TVS Motor Company Ltd.
TVSMOTORConsumer Discretionary filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
17 transcript(s)/analyst meet(s) served; 3 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 17 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| COVER_LETTER | 20220511 | 2022-03-31 | no | |
| COVER_LETTER | 20220530 | 2022-03-31 | no | |
| COVER_LETTER | 20220606 | 2022-03-31 | no | |
| TRANSCRIPT | 20221110 | 2022-09-30 | yes | |
| TRANSCRIPT | 20230127 | 2022-12-31 | yes | |
| TRANSCRIPT | 20231103 | 2023-09-30 | yes | |
| TRANSCRIPT | 20240131 | 2023-12-31 | yes | |
| TRANSCRIPT | 20240513 | 2024-03-31 | yes | |
| TRANSCRIPT | 20240812 | 2024-06-30 | yes | |
| TRANSCRIPT | 20241025 | 2024-09-30 | yes | |
| TRANSCRIPT | 20250131 | 2024-12-31 | yes | |
| TRANSCRIPT | 20250505 | 2025-03-31 | yes | |
| TRANSCRIPT | 20250806 | 2025-06-30 | yes | |
| TRANSCRIPT | 20251031 | 2025-09-30 | yes | |
| TRANSCRIPT | 20260203 | 2025-12-31 | yes | |
| TRANSCRIPT | 20260519 | 2026-03-31 | yes | |
| TRANSCRIPT | 20260728 | 2026-06-30 | yes |
TVSMOTOR
files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | general |
| Scope served | consolidated |
| Panels on this page | 4 |
Market
The closes are adjusted for every split and bonus on record inside the period this series covers, and each adjustment is checked against the price move on its ex-date.
| Last close | 4,091.00 |
| 52-week range | 3283.4 – 4466.2 |
| Return 1M | -7.44% |
| Return 3M | 14.6% |
| Return 1Y | 18.48% |
| Return 3Y | 169.94% |
| Return 5Y | 661.54% |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Revenue from operations | 16,296.00 |
| Other income | 158.00 |
| Total income | 16,454.00 |
| Cost of materials consumed | 10,270.00 |
| Purchases of stock-in-trade | 285.00 |
| Changes in inventories | -95.00 |
| Employee benefit expense | 1,324.00 |
| Finance costs | 602.00 |
Ownership — 2026-06-30, and the change from 2026-03-31
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.50 | 0.00 |
| institutions foreign | 0.20 | -0.02 |
| institutions domestic | 0.21 | 0.02 |
| mutual funds | 0.16 | 0.02 |
| public | 0.50 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| COVER_LETTER | 2022-03-31 | 3 |
| TRANSCRIPT | 2026-06-30 | 14 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Quarterly results, as filed
| Line | 2022-09-30 | 2022-12-31 | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 8,561.00 | 8,066.00 | 8,031.00 | 9,056.00 | 9,933.00 | 10,114.00 | 10,042.00 | 10,407.00 | 11,302.00 | 11,135.00 | 11,542.00 | 12,210.00 | 14,051.00 | 14,756.00 | 15,053.00 | 16,296.00 |
| Other income | 30.00 | 9.00 | 67.00 | 87.00 | 51.00 | 12.00 | -44.00 | 41.00 | 32.00 | 65.00 | -68.00 | 40.00 | -14.00 | -10.00 | 7.00 | 158.00 |
