TVS Motor profit rises 41.8% in FY26, lines up capex of around Rs1,900 crore

India's third-largest two-wheeler maker TVS Motor delivered its strongest-ever annual performance in fiscal 2026, aided by surging scooter demand, a 33 percent rise in electric vehicle (EV) sales and a recovery in exports.The Chennai-based company reported record revenue of Rs47,270 crore for the year ended March, up 30 percent from a year earlier, while net profit surged 41.8 percent to Rs3,780 crore.Operating Ebitda margin expanded 60 basis points to 12.9 percent.While it flagged some unprecedented challenges on the commodity prices and supply chain front, the two-wheeler maker said it was confident of FY27 growth trajectory. The company will undertake capital expenditure of around Rs1,800-1,900 crore for FY27, director & CEO KN Radhakrishnan said on a post-earnings call.Also Read: Leaner, faster, simpler: Inside Yamaha India’s latest resetWhile it is lower than the last fiscal’s Rs2,400 crore, Radhakrishnan said he expected past investments to start yielding results in terms of revenue.TVS sold a record 58.89 lakh units, including two- and three-wheelers, a growth of 24 percent during the fiscal year. Scooter sales rose 27 percent to 24.13 lakh units, slightly outpacing motorcycle growth of 24 percent at 27.13 lakh.The company’s EV business continued to gain scale, with electric two-wheeler sales rising 33 percent to 371,000 units during the year. TVS said it now has more than 9 lakh EV customers. The company has steadily expanded its electric portfolio beyond the iQube scooter, including the launch of the Orbiter V1 under a battery-as-a-service model priced at Rs49,999.Three-wheeler volumes jumped 63 percent to 2.19 lakh units.Also Read: Bajaj, TVS, Hero, Honda, Ola: Is this the tipping point for India's EV two-wheelers?The company highlighted its growing international push, with record sales of 15.8 lakh in FY26, a growth of 33 percent. “This performance was driven by a good demand for all products and continued strengthening of our distribution,” said Radhakrishnan. He called FY27 the turnaround year for exports. “It will be the next phase of growth for TVS.”TVS said it crossed 10 lakh cumulative units of production in Indonesia and launched the TVS Armado there. It also introduced the Apache RTR 310 motorcycle in Morocco as it expands its premium motorcycle footprint overseas.For the March-ended quarter, TVS reported record revenue of Rs12,808 crore, up 36 percent on a normalised basis, excluding the production-linked incentive (PLI) benefits it booked last year.Quarterly sales rose 28 percent to 15.6 lakh units, led by a 32 percent increase in scooter sales and a 51 percent jump in EV volumes. The company said quarterly Ebitda margin improved to 13.1 percent from a normalised 12.5 percent a year earlier after adjusting for the PLI benefit.Hero MotoCorp, India’s largest two-wheeler maker by volume, saw its revenue rise 15 percent to Rs46,830 crore in FY26, while net profit jumped 32 percent to Rs5,776 crore. Its results were announced on May 5.TVS’s other listed rival, Bajaj Auto, which announced its result on May 6, reported a 17 percent year-on-year growth in its revenue to Rs58,732 crore. Net profit of the country’s fourth-largest two-wheeler manufacturer by volume rose 21 percent to Rs9,825 crore.

Go to News Site