Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,436.50 last close on 30 Oct 2026 +0.06%
Research updated
TVS Motor Company Limited
NSE: TVSMOTORConsumer CyclicalAuto Manufacturers
- Last close
- ₹4,195.20
- Day change
- −₹84.80 (−1.98%)vs
- Market cap
- ₹1.94 lakh crIndian rupees
- Research updated
- 2 reports
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About TVS Motor Company
TVS Motor Company Limited is a renowned automotive manufacturer based in India, specializing in the production of two-wheelers and three-wheelers. As one of the major players in the Indian automotive industry, TVS Motor is dedicated to advancing mobility through its diverse range of products, which includes motorcycles, scooters, mopeds, and autorickshaws. The company is well-known for its focus on innovation, safety, and customer satisfaction. TVS Motor's portfolio encompasses popular names such as the Apache series, Jupiter scooters, and NTorq, among others, catering to both urban and rural segments. With a strong emphasis on technological advancements, TVS Motor invests in research and development to drive future growth, enhance fuel efficiency, and reduce environmental impact. The company also exports to over 60 countries, marking its presence on the global stage. TVS Motor plays a pivotal role in India's automotive sector, contributing to employment, manufacturing, and the overall economy, while continuously striving to enhance the riding experience for its consumers.
- Sector
- Consumer Cyclical
- Industry
- Auto Manufacturers
- Listing
- NSE: TVSMOTOR
- Chief executive
- Mr. K. N. Radhakrishnan M.Tech.
- Employees
- 6,850
- Headquarters
- Chennai, India
- ISIN
- INE494B01023
- Website
- tvsmotor.com
Public research · Report of
Business model & financial foundation
TVS Motor (NSE: TVSMOTOR), Automobiles - two- and three-wheelers: revenue of ₹56,070 crore in FY26 (+27.2% on FY25), an EBITDA margin of 15.0% and net profit of ₹3,018 crore.
- Revenue, FY26 (₹ crore)
- 56,070
- consolidated
- Revenue growth, FY26
- +27.2%
- on FY25
- EBITDA margin, FY26
- 15.0%
- EBITDA / revenue
- Net profit, FY26 (₹ crore)
- 3,018
- to owners
- Return on equity, FY26
- 33.4%
- on average equity
- Market capitalisation (₹ crore)
- 1,91,088
- at the close of 20 Oct 2026
Company profile
TVS Motor is India's third-largest two-wheeler maker by volume and the leading electric two-wheeler seller, making motorcycles (Apache, Raider), scooters (Jupiter, Ntorq, iQube EV, Orbiter), mopeds and three-wheelers at Hosur, Mysuru and Nalagarh plus Indonesia. About a quarter of volumes are exported to Africa, Latin America and Asia. Through 80.76%-owned TVS Credit it finances vehicles, and through its Singapore holding it owns Norton Motorcycles and European e-bike businesses.
| Item | Value |
|---|---|
| Legal name | TVS Motor Company Limited |
| Exchange and ticker | NSE: TVSMOTOR; BSE: 532343 |
| ISIN | INE494B01023 |
| Sector | Consumer Discretionary |
| Industry | Automobiles - two- and three-wheelers |
| Headquarters | Chennai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Sundaram & Srinivasan, Chartered Accountants (FRN 004207S) (since 2023) |
| Market capitalisation | ₹1,91,088 crore (20 Oct 2026) |
| Shares outstanding | 47.51 crore shares (FY26) |
| Price | ₹4,074 (close, 20 Oct 2026) |
| 52-week range | ₹3,228 - ₹4,485 (to 20 Oct 2026) |
| Website | https://www.tvsmotor.com |
Corporate structure and shareholding
Parent: TVS Holdings Limited (promoter, 50.27% with promoter group).
