Detailed Narrative
Record Financial Performance Driven by Volume and Mix
TVS Motor achieved its highest ever quarterly performance with revenue of ₹12,476 crores (37% YoY growth) and operating EBITDA of ₹1,634 crores (51% growth). EBITDA margin expanded to 13.1% from 11.9% last year, with 120 bps improvement driven by scale benefits, improved product mix toward premium products, and cost optimization initiatives.
Strong Momentum Across All Vehicle Segments
Domestic 2-wheeler ICE sales grew 21% vs industry 16%, international sales surged 35% vs industry 23%. EV segment delivered 40% growth crossing 1 lakh units. 3-wheeler business doubled to 60,000 units. Scooter category particularly strong, approaching 40% share of total 2-wheeler industry when ICE and EV combined.
Strategic Investments in Growth Engines
Norton motorcycle brand ready for 2026 commercial launch with super-premium products unveiled at EICMA. TVS Credit Services delivered 21% PBT growth with 2.3 crore customers and ₹29,678 crores book size. Total investment guidance raised to ₹2,900 crores including Norton (₹290 crores), TVS Credit (₹200 crores incremental), and ION project (₹100 crores).
Positive Industry Outlook and Market Position
Post-GST benefits driving strong Q3-Q4 momentum with Q4 industry growth expected 15%+. Management confident about 8-9% long-term CAGR supported by infrastructure development, road connectivity improvements, and mobility needs. TVS consistently outperforming industry growth across domestic and international markets.