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TVS Motors

TVS Motor Company Ltd

TVSMOTOR NSE
₹4,331.20 +28.00 (+0.65%)
P/E
53.77
View as Markdown
MCP
Close 4 Nov 2026 ₹4,331.20 +884.40 +25.7% 1Y
Start ₹3,446.80

Key Fundamentals

LargecapAutomobilesConsumer Discretionary

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
17.40%
Debt to Equity
3.48
EPS (TTM)
₹80.55
Book Value
₹238.86
Market Cap
—
P/E (TTM)
53.77
P/B
18.13
ROE
33.60%
Dividend Yield
0.28%
EBITDA
₹8,415 Cr
52W High
₹4,484.50
52W Low
₹3,228.00
Day Range
₹4,298.40 – ₹4,349.90
Volume
5,26,608

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

47 Average

Data confidence 100/100

Category scores

Quality
45
Weak
Returns, margins, earnings quality 22% weight
Valuation
35
Poor
Cheap vs sector & own history 24% weight
Growth
91
Strong
Sales & profit trajectory 9% weight
Financial Health
22
Poor
Solvency, leverage, coverage 9% weight
Momentum
69
Strong
Trend strength, vol-adjusted 12% weight
Ownership
51
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

4
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 38.2% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 29.8%
  • Company has been maintaining a healthy dividend payout of 20.9%

Weaknesses

2
  • Stock is trading at 17.9 times its book value
  • Company might be capitalizing the interest cost

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish3412
OscillatorsBearish342
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
65.32
Neutral
MACD (12,26,9)
53.52
Bullish
SMA (50)
4,127.92
Bullish
SMA (200)
3,800.04
Bullish

As of

Analyst Rating

Based on 39 analysts
BUY79%

31 of 39 analysts rate Buy, 4 Hold, 4 Sell.

As of

BUY
31
79%
HOLD
4
10%
SELL
4
10%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.

Revenue

Revenue growth by window
10Y+17.29%
5Y+23.62%
3Y+20.59%
1Y+27.17%
TTM+34.28%

Net profit

Net profit growth by window
10Y+22.20%
5Y+39.27%
3Y+34.51%
1Y+33.87%
TTM+43.30%

Operating cash flow

Operating cash flow growth by window
10Y+7.15%
5Y+10.16%
3YTurned positive
1Y−46.70%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+7.70 pp
5Y+3.41 pp
3Y+2.31 pp
1Y−0.04 pp
TTM−0.76 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹12,463 Cr
Mar 2018₹16,340 Cr
Mar 2019₹20,160 Cr
Mar 2020₹18,849 Cr
Mar 2021₹19,421 Cr
Mar 2022₹24,355 Cr
Mar 2023₹31,974 Cr
Mar 2024₹38,779 Cr
Mar 2025₹44,089 Cr
Mar 2026₹56,070 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹509 Cr
Mar 2018₹665 Cr
Mar 2019₹725 Cr
Mar 2020₹647 Cr
Mar 2021₹608 Cr
Mar 2022₹731 Cr
Mar 2023₹1,309 Cr
Mar 2024₹1,779 Cr
Mar 2025₹2,380 Cr
Mar 2026₹3,186 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹2,015 Cr −28.5% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk high

TVS Motor Company trades at ₹4,331.2 as of 2026-11-04 with a market cap of ₹2,05,579.7 crore. The company has delivered strong profit growth of 38% CAGR over five years and maintains a ROE of 29.74%, but the stock trades at a P/E of 53.77 and 18.13 times book value, reflecting a premium valuation that prices in significant future growth.

Bull Case 8
  • Exceptional profit compounding: 5-year profit CAGR of 38% and TTM profit growth of 48%, indicating accelerating earnings momentum
  • Strong revenue growth trajectory with 5-year compounded sales growth of 24% and TTM sales growth of 34%, suggesting robust demand and market share gains
  • Consistently high return on equity at 29.74%, with a 3-year average ROE of 30% and last year's ROE at 34%, demonstrating efficient capital deployment
  • ROCE of 28.86% indicates the company generates strong returns on total capital employed, even after accounting for debt
  • Long-term wealth creation track record with stock CAGR of 45% over 5 years and 26% over 10 years, significantly outperforming broader indices
  • Company is expected to deliver a good quarter, and 10-year compounded sales growth of 17% shows durable business expansion across cycles
  • Healthy dividend payout ratio of 20.9% maintained alongside high reinvestment rates, balancing shareholder returns with growth funding
  • Stock is trading approximately 3.4% below its 52-week high of ₹4,484.5, indicating sustained investor confidence near peak levels
Bear Case 7
  • P/E ratio of 53.77 is significantly elevated, implying the market is pricing in continued high growth that may be difficult to sustain at scale
  • Debt-to-equity ratio of 3.43 is notably high, indicating substantial leverage that increases financial risk in a rising interest rate or demand slowdown scenario
  • Concerns around potential capitalisation of interest costs, which if true would overstate reported profitability and asset quality
  • Dividend yield of just 0.28% provides negligible income cushion for investors, making returns almost entirely dependent on capital appreciation
  • TTM EPS of ₹80.55 needs to grow substantially to justify the current price of ₹4,331.2 — earnings would need to roughly double to bring the P/E closer to 25-30x
  • The stock has rallied 34% from its 52-week low of ₹3,228 to ₹4,331.2, and such extended valuations leave room for sharp corrections on any negative surprise
  • Consumer discretionary sector is cyclical — the current TTM sales growth of 34% and profit growth of 48% reflect a strong cycle that may not persist through an economic slowdown