| Total income | 8,591.00 | 8,075.00 | 8,099.00 | 9,142.00 | 9,984.00 | 10,126.00 | 9,999.00 | 10,448.00 | 11,334.00 | 11,200.00 | 11,474.00 | 12,250.00 | 14,037.00 | 14,745.00 | 15,059.00 | 16,454.00 |
| Cost of materials consumed | 5,579.00 | 4,956.00 | 4,944.00 | 5,501.00 | 6,336.00 | 5,782.00 | 6,099.00 | 6,087.00 | 6,603.00 | 6,456.00 | 6,933.00 | 7,062.00 | 8,706.00 | 8,404.00 | 9,098.00 | 10,270.00 |
| Purchases of stock-in-trade | 230.00 | 306.00 | 136.00 | 460.00 | 148.00 | 227.00 | 176.00 | 280.00 | 93.00 | 118.00 | 344.00 | 325.00 | 227.00 | 258.00 | 421.00 | 285.00 |
| Changes in inventories | -87.00 | -90.00 | 18.00 | -272.00 | -175.00 | 254.00 | -130.00 | -94.00 | 179.00 | 141.00 | -305.00 | 109.00 | -206.00 | 470.00 | 6.00 | -95.00 |
| Employee benefit expense | 751.00 | 718.00 | 762.00 | 821.00 | 833.00 | 856.00 | 875.00 | 943.00 | 942.00 | 913.00 | 858.00 | 1,052.00 | 1,085.00 | 1,103.00 | 1,151.00 | 1,324.00 |
| Finance costs | 338.00 | 339.00 | 398.00 | 437.00 | 483.00 | 494.00 | 513.00 | 503.00 | 509.00 | 539.00 | 551.00 | 551.00 | 552.00 | 561.00 | 566.00 | 602.00 |
| Depreciation and amortisation | 212.00 | 216.00 | 232.00 | 227.00 | 237.00 | 242.00 | 269.00 | 246.00 | 259.00 | 264.00 | 292.00 | 315.00 | 320.00 | 323.00 | 315.00 | 354.00 |
| Other expenses | 1,001.00 | 1,155.00 | 1,117.00 | 1,332.00 | 1,435.00 | 1,507.00 | 1,537.00 | 1,725.00 | 1,843.00 | 1,842.00 | 1,792.00 | 1,848.00 | 2,117.00 | 2,251.00 | 2,189.00 | 2,154.00 |
| Total expenses | 8,025.00 | 7,600.00 | 7,608.00 | 8,505.00 | 9,297.00 | 9,363.00 | 9,339.00 | 9,691.00 | 10,428.00 | 10,273.00 | 10,465.00 | 11,262.00 | 12,802.00 | 13,369.00 | 13,746.00 | 14,894.00 |
| Profit before exceptional items and tax | 566.00 | 476.00 | 491.00 | 637.00 | 686.00 | 763.00 | 660.00 | 757.00 | 906.00 | 927.00 | 1,009.00 | 988.00 | 1,236.00 | 1,376.00 | 1,313.00 | 1,560.00 |
| Exceptional items | -0.00 | -1.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -50.00 | 0.00 | 0.00 |
| Profit before tax | 565.00 | 475.00 | 491.00 | 637.00 | 686.00 | 763.00 | 660.00 | 757.00 | 906.00 | 927.00 | 1,009.00 | 988.00 | 1,236.00 | 1,326.00 | 1,313.00 | 1,560.00 |
| Current tax | 193.00 | 157.00 | 195.00 | 189.00 | 311.00 | 343.00 | 170.00 | 281.00 | 331.00 | 262.00 | 318.00 | 333.00 | 395.00 | 439.00 | 453.00 | 508.00 |
| Deferred tax | -17.00 | 3.00 | -45.00 | -4.00 | -51.00 | -102.00 | 69.00 | -27.00 | -32.00 | 35.00 | -12.00 | 1.00 | -5.00 | -7.00 | 26.00 | -20.00 |
| Tax expense | 176.00 | 160.00 | 151.00 | 185.00 | 260.00 | 241.00 | 239.00 | 254.00 | 299.00 | 297.00 | 306.00 | 334.00 | 391.00 | 432.00 | 479.00 | 488.00 |
| Profit for the period | 373.00 | 304.00 | 336.00 | 441.00 | 416.00 | 510.00 | 412.00 | 485.00 | 588.00 | 609.00 | 698.00 | 643.00 | 833.00 | 891.00 | 820.00 | 1,058.00 |
