Total two-wheeler sales volume
5.9M
+24% YoY
Full year FY26 total two-wheeler sales, including domestic and exports.
TVSMOTOR
Automobile
15 May 2026
TVS Motor Company Ltd — Q4 FY26
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.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
EV two-wheeler sales (Q4)
115,000
+51% YoY
Q4 EV sales driven by iQube and Orbiter; monthly run-rate moving to 40,000.
International business revenue (Q4)
₹2,999 Cr
+33% YoY
Record international sales of 15.8 lakh units in FY26; Africa, Asia, Latam key.
Ronin monthly volume
8,000
+100% YoY
Ronin model crossed 8,000/month in domestic market; expected to cross 10,000 soon.
Management Guidance
Capacity expansion to 8.3 million units
Adding 1.5 million units capacity over next 12 months; work started in Q4 FY26.
Management guidance expansionCapex of ~₹3,000 crore in FY27
Includes ~₹2,000 crore for product development and ~₹1,000 crore for capacity expansion.
Management guidance capexEV monthly run-rate to reach 50,000
Current run-rate ~40,000/month; targeting 50,000/month soon.
Management guidance growthNorton product launches in Q2 FY27
New Norton models to be unveiled; key turnaround for next growth phase.
Management guidance growthKey Risks
Commodity cost inflation
Unprecedented 3-5% of revenue cost inflation from steel, aluminium, crude derivatives; only partially offset by price hikes.
high · management_commentarySupply chain disruptions
Labor availability and raw material delays affecting production; management expects resolution in weeks but risk remains.
medium · management_commentaryGeopolitical risks in export markets
West Asia conflict and logistics delays (15% longer lead times) could impact international sales momentum.
medium · analyst_questionDemand risk from price increases
Analyst raised concern that price hikes to offset inflation could dampen demand, especially in economy segment.
medium · analyst_questionNotable 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.
Frequently Asked Questions
What was TVS Motor's revenue in Q4 FY26?
TVS Motor reported revenue of ₹15,053 Cr in Q4 FY26, representing a +36% change compared to the same quarter last year.
What guidance did TVS Motor management give for FY27?
Capacity expansion to 8.3 million units: Adding 1.5 million units capacity over next 12 months; work started in Q4 FY26. Capex of ~₹3,000 crore in FY27: Includes ~₹2,000 crore for product development and ~₹1,000 crore for capacity expansion. EV monthly run-rate to reach 50,000: Current run-rate ~40,000/month; targeting 50,000/month soon. Norton product launches in Q2 FY27: New Norton models to be unveiled; key turnaround for next growth phase.
What are the key risks for TVS Motor in FY27?
Key risks include Commodity cost inflation — Unprecedented 3-5% of revenue cost inflation from steel, aluminium, crude derivatives; only partially offset by price hikes.; Supply chain disruptions — Labor availability and raw material delays affecting production; management expects resolution in weeks but risk remains.; Geopolitical risks in export markets — West Asia conflict and logistics delays (15% longer lead times) could impact international sales momentum.; Demand risk from price increases — Analyst raised concern that price hikes to offset inflation could dampen demand, especially in economy segment..
Did TVS Motor meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full TVS Motor Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.