TVS Motor lifts FY26 R&D to ₹1,254 crore, doubling down on EVs, connected platforms and AI
TVS Motor raised R&D spend to ₹1,254 crore in FY26 (from ₹1,025 crore in FY25), backed by 2,000+ engineers focused on electrification, connectivity and AI. Record 5.89 million vehicles sold, ₹47,270 crore revenue and ₹6,079 crore EBITDA, with Norton premium repositioning slated for FY27.
What happened
TVS Motor Company · TVS Motor raised FY26 R&D spend to ₹1,254 crore focused on EVs, connected platforms and AI, launching new models. Record 5.89 million
Key facts
- R&D ₹1,254 crore FY26
- R&D ₹1,025 crore FY25
- R&D ₹645 crore FY24
- 2,000+ engineers
- 5.89 million vehicles FY26
- revenue ₹47,270 crore
- EBITDA ₹6,079 crore
- 97% renewable energy
- 76,000 tonnes carbon avoided
- CEO remuneration ₹64.22 crore
Why this matters
The R&D acceleration and Norton premium repositioning hint at appetite for EV, connected-platform and AI capability tuck-ins to fill technology and brand gaps ahead of FY27.
What to watch
- FY26 quarterly margin compression below ~12.5% EBITDA
- New EV model launches or AI-feature announcements
- EV two-wheeler market share data shifts
- FAME/subsidy policy changes affecting EV demand
- Norton FY27 product and geographic rollout details
- Engineer headcount and patent/IP output metrics
- Track quarterly EBITDA margin trajectory against rising R&D base
- Monitor EV volume mix and per-unit profitability disclosures
- Watch Norton premium launch timeline and pricing for FY27
- Assess competitive R&D spend from Bajaj, Hero, Ola Electric
- Evaluate connected-platform monetization (subscriptions, software ARPU)