TVS Motor Company Limited (TVSMOTOR)
Large CapAuto stocks · Large cap · NSE
TVS Motor Company is a global two and three-wheeler manufacturer with state-of-the-art facilities in India and Indonesia. It champions sustainable mobility, producing internationally accepted products. Part of TVS VENU, it operates in 90 countries and includes Norton Motorcycles in the UK. The company has won the Deming Prize and ranks highly in J.D. Power surveys.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 77/100Rev +33% YoY · PAT +65% YoY · +8% QoQ · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹16,296 Cr | +33.5% | +8.3% |
| EBITDA | ₹2,343 Cr | +30.0% | +7.9% |
| Operating margin | 14.0% | -100 bps | +0 bps |
| PAT | ₹1,058 Cr | +64.5% | +29.0% |
| PAT margin | 6.5% | +122 bps | +104 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
TVS Motor reported highest-ever Q1 FY27 revenue of Rs. 13,896 Cr (+38% YoY) and PAT of Rs. 1,174 Cr (+51% YoY). Overall 2W/3W sales grew 28% YoY to 1.63M units, driven by 86% EV sales growth and 36% scooter sales growth.
The company delivered robust Q1 FY27 results with significant revenue and profit growth, supported by strong volume expansion across segments, especially electric vehicles and scooters. EBITDA margin improved despite commodity price increases, indicating effective cost management and pricing power.
Q1 FY27 Unit Sales by Product Category
Latest issuer-disclosed distribution across 4 reported categories.
Electric Vehicles
Two-wheeler electric vehicles grew by 86% registering sales of 129,940 units in Q1 FY27.
Scooters Segment
Scooters sales during the quarter under review grew by 36% at 0.68 Million units.
International Business
International Business reported a growth of 33% with sales of 0.47 Million units in Q1 FY27.
Overall Volume Growth
Overall two and three-wheelers grew by 28% at 1.63 Million units, registering highest ever quarterly sales.
Commodity Price Inflation
Commodity prices witnessed a sharp upward trend during the quarter due to global market uncertainties resulting in increased input costs.
Input Cost Inflation
Increased input costs due to sharp upward trend in commodity prices, partially mitigated by price adjustments and cost optimisation.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The document provides only year-on-year comparisons for Q1 FY2026-27 against Q1 FY2025-26. Q1 results for auto companies are typically compared year-on-year due to seasonal demand patterns.
Revenue Growth
Company posted its highest ever Revenue of Rs. 13,896 Crores, registering growth of 38% as against Rs. 10,081 Crores in Q1 FY26.
Overall 2W/3W Sales Volume Growth
Overall two and three-wheelers grew by 28% at 1.63 Million units as against 1.28 Million units registered in Q1 FY26.
Motorcycle Sales Volume Growth
Motorcycles sales grew by 19% recording 0.74 Million units as against 0.62 Million units in Q1 FY26.
Scooter Sales Volume Growth
Scooters sales grew by 36% at 0.68 Million units as against 0.50 Million units in Q1 FY26.
Cost Mitigation Strategy
The Company partially mitigated cost increases through price adjustments and focused cost optimisation initiatives, including scale benefits.
EV Customer Base Milestone
TVS Motor now has more than 1 Million delighted EV customers.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Overall 2W/3W Sales Growth | 28% YoY in Q1 FY27 | Sustained volume growth across segments, indicating continued market demand. |
| EV Sales Growth | 86% YoY in Q1 FY27 | Continued strong momentum in EV adoption and market share expansion. |
| EBITDA Margin | 12.8% in Q1 FY27 | Maintenance or improvement of margins amidst potential ongoing input cost pressures. |
| PAT Growth (adjusted for fair valuation gain) | 51% YoY (includes Rs. 150 Cr fair valuation gain) | Profitability growth driven by core operations, excluding one-off gains. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
49NeutralSMA20 +9.0% / mo · MACD − · sector -3.3pp vs Nifty (3M)
Technical chart
TVSMOTORdaily · 1Y · AUTO+8.2%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 42. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~8.3% over last month) — short-term momentum positive.
- RSI(14) at 42 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 8% off 52W high · 28% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 10.9% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +2.5%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 47 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 47 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Quality contributes 19/20 to the score.
- Growth contributes 18/25 to the score.
Main drags
- Fair-value margin of safety is negative at -44.1%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Balance sheet is weaker at 2/15; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 56th percentile of the scored universe and 39th percentile within Auto. Main check: balance sheet trust is weak at 48/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Debt/equity is 3.43.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Auto: 39th pctile, median 74 · Large: 32nd pctile, median 73
62 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
- ▸Latest 3 quarters had positive YoY PAT growth.
Trust risks
- ▸Debt/equity is 3.43.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 56.80
- P/B
- 20.56
- EV/EBITDA
- 22.45
- Market Cap
- 196358.00Cr
Profitability
- ROE
- 33.60%
- ROCE
- 17.40%
- ROA
- 6.41%
- Dividend Y
- 0.29%
Growth (CAGR)
- Revenue 5Y
- 24.00%
- EPS 5Y
- 38.00%
- Revenue 3Y
- 21.00%
- EPS 3Y
- 33.00%
Balance Sheet
- Debt/Equity
- 3.43
- Interest Coverage
- 3.90×
- Altman Z
- 4.42
- Book Value
- 201.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 3/5
- OCF
- 1867.00 Cr
- EPS TTM
- 72.15
Shareholding
- Promoter Hold
- 50.27%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 72%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Auto, ranked by similarity
Peers
Business-comparable peers in Auto — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.