| Profit attributable to owners | 386.00 | 301.00 | 336.00 | 434.00 | 386.00 | 479.00 | 387.00 | 461.00 | 560.00 | 566.00 | 648.00 | 610.00 | 795.00 | 841.00 | 772.00 | 1,019.00 |
| Profit attributable to non-controlling interests | -13.00 | 3.00 | -0.00 | 7.00 | 30.00 | 31.00 | 25.00 | 24.00 | 28.00 | 43.00 | 49.00 | 33.00 | 37.00 | 50.00 | 48.00 | 38.00 |
| Other comprehensive income | 15.00 | 75.00 | -21.00 | -48.00 | 3.00 | 31.00 | -39.00 | -30.00 | 78.00 | -36.00 | 36.00 | 18.00 | 79.00 | 211.00 | 199.00 | -21.00 |
| Total comprehensive income | 389.00 | 378.00 | 314.00 | 394.00 | 418.00 | 540.00 | 373.00 | 455.00 | 666.00 | 573.00 | 733.00 | 661.00 | 911.00 | 1,102.00 | 1,019.00 | 1,036.00 |
| Earnings per share, basic | 8.13 | 6.33 | 7.07 | 9.14 | 8.13 | 10.08 | 8.15 | 9.70 | 11.80 | 11.91 | 13.64 | 12.84 | 16.74 | 17.71 | 16.24 | 21.46 |
| Earnings per share, diluted | 8.13 | 6.33 | 7.07 | 9.14 | 8.13 | 10.08 | 8.15 | 9.70 | 11.80 | 11.91 | 13.65 | 12.84 | 16.74 | 17.71 | 16.24 | 21.46 |
Annual results, as filed
| Line | 2020-03-31 | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | 2026-03-31 |
|---|---|---|---|---|---|---|---|
| Revenue from operations | 18,849.00 | 19,421.00 | 24,355.00 | 31,974.00 | 39,145.00 | 44,089.00 | 56,070.00 |
| Other income | 52.00 | 47.00 | 33.00 | 138.00 | 106.00 | 70.00 | 22.00 |
| Total income | 18,901.00 | 19,468.00 | 24,388.00 | 32,112.00 | 39,251.00 | 44,159.00 | 56,092.00 |
| Cost of materials consumed | 12,051.00 | 12,701.00 | 15,939.00 | 20,093.00 | 23,718.00 | 25,968.00 | 33,270.00 |
| Purchases of stock-in-trade | 259.00 | 225.00 | 579.00 | 891.00 | 1,012.00 | 835.00 | 1,231.00 |
| Changes in inventories | 7.00 | -0.00 | -260.00 | -141.00 | -324.00 | -79.00 | 379.00 |
| Employee benefit expense | 1,539.00 | 1,689.00 | 2,124.00 | 2,890.00 | 3,385.00 | 3,581.00 | 4,392.00 |
| Finance costs | 855.00 | 881.00 | 940.00 | 1,368.00 | 1,928.00 | 2,093.00 | 2,230.00 |
| Depreciation and amortisation | 556.00 | 565.00 | 743.00 | 859.00 | 975.00 | 1,046.00 | 1,273.00 |
| Other expenses | 2,720.00 | 2,568.00 | 3,219.00 | 4,173.00 | 5,811.00 | 7,136.00 | 8,405.00 |
| Total expenses | 17,987.00 | 18,629.00 | 23,284.00 | 30,133.00 | 36,504.00 | 40,579.00 | 51,179.00 |
| Profit before exceptional items and tax | 914.00 | 839.00 | 1,104.00 | 1,979.00 | 2,746.00 | 3,579.00 | 4,913.00 |
| Exceptional items | -40.00 | -9.00 | -40.00 | -2.00 | 0.00 | 0.00 | -50.00 |
| Profit before tax | 874.00 | 829.00 | 1,064.00 | 1,977.00 | 2,746.00 | 3,579.00 | 4,863.00 |
| Current tax | 295.00 | 250.00 | 365.00 | 703.00 | 1,013.00 | 1,190.00 | 1,620.00 |
| Deferred tax | -76.00 | -36.00 | -29.00 | -77.00 | -88.00 | -35.00 | 15.00 |
| Tax expense | 219.00 | 214.00 | 336.00 | 627.00 | 924.00 | 1,155.00 | 1,635.00 |
| Profit for the period | 647.00 | 608.00 | 731.00 | 1,309.00 | 1,779.00 | 2,380.00 | 3,186.00 |
