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Commodity cost inflation
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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.
bullish
high
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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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Total two-wheeler sales volume
5.9M
+24% YoY
Full year FY26 total two-wheeler sales, including domestic and exports.
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.
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Guidance and risk preview
Adding 1.5 million units capacity over next 12 months; work started in Q4 FY26.
Unprecedented 3-5% of revenue cost inflation from steel, aluminium, crude derivatives; only partially offset by price hikes.
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