TVS Motor Company LimitedQ2 FY27 Results & Financial Update
TVS Motor Company Limited: Q2 FY27 consolidated results and company financials – revenue ₹19,474.44 Cr, PAT ₹1,219.45 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore TVS Motor Company Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
TVS Motor Company reported consolidated revenue from operations of Rs. 19,474.44 crore for the quarter ended September 30, 2026, marking a substantial expansion compared to Rs. 14,051.22 crore in the corresponding period of the previous year.
Consolidated profit after tax for the quarter reached Rs. 1,219.45 crore, reflecting strong bottom-line growth over the Rs. 832.76 crore recorded in Q2 FY26, driven by robust volume off-take across domestic and international markets.
Total consolidated income for the quarter stood at Rs. 19,572.43 crore, supported by total expenses of Rs. 17,776.83 crore which included material consumption of Rs. 12,680.80 crore and employee benefit expenses of Rs. 1,448.88 crore.
Profit before tax (PBT) for the quarter advanced to Rs. 1,791.14 crore compared to Rs. 1,223.29 crore in the year-ago quarter, yielding basic and diluted earnings per share of Rs. 25.14 for the current period.
The company achieved record quarterly aggregate sales of 1.9 million units across two-wheelers and three-wheelers, propelled by strong demand for motorcycles, scooters, and a surge in electric vehicle adoption.
In a major corporate restructuring move during the quarter, the Board approved a Composite Scheme of Arrangement to demerge its consumer finance and related business undertaking into a separate holding company, creating a dedicated financial services platform.
Concurrently, the company announced the acquisition of STPL Trading and Services Private Limited for Rs. 530.08 crore to consolidate its holdings and increase its effective stake in TVS Credit Services post-merger.
01 · Business model
What does TVS Motor Company do?
TVS Motor Company Limited is a prominent global manufacturer of two-wheelers and three-wheelers, operating state-of-the-art manufacturing facilities in Hosur, Mysuru, and Nalagarh in India, as well as Karawang in Indonesia.
The company's primary product portfolio encompasses motorcycles, scooters, mopeds, and three-wheelers, complemented by a growing presence in electric two-wheelers through offerings like the TVS iQube and TVS Orbiter.
Beyond its core automotive operations, the consolidated group encompasses significant financial services through TVS Credit Services Limited, offering consumer finance, housing finance, and related lending activities across numerous touchpoints in India.
The enterprise also maintains international subsidiaries and brands such as Norton Motorcycles in the United Kingdom and Swiss E-Mobility Group businesses in Europe, establishing a diversified global footprint across approximately 90 countries.
02 · Historical context
What shaped the business before this quarter
Previously, in August 2026, the NBFC companies within the group approved a proposal to consolidate the group's consumer finance businesses into a single operating platform ahead of the formal demerger announcement.
Earlier, the company expanded its financial services portfolio through strategic moves such as the acquisition of education finance company Varthana and investments in Jana Small Finance Bank to strengthen its position in digital financial ecosystems.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Q2 FY27 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹19,474.44 Cr | ₹14,051.22 Cr | ₹16,295.52 Cr |
| Total income | ₹19,572.43 Cr | ₹14,037.22 Cr | ₹16,453.72 Cr |
| Profit before tax | ₹1,791.14 Cr | ₹1,223.29 Cr | ₹1,545.19 Cr |
| Profit after tax | ₹1,219.45 Cr | ₹832.76 Cr | ₹1,057.61 Cr |
| EPS | ₹25.14 | ₹16.74 | ₹21.46 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 6.3% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 9.2% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹97.99 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Overall two and three-wheeler sales grew by 27% to 1.9 million units during Q2 FY27, compared to 1.5 million units in Q2 FY25-26, driven by robust performance in both domestic and international markets.
Motorcycle sales reached 858,000 units (growing 28% YoY from 673,000 units), while scooter sales advanced to 825,000 units (growing 29% YoY from 639,000 units).
Electric vehicle sales experienced exceptional expansion, growing 133% year-on-year to reach 186,186 units during the quarter compared to 80,009 units in the corresponding period of the previous year.
International business registered a 35% growth in unit sales, reaching 0.5 million units during the quarter as against 0.4 million units in Q2 FY25-26.
