TVS Motor FY26 Results: Revenue Rises 30%, Sales Cross 58.9 Lakh Units
58.9 lakh units sold, revenue at ₹47,270 crore, EV sales up 51% in Q4 — TVS Motor's best year on record.
TVS Motor reported record FY26 results: 58.9 lakh units sold (up 24%), revenue of ₹47,270 crore (up 30%), and operating EBITDA up 37% to ₹6,079 crore. In Q4 alone, EV sales surged 51% to 1.15 lakh units and three-wheeler sales grew 65%. EBITDA margin improved from 12.3% to 12.9% for the full year.
TVS Motor's FY26 numbers are clean. Total sales hit 58.9 lakh units, up from 47.4 lakh in FY25 — 24% growth for the year. Revenue was ₹47,270 crore, up 30%. The stock was down 0.39% on the day results came in, which is the kind of reaction markets sometimes give good numbers.
EBITDA margin moved from 12.3% to 12.9%. That sounds small, but on a revenue base that grew 30%, it means operating leverage is working — they're selling more and keeping slightly more of each rupee.
While the stock was marginally down by 0.39% around 2:50 PM on March 13, 2026, the company’s operational performance painted a much stronger picture.
Full-year performance
| FY25 | FY26 | Growth | |
|---|---|---|---|
| Total Sales (Lakh Units) | 47.4 | 58.9 | 24% |
| Revenue from Operations (₹Cr) | 36,251 | 47,270 | 30% |
| Operating EBITDA (₹Cr) | 4,450 | 6,079 | 37% |
| Operating PBT (₹Cr) | 3,563 | 4,975 | 40% |
Source: NSE
Q4 was the stronger story
The March quarter is where the growth really showed up. Total sales, including international business, grew 28% to 15.60 lakh units.
Scooters led with 32% growth to 6.60 lakh units. Motorcycles grew 23% to 6.93 lakh. EVs were up 51% to 1.15 lakh, that is a real number now, not a pilot program. Three-wheelers grew 65% to 0.60 lakh, off a smaller base, but 65% is 65%.
| Q4 FY25 | Q4 FY26 | Growth | |
|---|---|---|---|
| Total Sales (Lakh Units) | 12.16 | 15.60 | 28% |
| Motorcycle Sales (Lakh Units) | 5.64 | 6.93 | 23% |
| Scooter Sales (Lakh Units) | 5.02 | 6.60 | 32% |
| EV Sales (Lakh Units) | 0.76 | 1.15 | 51% |
| Three-Wheeler Sales (Lakh Units) | 0.37 | 0.60 | 65% |
Revenue and margins in Q4
Q4 revenue came in at ₹12,808 crore versus ₹9,392 crore a year ago — 36% growth. EBITDA grew 43% to ₹1,679 crore, and PBT was up 47% to ₹1,375 crore. EBITDA margin for the quarter was 13.1%.
One thing to note: TVS flagged that Q4 FY25 figures were normalised because the full-year PLI benefit had been recognised in that quarter. The comparison base is adjusted for that.
What to watch
EV sales of 1.15 lakh units in a single quarter is the number that will matter more a year from now than the topline revenue growth. TVS iQube has been gaining ground steadily, and the volume is now visible in the quarterly data.
The three-wheeler growth at 65% is worth noting too. It is a smaller segment, but it tracks last-mile commercial activity — and 65% growth in one quarter is not a normal rate.
The margin expansion tells its own story. Going from 12.3% to 12.9% on a revenue base that grew by over ₹11,000 crore means the fixed cost base is not growing at the same pace as volumes. That is what a scale is supposed to do.