TVS Motor Company Ltd.Record FY26 Despite Q1 FY27 Headwinds

TVS Motor Company delivered an exceptional FY26 performance with record-breaking results across all metrics.

Sales volume surged 24% to 5.9 million units while revenue jumped 30% to ₹47,270 crores and operating PBT increased 40% to ₹4,975 crores. The company significantly outpaced industry growth, expanding 19% in domestic ICE two-wheelers versus 10% industry growth. EBITDA margin improved 60 basis points to 12.9%, with Q4 FY26 achieving a record quarterly EBITDA margin of 13.1%. International sales reached an all-time high of 15.8 lakh units, up 33% year-on-year, while EV two-wheeler sales grew 33% to 3.7 lakh units.

Management acknowledged unprecedented commodity inflation of 3-5% expected in Q1 FY27 due to West Asia conflict but remains confident about demand fundamentals. TVS is aggressively expanding capacity by 1.5 million units over the next 12 months to reach approximately 8.3 million total capacity, with FY27 capex guidance of ₹3,500 crores. Norton product launches are scheduled for Q2 FY27, marking a key milestone for the super-premium segment strategy.