| Profit attributable to owners | 625.00 | 594.00 | 757.00 | 1,329.00 | 1,686.00 | 2,236.00 | 3,018.00 |
| Profit attributable to non-controlling interests | 22.00 | 13.00 | -26.00 | -19.00 | 92.00 | 144.00 | 168.00 |
| Other comprehensive income | -110.00 | 116.00 | 3.00 | 59.00 | -53.00 | 47.00 | 507.00 |
| Total comprehensive income | 537.00 | 723.00 | 734.00 | 1,369.00 | 1,725.00 | 2,427.00 | 3,693.00 |
| Earnings per share, basic | 13.15 | 12.51 | 15.93 | 27.97 | 35.50 | 47.05 | 63.53 |
| Earnings per share, diluted | 13.15 | 12.51 | 15.93 | 27.97 | 35.50 | 47.05 | 63.53 |
Balance sheet, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Total assets | 31,129.00 | 35,233.00 | 40,469.00 | 42,220.00 | 44,946.00 | 47,937.00 | 51,927.00 | 56,501.00 |
| Non-current assets | 15,526.00 | 18,226.00 | 19,494.00 | 20,700.00 | 20,689.00 | 21,953.00 | 23,169.00 | 25,031.00 |
| Current assets | 15,603.00 | 17,007.00 | 20,975.00 | 21,520.00 | 24,256.00 | 25,984.00 | 28,758.00 | 31,002.00 |
| Property, plant and equipment | 3,614.00 | 4,177.00 | 4,232.00 | 4,294.00 | 4,445.00 | 5,489.00 | 5,896.00 | 6,050.00 |
| Capital work-in-progress | 245.00 | 316.00 | 314.00 | 338.00 | 417.00 | 664.00 | 701.00 | 974.00 |
| Goodwill | 598.00 | 597.00 | 597.00 | 597.00 | 597.00 | 731.00 | 731.00 | 731.00 |
| Other intangible assets | 809.00 | 836.00 | 814.00 | 862.00 | 977.00 | 1,283.00 | 1,468.00 | 1,707.00 |
| Inventories | 1,634.00 | 1,922.00 | 2,559.00 | 2,248.00 | 2,172.00 | 2,417.00 | 2,545.00 | 2,459.00 |
| Trade receivables | 1,404.00 | 1,232.00 | 1,616.00 | 1,839.00 | 1,820.00 | 1,717.00 | 2,177.00 | 2,654.00 |
| Cash and cash equivalents | 2,171.00 | 1,851.00 | 2,792.00 | 2,356.00 | 3,557.00 | 4,115.00 | 4,720.00 | 3,926.00 |
| Total equity and liabilities | 31,129.00 | 35,233.00 | 40,469.00 | 42,220.00 | 44,946.00 | 47,937.00 | 51,927.00 | 56,501.00 |
| Equity | 5,451.00 | 5,910.00 | 6,981.00 | 7,511.00 | 8,592.00 | 9,442.00 | 9,128.00 | 10,713.00 |
| Equity share capital | 48.00 | 48.00 | 48.00 | 48.00 | 48.00 | 48.00 | 48.00 | 48.00 |
| Other equity | 5,022.00 | 5,457.00 | 6,273.00 | 6,736.00 | 7,712.00 | 8,456.00 | 8,068.00 | 9,517.00 |
| Total liabilities | 25,678.00 | 29,323.00 | 33,488.00 | 34,709.00 | 36,354.00 | 38,495.00 | 42,799.00 | 45,788.00 |
| Non-current liabilities | 9,928.00 | 10,104.00 | 13,238.00 | 13,631.00 | 13,072.00 | 15,321.00 | 16,193.00 | 13,720.00 |
| Current liabilities | 15,750.00 | 19,219.00 | 20,250.00 | 21,078.00 | 23,282.00 | 23,174.00 | 26,606.00 | 32,068.00 |
| Borrowings, non-current | 9,133.00 | 9,064.00 | 12,209.00 | 12,629.00 | 12,192.00 | 13,933.00 | 14,727.00 | 12,486.00 |
| Borrowings, current | 9,057.00 | 12,562.00 | 12,101.00 | 12,657.00 | 14,128.00 | 13,683.00 | 15,807.00 | 19,138.00 |
