TVS Motor Q2 revenue reaches Rs 17,103 crore, PAT Rs 1,377 crore

In Q2 FY27 ended September 2026, TVS Motor Company Limited reported record revenue of Rs 17,103 crore and profit after tax of Rs 1,377 crore, as sales rose 27% to 1.9 million units and exceeded industry growth across domestic and export ICE, EV and three-wheeler operations.

How did TVS Motor perform in Q2 FY27?

TVS Motor delivered its highest quarterly sales, revenue and profit in Q2 FY27, with volume rising from 1.5 million units in Q2 FY26 to 1.9 million units. Revenue increased 44% from Rs 11,905 crore to Rs 17,103 crore, outpacing the 27% increase in vehicle volume during the quarter ended September 2026.

Earnings before interest, tax, depreciation and amortisation, or EBITDA, rose 47% to Rs 2,219 crore, while profit before tax, or PBT, increased 52% to Rs 1,865 crore. Profit after tax, or PAT, also grew 52% from Rs 904 crore, and EBITDA margin rose 30 basis points to 13% from 12.7%; one basis point is one-hundredth of a percentage point.

Which TVS Motor segments outgrew their industries?

TVS Motor outgrew the industry in each sales category disclosed for Q2 FY27. Domestic two-wheeler internal-combustion-engine, or ICE, sales increased 16% year on year against 10% industry growth, while international two-wheeler ICE sales rose 33% against 27% for the industry.

Total two-wheeler ICE sales grew 20%, compared with industry growth of 14%, and domestic electric two-wheeler sales increased 129%, compared with 84% industry growth. The comparison shows that Q2 FY27 growth came from both conventional and electric products rather than only one propulsion category.

TVS Motor's three-wheeler sales grew 47% year on year, ahead of industry growth of 26%. In the domestic three-wheeler market, including ICE and electric vehicles, sales rose 65% to about 26,300 units from 16,000 units, while the industry grew 23%; management said EV penetration in three-wheelers reached almost 44% in Q2 and nearly 48% in September.

What did international sales contribute to TVS Motor's quarter?

TVS Motor recorded its highest international-business sales at 5.39 lakh units in Q2 FY27, a 35% year-on-year increase. Management identified Africa as a key driver and said Latin America and Asia also performed well as the company strengthened distribution in export markets.

International electric two-wheeler sales were about 6,930 units in Q2 FY27, compared with about 1,726 units in Q2 FY26, when the export EV business was at an early stage. TVS Motor also said it was commencing electric three-wheeler operations in international markets, adding another vehicle category to its export EV activity.

Product introductions in Q2 included Orbiter and NTORQ 150 in Nepal, King EV Max and Orbiter in Sri Lanka, Apache RR 310 and iQube in Kenya, Raider in Egypt, and Callisto 110 in Jakarta, Indonesia. TVS Motor also launched Apache RTR 160 4V, RTR 200 4V and RTR 310 models in Sri Lanka, where management said it was building the next generation of the Apache range.

What do TVS Motor's first-half results show?

TVS Motor's H1 FY27 operating revenue rose 41% to almost Rs 30,999 crore from Rs 21,986 crore in H1 FY26. The first-half revenue increase was lower than Q2 FY27's 44% growth rate, but it added almost Rs 9,013 crore of operating revenue over the prior-year six-month period.

H1 FY27 PBT increased 52% to Rs 3,454 crore from Rs 2,274 crore, while PAT also rose 52% to Rs 2,551 crore from Rs 1,679 crore. The matching PBT and PAT growth rates indicate that the profit expansion reported for Q2 FY27 was also present across the first half.

TVS Motor highlighted two product milestones during Q2 FY27: TVS Jupiter reached 9 million cumulative units and TVS iQube reached 1 million. The new Jupiter dual-tone spectral range offers 33-litre under-seat storage, sequential turn signals and a USB Type-C charging port, while TVS iQube marked its customer milestone with a MillionR special edition.

What are TVS Motor's plans after Q2 FY27?

TVS Motor's board approved a scheme to demerge its consumer-finance and related business undertaking into a separate holding company on the day of the October 28, 2026 earnings call. Under the proposed scheme, shareholders would receive an equal number of shares in the resulting company as they hold in TVS Motor, subject to statutory, regulatory, shareholder and other applicable approvals.

TVS Credit reported a 22% increase in book size to Rs 33,818 crore from Rs 27,807 crore, while quarterly PBT rose 19% to Rs 330 crore from Rs 277 crore. It disbursed loans to more than 14 lakh new customers in the quarter, served almost 2.7 crore customers and expanded its network to more than 65,000 touch points.

Management said Norton Manx R and Atlas were being launched in European markets, with an India launch expected in the forthcoming months. Norton had dealers in the UK, Italy and France, while Germany, Spain and India were planned next; management also said preparations for a US launch were under way and more models would be announced at EICMA the following week.

Conclusion

TVS Motor's Q2 FY27 record reflected broad-based sales growth rather than a single business line. Revenue rose 44% to Rs 17,103 crore, PAT increased 52% to Rs 1,377 crore and volume reached 1.9 million units, while domestic and international ICE, domestic EV and three-wheeler sales each exceeded their relevant industry growth rates.

The next points to watch are management's expectation that TVS Motor will remain ahead of industry growth in Q3 and Q4, despite its forecast of single-digit ICE industry growth. Investors will also monitor approvals for the consumer-finance demerger, the planned Norton India launch and the additional Norton product announcements management scheduled for EICMA.