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TVS Motor Co.

Q3 FY26Automobiles

TVS Motor Company Q3 FY26 earnings call: Revenue & Margins

Q3 FY26 earnings call: what management said on revenue, margins and capex.

Price₹4,390
Market cap₹2.0L Cr
P/E59.2
Updated23 Aug 2026
Read3 min read

The short version

Q4 expected to show strong growth, possibly upwards of 15%, continuing the positive momentum from GST benefits. TVS Motors is confident of continued growth ahead of the industry driven by strong product portfolio including Apache, Ronin, Jupiter series, iQube, Orbiter, Raider, NTORQ, HLX series, and electric vehicles like TVS King EV.

From TVS Motor Co.'s Q3 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

  • Q4 expected to show strong growth, possibly upwards of 15%, continuing the positive momentum from GST benefits.
  • Full year FY26 volume growth projected around 9%, with strong exit momentum.
  • Long-term 2-wheeler industry growth expected at 8-9% CAGR.
  • Export markets like Africa, LatAm, Asia (including Sri Lanka, Nepal) expected to grow well, with TVS aiming to outperform industry growth.
  • Electric vehicle (EV) volumes and revenues anticipated to grow, supported by improved supply (magnet availability easing) and expanding product portfolio (iQube, TVS Orbiter, TVS King EV).
  • Scooter category and premium/super-premium segments growing faster than industry average, including rural markets due to better infrastructure and financing.

2 more points from TVS Motor Co.'s call on revenue

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Profitability & Margins

See what TVS Motor Co. said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

  • Capex for the year is around INR 1,700 crores, slightly higher than earlier guidance of INR 1,600 crores, due to capacity expansions in growth areas.
  • Investments have increased from INR 2,000 crores to INR 2,900 crores.
  • Additional investments are focused on:
  • Norton motorcycles business (around INR 290 crores this quarter, up by INR 60 crores from last quarter)
  • TVS Credit Services (incremental INR 200 crores)
  • ION project (part of PT TVS)
  • E-bike business
  • Strategic investments in Dubai to strengthen international markets

2 more points from TVS Motor Co.'s call on capex

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Top-ranked in Automobiles

Ranked on what management guided this quarter

Guidance-ranked
1Ather Energy
Rev 1Mar 3
2Zelio E-Mobility
Rev 1Mar 3
3
Rev 2Mar 3
4
Rev 2Mar 3
5
Rev 2Mar 3
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Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

See what TVS Motor Co. said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

See what TVS Motor Co. said on order book & pipeline — free account, 30 seconds.

TVS Motor Co. — Quarterly revenue & net profit

Revenue Net profit
Jun 2025Q1 FY26
Sep 2025Q2 FY26
Dec 2025Q3 FY26
Mar 2026Q4 FY26
Jun 2026Q1 FY27
Sep 2026Q2 FY27

Reported quarterly figures (₹ Cr). Latest (Q2 FY27): revenue ₹19.5K Cr, net profit ₹1.2K Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What TVS Motor Co.'s management said in earlier quarters

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Frequently Asked Questions

What were TVS Motor Co. Q3 FY26 results?

Q4 expected to show strong growth, possibly upwards of 15%, continuing the positive momentum from GST benefits. TVS Motors is confident of continued growth ahead of the industry driven by strong product portfolio including Apache, Ronin, Jupiter series, iQube, Orbiter, Raider, NTORQ, HLX series, and electric vehicles like TVS King EV.

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 the year is around INR 1,700 crores, slightly higher than earlier guidance of INR 1,600 crores, due to capacity expansions in growth areas.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.