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TVS Motor Company
TVS Motor Company (532343) investor relations material
TVS Motor Company Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary28 Jan, 2026
Executive summary
Achieved record quarterly sales of 1.54 million units in Q3 FY26, up 27% year-over-year, with operating revenue at ₹12,476 crore (up 37% YoY) and operating EBITDA at ₹1,634 crore (margin 13.1%).
Net profit after tax for the quarter was ₹940 crore (up from ₹618 crore YoY), with earnings per share at ₹19.79 (up from ₹13.02 YoY).
Electric vehicle sales surged 40% year-over-year, reaching 106,000 units in the quarter.
TVS Credit disbursed loans to over 4.1 million new customers, with a book size of ₹29,678 crore, up 9% year-over-year.
Premiumization and global expansion advanced with new product launches, awards, and European market entry.
Financial highlights
Q3 operating revenue: ₹12,476 crore (up 27%-37% YoY); Q3 operating EBITDA: ₹1,634 crore (up 51% YoY); EBITDA margin: 13.1% (up 120 bps YoY).
Q3 PBT before exceptional items: ₹1,315 crore (up 57% YoY); exceptional item of ₹41 crore for labor code changes.
Q3 PAT: ₹940 crore (up from ₹618 crore YoY); nine-month PAT: ₹2,625 crore (up from ₹1,858 crore YoY).
Nine-month operating revenue: ₹34,463 crore (up 29% YoY); nine-month operating EBITDA: ₹4,406 crore (margin 12.8%).
Earnings per share for the quarter at ₹19.79, up from ₹13.02 year-over-year.
Outlook and guidance
Q4 industry growth expected above 15%, with full-year industry growth around 9% due to a weak first half.
Positive outlook for Q4 and FY27, with long-term two-wheeler industry CAGR expected at 8%-9%.
EV penetration in two- and three-wheelers at 30%-32% in Q3, expected to rise further.
International markets, especially Africa, LatAm, and Asia, expected to maintain growth momentum.
Company monitoring regulatory changes, including new labor codes and environmental rules.
Future impact of New Labour Codes on financials
Unreviewed subsidiaries' impact on consolidated results
Update on ELV Rules 2025 cost estimation
Norton investment impact on profitability?
TVS adaptation to changing segment demand?
Actions to sustain EBITDA margin growth?
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Next TVS Motor Company earnings date
Q4 25/2630 Apr, 2026
TVS Motor Company
Next TVS Motor Company earnings date
Q4 25/2630 Apr, 2026
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Frequently asked questions
TVS Motor Company Limited is an automotive manufacturer specializing in the production of two-wheelers and three-wheelers. The company offers a diverse range of products, including motorcycles, scooters, mopeds, and electric vehicles, catering to domestic and international markets. TVS Motor also provides aftermarket services, spare parts, and financial services for vehicle buyers. The company is headquartered in Chennai, India, and its shares are listed on the BSE.
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