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Revenue
₹15,053 Cr
verified against source
Revenue YoY
36%
reported change
EBITDA
₹1,679 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
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What the record says.
TVS Motor delivered a record Q4 FY26 with revenue of ₹12,880 crore (+36% YoY) and EBITDA margin of 13.1% (+60bps YoY), driven by strong volume growth across segments. Total volumes reached 5.9 million units (+24% YoY), with two-wheeler domestic ICE growing 26% (industry +24%), EV two-wheelers surging 51% to 115,000 units, and three-wheelers up 65%. International business revenue was ₹2,999 crore (+33% YoY). Management guided for industry single-digit growth in FY27 but expects TVS to outperform, supported by a strong product pipeline (Norton, new EV variants) and capacity expansion to 8.3 million units. Key risks include commodity inflation (3-5% of revenue), supply chain disruptions, and geopolitical headwinds in export markets.
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Guidance to track
- Adding 1.5 million units capacity over next 12 months; work started in Q4 FY26.
- Includes ~₹2,000 crore for product development and ~₹1,000 crore for capacity expansion.
- Current run-rate ~40,000/month; targeting 50,000/month soon.
- New Norton models to be unveiled; key turnaround for next growth phase.
Risks flagged
- Unprecedented 3-5% of revenue cost inflation from steel, aluminium, crude derivatives; only partially offset by price hikes.
- Labor availability and raw material delays affecting production; management expects resolution in weeks but risk remains.
- West Asia conflict and logistics delays (15% longer lead times) could impact international sales momentum.
- Analyst raised concern that price hikes to offset inflation could dampen demand, especially in economy segment.
Key quotes
- We are confident that Q1 and we will force a very good growth better than the industry.
- We are very excited about 2627 I think it is going to be a key turnaround year for the next phase of growth for TVS.
- The supply chain was something unique we had in the last April and end of March. ... Hopefully this month end of this month we will come out of it.
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