NSE: TVSMOTOR · BSE: 532343 · ISIN INE494B01023
TVS Motor Company Limited stock analysis
TVS Motor Company Limited ranks #1118 in the TickerSutra evidence-ranked universe with a score of 56/100 and 95% data confidence. The latest captured fundamentals show ROCE of 17.4%, quarterly sales growth of 33.5% and quarterly profit growth of 67.1%.Monitor only
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- 20.6% three-year sales CAGR
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- Debt/equity is above 0.5×
- CFO/EBITDA is below 0.6×
- Valuation is above 40× earnings
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹24,355cr | ₹2,755cr | ₹731cr | 11.0% |
| 2023 | ₹31,974cr | ₹4,027cr | ₹1,309cr | 13.0% |
| 2024 | ₹38,779cr | ₹5,435cr | ₹1,779cr | 14.0% |
| 2025 | ₹44,089cr | ₹6,588cr | ₹2,380cr | 15.0% |
| 2026 | ₹56,070cr | ₹8,352cr | ₹3,186cr | 15.0% |
| TTM | ₹60,155cr | ₹8,893cr | ₹3,601cr | 15.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
TVS Motor Company Limited has informed the Exchange regarding a press release dated September 26, 2026, titled "TVS MOTOR COMPANY LAUNCHES NEPAL S FIRST 150CC HYPER SPORT SCOOTER TVS NTORQ 150".
RoutineTVS Motor Company Ltd - 532343 - Announcement under Regulation 30 (LODR)-Press Release / Media ReleaseBSE · 26 Sept 2026TVS MOTOR COMPANY LAUNCHES NEPAL''S FIRST 150CC HYPER SPORT SCOOTER TVS NTORQ 150
RoutineNotice Of Shareholders Meetings-XBRLNSE · 23 Sept 2026 · Structured filingTVS Motor Company Limited has informed the Exchange about Notice of Shareholders Meeting for Postal Ballot
TVS Motor Company Limited has informed the Exchange about Notice of Shareholders Meeting for Postal Ballot
Open original XBRL sourceUpdates
RoutineTVS Motor Company Ltd - 532343 - Shareholder Meeting / Postal Ballot-Notice of Postal BallotBSE · 23 Sept 2026Notice of Postal Ballot
MANAGEMENT COMMENTARY
Signals from filed documents
It is very important that we have to continue from the customer point of view, the growth momentum. So, I'm pretty confident that a combination of the product mix plus the growth and scale benefit and cost reduction. We have a very strong cost reduction team, is going to help us in EBITDA journey.
1 player in the EV two-wheeler segment in India in FY 2025-26. ´ The three-wheeler business also witnessed robust growth, with sales rising to 2.2 lakh units, a strong growth of 63% over the previous year, significantly ahead of the industry growth of 28%, underscoring the Company’s competitiveness and market leadership in this segment. Financial Performance ´ The Company posted the highest-ever revenue of `47,270 cr
TVS Motor Company Limited July 21, 2026 Page 4 of 16 We are investing behind capacity, and we are confident that we will be able to significantly improve these numbers quarter after quarter on 2-wheelers, equally on 3-wheelers. Africa continues to be a key driver of export growth, supported by robust demand for 2-wheelers and 3-wheelers. Here, specifically, I want to thank all the HLX customers in Africa and 3-wheele
We continue to navigate cost pressures and supply chain constraints during Q2. As we speak, the customer retail demand across both 2-wheeler and 3-wheeler are very robust and we are trying to capture this increased capacity both in domestic and international markets. During the first quarter, you would have seen EBITDA of 12.8% despite all the pressures and we will continue to leverage scale benefit, better product m
What is most important is, we are also able to mitigate these cost increases through top line growth, also some price adjustments in quarter 1. And we are also closely watching, and we will do a ppropriate opportunity driven right price increases in Q2. Cost optimization and management scale benefits will continue in Q2.
India is expected to retain its position as one of the fastest-growing major economies, with GDP growth projected in the range of 6.0%–6.5%. At the same time, the macroeconomic outlook is increasingly influenced by global geopolitical developments, including conflicts in West Asia, which could impact trade flows, energy prices, raw material costs and financial markets. The possibility of an El Niño event could weigh
And in 3-wheeler, we are going from 0.25 million capacity to about 0.42 million. So this is a big, big increase, and that's why we are also investing somewhere around, including our new products, we are investing about INR 3,500 crores, new products plus all the capacity expansion, which is going to come over the last , next one quarter is over second quarter, third quarter. By fourth quarter, we will reach is 8.3 mi
The HLX series has got a huge pull from the market, and we are very happy that this segment is doing extremely well, that all the other product ranges are also doing extremely well in the international market. TVS Motor Company Limited July 21, 2026 Page 4 of 16 We are investing behind capacity, and we are confident that we will be able to significantly improve these numbers quarter after quarter on 2-wheelers, equal
India Outlook In India, demand conditions remain resilient, supported by favourable fundamentals, GST-led consumption momentum and a healthy replacement cycle. While risks remain from higher fuel prices, inflationary pressures, evolving regulatory norms and tighter liquidity conditions, stable inflation trends and stable reservoir levels provide partial offsets, subject to monsoon performance. India is expected to re
This sustained commitment underscores the Company’s long-term vision of positioning Norton as a globally competitive premium motorcycle marque, defined by design excellence, engineering precision, and best-in-class performance. ´ Building on this momentum, Norton is gearing up to introduce a differentiated product portfolio in FY 2026-27, comprising the all-new Manx, Manx R, Atlas and Atlas GT, marking a new phase in
SST has won the following awards during FY 2025-26: ´ Excellence Award in Corporate Social Responsibility under the 20th CII ITC Sustainability Awards 2025 ´ 8th ICC Social Impact Awards 2026 Rural Development was adjudged the Runners-up ´ Gold Award under the category of ‘Best HR Practices in CSR in Manufacturing and Process (Large)’ in the 9th CII National HR Circle Competition ´ Award for ‘Best Water Conservation’
In relation to product quality and safety, the Company continues to implement preventive quality control measures, root cause analysis, and corrective and preventive action (CAPA) processes to minimise the likelihood of recurrence of product-related issues, including recalls. Where required, TVSM also undertakes appropriate corrective measures in response to any regulatory observations or requirements relating to pro
MANAGEMENT PROMISE LEDGER
Quantified statements on the clock
“The best range TVS has got Apache, Jupiter, Jupiter 125, iQube, Orbiter, Raider, Ntorq, HLX, Radeon, Ronin, TVS King, TVS King Kargo, and EV. And we will continue to leverage the scale benefits, focus premiumization, Material cost reduction, and I'm pretty confident that we will continue to have this journey on EBITDA as well as the top line growth. And thanks to our customers for helping us to cross HLX 5 million an”
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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