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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 nine-month sales at 4.33 million units, up 23% year-over-year.
Operating revenue for Q3 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%).
PBT before exceptional items grew 57% to ₹1,315 crore for the quarter; PAT for Q3 was ₹940 crore, up from ₹618 crore year-over-year.
Electric vehicle sales surged 40% year-over-year in Q3, reaching 106,000 units.
Financial highlights
Q3 operating revenue: ₹12,476 crore (up from ₹9,097 crore YoY); nine-month revenue: ₹34,463 crore (up 29% YoY).
Q3 operating EBITDA: ₹1,634 crore (margin 13.1%); nine-month EBITDA: ₹4,406 crore (margin 12.8%).
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).
EPS 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 strong exit rate.
Robust GDP growth (>7%) and favorable rural conditions expected to support demand.
EV penetration in two- and three-wheelers at 30%-32% in Q3, expected to rise further.
Confident of outperforming industry growth in both domestic and international markets in Q4.
The company is monitoring regulatory changes, including new labor codes and environmental rules, for future impact.
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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