Walk into this Hosur factory and you will find the rhythmic hum of machinery fills the air. A brand new TVS iQube floats off the fabrication line, its electric engine silent where you once could hear the two-stroke bikes roar.
Just a short walk down the passage, engineers quietly observe digital dashboards that trace each vehicle’s production and quality in real time.
In another warehouse, automated carts ferry parcels for e-commerce consumers, a 360 degree change from the time when TVS’s impact seldom expanded beyond Indian borders.
The TVS Group, now an expansive multinational, traces its roots back over a century. What began as a simple family business in 1911 by T. V. Sundaram Iyengar, manufacturing components for bicycles and motorcycles, has grown into a complex kingdom. Yet, the company’s public persona rarely hints at this magnitude.
Over time, the family’s businesses grew into a wide network of companies. The split of the TVS family in 2021-22 created separate groups for each branch. The TVS group included TVS Motor, TVS Supply Chain Solutions, Sundaram Clayton, and Lucas TVS, among others. The spun-off group is now called TSF Group,
This separation allowed individual focus – and for the TVS Group, it became a time for renaissance. What was once a traditional manufacturing group is one of the most ambitious global mobility houses in India.
Before the U-turn
A step back to the years before 2018 is a must to understand the scale of TVS’s revolution. TVS Motor, then, was a dependable producer of scooters, motorcycles, and small-displacement bikes.
Its presence abroad was restricted to select export markets, and premium or high-margin products were an oddity. Its growth was steady, but it played it safe, with focus on low debts and volume, rather than value.
TVS Supply Chain Solutions operated largely within India, catering to auto components transport with little technical sophistication. Its operations lacked the global tech-driven finesse of today. The TVS family’s crossholdings and conservative financial approach meant slow modernization and restrained growth.
The group’s low-risk focus, a mark of its principles, kept it steady but low-key in the investor’s mind. The growth was steady but muted; for years, the company maintained modest valuations, with market attention often concentrated on other high-profile two-wheeler or industrial players.
This period, however, set the stage for the transformation. The quiet, disciplined culture that limited risk-taking would now serve as a stabilizing backbone as the company ventured into riskier, high-growth domains like electric mobility and global logistics.
The silent shift
The shift began with a calculated pivot. TVS Motors began reimagining its role in the dynamic auto world.
Long recognized for its internal combustion bikes, the company started investing in electric vehicles and premium motorcycles.
The iQube electric scooter was not just a product being introduced; it was a declaration of intent. It was not a rushed experiment, but a tactical move that balanced innovation with the group’s DNA.
Initially aimed at urban commuters, the iQube’s quiet effectiveness particularly among delivery fleets and eco-conscious riders showed how a company could grow without leaving behind its core identity.
Overall sales grew rapidly, with over 541,064 units sold in September 2025, while EV volumes grew 8%. It clearly demonstrates that TVS can scale new products while ensuring quality.
TVS Motor’s premium segment also took off. The Apache series, a mainstay in India, gained a foothold across the globe, strengthened by a partnership with BMW Motorrad.
This alliance helped TVS refine performance technology and expand into international markets.
Of course, its exports today have an increasing share in the revenue, with markets in Africa, Latin America, and Europe initiating opportunities for high-margin merchandise and global recall, positioning it as one of India’s truly export-oriented two-wheeler makers
Meanwhile, TVS Supply Chain Solutions transformed from a local auto logistics provider into an international, tech-driven supply chain business operating in 100+ locations. From auto components to e-commerce warehousing, it’s built a network that mirrors multinational logistics majors in sophistication if not yet in scale.
The North American arm of TVS Supply Chain Solutions alone grew at a 20% CAGR, aiming for a revenue of $500 million. Its asset-light approach and emphasis on automation have allowed steady margins despite volatile input costs.
Taken together, these businesses show a generational change: TVS is no longer just manufacturing vehicles or managing logistics; it’s reimagining how mobility and movement are connected across borders.
Discipline-led Numbers
If TVS’s transformation is a story of mindset, its numbers provide the proof. TVS Motor achieved revenues of ₹12,210 crore in Q1 FY26, up 18.4% from the previous year. The net profit excluding exceptional items grew at 34% to ₹643 crore.
Other numbers to know.