| Entity | Holding | Business |
|---|---|---|
| TVS Credit Services Limited | 80.76% | Two-wheeler, consumer durable and used-vehicle finance NBFC; captive financier |
| TVS Motor (Singapore) Pte Ltd | 100% | Overseas holding company for Norton, TVS EBike AG (Swiss E-Mobility/EGO Movement), TVS Digital |
| Norton Motorcycle Co Ltd | n.d. | UK premium motorcycles, step-down subsidiary via Singapore; relaunch from 2026 |
| PT TVS Motor Company Indonesia | 53.94% | Manufacturing and distribution of two-wheelers in Indonesia |
| TVS Motor Services Limited | 100% | Services/investment subsidiary |
| TVS Electric Mobility Limited | 100% | EV subsidiary |
| DriveX Mobility Private Limited | 92.21% | Pre-owned two-wheeler platform |
| TVS Motor Company Europe B.V. | 100% | European holding/distribution |
| TVS Motor DMCC | 100% | Dubai trading and international hub |
| Ultraviolette Automotive (associate) | 24.92% | Electric performance motorcycles (associate) |
Part of the European e-bike retail business was sold in May 2026; Altizon ceased to be an associate on 23 Jan 2026; Engines Engineering acquired 3 Oct 2025.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 50.27% | 50.27% | 50.27% | 50.27% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 23.09% | 22.57% | 20.45% | 21.39% |
| Domestic institutions | 18.29% | 18.83% | 21.13% | 20.29% |
| of which mutual funds | 14.15% | 14.45% | 16.29% | 15.58% |
| Retail | 6.66% | 6.53% | 6.45% | 6.42% |
| Other | 1.70% | 1.80% | 1.70% | 1.64% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
TVS Motor makes and sells two- and three-wheelers: motorcycles (Apache, Raider), scooters (Jupiter, Ntorq, Orbiter, the iQube EV), mopeds and three-wheelers (King), from Hosur, Mysuru, Nalagarh and Indonesia. Standalone (the automotive parent) is ~84% of consolidated revenue (FY26 47,270 of 56,070 cr). In FY26 it sold 5.89mn units (+24%); about a quarter of volume is exported to Africa, LatAm and Asia. The consolidated group adds TVS Credit Services (85.15% after the 27 Jul 2026 purchase of 4.39% from Lucas-TVS for 711 cr), the captive NBFC (FY26 PAT 913 cr, AUM 30,639 cr, net worth 6,068 cr), plus Norton (UK), TVS EBike/EGO Movement (Switzerland), PT TVS Indonesia and DriveX. Segment note FY26: automotive revenue 48,907 cr, PBIT 3,958 cr; financial services 7,202 cr, PBIT 1,250 cr. TVS controls product, brand and dealer network; it does not control commodity costs (steel, aluminium, rubber), the GST rate or EV subsidies.
| Peer | Why the dossier compares them |
|---|---|
| Bajaj Auto (BAJAJ-AUTO) | Largest two/three-wheeler exporter; direct competitor in motorcycles, 3W and EV scooters (Chetak) |
| Hero MotoCorp (HEROMOTOCO) | Domestic two-wheeler volume leader; competes in commuter motorcycles and scooters, Vida EV |
| Eicher Motors (EICHERMOT) | Royal Enfield premium motorcycles; benchmark for premium (Norton/Apache) ambitions |
| Ather Energy (ATHERENERG) | Listed pure-play electric scooter competitor to iQube |
| Ola Electric Mobility (OLAELEC) | Listed pure-play electric scooter maker; lost share to TVS |
| Honda Motorcycle & Scooter India (unlisted) | Scooter market leader (Activa); unlisted, share reference only |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 38,779 | 44,089 | 56,070 | ||
| Cost of revenue (vendor classification) * | 16,317 | 20,906 | 24,465 | 26,780 | 34,944 |
| Other operating costs (vendor classification) * | 3,157 | 4,111 | 5,743 | 7,067 | 8,328 |
| EBITDA (vendor classification) * | 2,730 | 4,043 | 5,529 | 6,607 | 8,433 |
| EBIT * | 1,950 | 3,292 | 4,620 | 5,589 | 7,042 |
| Finance cost | 882.8 | 1,356 | 1,917 | 2,093 | 2,230 |
| Profit before tax (before associates, continuing) | 1,067 | 1,936 | 2,711 | 3,579 | 4,863 |
| Tax expense (continuing) | 335.9 | 626.6 | 914.0 | 1,155 | 1,635 |
| Profit for the period | 730.9 | 1,309 | 1,779 | 2,380 | 3,186 |
| EPS diluted (₹) | 15.93 | 27.97 | 35.50 | 47.05 | 63.53 |
| Other income | 105.8 | 69.6 | 22.0 | ||
| Cost of materials incl. traded goods and inventory change | 24,270 | 26,724 | 34,880 | ||
| Employee benefits expense | 3,298 | 3,581 | 4,392 | ||
| Other expenses | 5,733 | 7,136 | 8,405 | ||
| EBITDA | 5,478 | 6,649 | 8,393 | ||
| Depreciation and amortisation | 956.2 | 1,046 | 1,273 | ||
| Exceptional items | 0.00 | 0.00 | -50.1 | ||
| Share of associates | -43.5 | -74.1 | -41.1 | ||
| Non-controlling interest | 92.2 | 144.3 | 168.1 | ||
| Profit attributable to owners | 1,686 | 2,236 | 3,018 | ||
| EPS basic (₹) | 35.50 | 47.05 | 63.53 | ||