What drove margins
Cost of materials consumed stood at Rs. 12,680.80 crore, reflecting higher manufacturing output and scale, while operating efficiencies contributed to an EBITDA margin improvement of 30 basis points to 13.0% as highlighted in company press releases.
05 · Demand, customers & order book
Where demand is coming from
TVS iQube surpassed the one million units milestone during the quarter with the introduction of the MillionR Special Edition, and the TVS Orbiter marked its first anniversary with 100,000 units.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Automotive segment revenue and other income reached Rs. 17,529.54 crore for Q2 FY27, with segment results (profit before tax, finance cost, and exceptional items) standing at Rs. 1,593.79 crore.
The Financial Services segment generated revenue and other income of Rs. 2,052.07 crore for the quarter, reporting segment results of Rs. 351.15 crore.
Geography and market mix
The company continued its operations across 90 countries, with key export and overseas product introductions including the launch of TVS Raider in Africa and the debut of TVS Orbiter and NTORQ 150 in Sri Lanka.
07 · Strategy & new businesses
How the company is trying to change its growth mix
The Board approved the acquisition of 100% stake in STPL Trading and Services Private Limited for Rs. 530.08 crore, which holds a 7.5% share in Home Credit India and will result in an additional ~2.4% holding in TVS Credit Services post-merger.
Acquired the entire stake in Harita ARC Limited as a wholly owned subsidiary to serve as the resulting company for the consumer finance demerger scheme.
08 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
For the half year ended September 30, 2026, the consolidated cash flow statement reflected net cash from operating activities of Rs. 358.15 crore, net cash used in investing activities of Rs. 4,531.27 crore, and net cash from financing activities of Rs. 5,215.03 crore, resulting in a net cash increase of Rs. 1,041.91 crore.
Capital allocation & funding
During the quarter, the company allotted senior, rated, unsecured, listed, redeemable non-convertible debentures aggregating Rs. 1,500 crore, and redeemed 6% cumulative non-convertible redeemable preference shares aggregating Rs. 2,014.36 crore including dividend.
09 · Beyond the numbers
What changed beyond the numbers
Reported update
Leadership Transition
Mr. Peyman Kargar was appointed as Director & CEO effective January 27, 2027.
10 · Previous-quarter changes
What changed since the previous quarter
Revenue from operations rose from Rs. 16,295.52 crore in Q1 FY27 to Rs. 19,474.44 crore in Q2 FY27, while PAT advanced from Rs. 1,057.61 crore to Rs. 1,219.45 crore.
11 · Key Q&A
The quarter, answered directly
What does TVS Motor Company do?
TVS Motor Company Limited is a prominent global manufacturer of two-wheelers and three-wheelers, operating state-of-the-art manufacturing facilities in Hosur, Mysuru, and Nalagarh in India, as well as Karawang in Indonesia.
What is the clearest takeaway from Q2 FY27?
TVS Motor Company reported consolidated revenue from operations of Rs. 19,474.44 crore for the quarter ended September 30, 2026, marking a substantial expansion compared to Rs. 14,051.22 crore in the corresponding period of the previous year.
What drove revenue or demand?
Overall two and three-wheeler sales grew by 27% to 1.9 million units during Q2 FY27, compared to 1.5 million units in Q2 FY25-26, driven by robust performance in both domestic and international markets.
What mattered most for margins or profitability?
Cost of materials consumed stood at Rs. 12,680.80 crore, reflecting higher manufacturing output and scale, while operating efficiencies contributed to an EBITDA margin improvement of 30 basis points to 13.0% as highlighted in company press releases.
What changed operationally beyond the headline numbers?
The Board approved the acquisition of 100% stake in STPL Trading and Services Private Limited for Rs. 530.08 crore, which holds a 7.5% share in Home Credit India and will result in an additional ~2.4% holding in TVS Credit Services post-merger.
What should the next disclosure help confirm?
Monitor the receipt of statutory, regulatory, NCLT, and shareholder approvals for the Composite Scheme of Arrangement regarding the demerger of the consumer finance undertaking.
12 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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13 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Completion of Consumer Finance Demerger: Monitor the receipt of statutory, regulatory, NCLT, and shareholder approvals for the Composite Scheme of Arrangement regarding the demerger of the consumer finance undertaking.
- 02
Consolidation of STPL and TVS Credit: Track the completion of the STPL acquisition and its subsequent merger integration with TVS Credit Services Limited, targeted for completion on or before December 31, 2026.
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