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: TVS Motor is firing on all cylinders with 52% profit growth, 133% EV sales surge in Q2, and strong October volumes up 29% YoY. The EV segment is a clear growth engine with capacity being ramped up, and international expansion via EICMA launches supports the 30%+ revenue target by 2030. The only minor concern is a dip in institutional support for the new CEO appointment. With robust volume momentum, accelerating EV adoption, and an upcoming finance business demerger, the trend is firmly improving.

Headwinds 1
  • Institutional CEO vote dip Oct 22

    Institutional investor support for Peyman Kargar's CEO appointment dropped from 99.30% to 92.78% compared to his director role vote, signaling some institutional reservations about the leadership transition.

Positives 5
  • Q2 profit surges 52% YoY Nov 4

    Standalone PAT rose 52% YoY to ₹1,377.15 crore in Q2FY27, beating consensus estimates. Sales volumes grew 27% to 19.19 lakh units with EV sales surging 133%.

  • EV sales soar 120% in October Nov 1

    Total sales volume rose 29% YoY to 700,134 units in October 2026. EV sales surged 120% to 71,382 units and international business grew 51% to 175,350 units.

  • Four new EVs unveiled at EICMA Nov 3

    TVS unveiled four production-ready models at EICMA 2026 to strengthen European presence, supporting its goal of increasing international revenue contribution to over 30% by 2030.

Neutral 1
  • New CEO gets shareholder nod Oct 22

    Shareholders approved Peyman Kargar's appointment as Director and CEO for a five-year term with 97.02% support for the CEO resolution. Promoter group voted unanimously in favour.

Quarterly Results

₹ Cr
TVSMOTOR quarterly results, ₹ crore
Particulars Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
9,933
10,114
9,942
10,314
11,302
11,035
11,542
12,210
14,051
14,756
15,053
16,296
19,474
Expenses
8,588
8,639
8,487
8,884
9,678
9,402
9,638
10,407
11,941
12,488
12,881
13,952
16,753
Operating Profit
1,345
1,475
1,455
1,431
1,624
1,633
1,904
1,803
2,110
2,267
2,172
2,343
2,721
OPM %
14%
15%
15%
14%
14%
15%
16%
15%
15%
15%
14%
14%
14%
Other Income
51
12
−34
48
32
70
−57
40
−14
−60
7
158
98
Interest
483
494
511
500
509
536
551
551
552
561
566
602
670
Depreciation
237
242
263
241
259
258
292
315
320
323
315
354
358
PBT
676
750
647
738
888
908
1,004
977
1,223
1,323
1,298
1,545
1,791
Tax %
38%
32%
36%
34%
34%
33%
31%
34%
32%
33%
37%
32%
32%
Net Profit
416
510
412
485
588
609
698
643
833
891
820
1,058
1,219
EPS (₹)
8.13
10.08
8.15
9.7
11.8
11.91
13.64
12.84
16.74
17.71
16.24
21.46
25.14

Profit & Loss

₹ Cr
TVSMOTOR profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
10,256
11,377
12,463
16,340
20,160
18,849
19,421
24,355
31,974
38,779
44,089
56,070
65,578
Expenses
9,650
10,558
11,591
14,769
17,997
16,585
17,189
21,601
27,947
33,344
37,501
47,717
56,075
Operating Profit
605
819
871
1,571
2,163
2,264
2,232
2,755
4,027
5,435
6,588
8,352
9,503
OPM %
6%
7%
7%
10%
11%
12%
11%
11%
13%
14%
15%
15%
14%
Other Income
80
93
163
71
25
12
36
−5
136
131
86
−28
202
Interest
62
70
60
338
663
855
881
940
1,368
1,917
2,093
2,230
2,399
Depreciation
179
262
317
374
442
556
565
743
859
956
1,046
1,273
1,350
PBT
444
580
658
931
1,083
865
822
1,067
1,936
2,693
3,535
4,822
5,958
Tax %
28%
26%
23%
29%
33%
25%
26%
31%
32%
34%
33%
34%
—
Net Profit
328
429
509
665
725
647
608
731
1,309
1,779
2,380
3,186
3,988
EPS (₹)
6.91
9.03
10.76
13.73
14.83
13.15
12.51
15.93
27.97
35.5
47.06
63.53
80.55
Div. Payout %
28%
28%
23%
24%
24%
27%
28%
24%
18%
23%
21%
19%
—