| Profit from discontinued operations (after tax) | 25.0 | 29.9 | 0.00 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 8,503 | 9,564 | |||
| Borrowings (non-current and current) | 15,827 | 22,376 | 26,006 | 27,616 | 31,624 |
| Cash and cash equivalents | 1,446 | 1,851 | 2,356 | 4,115 | 3,926 |
| Trade receivables (current) | 1,177 | 1,256 | 1,839 | 1,717 | 2,654 |
| Inventories | 1,642 | 1,922 | 2,248 | 2,417 | 2,459 |
| Trade payables (current) | 4,663 | 5,097 | 6,638 | 7,561 | 9,834 |
| Property, plant and equipment | 5,489 | 6,050 | |||
| Capital work in progress | 663.8 | 973.6 | |||
| Total assets | 27,127 | 35,233 | 42,220 | 47,937 | 56,501 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 3,503 | 1,867 | |||
| Free cash flow (vendor definition) * | -2,545 | -5,746 | -2,398 | 1,025 | -1,368 |
| Dividends paid (an outflow is negative) | -190.4 | -291.8 | -380.1 | -475.1 | -570.1 |
| Capital expenditure (an outflow is negative) | -956.3 | -1,319 | -1,111 | -2,478 | -3,235 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding (paid-up capital over face value) | 47.51 | 47.51 | 47.51 | 47.51 | 47.51 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 11,035 | 11,542 | 12,210 | 14,051 | 14,756 | 15,053 | 16,296 | |
| Cost of revenue (vendor classification) * | 6,834 | 6,677 | 6,972 | 7,496 | 9,131 | 9,525 | 10,460 | |
| Other operating costs (vendor classification) * | 1,821 | 1,817 | 1,792 | 1,848 | 2,251 | 2,189 | 2,154 | |
| EBITDA (vendor classification) * | 1,639 | 1,698 | 1,835 | 1,843 | 2,257 | 2,178 | 2,352 | |
| EBIT * | 1,385 | 1,440 | 1,544 | 1,528 | 1,884 | 1,864 | 2,147 | |
| Finance cost | 506.5 | 536.1 | 550.8 | 550.6 | 552.4 | 561.1 | 565.8 | 602.2 |
| Profit before tax (before associates, continuing) | 878.5 | 924.8 | 1,009 | 988.1 | 1,236 | 1,326 | 1,313 | 1,560 |
| Tax expense (continuing) | 297.4 | 298.7 | 306.2 | 334.3 | 390.5 | 431.9 | 478.6 | 487.6 |
| Profit for the period | 588.1 | 609.4 | 697.5 | 642.9 | 832.8 | 891.3 | 819.6 | 1,058 |
| Diluted EPS (₹) | 11.80 | 11.91 | 13.65 | 12.84 | 16.74 | 17.71 | 16.24 | 21.46 |
| Other income | 65.1 | -68.2 | 39.7 | -14.0 | -10.3 | 6.65 | 158.2 | |
| Cost of materials incl. traded goods and inventory change | 6,677 | 6,972 | 7,496 | 8,727 | 9,131 | 9,525 | 10,460 | |
| Employee benefits expense | 887.0 | 858.1 | 1,052 | 1,085 | 1,103 | 1,151 | 1,324 | |
| Other expenses | 1,817 | 1,792 | 1,848 | 2,117 | 2,251 | 2,189 | 2,154 | |
| EBITDA | 1,654 | 1,920 | 1,814 | 2,122 | 2,270 | 2,187 | 2,357 | |
| Depreciation and amortisation | 258.4 | 291.8 | 314.8 | 320.4 | 322.9 | 314.5 | 354.0 | |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | -50.1 | 0.00 | 0.00 | |
| Share of associates | -21.2 | -16.1 | -10.9 | -12.3 | -2.81 | -15.1 | -14.3 | |
| Non-controlling interest | 43.3 | 49.4 | 32.8 | 37.3 | 50.0 | 48.0 | 38.2 | |
| Profit attributable to owners | 566.0 | 648.2 | 610.0 | 795.5 | 841.3 | 771.5 | 1,019 | |
| EPS basic (₹) | 11.91 | 13.64 | 12.84 | 16.74 | 17.71 | 16.24 | 21.46 | |
| Profit from discontinued operations (after tax) | 4.50 | 10.8 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 13.7% | 27.2% | |||
| EBITDA margin | 14.1% | 15.1% | 15.0% | ||
| Net margin | 4.3% | 5.1% | 5.4% | ||
| Return on equity | 26.3% | 33.4% | |||
| Return on capital employed | 15.5% | 18.2% | |||
| Return on assets | 4.4% | 5.0% | 5.8% | ||
| Borrowings less cash (₹ crore) | 14,382 | 20,524 | 23,650 | 23,501 | 27,697 |
| Borrowings less cash / EBITDA | 4.32x | 3.53x | 3.30x | ||
| Interest cover | 2.21x | 2.43x | 2.41x | 2.67x | 3.16x |
| Asset turnover | 1.00x | 0.98x | 1.07x | ||
| Receivable days | 17 | 14 | 17 | ||
| Inventory days (on revenue) | 21 | 20 | 16 | ||
| Payable days (on revenue) | 62 | 63 | 64 | ||
| Cash conversion | 1.57x | 0.62x | |||
| Capex intensity | 2.9% | 5.6% | 5.8% | ||
| Free cash flow (₹ crore) | 1,025 | -1,368 | |||
| Dividend payout | 22.5% | 21.3% | 18.9% | ||
| EPS, diluted (₹) | 15.93 | 27.97 | 35.50 | 47.05 | 63.53 |
| Book value per share (₹) | 179.0 | 201.3 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Borrowings less cash (₹ crore): borrowings less cash and cash equivalents, with no investments netted; negative is cash beyond borrowings.
- Borrowings less cash / EBITDA: borrowings less cash / EBITDA.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (EPS diluted).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 20 Oct 2026); market data at the close of 20 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on TVS Motor Company includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on TVS Motor Company
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