and H1 FY27.
  • Q2 FY27 Performance: Sales volume grew 27% YoY to 1.9 million units. Revenue was INR 17,103 crore (up 44% YoY). EBITDA was INR 2,219 crore (up 47% YoY), with a margin of 13.0% (up 30 bps). Profit Before Tax (PBT) was INR 1,865 crore (up 52% YoY). Profit After Tax (PAT) was INR 1,377 crore (up 52% YoY).
  • H1 FY27 Performance: Operating revenue was INR 30,999 crore (up 41% YoY). PBT was INR 3,454 crore (up 52% YoY). PAT was INR 2,551 crore (up 52% YoY).
  • Segment-wise Growth (YoY): Domestic ICE 2-wheeler sales grew 16% (vs industry 10%). International ICE 2-wheeler sales grew 33% (vs industry 27%). Total 2-wheeler ICE sales grew 20% (vs industry 14%). Domestic EV 2-wheeler sales grew 129% (vs industry 84%). 3-wheeler sales (domestic + international) grew 47% (vs industry 26%). International business sales were 5.39 lakh units (up 35% YoY). International EV 2-wheeler sales were 6,930 units (vs 1,726 units in Q2 FY26).
  • TVS Credit Services (NBFC): Disbursed loans to over 14 lakh new customers; total customer base reached ~2.7 crore. Book size grew 22% YoY to INR 33,818 crore. Profit Before Tax grew 19% YoY to INR 330 crore.
  • Other Metrics: Spare parts revenue was INR 1,314 crore. Export revenue was INR 4,378 crore.
  • PLI Benefit: Management stated the PLI benefit was approximately 1.3-1.4% of turnover, and the company had crossed the 10,000 cumulative unit threshold to qualify for a higher 2% slab.

Strategic Updates and Forward-Looking Statements

  • Demerger: The Board approved a scheme to demerge the consumer finance and related business undertaking (including the investment in TVS Credit Services) into a separate listed holding company. Shareholders of TVS Motor will receive an equal number of shares in the new entity. The process is expected to take 8-10 months, subject to regulatory, shareholder, and NCLT approvals. The appointed date is planned for July 2027.
  • Industry Outlook: Management expects single-digit growth for the ICE 2-wheeler and 3-wheeler industry in H2 FY27, with EV momentum continuing. TVS expects to outperform industry growth.
  • Capacity Expansion: EV capacity is being expanded from ~60,000-65,000 units per month to ~80,000 units per month. Overall 2-wheeler capacity is planned to cross 8 million units annually, and 3-wheeler capacity is planned to reach 0.4 million units.
  • Product Launches: Recent international launches included TVS Orbiter, TVS NTORQ 150 (Nepal), TVS King EV Max (Sri Lanka), and Apache series models. The Norton brand (Manx R, Atlas) is being launched in European markets, with an India launch expected soon. New Norton models are to be unveiled at EICMA.
  • Market Share: The scooter category share (ICE + EV) in India reached 41%. EV penetration in 2-wheelers was 11.6% overall and 22% for scooters specifically in September. EV penetration in 3-wheelers was nearly 48% in September.
  • Milestones: TVS Jupiter crossed 9 million units sold. TVS iQube crossed 1 million units sold.

Additional Notes Section

  • Attachments: The regulatory filing intimated the hosting of the conference call transcript on the company website and enclosed it for the exchanges' reference.
  • Financial Data: Extensive financial data from the announced results was discussed during the call.
  • Logistical Details: Dial-in numbers and access codes were not included in the provided transcript.