TVS Motor Company Ltd

NSE: TVSMOTOR · 2/3 Wheelers · sector

₹3,996.00NSE close 2026-10-26

Key numbers

Market cap₹1,89,850 cr

Price₹3,996.00

52w high / low₹4,484 / ₹3,228

P/E55.4xSector median 33.7x

P/B19.9xSector median 7.2x

Book value₹201.3

Dividend yield0.30%Sector median 1.54%

ROE37.9%Sector median 24.9%

ROCE18.7%Sector median 18.7%

OPM14.8%Sector median 11.3%

Debt / equity3.31xSector median 0.57x

EV/EBITDA24.4xSector median 19.8x

Interest cover3.4x

Current ratio0.97x

Sales growth 3y+20.6%Sector median +17.5%

Profit growth 3y+31.5%Sector median +23.7%

PEG0.44x

Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 9 companies in 2/3 Wheelers (P/E median leaves out loss-making companies). Tap ? for what a number means.

Things to know

Cash ₹5,021 cr vs borrowings ₹31,624 cr (FY26): borrowings are higher by ₹26,603 cr.
Borrowings rose in each of the last 3 years (₹21,626 cr → ₹31,624 cr).
Operating profit covered interest 3.4x in the last 12 months.
No promoter shares are pledged.
Operating cash flow was below net profit in 4 of the last 5 years (FY26, FY24, FY23, FY22).
Revenue was higher than a year earlier in 4 of the last 4 quarters.
Other income was 4% of net profit in the last 12 months.
Dividend paid in 5 of the last 5 financial years.
Price ₹3,996.00 on 2026-10-26: -10.9% from the 52-week high, +23.8% from the 52-week low.

Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.

Charts

Weekly close · high ₹4,464.00 · low ₹2,257.25

Quarterly results

₹ cr	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	11,302	11,135	11,542	12,210	14,051	14,756	15,053	16,296
EBITDA	1,642	1,665	1,920	1,814	2,122	2,220	2,187	2,357
OPM %	14.5%	15.0%	16.6%	14.9%	15.1%	15.0%	14.5%	14.5%
Other income	32	65	-68	40	-14	-10	7	158
Net profit	560	566	648	610	795	841	772	1,019
EPS (₹)	2.36	2.38	2.73	2.57	16.74	17.71	16.24	21.46
Revenue YoY					+24.3%	+32.5%	+30.4%	+33.5%
Profit YoY					+41.9%	+48.6%	+19.0%	+67.1%

Consolidated figures where filed. Latest quarter Jun 2026.

Profit & loss (yearly)

₹ cr	FY22	FY23	FY24	FY25	FY26	TTM
Revenue	24,355	31,974	39,145	44,089	56,070	60,155
EBITDA	2,715	4,066	5,543	6,649	8,343	8,887
Net profit	757	1,329	1,686	2,236	3,018	3,428
EPS (₹)	3.19	5.59	7.10	9.41	63.53	72.15
Revenue growth		+31.3%	+22.4%	+12.6%	+27.2%	+30.2%
Profit growth		+75.6%	+26.9%	+32.6%	+35.0%	+43.7%
Dividend / share (₹)	3.75	5.00	8.00	10.00	12.00

Compounded growth	3 years	5 years	Last 12 months
Sales	+20.6%	+23.6%	+30.2%
Net profit	+31.5%	+38.4%	+43.7%
EPS	+124.8%	+91.0%	–
Share price	–	+170.0% (2y)	+9.1%

Balance sheet

₹ cr	FY22	FY23	FY24	FY25	FY26
Shareholders' equity	–	5,505	6,784	8,503	9,564
Borrowings	–	21,626	25,287	27,616	31,624
Cash & equivalents	–	2,071	2,589	4,902	5,021
Total assets	–	35,233	42,220	47,937	56,501
Fixed assets	–	4,177	4,294	5,489	6,050
Capital work in progress	–	316	338	664	974
Investments	–	364	483	565	519
Receivables	–	1,232	1,839	1,717	2,654
Inventory	–	1,922	2,248	2,417	2,459
Payables	–	5,097	6,638	7,561	9,834

Year-end figures from the March annual filing.

Cash flow

₹ cr	FY22	FY23	FY24	FY25	FY26
Cash from operations	-1,560	-4,405	-1,253	3,503	1,867
Cash from investing	-1,486	-1,308	-1,001	-2,899	-2,964
Cash from financing	2,918	6,118	2,759	1,155	909
Capex	985	1,341	1,145	2,478	3,235
Free cash flow	-2,545	-5,746	-2,398	1,025	-1,368

Free cash flow = cash from operations − capex.

