EL7.AI
StocksMedium•28 October 2026•
4 min read

TVS Motor Revenue Jumps 44% to 17,103 Crore Rupees in Second Quarter

Key Facts

1Revenue from operations rose 44% to 17,103 crore rupees in the second quarter.
2Two-wheeler and three-wheeler sales increased 27% to 1.9 million units, a quarterly high.
3EBITDA rose 47% to 2,219 crore rupees, and the margin widened to 13%.
4Electric two-wheeler sales jumped 133% to 186,186 units.
5The stock was up 4% at 4,250 rupees at 3:10 p.m. on October 28.

TVS Motor’s revenue from operations jumped 44% to 17,103 crore rupees in the second quarter of fiscal year 2026-2027, compared with 11,905 crore rupees in the same period a year earlier, according to data reported by NDTV Profit. EBITDA rose 47% to 2,219 crore rupees from 1,507 crore rupees. The operating EBITDA margin also widened 30 basis points to 13%, versus 12.7% a year earlier. Revenue and profitability growth came alongside the company’s highest quarterly sales of two-wheelers and three-wheelers. In trading on October 28, the stock was up 4% at 4,250 rupees at 3:10 p.m. India time, according to Moneycontrol; this was a price observed during the session.

Total sales of two-wheelers and three-wheelers reached 1.9 million units in the quarter, up 27% from 1.5 million units in the corresponding period of the previous fiscal year, according to NDTV Profit. The source described the result as the company’s highest quarterly sales, while operating revenue grew faster than sales volume. Available figures show EBITDA grew 47%, outpacing revenue growth of 44%, as the margin rose to 13%. The quarter’s improvement therefore covered business volume, revenue and an operating profit measure. The data did not describe net profit as a record; the record designation cited applied to quarterly sales.

Electric two-wheelers stood out among the sources of sales growth, with sales rising 133% to 186,186 units in the September quarter, from 80,009 units a year earlier, according to NDTV Profit. Growth in this business was higher than the 27% increase in total two-wheeler and three-wheeler sales. Internationally, two-wheeler and three-wheeler sales rose 35% to about 500,000 units, compared with about 400,000 units in the corresponding period. Three-wheeler sales also increased 47% to 78,475 units, from 53,449 units. These figures show growth across more than one geographic and product segment, without breaking down each segment’s contribution to total revenue.

Business growth extended to results for the first half ended in September 2026: standalone revenue rose 41% to 30,999 crore rupees, and standalone net profit increased 52% to 2,551 crore rupees, according to NDTV Profit. These figures show continued profit growth over the six-month period alongside higher revenue. In the year-earlier comparison for the second quarter, the company had reported then-record operating revenue of 11,905 crore rupees, up 29% in the quarter ended September 2025, according to its filing. Operating EBITDA in that quarter was 1,509 crore rupees, up 40%, while the margin rose to 12.7% from 11.7% a year earlier. The published comparison for the current quarter shows higher revenue and a wider margin than in the corresponding period.

The company also said it had approved the demerger and separate listing of its consumer finance business, according to Reuters via MarketScreener. Under the plan, TVS Motor shareholders will receive one share in the new finance company for each share they own in the existing company. Reuters reported that the stock rose 3.7% after the results and demerger plan were announced, while Moneycontrol recorded a 4% increase to 4,250 rupees at 3:10 p.m. India time on October 28. The timestamps indicate readings during trading, not a closing price. Reuters reported that demand benefited from tax cuts enacted the previous year, despite manufacturers, including TVS, raising prices to offset higher raw material costs.

A conference call to discuss financial performance for the quarter ended September 30, 2026, was scheduled for October 28 at 5 p.m. India time, according to TVS Motor’s investor-meeting disclosure. The call was set for the same day the company announced its quarterly results and plan to demerge its consumer finance business. It was scheduled to discuss financial performance for the period ended in September. Under the demerger plan, shareholders are entitled to one share in the new entity for each share in TVS Motor, according to Reuters. The disclosure provided did not include further details on the demerger’s implementation schedule.