TVS Motor Company (532343) investor relations material

Executive summary

• Achieved record quarterly sales of 1.54 million units in Q3 FY26, up 27% year-over-year, with nine-month sales at 4.33 million units, up 23% year-over-year.

• Quarterly operating revenue reached ₹12,476 crore, up 37% year-over-year; nine-month revenue at ₹34,463 crore, up 29% year-over-year.

• Operating EBITDA for Q3 was ₹1,634 crore (margin 13.1%), up 51% year-over-year; nine-month EBITDA at ₹4,406 crore (margin 12.8%).

• Profit after tax for Q3 was INR 940 crore, up from INR 618 crore last year; net profit after tax for the quarter also reported as ₹886 crore.

• Electric vehicle sales surged 40% year-over-year, surpassing 106,000 units in Q3; three-wheeler sales more than doubled to 60,000 units.

Financial highlights

• Q3 operating EBITDA margin improved to 13.1% from 12.4% year-over-year; nine-month margin at 12.8%.

• Q3 PBT before exceptional items: ₹1,315 crore (up 57% YoY); exceptional item of ₹41 crore for labor code changes.

• Nine-month PAT: ₹2,625 crore (up 41% YoY); EPS for the quarter at ₹19.79, up from ₹13.02.

• International business revenue for Q3: ₹2,909 crore; spare parts revenue: ₹1,183 crore.

• Fair valuation loss on investments for the quarter was ₹32 crore, compared to ₹41 crore in the prior year.

Outlook and guidance

• Q4 expected to see strong growth, with industry growth projected above 15%.

• Full-year industry growth expected around 9%, with robust exit momentum.

• Long-term two-wheeler industry CAGR expected at 8%-9%.

• EV penetration in two- and three-wheelers expected to rise, with improved supply and new launches.

• Management highlighted ongoing growth in both domestic and international markets, with continued focus on electric vehicles and premium segments.