TVSMOTOR

TVS Motor Company share price & financials

Price
₹3,442.9
Market cap
₹1.9L Cr
Sector
Automobile and Auto Components
Calls analysed
6
Latest concall · Q1 FY27 · call held 28 Jul 2026

TVS Motor Company Limited Q1 FY27

Revenue ₹13,896 cr +38%Operating EBITDA ₹1,779 cr +41%Operating EBITDA Margin 12.8% PAT ₹1,174 cr +51%

What went well

  • Overall sales volume grew 28% YoY to 1.63 million units, up from 1.28 million in Q1 FY26.
  • Revenue grew 38% YoY to INR 13,896 crores, compared to INR 10,081 crores in Q1 FY26.
  • Operating EBITDA increased 41% to INR 1,779 crores, up from INR 1,260 crores in Q1 FY26.

What to watch

  • Commodity prices experienced a sharp upward trend in Q1, leading to a 3.5-4% increase in material costs.
  • Intermittent supply chain disruptions affected product availability, particularly in April.
Read the full call →

What TVS Motor Company Limited does

TVS Motor Company is one of the world's largest two- and three-wheeler manufacturers, making motorcycles, scooters, mopeds, electric two-wheelers and three-wheelers. It earns revenue by manufacturing and selling these vehicles across India and export markets, backed by an in-house R&D and racing pedigree and a wide dealer and after-sales service network. Its portfolio spans mass-commuter to premium-performance bikes and includes electric vehicles under the iQube and King EV brands, alongside international brands such as Norton Motorcycles (UK) and TVS's Swiss e-bike business.

Segments

  • Motorcycles
  • Scooters
  • Mopeds
  • Three-wheelers
Global rank in two-wheelers
World's 4th-largest two-wheeler manufacturer
Users of TVSM vehicles worldwide
63 million
Manufacturing units
Five (three in India, one in Indonesia, one in the UK)
Markets / countries served
90+ countries
Dealer network
Over 8,000 dealers across 3,800 cities in India and 4,000 cities globally
After-sales network
4,500+ authorised service centres and 10,000+ certified technicians
Founded 1992Headquarters Hosur, Tamil Nadu, India Company website

Guidance record · Q1 FY27

what the last two calls moved 14 tracked 3 delivered 2 missed 9 open
  • Company Growth vs Industry delivered said Q4 FY25 Promised: growing ahead of the industry Q1 FY27: Target period (FY26) is complete. Final verdict was achieved.
  • FY26 Capex went quiet said Q4 FY25 Promised: INR 1,800 crores for FY26 Q1 FY27: Target period (FY26) is complete. Final verdict was ghosted.
  • EBITDA Margin on track said Q4 FY25 Promised: continuously improve profitability Q1 FY27: Q1 FY27 margin at 12.8%, up 30 bps YoY from 12.5%. Management reiterated focus to 'further improve our EBITDA journey'.

All 14 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 33.5%, net profit up 64.5% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue11,302 11,035 11,542 12,210 14,051 +24%14,756 +34%15,053 +30%16,296 +33%
EBITDA1,624 1,633 1,904 1,803 2,110 +30%2,267 +39%2,172 +14%2,343 +30%
Net profit588 609 698 643 833 +42%891 +46%820 +17%1,058 +65%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +18.0% 1Y

₹3.5k₹4.0k₹4.5kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 28 Oct 2025Q3 FY26 — 28 Jan 2026Q4 FY26 — 13 May 2026Q1 FY27 — 28 Jul 2026

1Y: ₹3,495.3 on 10 Sept 2025 → ₹4,125. High ₹4,466.2 (10 Aug 2026), low ₹3,283.4 (19 May 2026).

How the price took the results

close before → close after

Q1 FY27
+3.0%
28 Jul
Q4 FY26
−0.9%
13 May
Q3 FY26
+4.5%
28 Jan
Q2 FY26
−2.1%
28 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 20.6% a year over 3 years, FY23 to FY26. Operating margin widened to 14.9%.

Year endingFY23FY24FY25FY26
Revenue₹32.0k Cr₹39.0k Cr₹44.2k Cr₹56.1k Cr
Operating profit₹4.0k Cr₹5.5k Cr₹6.6k Cr₹8.4k Cr
Operating margin12.6%14.0%14.9%14.9%
Interest₹1.4k Cr₹1.9k Cr₹2.1k Cr₹2.2k Cr
Depreciation₹859 Cr₹969 Cr₹1.1k Cr₹1.3k Cr
Net profit₹1.3k Cr₹1.8k Cr₹2.4k Cr₹3.2k Cr
Net margin4.1%4.6%5.4%5.7%
Cash from operations₹-4.4k Cr₹-1.3k Cr₹3.5k Cr₹1.9k Cr
Free cash flow₹-5.7k Cr₹-2.4k Cr₹1.0k Cr₹-1.3k Cr
ROCE13.0%15.0%15.0%17.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹48 Cr₹48 Cr₹48 Cr₹48 Cr₹48 Cr₹48 Cr
Reserves₹3.8k Cr₹4.4k Cr₹5.5k Cr₹6.7k Cr₹8.1k Cr₹9.5k Cr
Borrowings₹12.2k Cr₹15.8k Cr₹22.4k Cr₹26.0k Cr₹31.6k Cr₹32.8k Cr
Other liabilities₹5.9k Cr₹6.7k Cr₹7.1k Cr₹9.2k Cr₹12.2k Cr₹13.8k Cr
Total liabilities₹21.9k Cr₹26.9k Cr₹35.0k Cr₹42.0k Cr₹51.9k Cr₹56.1k Cr
Fixed assets₹4.2k Cr₹6.0k Cr₹5.7k Cr₹5.9k Cr₹9.1k Cr₹8.6k Cr
Capital work in progress₹1.0k Cr₹552 Cr₹743 Cr₹1.0k Cr₹701 Cr₹2.1k Cr
Investments₹468 Cr₹605 Cr₹967 Cr₹1.1k Cr₹1.3k Cr₹1.1k Cr
Other assets₹16.1k Cr₹19.8k Cr₹27.6k Cr₹34.0k Cr₹40.8k Cr₹44.3k Cr
Total assets₹21.9k Cr₹26.9k Cr₹35.0k Cr₹42.0k Cr₹51.9k Cr₹56.1k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +2.32 pp while FIIs trimmed −1.97 pp. The shareholder count grew 11% to 3,31,196.

