FIEM’s TVS share reaches 38.01% of Q2FY27 automotive sales

FIEM reported that TVS Motor Company represented 38.01% of automotive-segment sales in Q2FY27, up 5.30 percentage points from 32.71% in FY26 and 4.29 percentage points from 33.72% in Q1FY27. The data show that a larger share of FIEM’s disclosed automotive sales mix came from its largest customer during the quarter.

How much of FIEM’s automotive sales came from TVS in Q2FY27?

TVS accounted for 38.01% of FIEM’s Q2FY27 automotive-segment sales, making it the largest customer in the company’s disclosed client-contribution table. Honda Two Wheeler Group was second at 22.65%, followed by India Yamaha at 13.07%, Suzuki Motorcycle at 7.74%, Royal Enfield at 5.21%, the replacement market at 4.46%, and other customers at 8.86%.

The 38.01% contribution means more than three-eighths of FIEM’s quarterly automotive sales were attributed to TVS. The next-largest disclosed account, Honda Two Wheeler Group, had a 15.36-percentage-point lower share at 22.65%, while India Yamaha and Suzuki Motorcycle together accounted for 20.81%.

How did FIEM’s TVS concentration change from FY26?

FIEM’s TVS share increased by 5.30 percentage points from 32.71% in FY26 to 38.01% in Q2FY27. The increase was also evident in the first half, when TVS represented 36.07% of H1FY27 automotive sales, 3.36 percentage points above the FY26 proportion.

The movement was not uniform across the other listed customers. Honda Two Wheeler Group’s contribution declined by 2.13 percentage points between FY26 and Q2FY27, India Yamaha’s fell by 1.08 percentage points, and Suzuki Motorcycle’s declined by 1.51 percentage points. Royal Enfield’s share also reduced by 0.58 percentage points, from 5.79% to 5.21%.

Quarter on quarter, TVS’s contribution rose from 33.72% in Q1FY27 to 38.01% in Q2FY27. Honda Two Wheeler Group fell from 25.19% to 22.65% over the same two quarters, while India Yamaha declined from 13.72% to 13.07%. These are sales-mix movements rather than customer-level revenue changes because FIEM provides contribution percentages, not absolute revenue by customer.

Which other customers contribute to FIEM’s automotive segment?

FIEM’s disclosed Q2FY27 automotive mix included six customer categories beyond TVS, together representing 61.99% of sales. Honda Two Wheeler Group, India Yamaha, Suzuki Motorcycle and Royal Enfield accounted for 48.67%, while the replacement market and other customers supplied the remaining 13.32%.

FIEM lists customers across domestic two-wheeler, electric-vehicle, global two-wheeler, domestic four-wheeler and global four-wheeler original equipment manufacturer categories. Its domestic two-wheeler roster includes TVS, Honda 2-Wheeler, Yamaha, Suzuki, Royal Enfield, Piaggio, Hero, Harley-Davidson and Kawasaki.

The electric-vehicle roster contains 13 names, including TVS, Suzuki, Hero, Ola, Ather, River, Ultraviolette, Simple, Ampere, Kinetic Green, VinFast, Bounce Infinity and Revolt. The roster does not establish revenue allocation for every manufacturer because FIEM groups remaining automotive business under “other customers,” which represented 8.86% in Q2FY27, compared with 8.91% in Q1FY27 and 8.34% in FY26.

Which FIEM products list TVS as a top client?

FIEM identifies TVS, Honda 2-Wheeler, Yamaha, Suzuki and Royal Enfield as top clients for rear-view mirrors, a product line with FY26 net sales of Rs 297.6 crore. FIEM states that it has six mirror manufacturing plants with in-house mirror-plate making, plastic-housing production, rod making and final assembly, with listed mirror facilities at Units 2 and 5 in Hosur and Unit 8 in Tapukara.

Plastic moulded parts are another category in which FIEM lists TVS, Honda 2-Wheeler and Suzuki as top clients. FY26 net sales for plastic moulded parts were Rs 254.1 crore, compared with Rs 236.2 crore in FY25. FIEM says its six plants use injection-moulding machines ranging from 50 tonnes to 1,400 tonnes and can produce parts weighing from 20 grams to 2.5 kilograms.

FIEM also lists TVS, Honda 2-Wheeler and Royal Enfield among top clients for its others automotive category, which includes fabrication items, canisters and bank-angle sensors. The category contributed Rs 89.4 crore in both FY25 and FY26; within it, bank-angle-sensor contribution increased from Rs 51.2 crore to Rs 54.2 crore, while canister contribution remained at Rs 10 lakh.

Conclusion

FIEM’s Q2FY27 automotive sales mix was more concentrated in TVS than in either FY26 or Q1FY27. TVS’s 38.01% contribution was 15.36 percentage points above the next-largest disclosed customer category, Honda Two Wheeler Group, while the shares of Honda Two Wheeler Group, India Yamaha, Suzuki Motorcycle and Royal Enfield were each below their FY26 levels.

The key unresolved point is whether the higher TVS proportion reflects changes in TVS sales, other customer sales, or both, because FIEM discloses customer contributions as percentages rather than customer-level revenue. Future client-contribution tables will show whether TVS remains near the Q2FY27 level and whether the 8.86% share assigned to other customers changes.