TVS Motor Co. Q3 FY25 Results & Concall Highlights: Revenue, Margins & Order Book
Published 7 Aug 2026 | Automobiles | Market Cap: ₹2.0L Cr
TVS Motor Company expects to continue its growth trajectory ahead of the industry in FY '25 and FY '26. TVS Motor expects to continue its growth trajectory in FY '25 and beyond, posting the highest operating EBITDA of 11.9%, improving quarter after quarter.
From TVS Motor Co.'s Q3 FY25 earnings-call transcript · updated 23 Aug 2026.
Price
₹4,390
Market Cap
₹2.0L Cr
P/E Ratio
59.1
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TVS Motor Co. — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹15.1K Cr, net profit ₹820 Cr.
Full financials →📊 Revenue & Sales Performance
- →TVS Motor Company expects to continue its growth trajectory ahead of the industry in FY '25 and FY '26.
- →Domestic two-wheeler ICE sales grew 5% in Q3, outperforming the industry growth of 1%.
- →EV two-wheeler sales grew 57% in Q3, with penetration increasing to around 6%, and further growth expected with new product launches.
- →Rural demand is strong, matching or slightly ahead of urban demand, supporting sustained growth.
- →The company is optimistic about Q4 and the overall year 2025, expecting good industry performance both domestically and internationally.
- →Exports are growing well, with new market entries like Morocco and strong brands like HLX contributing.
- →Investments in product development, especially in Norton motorcycles and EVs, aim to sustain growth beyond FY '25.
- →TVS targets continuous improvement in EBITDA by focusing on product mix, volume leverage, and cost reduction.
📈 Profitability & Margins
- →TVS Motor expects to continue its growth trajectory in FY '25 and beyond, posting the highest operating EBITDA of 11.9%, improving quarter after quarter.
- →The company aims to grow ahead of the industry in both domestic and international markets, leveraging a strong product portfolio including ICE and EV vehicles.
- →Future EBITDA improvement will be driven by better product mix, volume leverage, and sustained cost reduction efforts.
- →Investments in new technology, product development (notably Norton and e-cycles), and capability building are expected to yield benefits over the next 1-2 years, supporting profitable growth.
- →The domestic market outlook for FY '26 remains positive, with rural demand matching or slightly surpassing urban.
- →Operating profit before tax (PBT) and profit after tax (PAT) have shown healthy growth trends, with confidence in sustaining double-digit growth in revenues and profits.
- →Employee costs will continue as investment in capability building but are viewed as essential for future top-line growth and operating leverage benefits over time.
🏗️ Capital Expenditure Plans
- →Capex for FY '25 is expected to be around INR 1,300 crores (Page 18).
- →Investments predominantly focus on product development for Norton motorcycles and e-cycles (Page 17).
- →For FY '25 year-end, investments are projected to be around INR 1,700 crores, forming the foundation for future growth (Page 17).
- →Sustained investments planned for Norton product launches spanning FY '25 and '26, with possible extensions into the third year, covering a range of global products (Page 17).
- →Additional strategic investments include setting up a new technology hub in Dubai targeting Africa, Middle East, and Europe markets (Page 11).
- →Investments also directed towards building new technology capabilities, including software and digital, with significant manpower addition (Page 7).
- →Disposal and merger of Sundaram Auto Components to streamline business focus (Page 11).
💰 Fundraising & Capital Structure
- →No explicit mention of new fundraising through debt or equity in the current quarter or financial year.
- →Capex for FY '25 is estimated around INR 1,300 crores, with investments mainly funded internally.
- →Investment focus is on product development (Norton, e-cycles), international expansion, and technology; no calls for external financing detailed.
- →TVS Credit shows strong financial health with a healthy capital adequacy ratio of 19.4% and a manageable debt-to-equity ratio of 5.2x.
- →No references to plans for raising funds through equity or additional debt in FY '26.
- →Current investments and expansions appear funded from internal accruals and existing financial resources.
📋 Order Book & Pipeline
Key Metrics
Frequently Asked Questions
What were TVS Motor Co. Q3 FY25 results?
TVS Motor Company expects to continue its growth trajectory ahead of the industry in FY '25 and FY '26. TVS Motor expects to continue its growth trajectory in FY '25 and beyond, posting the highest operating EBITDA of 11.9%, improving quarter after quarter.
What is TVS Motor Co. share price analysis?
TVS Motor Co. currently shows a neutral. The stock trades at a P/E of 59.1 with a market cap of ₹204,620 Cr. Investors should review the full earnings analysis for detailed insights.
Is TVS Motor Co. planning capital expenditure?
Capex for FY '25 is expected to be around INR 1,300 crores (Page 18).
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.