Will Norton deepen TVS roar?

TVS Motor Co. Ltd’s standalone Ebitda rose as much as 40% year-on-year to ₹1,500 crore in the September quarter (Q2FY26), driven by higher volumes and improved realization. Sales volume increased by an impressive 23% to 1.51 million units thanks to improved retail financing with lower interest rates, GST cuts, and other factors, higher than 17% growth recorded in QI. Average realization stood at ₹79,000 per vehicle, up 5%, helped by the price hikes at the start of Q2 to offset higher raw material costs.

- Ashish Agrawal

TVS’s revenue increased 29% to ₹11,900 crore. A comparatively stronger performance in Q2 helped HIFY26 revenue and Ebitda grow 25% and 36%, respectively. Exports grow at a faster 30% rate in Q2 and now contribute a little over 25% of volumes. This share may increase as the company focuses on Latin America, where it has a relatively small market share and hopes to grow faster than the industry average.

TVS's two-wheeler volumes increased 21% year-on-year against a largely flat industry performance, the management said. Thus, its two-wheelermarket share has increased by 200 basis points to 19.6%, as per a ICICI Securities report.