TVS leads India EV 2W sales by 52,347 units in FY26

A clear gap opens up in FY26

India’s electric two-wheeler market is no longer moving in lockstep at the top. FY26 data shows TVS Motor creating a meaningful lead over Bajaj Auto, and the gap widened sharply compared with the previous year. TVS recorded 341,740 electric two-wheeler units in FY26, while Bajaj stood at 289,393 units. That translates into a 52,347-unit lead for TVS.

In FY25, the same comparison looked far tighter. TVS had 237,944 units and Bajaj had 231,170 units, a difference of 6,774 units. The change from a mid-single-digit thousand-unit gap to a 52,000-plus lead in one year underlines how quickly leadership positions can shift as supply, distribution, and model momentum change.

FY25 vs FY26: the leadership gap in numbers

The year-on-year comparison highlights both the scale and the speed of the change in the top-two ranking.

The leadership gap expanded to nearly eight times within a year, based on these reported totals.

Quarter-level reversal: Q4 tells the story

The shift is even more visible at a quarterly level. In Q4 FY26, TVS reported 116,221 units versus Bajaj’s 97,565 units. But in Q4 FY25, TVS had 73,758 units while Bajaj was ahead at 78,256 units.

This matters because it shows the competitive order flipped within a year, rather than TVS merely extending an existing lead. Q4 FY25 ended with Bajaj in front, but Q4 FY26 ended with TVS ahead by a clear margin.

A high-growth month for TVS

In the reported monthly snapshot, TVS sold 49,335 units and logged 54.7% growth over February. While the broader context for that month is limited in the provided data, it supports the broader theme that TVS volumes accelerated enough to open distance at the top.

Incumbents take more share as startups lose ground

According to Jato Dynamics, established manufacturers including TVS Motor, Bajaj Auto and Hero MotoCorp captured 60% of India’s electric two-wheeler category as of January 2026. In 2023, this figure stood at 34%.

The change signals a market that has moved from an early phase of startup-led disruption to one increasingly dominated by legacy OEMs. The same report notes that by early 2026, incumbents, particularly TVS Motor and Bajaj Auto, were leading the segment.

Bajaj’s recovery after supply constraints

Bajaj Auto’s recent trajectory also reflects operational factors. The provided report notes that Bajaj staged a strong recovery after resolving battery pack supply constraints that had weighed on production earlier. With output ramped up, volumes rebounded sharply in the December quarter, helping Bajaj regain the number-two position in the electric scooter market.

This is an important backdrop to FY26 comparisons, because it suggests the top-two battle is not driven by demand alone. Supply stability and production ramp-ups can alter market positions quickly.

What FADA retail data shows

FADA data cited in the provided text shows TVS Motor Company retaining leadership in the electric two-wheeler segment, retailing 298,881 units during the year, up 35.35%. Bajaj Auto followed with retail sales of 269,847 electric two-wheelers, registering 39.34% growth.

The same passage notes Bajaj’s volumes were led entirely by the Bajaj Chetak, which has seen increasing traction across urban and semi-urban markets. The retail trend supports the view that Bajaj is growing strongly, even as TVS stays ahead on the same dataset.

CY2025: TVS ends Ola’s three-year lead

On calendar-year data, TVS Motor Co topped the e-2W market in CY2025 with record sales of 298,967 e-scooters, ending Ola Electric’s three-year lead as Ola fell to fourth after a 51% sales drop. Another cited figure in the same set of notes lists TVS CY2025 volumes at 298,867 units with a 23% market share.

For Bajaj Auto, CY2025 sales were reported at 269,836 units, up 39% year-on-year, with a 21% market share. The notes also state that Bajaj wore the No. 1 e-2W OEM crown for the first time in February 2025, and followed it with its best-ever monthly sales in March 2025 of 35,214 units.

October 2025: Bajaj briefly takes No. 1 on Vahan

The leadership battle also changed month-to-month. Multiple entries in the provided data state that Bajaj Auto surged past TVS Motor to become the No. 1 electric two-wheeler seller in October 2025, with 31,000+ units and about a 21.69% to 21.7% market share.

Another Vahan-based snapshot says that in October (till date), TVS sold over 27,600 units, but Bajaj was ahead with over 28,000 units (till date). These data points indicate that even when TVS leads on annual numbers, Bajaj has shown the ability to take the top spot in specific months.

June 2025: both TVS and Bajaj post strong registrations

June 2025 registration data in the provided text shows TVS at about 25,300 units and Bajaj at about 23,032 units. TVS is shown with 2.2% month-on-month growth and 80% year-on-year growth, while Bajaj is shown with 5% month-on-month growth and 154% year-on-year growth.

The same June-focused summary states that India registered 1.05 lakh electric two-wheelers in June 2025, up 32% year-on-year and 4% over May. It also states that TVS grabbed a 24% market share and Bajaj reached about 21.8% share in that month’s competitive set.

Market impact: what the figures imply for investors

The FY26 unit gap of 52,347 units between TVS and Bajaj changes how investors read leadership risk in the electric two-wheeler segment. In FY25, a 6,774-unit difference implied near-parity. In FY26, the reported volumes point to TVS having a more visible cushion, even though month-level leadership can still switch, as seen in October 2025 on Vahan data.

At an industry level, the Jato Dynamics shift from 34% incumbent share in 2023 to 60% by January 2026 suggests a rebalancing in favour of manufacturers with scale, dealer networks, and supply-chain depth. The same direction is echoed by the CY2025 ranking change where TVS ended Ola’s multi-year lead.

Analysis: why the contest changed so fast

The provided data points to three drivers behind the rapid change. First, quarter-level shifts show that performance improved enough for TVS to move from trailing in Q4 FY25 to leading in Q4 FY26. Second, Bajaj’s earlier battery pack supply constraints and subsequent recovery show how supply-side constraints can temporarily distort rankings and then quickly correct.

Third, the market structure appears to be changing as incumbents gain share. As more volume moves through established players, monthly and quarterly swings still occur, but the base of annual sales can become harder to dislodge. That is consistent with both the FY26 unit gap and the multi-month leadership streaks referenced for TVS in CY2025.

Conclusion

FY26 numbers show TVS Motor pulling ahead of Bajaj Auto by 52,347 units in electric two-wheelers, compared with a 6,774-unit lead in FY25, alongside a clear Q4 reversal. At the same time, Bajaj’s strong growth, monthly wins such as October 2025, and recovery after supply issues keep the top-two race active. The next key checkpoints for investors will be whether TVS sustains FY26-level volume separation and how consistently Bajaj can translate fast growth into sustained annual leadership pressure.