TVS Motor Company Ltd (BSE: 532343; NSE: TVSMOTOR) announced record-breaking financial results for the third quarter ended December 31, 2025. Total unit sales for the quarter reached 15.44 Lakh units, a 27% increase compared to the same period last year. This growth in volume and revenue significantly improved the company’s profitability margins and overall market position.
Operating revenue rose 37% year-over-year to Rs. 12,476 Crores, driven by record sales of 15.44 Lakh units. The company achieved its highest-ever quarterly EBITDA margin of 13.1%, reflecting strong performance in motorcycles and electric vehicles.
Stock Market Performance and Analyst Context
Latest Quarterly Results and Highlights For the quarter ended December 2025, operating revenue increased to Rs. 12,476 Crores from Rs. 9,097 Crores in the prior-year period. Operating EBITDA grew 51% to reach Rs. 1,634 Crores. The company reported its highest-ever quarterly EBITDA margin of 13.1%. Profit Before Tax (PBT) before exceptional items grew 57% to Rs. 1,315 Crores.
Full Year Context and Growth Trends For the cumulative nine-month period ending December 2025, operating revenue rose 29% to Rs. 34,463 Crores. Operating EBITDA for the same period reached Rs. 4,406 Crores, a 41% increase year-over-year. Nine-month Profit After Tax (PAT) stood at Rs. 2,625 Crores, compared to Rs. 1,858 Crores in the previous year. Total unit sales for the nine months reached 43.28 Lakh units, representing 23% year-over-year growth.
Segment Updates and Regulatory Milestones
• Motorcycles: Quarterly sales grew 31% to 7.26 Lakh units.
• Scooters: Sales rose 25% to 6.14 Lakh units.
• Electric Vehicles (EV): Quarterly EV sales reached a record 1.06 Lakh units, a 40% increase.
• International Business: Two-wheeler sales in international markets expanded by 35% to 3.66 Lakh units.
• Three-Wheelers: Quarterly sales grew 106% to 0.60 Lakh units.
• Product Milestone: The company entered the adventure rally-tourer segment with the Apache RTX, which was named Indian Motorcycle of the Year 2026.
Performance by Business Vertical
The company registered growth across all primary product categories during the third quarter:
• Motorcycles: Sales rose 31% to 7.26 Lakh units.
• Scooters: Sales grew 25% to 6.14 Lakh units.
• Three-Wheelers: This segment saw the highest growth at 106%, totaling 0.60 Lakh units.
• Electric Vehicles (EV): EV sales reached a record 1.06 Lakh units, a 40% year-over-year increase.
• International Business: Two-wheeler exports expanded by 35% to 3.66 Lakh units.
• Mopeds: Quarterly sales stood at 1.44 Lakh units.
For the cumulative nine-month period, total sales reached 43.28 Lakh units, representing 23% growth. Revenue for this period rose 29% to Rs. 34,463 Crores.
Business Model and Market Situation
TVS Motor Company Ltd operates manufacturing facilities in India and Indonesia, exporting to 80 countries. The company’s business model focuses on premiumization and sustainable mobility. Its portfolio includes the UK-based Norton Motorcycles and the Switzerland-based TVS Ebike Company AG. A strategic collaboration with BMW Motorrad has now surpassed 200,000 units produced.
Management Commentary and Future Outlook
Management has highlighted a roadmap for European expansion and the introduction of six new products across internal combustion engine (ICE) and electric segments. The company is also developing advanced rider technologies, including AR-based HUD helmets. Norton Motorcycles announced a global resurgence strategy at EICMA 2025.
Where Does TVS Motor Company Ltd Stand Today? The company remains the only two-wheeler manufacturer to receive the Deming Prize. It maintains a leadership position in the mass scooter segment with the TVS Jupiter, which was named the Most Preferred Brand for 2025–26.
Illustrative Stock Chart
(Note: This chart is for illustrative purposes and based on a hypothetical six-month trend leading to the January 2026 results.)
Last 6 Months Illustrative Stock Trend. The x-axis represents the six months ending in January 2026. The y-axis represents the stock price. The trend illustrates steady growth leading up to the record Q3 earnings announcement.