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TVS Motor Company Q2 FY27 Share Price & Earnings Call Analysis

₹4,213.00+0.42% today
Market cap
₹2.00L Cr
P/E
51.88
ROE
33.62%
PEG
1.59
Price to sales
3.05
Debt to equity
3.48
52W high / low
₹4,466 / ₹3,283
Sales growth (5Y)
23.62%
EBITDA margin
14.49%
Net profit margin
5.72%
Promoter holding
50.27%
Sales (last year)
₹65,578 Cr

TVS Motor Company Ltd (TVSM) is engaged in manufacturing two-wheelers and its accessories; it currently manufactures a wide range of two-wheelers and three-wheelers. [1]

Guidance scorecard · Q2 FY27 call

What TVS Motor Co.'s management guided
and where it ranks in Automobiles

#4of 11 in
Automobiles
Revenue20–40%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookRising

RevenueQ1 FY27 call

20–40%
  • TVS Motor expects to continue growing ahead of the industry, focusing on consumer quality and premiumization.
  • Domestic ICE (Internal Combustion Engine) growth is expected to be double digits for the full year.
  • EV (Electric Vehicle) segment shows strong growth with penetration above 10.6% and is anticipated to grow well above ICE.
  • Export markets, accounting for about 26% of turnover, are expected to grow strongly, especially in Africa, Asia, Middle East, and LATAM.
  • The company aims to grow exports disproportionately and expand capacity from 6.8 million to 8.3 million units in 2-wheelers and from 0.25 million to 0.42 million in 3-wheelers.

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

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

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

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • TVS Motor has invested about INR 2,000 to INR 2,500 crores over the last 4-5 years, especially focusing on the Norton brand as a super-premium segment.
  • The company is increasing overall 2-wheeler capacity from 6.8 million to 8.3 million units by Q4 of the current year, involving an investment of about INR 3,500 crores in new products and capacity expansion.
  • EV capacities are being expanded: 2-wheeler EV capacity from 40,000 units is being increased to over 50,000 units, and 3-wheeler EV capacity from 20,000 units to about 30,000 units.
  • TVS is focusing on expanding the Norton network, brand awareness, and entering key markets including the UK, Europe, U.S., and India.

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

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

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

Full Q1 FY27 analysis

Order bookQ1 FY27 call

Rising
  • It highlights a strong and growing customer retail demand in both 2-wheelers and 3-wheelers, indicating a healthy order pipeline.
  • Dealer inventory is maintained at an optimum 25-30 days to avoid losing retail demand, suggesting good order fulfillment balance.
  • The company is increasing capacity from 6.8 million to 8.3 million two-wheelers and expanding 3-wheeler capacity from 0.25 million to 0.42 million to meet demand.

2 more points from TVS Motor Co.'s call on the order book

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Full Q1 FY27 analysis
Full Automobiles ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Automobiles
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. M & MGood growth
    3
See all potential multibaggersWhere does TVS Motor Co. rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Automobiles companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Flat₹69,694 Cr—
240%+Flat₹2,199 Cr78.8
3M & M20–40%Flat₹3.53L Cr18.4
4TVS Motor Co.This stock20–40%Flat₹1.99L Cr51.7
520–40%Flat₹1.98L Cr34.1
620–40%Flat₹16,586 Cr—

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Pro shows every company guiding 40%+ revenue growth →Full Automobiles ranking

TVS Motor Co. announcements

All announcements →

Financials of TVS Motor Co.

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

TVS Motor Co.

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +50.27%50.27%50.27%50.27%50.27%50.27%50.27%50.27%50.27%50.27%50.27%50.27%
FIIs +19.27%20.83%21.05%22.33%21.20%21.48%22.42%22.90%23.09%22.56%20.45%21.39%
DIIs +21.79%20.26%20.13%19.02%19.99%19.73%18.80%18.34%18.28%18.84%21.12%20.30%
Public +8.68%8.64%8.56%8.33%8.45%8.45%8.40%8.46%8.33%8.30%8.12%8.04%
Others +0.00%0.00%0.00%0.07%0.07%0.07%0.10%0.04%0.03%0.03%0.02%0.02%
No. of Shareholders2,42,0942,60,6182,69,7762,69,0302,92,4893,01,3082,99,6443,09,3833,20,8483,24,8913,31,1963,44,469

Financials of TVS Motor Co.

