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TVS Motor Co.

Q3 FY26Automobiles

TVS Motor Co. Q3 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Q3 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹4,390
Market cap₹2.0L Cr
P/E59.2
Updated23 Aug 2026
Read4 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.
  • Scale, product mix improvement, and cost control measures planned to support continued revenue and EBITDA growth.
  • New product launches (e.g. Norton motorcycles, electric scooters/motorcycles) expected to contribute in 2026.

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
  • Future investments will continue to focus on product development, international market expansion, and strengthening brand presence.
  • Capacity for EVs is being reviewed with plans for expansion due to growth potential; details to be shared in upcoming calls.

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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

The transcript does not explicitly mention the current or expected order book or pending orders for TVS Motors Limited. However, relevant related insights include: - Strong demand in the market for TVS products, including newly launched models. (Page 8) - Temporary supply challenges, mainly due to magnet availability affecting EV production, are easing and expected to be resolved within a month. (Page 8) - Proactive capacity investments are underway to meet demand, with plans to increase capacity particularly for EVs under review. (Page 14) - Dealers are encouraged to maintain limited inventory (21-30 days stock) to keep products fresh while supply is balanced with demand. (Page 8) - Export markets, including those for Jupiter scooters, are experiencing robust growth with expansion plans in various international regions. (Page 14) No explicit numeric order book or pending order figures were disclosed.

TVS Motor Co. — Quarterly revenue & net profit

Revenue Net profit
Dec 2024
Mar 2025
Jun 2025
Sep 2025
Dec 2025
Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹15.1K Cr, net profit ₹820 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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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 concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.