| Trade payables | 5,431.00 | 5,097.00 | 6,398.00 | 6,638.00 | 7,697.00 | 7,561.00 | 9,123.00 | 9,834.00 |
Cash flow, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Net cash from operating activities | -1,953.00 | -4,405.00 | -1,245.00 | -1,253.00 | 1,434.00 | 3,503.00 | 1,390.00 | 1,867.00 |
| Net cash from investing activities | -321.00 | -1,308.00 | -729.00 | -1,001.00 | -1,013.00 | -2,899.00 | -1,581.00 | -2,964.00 |
| Net cash from financing activities | 2,999.00 | 6,118.00 | 2,915.00 | 2,759.00 | 780.00 | 1,155.00 | 795.00 | 909.00 |
| Purchase of property, plant and equipment | 493.00 | 1,341.00 | 601.00 | 1,145.00 | 1,012.00 | 2,478.00 | 1,572.00 | 3,235.00 |
| Net increase in cash | 725.00 | 406.00 | 941.00 | 505.00 | 1,201.00 | 1,759.00 | 605.00 | -189.00 |
| con:CFO.BEFORE_TAX | -1,684.00 | -3,797.00 | -842.00 | -293.00 | 2,019.00 | 4,650.00 | 2,029.00 | 3,492.00 |
| con:INTEREST_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 269.00 | 608.00 | 402.00 | 959.00 | 585.00 | 1,147.00 | 639.00 | 1,626.00 |
| con:CF_OTHER.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_PURCHASED | 163.00 | 266.00 | 144.00 | 223.00 | 23.00 | 424.00 | 110.00 | 187.00 |
| con:INVESTMENTS_SOLD | 0.00 | 0.00 | 169.00 | 216.00 | 0.00 | 56.00 | 23.00 | 335.00 |
| con:PPE_DISPOSALS | 6.00 | 22.00 | 24.00 | 35.00 | 13.00 | 19.00 | 81.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 317.00 | 317.00 | 0.00 | 480.00 | 4.00 | 4.00 | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 35.00 | 122.00 | 180.00 | 388.00 | 0.00 | 98.00 | 4.00 | 0.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 50.27 | 50.27 | 50.27 | 50.27 | 50.27 | 50.27 | 50.27 | 0.50 | 50.27 | 50.27 | 0.50 | 0.50 | 0.50 | 0.50 |
| Domestic institutions | 24.40 | 23.42 | 23.12 | 21.79 | 20.26 | 20.14 | 19.01 | 0.20 | 19.74 | 18.81 | 0.18 | 0.18 | 0.19 | 0.21 |
| Mutual funds | — | — | — | — | — | — | — | 0.16 | — | 13.99 | 0.14 | 0.14 | 0.14 | 0.16 |
| Insurance companies | 5.20 | 4.49 | 3.71 | 3.09 | 2.74 | 2.81 | 2.62 | 0.03 | 3.30 | 3.23 | 0.02 | 0.02 | 0.02 | 0.03 |
| Foreign institutions | 17.01 | 18.13 | 18.51 | 19.27 | 20.83 | 21.05 | 22.33 | 0.21 | 21.48 | 22.42 | 0.23 | 0.23 | 0.23 | 0.20 |
| Government | — | — | — | — | — | — | — | 0.00 | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Public | 49.73 | 49.73 | 49.73 | 49.73 | 49.73 | 49.73 | 49.66 | 0.50 | 49.66 | 49.63 | 0.50 | 0.50 | 0.50 | 0.50 |
| Non-institutional | 8.32 | 8.18 | 8.10 | 8.67 | 8.65 | 8.55 | 8.32 | 0.08 | 8.45 | 8.41 | 0.08 | 0.08 | 0.08 | 0.08 |
| Shares outstanding | 475087114 | 475087114 | 475087114 | 475087114 | 475087114 | 475087114 | 475087114 | 475087114 | 475087114 | 475087114 | 475087114 | 475087114 | 475087114 | 475087114 |
Related parties
Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.