Ratios by year

₹ cr	FY22	FY23	FY24	FY25	FY26
ROE %	–	24.1%	24.9%	26.3%	31.6%
ROCE %	–	12.3%	14.6%	15.7%	17.2%
Debtor days	–	14	17	14	17
Inventory days	–	34	34	33	26
Payable days	–	89	99	103	103
Cash conversion cycle (days)	–	-41	-48	-56	-60
Working capital days	–	-25	4	23	-7

Shareholding

Holder	% (2026-09-30)
Promoters	50.27%
FIIs	21.39%
DIIs	20.29%
of which Mutual funds	15.58%
of which Insurance	2.66%
Government	0.00%
Public (non-institutions)	8.03%

Quarter	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Promoters %	50.27%	50.27%	50.27%	50.27%	50.27%	50.27%	50.27%	50.27%

Promoter group	%
TVS HOLDINGS LIMITED (Formerly known as Sundaram Clayton Limited)	50.26%
Mallika Srinivasan	0.01%
Venu Srinivasan	0.00%
Lakshmi Venu	0.00%
VS Trust (Mr Venu Srinivasan, Trustee)	0.00%
VS Trustee Private Limited	0.00%
VS PTC Trust (Mr Venu Srinivasan, Trustee)	0.00%
CHEEMA VENU TRUST (formely known as VEE ESS Trust) (Venu Srinivasan Trustee Private Limited, Trustee)	0.00%
Srinivasan Venu Trust (Mr Venu Srinivasan, Trustee)	0.00%
Venu Srinivasan Trustee Private Limited	0.00%
Srinivasan Trust (VS Trustee Private Limited, Trustee)	0.00%
S. Venu Trustee Private Limited	0.00%
STPL Trading and Services Private Limited (Formerly known as Srinivasan Trading Private Limited)	0.00%
Sudarshan Venu	0.00%

Public holders above 1%	%
ICICI Mutual Fund	6.35%
NPS Trust	1.69%
Axis Mutual Fund	1.31%

3,44,469 shareholders. Pledged: 0.00% of promoter shares.

Peers in 2/3 Wheelers

Company	Market cap	P/E	P/B	ROE	ROCE	OPM	Sales 3y	Div yield
BAJAJ-AUTO	₹2,81,484 cr	23.9x	7.2x	31.8%	26.6%	20.6%	+19.9%	2.08%
EICHERMOT	₹1,94,881 cr	33.7x	7.8x	24.9%	26.4%	24.5%	+17.5%	0.99%
TVSMOTOR	₹1,89,850 cr	55.4x	19.9x	37.9%	18.7%	14.8%	+20.6%	0.30%
HEROMOTOCO	₹1,04,032 cr	19.1x	4.8x	26.7%	34.4%	14.3%	+11.6%	3.37%
ATHERENERG	₹60,338 cr	–	23.4x	-25.4%	-10.1%	-7.4%	–	–
OLAELEC	₹13,856 cr	–	4.1x	-41.0%	-24.0%	-48.9%	–	–
ZELIO	₹2,114 cr	66.0x	23.4x	31.4%	40.4%	11.3%	–	–
WARDINMOBI	₹100 cr	83.5x	0.7x	0.7%	5.7%	7.5%	+1.1%	–
SEVL	₹37 cr	9.1x	1.0x	10.3%	16.4%	8.6%	–	–

All 9 companies in 2/3 Wheelers →

Business segments (FY26)

Segment	Revenue	Share	EBIT	Margin
Automotive Vehicles & Parts	₹48,907 cr	87.2%	₹3,958 cr	8.1%
Financial services	₹7,202 cr	12.8%	₹1,250 cr	17.4%

Dividends & corporate actions

Ex-date	Action	Detail
2026-03-30	Dividend	Interim Dividend - Rs 12 Per Share
2025-08-25	Bonus	Scheme Of Arrangement - Bonus Ncrps 4:1
2025-03-26	Dividend	Interim Dividend - Rs 10 Per Share
2024-03-19	Dividend	Interim Dividend - Rs 8 Per Share
2023-02-02	Dividend	Interim Dividend - Rs 5 Per Share
2022-03-25	Dividend	Interim Dividend - Rs 3.75 Per Share
2021-03-30	Dividend	Interim Dividend - Rs 1.40 Per Share
2021-02-04	Dividend	Interim Dividend - Rs 2.10 Per Share
2020-03-17	Dividend	Interim Dividend - Rs 1.40 Per Share
2020-02-11	Dividend	Interim Dividend - Rs 2.10 Per Share
2019-03-18	Dividend	Interim Dividend - Rs 1.40 Per Share
2018-10-30	Dividend	Interim Dividend - Rs 2.10 Per Share
2018-03-06	Dividend	Interim Dividend - Rs 1.30 Per Share (Purpose Revised)
2017-11-08	Dividend	Interim Dividend - Rs 2/- Per Share (Purpose Revised)
2017-03-14	Dividend	Interim Dividend Rs 1.25 Per Share (Purpose Revised)
2016-11-03	Dividend	Interim Dividend Rs 1.25 Per Share (Purpose Revised)
2016-03-17	Dividend	Interim Dividend - Rs 1.50 Per Share (Purpose Revised)
2016-02-04	Dividend	Interim Dividend - Re 1/- Per Share (Purpose Revised)
2015-07-24	Other	Annual General Meeting
2015-05-05	Dividend	Second Interim Dividend - Rs 1.15 Per Share (Purpose Revised)

Documents

Links go to the original files on the exchange website.

About the company

Manufacturing: Motor vehicles, trailers, semi-trailers and other Transport Vehicles


Sector	Consumer Discretionary
Industry	2/3 Wheelers
Sub-industry	2/3 Wheelers
Symbol	TVSMOTOR
BSE code	532343
ISIN	INE494B01023
Face value	₹1.0
Incorporated	1992-06-10
Website	https://www.tvsmotor.com
Plants (India / abroad)	3 / 0

From the company's filings (BRSR FY26).

Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.