Promoters
50.3%
FIIs
20.4%
DIIs
21.1%
Public
8.1%
Others
0.0%

Since Jun 2025

  • DIIs +2.32 pp
  • FIIs −1.97 pp
  • Public −0.28 pp

How it drifted, 12 quarters

Over this window DIIs fell from 23.1% to 21.1% — −2.0 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 50.3%, FIIs 18.5%, DIIs 23.1%, Public 8.1%.Dec '23: Promoters 50.3%, FIIs 19.3%, DIIs 21.8%, Public 8.7%.Mar '24: Promoters 50.3%, FIIs 20.8%, DIIs 20.3%, Public 8.6%.Jun '24: Promoters 50.3%, FIIs 21.1%, DIIs 20.1%, Public 8.6%.Sep '24: Promoters 50.3%, FIIs 22.3%, DIIs 19.0%, Public 8.3%, Others 0.1%.Dec '24: Promoters 50.3%, FIIs 21.2%, DIIs 20.0%, Public 8.4%, Others 0.1%.Mar '25: Promoters 50.3%, FIIs 21.5%, DIIs 19.7%, Public 8.4%, Others 0.1%.Jun '25: Promoters 50.3%, FIIs 22.4%, DIIs 18.8%, Public 8.4%, Others 0.1%.Sep '25: Promoters 50.3%, FIIs 22.9%, DIIs 18.3%, Public 8.5%, Others 0.0%.Dec '25: Promoters 50.3%, FIIs 23.1%, DIIs 18.3%, Public 8.3%, Others 0.0%.Mar '26: Promoters 50.3%, FIIs 22.6%, DIIs 18.8%, Public 8.3%, Others 0.0%.Jun '26: Promoters 50.3%, FIIs 20.4%, DIIs 21.1%, Public 8.1%, Others 0.0%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of TVS Motor Company Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
TVS HOLDINGS LIMITED (Formerly known as Sundaram Clayton Limited) 50.26%unchanged
ICICI Mutual Fund Mutual fund6.81%newly disclosed
NPS Trust Pension / PF1.66%+0.07 pp
Axis Mutual Fund Mutual fund1.43%+0.38 pp
Government Of Singapore - E Sovereign1.01%−0.13 pp
Mallika Srinivasan 0.01%unchanged
VS Trustee Private Limited 0.00%unchanged
VS PTC Trust (Mr Venu Srinivasan, Trustee) 0.00%unchanged
VEE ESS Trading Private Limited 0.00%unchanged
Srinivasan Venu Trust (Mr Venu Srinivasan, Trustee) 0.00%unchanged
Venu Srinivasan Trustee Private Limited 0.00%unchanged
Lakshmi Venu 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in TVSMOTOR

Filings to Aug 2026

1 new, 14 added, 10 trimmed, 0 sold out — net +0.91 L shares (+1.0%).

Held by funds
₹3.8k Cr
41 schemes
Biggest holder
HDFC Flexi Cap Fund
₹875 Cr · 0.8% of that fund
SchemeHoldingLast month
HDFC Flexi Cap Fund HDFC Mutual Fund₹875 Cr+7.25 L
Nippon India ETF Nifty Next 50 Junior BeES Nippon India Mutual Fund₹360 Cr+0.27 L
SBI Automotive Opportunities Fund SBI Mutual Fund₹313 Cr−0.80 L
SBI MultiCap Fund SBI Mutual Fund₹260 Cr+0.92 L
HDFC Arbitrage Fund HDFC Mutual Fund₹243 Cr−0.22 L
SBI Arbitrage Fund SBI Mutual Fund₹190 Cr−6.66 L
SBI ESG Exclusionary Strategy Fund SBI Mutual Fund₹169 Crheld
Nippon India Arbitrage Fund Nippon India Mutual Fund₹134 Cr−0.68 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

14 added, 10 trimmed — net +90,609 shares (+1.0%)

Funds are sitting on
+16%
vs est. average cost
Held by funds
₹3.8k Cr
41 schemes · ≈ 1.6% of the company
Biggest holder
HDFC Flexi Cap Fund
₹875 Cr · 0.8% of that fund
Longest holder
Nippon India Consumption Fund
7y 11m · since Oct '18

Shares held by these funds −36%

Aug '23 94.53 L shares Jul '26

What the price assumes

Fair

To justify its price of ₹4125, this stock must grow earnings at 33% every year for 7 years. Our analysis caps realistic growth at ~31%. At that growth it is worth ₹3922 — downside of 5%.

Growth the price implies
32.5% a year
for 7 years, fading to 4%
It has actually compounded at
34.5% a year
net profit, FY23–FY26 · EPS 31.5%
The gap
0.0 pp
-5% downside if it only repeats history
Price today ₹4,125 Value at the reference growth ₹3,921.95

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse TVS Motor Company Limited

Guides on how to read this kind of business and the numbers that matter.