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +9,93310,1149,94210,31411,30211,03511,54212,21014,05114,75615,05316,29619,474
Expenses +8,5888,6398,4878,8849,6789,4029,63810,40711,94112,48812,88113,95216,753
Operating Profit1,3451,4751,4551,4311,6241,6331,9041,8032,1102,2672,1722,3432,721
OPM %14%15%15%14%14%15%16%15%15%15%14%14%14%
Other Income +5112-34483270-5740-14-60715898
Interest483494511500509536551551552561566602670
Depreciation237242263241259258292315320323315354358
Profit before tax6767506477388889081,0049771,2231,3231,2981,5451,791
Tax %38%32%36%34%34%33%31%34%32%33%37%32%32%
Net Profit +4165104124855886096986438338918201,0581,219
EPS in Rs8.1310.088.159.7011.8011.9113.6412.8416.7417.7116.2421.4625.14

Financials of TVS Motor Co.

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +10,25611,37712,46316,34020,16018,84919,42124,35531,97438,77944,08956,07065,578
Expenses +9,65010,55811,59114,76917,99716,58517,18921,60127,94733,34437,50147,71756,075
Operating Profit6058198711,5712,1632,2642,2322,7554,0275,4356,5888,3529,503
OPM %6%7%7%10%11%12%11%11%13%14%15%15%14%
Other Income +809316371251236-513613186-28202
Interest6270603386638558819401,3681,9172,0932,2302,399
Depreciation1792623173744425565657438599561,0461,2731,350
Profit before tax4445806589311,0838658221,0671,9362,6933,5354,8225,958
Tax %28%26%23%29%33%25%26%31%32%34%33%34%
Net Profit +3284295096657256476087311,3091,7792,3803,1863,988
EPS in Rs6.919.0310.7613.7314.8313.1512.5115.9327.9735.5047.0663.5380.55
Dividend Payout %28%28%23%24%24%27%28%24%18%23%21%19%

Financials of TVS Motor Co.

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital48484848484848484848484848
Reserves1,2771,7712,1692,6303,1233,2353,7794,3525,4576,7368,4569,51711,300
Borrowings +1,1191,0911,3116,9289,29811,59112,17915,82722,37626,00628,60932,79139,453
Other Liabilities +2,1262,2362,6013,5864,2284,3995,8596,6927,1449,23510,53913,79016,070
Total Liabilities4,5705,1466,12813,19016,69619,27221,86526,91935,02542,02447,65156,14666,871
Fixed Assets +1,6372,0382,3623,0943,3673,8114,2215,9755,7485,8917,6448,63411,075
CWIP9347643137451,0061,0415527431,0331,4652,0721,362
Investments5399431,1554214403714686059671,1231,2471,1472,004
Other Assets +2,3012,1182,5479,36212,14514,08516,13519,78827,56633,97737,29444,29352,430
Total Assets4,5705,1466,12813,19016,69619,27221,86526,91935,02542,02447,65156,14666,871

Financials of TVS Motor Co.

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +83936689354-9183731,151-1,575-4,405-1,2533,5031,867
Cash from Investing Activity +-415-605-709-1,095-1,104-1,090-882-1,471-1,308-1,481-2,899-2,964
Cash from Financing Activity +261-319-598972,2101,6192642,9186,1183,2391,155909
Net Cash Flow-7112-79156188902532-1284065051,759-189
Free Cash Flow-26142465-727-2,048-617227-2,531-5,724-2,3631,044-1,280
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit40%134%95%43%-28%27%63%-44%-94%-5%71%42%

Financials of TVS Motor Co.

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days151621242828191814171417
Inventory Days514047343435393734343326
Days Payable76748086839412110589100103103
Cash Conversion Cycle-11-18-12-28-21-31-63-50-41-49-56-60
Working Capital Days-11-20-24-37-1-27-38-40-49-20-17-37
ROCE %21%22%22%19%16%13%11%11%13%15%15%17%

Guidance history

How TVS Motor Co.'s guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →20–40%FlatPlanned—Rising
Q3 FY26 call →10–20%FlatPlanned—Rising
Q2 FY26 call →10–20%FlatPlanned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

72out of 100

Momentum score · price trend

72 out of 100 — Strengthening

Over the past year its share price has done better than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months+20.1%74%
Last 6 months+20.5%77%
Last 3 months−4.0%60%
How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For TVS Motor Co.: 0.4 × 74 + 0.4 × 77 + 0.2 × 60 = 72.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 2 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

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

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