| Counterparty | Relationship | Type | Amount in the period | Transactions |
|---|---|---|---|---|
| Swiss E-Mobility Group (Holding) AG | SUBSIDIARIES | Any other transaction, Interest received, Investment | 4,684,500,000.00 | 7 |
| TVS Holdings Limited | Holding Company | Any other transaction, Sale of goods or services | 4,151,900,000.00 | 8 |
| TVS Motor (Singapore) Pte Limited | SUBSIDIARIES | Any other transaction, Investment, Sale of goods or | 3,941,900,000.00 | 6 |
| TVS Credit Services Limited | SUBSIDIARIES | Any other transaction, Investment | 2,862,800,000.00 | 6 |
| Norton Motorcycle Co Ltd | SUBSIDIARIES | Any other transaction, Interest received, Investment | 2,779,700,000.00 | 13 |
| Sundaram Auto Components Limited | SUBSIDIARIES | Any other transaction, Purchase of goods or services | 2,251,500,000.00 | 5 |
| Sundaram-Clayton Limited | COMPANY UNDER COMMON CONTROL | Any other transaction, Purchase of goods or services | 2,235,200,000.00 | 11 |
| PT. TVS Motor Company Indonesia | SUBSIDIARIES | Any other transaction, Interest received, Loan, Purc | 1,502,400,000.00 | 8 |
| TVS Motor Company Employees' Provident Fund | POST EMPLOYMENT BENEFIT PLAN | Any other transaction | 683,900,000.00 | 1 |
| TVS Digital Limited (India) | SUBSIDIARIES | Any other transaction | 63,200,000.00 | 2 |
| Ashish Sapra | Key Managerial Personnel | Remuneration | 48,400,000.00 | 1 |
| K Gopala Desikan | Key Managerial Personnel | Remuneration | 46,700,000.00 | 1 |
| K N Radhakrishnan | Key Managerial Personnel | Remuneration | 31,000,000.00 | 2 |
| Sudarshan Venu | Key Managerial Personnel | Remuneration | 15,900,000.00 | 1 |
| TVS Digital Pte Limited | SUBSIDIARIES | Any other transaction | 15,100,000.00 | 4 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-07-28 | Q1FY27 | MARKET RESEARCH | Read the call |
| 2026-05-19 | Q4FY26 | MARKETS PRIVATE LIMITED | Read the call |
| 2026-02-03 | Q3FY26 | TVS ~ | Read the call |
| 2025-10-31 | Q2FY26 | TVS ~ | Read the call |
| 2025-08-06 | Q1FY26 | EXECUTIVE OFFICER | Read the call |
| 2025-05-05 | Q4FY25 | TVS MOTOR COMPANY LIMITED | Read the call |
| 2025-01-31 | Q3FY25 | SECURITIES INDIA PRIVATE LIMITED | Read the call |
| 2024-10-25 | Q2FY25 | EXECUTIVE OFFICER – | Read the call |
| 2024-08-12 | Q1FY25 | SECURITIES INDIA PRIVATE LIMITED | Read the call |
| 2024-05-13 | Q4FY24 | SECURITIES INDIA PRIVATE LIMITED | Read the call |
| 2024-01-31 | Q3FY24 | TVS ~, si~x r,~.:,:r,,n,..~: | Read the call |
| 2023-11-03 | Q2FY24 | EXECUTIVE OFFICER, TVS MOTOR | Read the call |
| 2023-01-27 | Q3FY23 | Read the call | |
| 2022-11-10 | Q2FY23 | SECURITIES LIMITED | Read the call |
| 2022-06-06 | Q4FY22 | Read the call |
Some earlier announcements under this heading are covering letters only — no transcript was attached.
What they said about it, quarter by quarter
| Topic | Q2FY26 | Q3FY23 | Q3FY24 | Q3FY25 | Q3FY26 | Q4FY24 | Q4FY25 | Q4FY26 |
|---|---|---|---|---|---|---|---|---|
| Capex | — | — | I just wanted to know this INR300 crores investment, where is that being deployed in this quarter and if you can give us a number on the capex and ful… | And how much would be capex for the full year FY '25? | My first question was around the investment and capex plan for the year. | And what does it imply for your capex requirement investment going forward? | During the year, the Company has generated operating cash flow post-CAPEX of Rs.2,486 crores. | And possibly for '28 and '29, we are also thinking about which -- what kind of capacity additions we need to add. |
| Capital allocation | — | The Board meeting declared today the dividend, an interim dividend of INR 5 per share, absorbing a sum of INR 238 crores for the financial year '22 -'… | — | — | — | — | And sir, just second question I have is on a lot of items that you've mentioned in terms of dividend income from subsidiary, mark-to-market. | — |
| Costs | If you could help us understand on the commodity cost, what was the cost pressure in Q2 and how you are seeing Q3? | Our raw material sales as a ratio gets better by almost 70 bps quarter-on-quarter. | And on the overall raw material cost, there is some decline on a QOQ basis. | — | — | — | — | There are challenges in terms of commodity prices, steel, aluminum, crude oil derivatives, and there are pressures on input costs, also some supply ch… |
| Debt and cash | — | And as you know, we are significantly focused on improving the retails in the international market, where our billing has been much lower primarily to… | — | So a lot of focus in terms of cost reduction, working capital management because we feel that in a couple of years' time, the e-bike industry will com… | — | Last year, we have generated an operating free cash flow of around INR2,300 crores. | So, there's been absolutely no operating loss, there's an operating deleverage because of the accelerated investments what you're doing on R&D and tec… | — |
