TVS Motor Company Ltd.

NSE: TVSMOTOR · 2/3 Wheelers

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52W Range₹3,228 – ₹4,490

Snapshot

Unlock TVS Motor Company Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

TVS Motor Company is a prominent Indian manufacturer of two-wheelers and three-wheelers, offering a diverse portfolio including motorcycles, scooters, mopeds, and electric vehicles. The company also provides automotive components and financial services to support its distribution network.

Business Model

The company generates revenue through the manufacturing and sale of automotive vehicles, spare parts, and accessories, supported by a widespread network of authorised dealers. It further enhances its revenue stream by providing financing solutions for its two-wheeler customers.

Growth Outlook

Growth is primarily driven by the expansion of the electric vehicle portfolio under the TVS iQUBE brand and the strengthening of its international presence across the Middle East, Africa, and Southeast Asia. Continued investment in e-mobility solutions remains a key strategic focus.

Key Risks

  • Input Cost Volatility. Fluctuations in the prices of raw materials like steel, aluminium, and rubber can significantly impact manufacturing margins.
  • Intense Market Competition. The Indian two-wheeler market is highly competitive, requiring constant innovation and aggressive pricing to maintain market share.
  • Regulatory and Emission Standards. Stringent and evolving government regulations regarding vehicle emissions and safety standards necessitate continuous R&D investment.
  • Geopolitical Risks. Operating in diverse international markets exposes the company to currency fluctuations and potential trade barriers.

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Key Metrics

REVENUE

₹65,578 Cr

TTM · consolidated

+34.0%YoY

NET PROFIT

₹3,988 Cr

TTM · consolidated

+43.3%YoY

EPS

₹80.55

TTM · consolidated

+46.1%YoY

RETURN ON EQUITY

41.0%

TTM · consolidated

+6.7 ppYoY

RETURN ON CAPITAL EMPLOYED

29.3%

TTM · consolidated

+4.2 ppYoY

P/E

52.3×

Q2 FY27 · consolidated

52.3 vs 116.9x5Y avg

EV/EBITDA

23.8x

Q2 FY27 · consolidated

23.8 vs 50.9x5Y avg

EBITDA MARGIN

14.9%

TTM · consolidated

-0.5 ppYoY

NET PROFIT MARGIN

6.3%

Q2 FY27 · consolidated

+0.4 ppYoY

DEBT TO EQUITY

3.3x

Q2 FY27 · consolidated

-0.42xYoY

Peers · 2/3 Wheelers

CompanyMkt CapP/E (TTM)EV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
TVS Motor Company Ltd.TVSMOTOR
₹2.00L Cr52.3×23.8034.0%14.9%41.0%29.3%+20.1%
Bajaj Auto Ltd.BAJAJ-AUTO
₹2.84L Cr22.0×16.5747.9%23.0%36.2%34.5%+16.3%
Eicher Motors Ltd.EICHERMOT
₹1.98L Cr34.3×25.7928.1%30.7%24.9%26.8%+2.9%
Hero MotoCorp Ltd.HEROMOTOCO
₹1.04L Cr17.3×11.9227.0%16.2%27.1%31.5%-6.3%
Ather Energy Ltd.ATHERENERG
₹70,295 Cr499.9×184.61—8.0%3.9%5.2%+156.5%
Ola Electric Mobility Ltd.OLAELEC
₹16,204 Cr-8.9×-24.28-49.2%-40.0%-41.0%-22.4%-30.2%

As of Q2 FY27

Financials