TVSMOTOR
Large CapTVS Motor Company Limited
Media
TVS Motor Company is an Indian two-wheeler and three-wheeler manufacturer, also owning Norton Motorcycles and operating a financial services arm, TVS Credit. The company focuses on product development, technology, and expanding its domestic and international market presence across various vehicle segments.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 42/100margin compression · Rev +30% YoY · PAT +17% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹15,053 Cr | +30.4% | +2.0% |
| EBITDA | ₹2,172 Cr | +14.1% | -4.2% |
| Operating margin | 14.0% | -200 bps | -100 bps |
| PAT | ₹820 Cr | +17.5% | -8.0% |
| PAT margin | 5.5% | -60 bps | -59 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
TVS Motor achieved record performance in FY26 with highest ever sales volume (+24%), revenue (+30%), and operating PBT (+40%). Q4 FY26 also saw record revenue (+36%) and highest EBITDA margin (13.1%), driven by strong demand across segments.
Management reported record FY26 and Q4 FY26 results, with robust growth in volumes, revenue, and profitability. Despite near-term supply chain and geopolitical headwinds, demand remains strong. Significant capacity expansion and new product launches, including Norton and a Hyundai EV 3-wheeler JV, position the company for continued growth ahead of the industry.
EV 2-wheeler Segment
EV 2-wheeler sales grew by 33% in FY26 to 3.7 lakh units; Q4 grew 51%. Management expects continued penetration increase and momentum.
International Business Expansion
International business sales grew 33% in FY26 to 15.8 lakh units, driven by demand and distribution strengthening in Africa, Asia, and LatAm.
Premium & Super Premium Motorcycles
Ronin's monthly volume crossed 8,000, with strong pull in India and international markets. Apache and Ronin are doing extremely well.
Domestic Scooter Category
Jupiter 110/125, Ntorq 125/150 are doing extremely well. Scooter category share is almost 38% and likely to go over 40%.
2-wheeler & 3-wheeler Capacity Expansion
Increasing capacity by another 1.5 million units to somewhere around 8.3 million units in the next 12 months. Work started in Q4 FY26.
EV Production Capacity
Currently doing ~30,000-32,000 units/month, moving to ~40,000 and soon to 50,000 per month. Will be ahead of industry.
Strong Demand Across Segments
Demand both in domestic and international for all our models are extremely good. Retails are extremely good.
Increasing EV Adoption
Increasing adoption of electric vehicles, supported by broad affordability and good finance penetration in the market.
Government Infrastructure & GST Benefits
Government investments in infrastructure, especially roads, and continuation of GST benefits are positive for the industry.
Geopolitical Conflicts
Ongoing West Asia conflict and war situation create uncertainty and challenges, especially for international business and logistics.
Commodity Price Inflation
Challenges in commodity prices (steel, aluminum, crude oil derivatives) leading to 3-5% input cost pressures on revenue.
Supply Chain Disruptions
Challenges with labor availability, gas, and on-time raw material availability, causing production delays and increased lead times.
Inflationary Pressures on Economy Segment
Higher inflation and fuel prices are likely to impact customers in the economy category, where challenges will be higher.
Geopolitical Instability & Logistics
War situations can cause delays in transit time (15% increase in lead times) for international deliveries, impacting distributor support.
Commodity Price Volatility
Unprecedented 3-5% commodity inflation requires continuous cost reduction, product mix optimization, and appropriate price increases.
Rural Demand Sensitivity
El Nino risk could moderate rainfall, impacting Kharif season and rural demand, especially for the economy category in Q3 and Q4.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company reports both full-year (FY26 vs FY25) and quarterly (Q4 FY26 vs Q4 FY25) results, indicating the importance of assessing both annual performance trends and recent sequential momentum.
Total Sales Volume (FY26)
Grew from 4.7 million units to 5.9 million units, a 24% growth.
Revenue (FY26)
Grew from INR36,251 crores to INR47,270 crores, a 30% growth.
Operating PBT (FY26)
Grew from INR3,563 crores to INR4,975 crores, a 40% growth.
EBITDA Margin (FY26)
Improved by 60 basis points to 12.9% this year vis-a-vis last year's 12.3%.
FY27 Industry & Company Growth Outlook
Expects a good single-digit industry growth this year. TVS aims to grow ahead of the industry, leveraging product range and demand.
Norton Motorcycle Launches
New Norton models (Manx, Manx R, Atlas, Atlas GT) to be unveiled in Q2 FY27, available in Europe and some in India, with production leveraging the Hosur plant.
Hyundai EV 3-wheeler Joint Venture
Signed a joint development agreement with Hyundai Motor Company to commercialize an electric 3-wheeler, leveraging R&D and market understanding.
Continued Investment in R&D and Capex
Will continue to invest in technology, R&D, innovation, and brand building. FY27 capex for TVS Motor is likely to be around INR3,500 crores.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Industry Growth (FY27) | Good single-digit growth expected. | Actual industry growth rate and TVS Motor's ability to consistently outperform it, especially in the second half. |
| EBITDA Margin Trajectory | Q4 FY26 at 13.1%, with a journey from 6.5%. | Sustained improvement in EBITDA margin despite commodity inflation and geopolitical challenges, driven by product mix and cost reduction. |
| Capacity Expansion & Utilization | 1.5 million unit capacity addition underway, EV capacity moving to 50,000 units/month. | Timely commissioning of new capacity and effective ramp-up of utilization to meet strong demand. |
| Norton & Hyundai JV Progress | Norton models launching in Q2 FY27; Hyundai EV 3-wheeler JV announced. | Market reception of new Norton models and concrete timelines/product details for the Hyundai EV 3-wheeler JV. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
42NeutralSMA20 -5.6% / mo · near 52W low
Technical chart
TVSMOTORweekly · 3Y+36.1%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 47.
- SMA20 falling (~5.9% over last month) — short-term momentum negative.
- RSI(14) at 47 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 15% off 52W high · 26% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Quality contributes 19/20 to the score.
- Growth contributes 19/25 to the score.
Main drags
- Fair-value margin of safety is negative at -25.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Balance sheet is weaker at 2/15; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 57th percentile of the scored universe and 75th percentile within Media. Main check: balance sheet trust is weak at 48/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Debt/equity is 3.43.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Media: 75th pctile, median 64 · Large: 34th pctile, median 74
58 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
- ▸Latest 3 quarters had positive YoY PAT growth.
Trust risks
- ▸Debt/equity is 3.43.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 52.20
- P/B
- 16.71
- EV/EBITDA
- 19.96
- Market Cap
- 159345.00Cr
Profitability
- ROE
- 33.80%
- ROCE
- 17.40%
- ROA
- 5.64%
- Dividend Y
- 0.36%
Growth (CAGR)
- Revenue 5Y
- 24.00%
- EPS 5Y
- 38.00%
- Revenue 3Y
- 21.00%
- EPS 3Y
- 33.00%
Balance Sheet
- Debt/Equity
- 3.43
- Interest Coverage
- 3.75×
- Altman Z
- 3.81
- Book Value
- 201.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 3/5
- OCF
- 1867.00 Cr
- EPS TTM
- 63.53
Shareholding
- Promoter Hold
- 50.27%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 53%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Media — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.