TVS Motor Q4 FY26: Profit up 19%, revenue ₹15,053 cr

Key numbers at a glance

TVS Motor Company’s March 2026 quarter (Q4 FY26) results pointed to strong year-on-year growth in revenue and profit, supported by higher vehicle sales and improved mix. The company reported consolidated revenue from operations of ₹15,052.73 crore for the quarter, while profit after tax (PAT) is cited at ₹771.52 crore in the quarterly highlights. The same material also shows Operating Profit of ₹1,872.37 crore and an Operating Margin of 12.44% for the quarter.

Alongside the quarterly update, the company shared FY26 operating and volume indicators, including a jump in sales volume from 4.7 million units to 5.9 million units. It also described FY26 as a record year across revenue and profit, with stronger EV and three-wheeler volumes mentioned for Q4.

Q4 FY26 consolidated performance

For Q4 FY26, the consolidated revenue from operations was reported at ₹15,052.73 crore, compared with ₹11,542 crore in the year-ago quarter, as per the text provided. The narrative attributes the revenue expansion to higher vehicle sales, improving export demand, and strong traction in premium motorcycles and electric scooters.

On profitability, the quarter’s PAT is presented in more than one way across the provided source text. One section states consolidated net profit of ₹771.5 crore for Q4 FY26 with 19% year-on-year growth, and the quarterly table lists Net Income of ₹771.52 crore. Another excerpt (citing a regulatory filing) states consolidated net profit of ₹819.55 crore for the quarter ended March 31, 2026, versus ₹697.51 crore a year earlier.

Operationally, the quarterly highlights list Operating Profit of ₹1,872.37 crore and an Operating Margin of 12.44% for Q4 FY26. The quarterly table also includes Net Income Before Taxes of ₹1,298.13 crore.

Sequential trend: Q4 versus Q3 FY26

The quarterly table indicates that while revenue rose sequentially, net profit moderated. Q4 FY26 total revenue is shown at ₹15,052.73 crore, up from ₹14,755.52 crore in Dec 2025, a 2.01% QoQ increase.

On the same basis, Operating Income is listed at ₹1,872.37 crore versus ₹1,897.29 crore in the prior quarter, implying a -1.31% QoQ move. Net income is listed at ₹771.52 crore versus ₹841.29 crore in the previous quarter, or -8.29% QoQ.

The table also shows Diluted Normalized EPS of 16.24 in Q4 FY26 compared with 18.42 in Q3 FY26.

Standalone: record quarterly revenue and higher profit

TVS Motor also reported record standalone performance for the quarter. Standalone revenue for Q4 FY26 was stated at ₹12,807.63 crore (also cited as ₹12,808 crore in the narrative), described as the company’s highest-ever quarterly revenue, with about 34% year-on-year growth.

Standalone profit was also cited as strong, with the text stating standalone net profit rose to ₹997.7 crore (also cited as ₹998 crore) in Q4 FY26, up around 31% year-on-year. The company attributed this to operational leverage and cost management.

FY26: volumes, revenue, EBITDA and cash flow metrics shared

For FY26, the company said sales volume grew from 4.7 million units to 5.9 million units, a 24% rise. It also stated revenue increased from ₹36,251 crore to ₹47,270 crore (also stated as ₹47,271 crore in another line), a 30% rise.

The same FY26 commentary included profitability and cash flow metrics. It stated EBITDA increased from ₹4,450 crore to ₹6,079 crore (up 37%) and that the EBITDA margin improved by 60 basis points to 12.9%. It also stated operating free cash flow was ₹3,805 crore, up from ₹2,586 crore.

In another FY26 disclosure set focused on consolidated performance, the text cites consolidated net profit at ₹3,186.43 crore (FY26) versus ₹2,379.81 crore (FY25), and revenue from operations at ₹56,069.52 crore versus ₹44,089 crore.

Operational indicators: domestic, exports, EVs, three-wheelers

The Q4 operational update in the provided content points to broad-based volume momentum. It states domestic ICE sales rose 26% year-on-year in Q4, while international market sales rose 23%.

It also states total two-wheeler sales rose 26% in Q4 and EV two-wheeler sales grew 51% to 115,000 units from 76,000 units a year ago. Three-wheeler sales were stated to have increased 65% to 60,000 units from 37,000 units.

Table: key figures cited in the provided text

Market impact: what these numbers signal

For investors tracking two-wheeler demand and export recovery, the reported combination of higher Q4 revenue and year-on-year profit growth points to a stronger finish to FY26 than the prior year. The company’s commentary highlights growth in premium motorcycles and electric scooters as a key driver, which matters because mix improvements can support operating metrics even when cost pressures exist.

The sequential picture in the quarterly table is mixed, with revenue rising quarter-on-quarter but net income and operating income lower than the December 2025 quarter. That split is relevant when reading margin trends because it indicates that not all revenue growth automatically translates into higher quarterly profit.

The FY26 numbers shared, including sales volume growth to 5.9 million units, record standalone revenue of about ₹47,270 crore, and operating free cash flow of ₹3,805 crore, provide additional context on scale and cash generation beyond a single quarter.

Analysis: why the quarter matters for the auto sector

TVS Motor’s Q4 FY26 update is notable for two reasons visible in the provided data. First, the company is reporting a much larger revenue base in the March quarter, with consolidated revenue from operations above ₹15,000 crore. Second, the operational commentary calls out meaningful EV two-wheeler volumes in Q4, with 115,000 units cited, alongside higher three-wheeler sales.

At the same time, the presence of multiple profit figures in the provided text underscores a practical point for readers: reported profit can vary across summaries depending on the specific line item referenced. The table-style highlights show net income at ₹771.52 crore, while another excerpt cites ₹819.55 crore for the same quarter. Investors typically reconcile such differences using the company’s detailed filing and notes.

What to watch next

The company has positioned FY26 as a record year on revenue, volumes, EBITDA and free cash flow in its own commentary. The next set of disclosures to watch would be the detailed break-up in the regulatory filing for Q4 FY26 and any management commentary on sustaining export demand and EV volume growth into the next fiscal.

Conclusion

TVS Motor’s Q4 FY26 performance, as presented in the supplied material, shows consolidated revenue from operations of ₹15,052.73 crore, quarterly PAT cited at ₹771.52 crore, and a record standalone quarterly revenue of about ₹12,808 crore. FY26 commentary highlights higher volumes, rising EBITDA, improving margins, and stronger operating free cash flow, setting the context for how the company enters the next financial year.