TVS Motor Company’s standalone net profit rose 52% year-on-year to ₹940 crore in the third quarter, aided by its highest-ever quarterly sales volumes across vehicle categories in both domestic and export markets.
Revenue from operations jumped 37% year-on-year to a record ₹12,476 crore in the October–December 2025 quarter. Standalone revenue exceeded Bloomberg analyst estimates of ₹12,113 crore, while profit after tax came in marginally below the projection of ₹950 crore.
Overall two-wheeler and three-wheeler sales, including international operations, grew 27%, with the company reporting its highest-ever quarterly sales of 15.44 lakh units in the third quarter. Motorcycle sales climbed 31% to 7.26 lakh units, while scooter sales rose 25% to 6.14 lakh units.
Moped sales were marginally higher at 1.44 lakh units compared with 1.34 lakh units in the third quarter of 2024-25.
TVS Motor’s two-wheeler sales under its international business grew 35% to 3.66 lakh units. International operations contributed revenue of over ₹2,900 crore, while spares accounted for ₹1,183 crore during the quarter.
GST Impact Strategy
KN Radhakrishnan, Director and CEO of TVS Motor Company, attributed the record sales to multiple factors, including the GST rate cut, which is playing out across two-wheelers and other vehicle categories. The two-wheeler industry volumes grew 20% year-on-year in the third quarter, with rural markets expanding 19% and urban markets growing 21%.
Radhakrishnan said the industry is expected to grow 15% in the fourth quarter, while the company will grow at a faster pace than the industry.
“I am very confident that Q4 also you will see the benefits because GST it was implemented only in the last week of September. You will see the benefits will come into the industry till first half of next year,” he said while addressing the company’s third-quarter earnings call.
In the electric vehicle segment, sales grew 40% to 1.06 lakh units in the third quarter, compared with 76,000 units in the quarter ended December 2024. “On the EV side, we had a setback because of the magnet availability. Now it is recovering and hopefully by another month you will see full supplies of EV also into the market,” Radhakrishnan said.
TVS Motor’s operating revenue before interest, tax, depreciation and amortisation (Ebitda) expanded 51% year-on-year to ₹1,634 crore, beating Bloomberg’s estimate of ₹1,540 crore. Ebitda margin improved by 70 basis points to 13.1% during the quarter.
On commodity price inflation, Radhakrishnan said there has been an increase in aluminium, copper, zinc, platinum, palladium and rhodium prices. “We want to mitigate that with a combination of scale, cost reduction initiatives and product mix. We are very focused on not increasing the prices,” he said.
Consolidated Financial Outlook
On a consolidated basis, net profit rose 46% to ₹891.26 crore in the third quarter, while revenue from operations increased 34% year-on-year to ₹14,756 crore. TVS Credit disbursed loans to over 41 lakh new customers, with a total book size of ₹29,678 crore.
Radhakrishnan said the company will close the year with capital expenditure of around ₹1,700 crore towards capacity expansion and overall investments of around ₹2,900 crore, including investments in subsidiary TVS Credit as well as product development and marketing for the Norton motorcycle brand, which is set to be launched in India this year.
Shares of TVS Motor closed 5% higher at ₹3,735.10 on the NSE on Wednesday.