TVS Motor targets FY27 export-led growth after record FY26 sales

TVS Motor sold 5.89 million vehicles in FY26, up 24% year on year, as exports and electric two-wheelers gained momentum. The company plans to deepen its presence across Africa, Latin America, Asia and Europe while expanding India’s EV retail and charging network.

— Source publishedWed, 22 Jul, 2026, 17:39 IST·First seen Wed, 22 Jul, 2026, 17:56 IST·Source Business Standard · Companies

What happened

TVS Motor Company · TVS Motor reported record FY26 sales, revenue and EBITDA, backed by EV and export growth. It plans deeper expansion across Africa, Latin

Key facts

  • FY26 sales volume: 5.89 million vehicles, up 24% YoY
  • FY26 revenue: Rs 47,270 crore
  • FY26 EBITDA: Rs 6,079 crore
  • FY26 international sales: over 1.59 million units
  • Overseas operations: more than 25% of revenue
  • FY26 electric two-wheeler sales: over 371,000 units, up 33%
  • EV ecosystem: over 1,000 dealerships and 5,000 public charging points
  • FY26 R&D investment: over Rs 1,250 crore
  • R&D workforce: over 2,000 engineers
  • TVS Credit FY26 disbursement growth: 26%
  • TVS Credit assets: over Rs 30,000 crore
  • India FY27 GDP growth projection: 6.4-6.5%

Why this matters

TVS Motor’s push across Africa, Latin America, Asia and Europe creates partnership and acquisition opportunities in distribution, after-sales service, local assembly, charging and EV-finance ecosystems.

What to watch

  • Quarterly export unit growth, especially in Africa, Latin America and Southeast Asia.
  • EV two-wheeler registrations versus TVS retail sales and competitor discounting.
  • New dealer, service-center and charging-network additions in India and export markets.
  • Export realization, foreign-exchange movement, freight costs and country-level tariff changes.
  • Dealer inventory days, wholesale-versus-retail divergence and financing approval rates.
  • Capacity utilization and supply availability for EV batteries, electronics and critical components.
  • Prioritize country-specific distributor expansion in high-volume African, Latin American and Southeast Asian markets.
  • Increase EV dealership coverage in Indian cities and tier-2/3 markets, paired with charging and service partnerships.
  • Use financing, exchange offers and fleet partnerships to convert EV interest into retail deliveries.
  • Build parts availability and technician capacity ahead of export and EV vehicle-parc growth.
  • Manage overseas inventory tightly through demand-linked shipments and localized product mix.

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