| Demand | So if - so INR120 crores of packing costs relative to festival season, which you're calling out, so it should normalize once the demand supply also st… | And thanks to all of our customers, the demand is ahead of supplies and we hope to continue this momentum in Q4. Financial year '23/'24 will set a ton… | We are prioritizing the countries with strong two-wheeler demand, coupled with existing Emil Frey infrastructure and resources to build this distribut… | Sir, in terms of demand outlook, how do you see domestic market in FY '26, given that we have not yet reached the previous peak? | See, one thing, thanks to all the customers, our products are in very good demand in the market, thanks to our customers. | And if you could just give us some colour on what to expect for customers from TVS in FY '25 on both the ICE premium as well as the electric 2-wheeler… | April 28, 2025 As I highlighted last time, despite slow credit demand, TVS Credit maintains stable disbursements supported by increased market penetra… | The 2-wheeler category witnessed strong demand during this quarter, aided by steady recovery across urban, semi-urban markets. |
| Guidance | — | We expect this will further go up in the coming quarters. | And we expect in Q4, this momentum should continue. | But just trying to understand, are we expecting a moderation in the growth of these expense line items so that we can see some operating leverage bene… | And sir, just lastly, on the investments, we have increased the guidance to INR2,900 crores from INR2,000 crores. | So this financial year, should we expect the 3-wheeler EVs? | On the international side we expect healthy growth, primarily because Africa, which was very low last year, it has reached really the bottom, so you w… | My first question is just on your growth outlook for domestic and international for FY '27. |
| Margin | So we saw revenue increasing sequentially by 18%, but we haven't seen that benefit of that reflecting in terms of margin expansion to that extent or t… | This quarter, the company continued to deliver consistent EBITDA margins despite temporary challenges in the international market. | During Q3, the company continued its sustained growth in revenue, EBITDA and profit, company continuously surpassing its own milestones due to excelle… | My second question is just on the gross margin. | Sir, last question, just very -- from a mix perspective, premiumization is something you said certainly helps us from a margin management cost mitigat… | Just trying to understand what sort of time frames you have in mind for a potential positive EBITDA or EBITDA breakeven in the electric 2-wheeler busi… | The Company’s operating EBITDA improved by 120 basis points at 12.3% as against last financial year's 11.1%. | On financial performance, during the year, company's EBITDA grew by 37%. |
| People | — | — | — | So I understand a lot of this is going towards capability building on new technologies, manpower hiring and all that. | — | — | — | — |
| Pricing | And similarly, for pricing side as well, both Q2 and Q3, what was the movement? | This was primarily through the product mix optimization, sustained cost reduction and, of course, commodity softening and the measured price increases… | It appears that you have been able to take some price hikes on the Raider. | Are there any TVS Motor Company Limited January 28, 2025 price hikes we need to take? | In the past, TVS has passed on some of the commodity inflation with judicious price hikes. | So it appears that across the industry, there's been between 3% to 4% price hikes after the FAME II subsidies have been reduced. | — | Company has also taken many initiatives to further strengthen our cost reduction, improving the product mix, also taking price increases wherever we a… |
| Revenue growth | So we don't want to look at whether it is brand expenses or R&D expenses, which are definitely for investments for growing the top line and doing bett… | We registered a profit before tax of INR 475 crores as against INR 391 crores of Q3, delivering a growth of 21%. | And we will continue the same momentum in terms of both revenue growth and EBITDA growth going forward. | Sir, my first question is on the operating leverage or the lack of it, because if you look at the first -- this quarter numbers, like your employee co… | And we always look at a combination of -- with our top line growing. | And my first question is more of a follow-up on spare parts because we've seen that despite having probably the fastest revenue growth or volume growt… | April 28, 2025 Coming to profits, during this year, the Company recorded the highest ever operating EBITDA of Rs.4,454 crores, a growth of 27% as agai… | 2-wheeler international market, company sales grew by 31% over last year as against the industry growth of 23%. |