More Stories

Informist, Tuesday, Jan. 27, 2026

By Anand JC

MUMBAI – The top line growth of TVS Motor Co. Ltd. for the December quarter is expected to hit its highest year-on-year level in 14 quarters due to a healthy increase in despatches from higher sales of premium motorcycles and electric two- and three-wheelers, according to brokerages tracking the company. Sales of automobiles in India got a fillip from the full pass-through of the cut in the Goods and Services Tax and the festival season. A sharp fall of the rupee against the dollar will likely additionally boost the company's revenue for the reporting quarter.

TVS Motor's bottom line for the December quarter is projected to grow a three-quarter high of 66% on year to INR 10.25 billion, according to the average of estimates from 13 brokerages. The highest estimate for the company's bottom line for the quarter is INR 13.54 billion by Elara Securities (India) Pvt. Ltd. and the lowest estimate is INR 9.60 billion by ICICI Securities Ltd. Except for the year-ago quarter, when its profit grew 4% on year, the company's net profit has grown in double-digits in each of the last 13 quarters.

The company's revenue for the latest quarter is estimated at INR 122.95 billion, which would translate to a year-on-year growth of 35%, according to the average of estimates from 13 brokerages. The estimates for the company's top line for the quarter range from a low of INR 120.57 billion by Prabhudas Lilladher Pvt. Ltd. to a high of INR 125.68 billion by HSBC Global Research.

TVS Motor is India's third-largest two-wheeler manufacturer and has a 18% share of the domestic market. Sales in Africa, Latin America, countries in the Association of South East Asian Nations region, and West Asia have contributed to the company's footprint globally. Motorcycles and scooters form roughly 45% and 40% of TVS Motor's overall automobile sales while three-wheelers account for around 3%.

The Raider maker sold 1.54 million automobiles, including two- and three-wheelers, in the December quarter, up 27% on year. Domestic sales grew 24% on year to 1.13 million units and exports rose 40% on year to 410,143 units.

Revenue from exports forms roughly a quarter of TVS Motor's top line while export volumes account for around 30% of volumes. With the rupee weakening about 6% year-on-year against the dollar in the December quarter, TVS Motor is likely to see an uptick in average selling prices, which will boost revenue. Analysts estimate a 5–8% rise in the average prices of the company's automobiles during the reporting quarter. The average selling price of TVS Motor's two- and three-wheelers was INR 75,100 in the year-ago quarter, according to Motilal Oswal Financial Services. The company did not offer high discounts during the festival season, which is expected to further boost the average prices of its vehicles.

The Chennai-based automaker's earnings before interest, tax, depreciation, and amortisation for the December quarter are estimated at INR 15.87 billion, according to the average of estimates. The highest estimate for the company's EBITDA is INR 16.14 billion by Elara Securities and the lowest estimate is INR 15.45 billion by Nirmal Bang Equities Pvt. Ltd. Analysts expect the company's EBITDA margin to rise 80-100 basis points on year for the reporting quarter due to the higher share of electric vehicles, premium motorcycles, and three-wheelers in its overall sales. TVS Motor had reported an EBITDA margin of 11.9% in the year-ago quarter.

TVS Motor will detail its December quarter earnings Wednesday. The Street is expected to monitor the company's views on upcoming product launches and the performance of recently launched two-wheelers such as the adventure tourer Apache RTX 300.

At 1213 IST, shares of TVS Motors traded 0.4% lower at INR 3,536.60 on the National Stock Exchange. Shares of the automaker have fallen only mildly since the company announced its September quarter earnings on Oct. 28. The stock is roughly down 10% from its 52-week high of INR 3,909, which it had hit on Jan. 5.

Of the 11 research reports on the company available with Informist, 10 have a 'buy' or equivalent recommendation on the stock, with an average target price of INR 4,055. The remaining brokerage has a 'hold' call on the stock. 

Following are the December quarter earnings estimates for TVS Motor from 13 brokerage firms in descending order of the estimate of net profit in INR billion:

End

Edited by Deepshikha Bhardwaj

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2026. All rights reserved.