Balance Sheet

₹ Cr
TVSMOTOR balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital
48
48
48
48
48
48
48
48
48
48
48
48
48
Reserves
1,277
1,771
2,169
2,630
3,123
3,235
3,779
4,352
5,457
6,736
8,456
9,517
11,300
Borrowings
1,119
1,091
1,311
6,928
9,298
11,591
12,179
15,827
22,376
26,006
28,609
32,791
39,453
Other Liabilities
2,126
2,236
2,601
3,586
4,228
4,399
5,859
6,692
7,144
9,235
10,539
13,790
16,070
Total Liabilities
4,570
5,146
6,128
13,190
16,696
19,272
21,865
26,919
35,025
42,024
47,651
56,146
66,871
Fixed Assets
1,637
2,038
2,362
3,094
3,367
3,811
4,221
5,975
5,748
5,891
7,644
8,634
11,075
CWIP
93
47
64
313
745
1,006
1,041
552
743
1,033
1,465
2,072
1,362
Investments
539
943
1,155
421
440
371
468
605
967
1,123
1,247
1,147
2,004
Other Assets
2,301
2,118
2,547
9,362
12,145
14,085
16,135
19,788
27,566
33,977
37,294
44,293
52,430
Total Assets
4,570
5,146
6,128
13,190
16,696
19,272
21,865
26,919
35,025
42,024
47,651
56,146
66,871

Cash Flow

₹ Cr
TVSMOTOR cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
83
936
689
354
−918
373
1,151
−1,575
−4,405
−1,253
3,503
1,867
Investing
−415
−605
−709
−1,095
−1,104
−1,090
−882
−1,471
−1,308
−1,481
−2,899
−2,964
Financing
261
−319
−59
897
2,210
1,619
264
2,918
6,118
3,239
1,155
909
Net Cash Flow
−71
12
−79
156
188
902
532
−128
406
505
1,759
−189
Free Cash Flow
−261
424
65
−727
−2,048
−617
227
−2,531
−5,724
−2,363
1,044
−1,280
CFO/EBITDA
40
134
95
43
−28
27
63
−44
−94
−5
71
42

Ratios

TVSMOTOR financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
15
16
21
24
28
28
19
18
14
17
14
17
Inventory Days
51
40
47
34
34
35
39
37
34
34
33
26
Days Payable
76
74
80
86
83
94
121
105
89
100
103
103
Cash Conversion Cycle
−11
−18
−12
−28
−21
−31
−63
−50
−41
−49
−56
−60
Working Capital Days
−11
−20
−24
−37
−1
−27
−38
−40
−49
−20
−17
−37
ROCE %
21%
22%
22%
19%
16%
13%
11%
11%
13%
15%
15%
17%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view TVS Motors insights

66 extracted metrics across FY06–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 50.27%
  • FIIs 21.39%
  • DIIs 20.29%
  • Public 6.42%
  • Others 1.63%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about TVS Motors

What does TVS Motor Company Ltd do?
TVS Motor Company Ltd (TVSM) is engaged in manufacturing two-wheelers and its accessories; it currently manufactures a wide range of two-wheelers and three-wheelers.
Where is TVS Motor Company Ltd (TVSMOTOR) listed?
TVS Motor Company Ltd trades as TVSMOTOR on the NSE and under code 532343 on the BSE.
Which sector does TVS Motor Company Ltd belong to?
TVS Motor Company Ltd is classified under the Consumer Discretionary sector, in the Automobiles industry.
What is the PE ratio of TVS Motor Company Ltd?
TVS Motor Company Ltd trades at a PE ratio of 53.77 as of 4 Nov 2026, on earnings per share of ₹80.55, against a book value of ₹238.86 per share.
What is the 52-week high and low of TVS Motor Company Ltd?
Over the last 52 weeks TVS Motor Company Ltd has traded between ₹3,228 and ₹4,484.5 as of 4 Nov 2026.
Does TVS Motor Company Ltd pay dividends?
TVS Motor Company Ltd has a dividend yield of 0.28%.
What is the Return on Equity (ROE) of TVS Motor Company Ltd?
TVS Motor Company Ltd reported a return on equity of 33.60%. Its debt-to-equity ratio is 3.48.

Company Information

TVS Motor Company Ltd (TVSM) is engaged in manufacturing two-wheelers and its accessories; it currently manufactures a wide range of two-wheelers and three-wheelers.

Website tvsmotor.com
CEO Sir Ralf Dieter Speth Ph.D.
Employees 6,522
Listed 2 Aug 2000
Face Value ₹1

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