Growth & Valuation Numbers
| Entity | EV/EBITDA | P/E | Stock Price CAGR(3yr) | Avg. ROE (3 yr) | Key Insights |
| TVS Motor | 27.7x | 71.8x | 49% | 27% | Export-led growth; EV adoption rising; debt-free balance sheet |
The operating margin remained steady at 15%. This growth was driven by product premiumization and the increasing export share. Notably, the balance sheet is essentially debt-free, displaying the company’s systematic method of growth.
While valuation multiples appear high, they mirror the market’s confidence in TVS’s evolution. The company’s export-led growth and EV transition have drawn investor optimism, while its debt-light balance sheet ensures sustainability even in a competitive market.
TVS Supply Chain Solutions stated a revenue of ₹2,592 crore in Q1FY26, which is a 2.1% YoY growth. Despite modest YoY revenue growth, it has achieved something crucial: profitability after a long loss phase.
The net profit grew a notable 1,941% YoY to ₹1,34 crore excluding exceptional items. The operating margins for the quarter remained stable at 7%. Other numbers to know
Growth & Valuation Numbers
| Entity | EV/EBITDA | P/E | Stock Price CAGR(3yr) | Avg. ROE (3 yr) | Key Insights |
| TVS Supply Chain | 7.74x | 49.2x | NA | -2% | Asset-light model; international contracts driving revenue; margin improvement trend |
This growth was driven by maturing global contracts and improved operating efficiency. With contract wins in Europe and Asia and an improving working capital cycle, it’s showing signs of a maturing global operator.
Across both businesses, the unifying theme is financial discipline. Every expansion is measured, every innovation backed by cash flow.
This methodical approach, though understated, is precisely what gives TVS its long-term resilience.
The EV Bet and Global Drive
The iQube may represent only a fraction of India’s EV market, but for TVS, it symbolizes a transformation from within.
The company isn’t chasing volume at any cost. Instead, it’s betting on consistent adoption and network readiness, from battery supply chains to charging infrastructure partnerships.
Urban delivery fleets have adopted the iQube for its dependability, and the company is silently scaling to meet demand. With sales rising, the iQube is now fundamental to TVS’s tactical tale.
Meanwhile, TVS’s premium motorcycle exports continue to grow. An overlooked segment that’s helping the company diversify beyond India’s cyclical two-wheeler market.
Its BMW Motorrad partnership is a strategic asset, providing technology synergies and aspirational brand alignment.
TVS’s presence in Africa, Latin America, and Europe is not by chance. It is based on strategic partnerships, superior products, and the operating discipline to participate in markets where local brands dominate.
This two-pronged strategy, EVs at home and premium exports abroad, captures the essence of TVS’s new identity: cautious ambition paired with operational excellence.
Risks
No change is without trials. The two-wheeler electric vehicle market is extremely competitive. TVS is directly competing with Ather Energy, Ola Electric, and other global brands that have set aggressive goals.
Disturbances in the supply chains, shortage of semiconductor chips, lithium-ion batteries, and shipping troubles can make the manufacturing of vehicles and margins unstable.
Keeping an eye on capital distribution is crucial. Mounting raw material prices, particularly electric vehicle modules, can strain return margins. Also, a shift in global transport pricing can impact supply chains.
Investors should see TVS as a long-term play — one where prudence, not pace, defines the upside.
Family business to future brand
TVS is no longer a symbol of the past. It’s an example of what legacy can achieve when paired with quiet reinvention.
From two-wheelers to logistics, from Hosur to Houston, it’s building a future defined by steady ambition rather than sudden leaps.
What makes this transformation remarkable isn’t just the diversification or technology, it’s the group’s ability to evolve without noise. In an era where startups shout disruption, TVS proves that old-school discipline can still deliver modern miracles.
A century after T.V. Sundaram Iyengar founded his first transport service, the group is once again on the move, faster, broader, and bolder than ever before.
The question now is not whether TVS can grow, but how far it can go without losing the grounded DNA that got it here.
Disclaimer:
Note: We have relied on data from www.Screener.in throughout this article. Only in cases where the data was not available have we used an alternate, but widely used and accepted source of information.
The purpose of this article is only to share interesting charts, data points, and thought-provoking opinions. It is NOT a recommendation. If you wish to consider an investment, you are strongly advised to consult your advisor. This article is strictly for educative purposes only.
Archana Chettiar is a writer with over a decade of experience in storytelling and, in particular, investor education. In a previous assignment, at Equentis Wealth Advisory, she led innovation and communication initiatives. Here she focused her writing on stocks and other investment avenues that could empower her readers to make potentially better investment decisions.
Disclosure: The writer and her dependents do not hold the stocks discussed in this article.
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