TVS Motor Company Ltd.

NSE: TVSMOTOR · 2/3 Wheelers

52W Range₹2,750 ₹4,001

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.

Price

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Key Metrics

REVENUE

₹56,070 Cr

TTM · consolidated

+26.3%YoY

NET PROFIT

₹3,186 Cr

TTM · consolidated

+33.9%YoY

EPS

₹63.53

TTM · consolidated

+35.7%YoY

RETURN ON EQUITY

36.3%

TTM · consolidated

+3.3 ppYoY

RETURN ON CAPITAL EMPLOYED

28.7%

TTM · consolidated

+2.8 ppYoY

P/E

56.1x

Q4 FY26 · consolidated

56.1 vs 115.2x5Y avg

EV/EBITDA

23.4x

Q4 FY26 · consolidated

23.4 vs 49.0x5Y avg

EBITDA MARGIN

15.0%

TTM · consolidated

-0.2 ppYoY

NET PROFIT MARGIN

5.4%

Q4 FY26 · consolidated

-0.6 ppYoY

DEBT TO EQUITY

3.3x

Q4 FY26 · consolidated

+0.06xYoY

Peers · 2/3 Wheelers

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
TVS Motor Company Ltd.TVSMOTOR
1,65,19256.0923.4126.3%15.0%36.3%28.7%+23.0%
Bajaj Auto Ltd.BAJAJ-AUTO
2,50,64626.8520.1723.4%24.2%29.3%31.4%+24.4%
Eicher Motors Ltd.EICHERMOT
1,89,85236.8928.0224.0%31.1%24.8%26.6%+31.8%
Hero MotoCorp Ltd.HEROMOTOCO
1,05,87017.0712.0715.9%17.1%29.1%33.0%+10.7%
Ather Energy Ltd.ATHERENERG
28,945-147.34-864.62-1.5%-31.3%-15.4%+272.8%
Ola Electric Mobility Ltd.OLAELEC
10,3659.616.85-50.1%127.5%39.0%31.8%-5.7%

As of Q4 FY26

Financials