TVS Motor posts record Q1 sales as profit rises 51% and EV volumes jump 86%

TVS Motor’s June-quarter revenue rose 37.8% year-on-year to Rs 13,896 crore, while net profit reached Rs 1,174 crore. Two- and three-wheeler volumes grew 28% to 1.63 million units, led by scooters, exports and electric two-wheelers.

— Source publishedTue, 21 Jul, 2026, 14:26 IST·First seen Tue, 21 Jul, 2026, 15:31 IST·Source NDTV Profit

What happened

TVS Motor posted record quarterly sales and strong Q1 earnings, aided by domestic, international and EV demand. It raised prices and optimized costs to partly

Key facts

  • Net profit up 51.3% YoY to Rs 1,174 crore from Rs 776 crore
  • Revenue up 37.8% to Rs 13,896 crore from Rs 10,081 crore
  • EBITDA up 41.2% to Rs 1,780 crore; margin at 12.8% versus 12.5%
  • Two- and three-wheeler sales up 28% to 1.63 million units
  • Motorcycle sales up 19% to 0.74 million units
  • Scooter sales up 36% to 0.68 million units
  • International sales up 33% to 0.47 million units
  • Electric two-wheeler sales up 86% to 129,940 units
  • EV customer base crossed 1 million
  • Three-wheeler sales up 48% to 66,697 units

Why this matters

TVS Motor’s accelerating EV sales and broad-based two- and three-wheeler growth strengthen its strategic position for partnerships, technology investments and export-led expansion.

What to watch

  • Monthly domestic scooter, motorcycle and electric two-wheeler registrations versus Ola Electric, Bajaj, Ather and Hero MotoCorp.
  • Festive-season retail sales, dealer inventory days and discounting trends.
  • EV contribution to total volumes, realization per vehicle and management commentary on EV profitability.
  • Export volumes by key geography, especially Africa, Latin America and South Asia.
  • Gross-margin movement amid commodity prices, battery-cell costs and foreign-exchange changes.
  • New product launches, price cuts and incentive changes in the Indian two-wheeler EV market.
  • Accelerate electric scooter launches, charging/service coverage and financing offers to defend EV share.
  • Use higher production scale to prioritize premium scooters, three-wheelers and export models with better contribution margins.
  • Expand dealer inventory selectively ahead of festive demand while avoiding channel-stock buildup.
  • Increase localization of battery, electronics and powertrain components to protect EV profitability.
  • Deploy stronger dealer and digital retail incentives in markets where rival EV launches intensify.