TVS Motor manufactures two and three-wheelers in India's Consumer Discretionary sector. With market capitalisation of ₹2,04,625.57 Cr and quarterly revenues of ₹12,000–16,000 Cr, it is a significant player in the domestic two and three-wheeler market. Operating margins of 14.97% and ROE of 33.41% reflect profitability, though the company carries substantial debt (D/E 3.31).
Founded
1978
Face value
₹1
Market cap
₹1,91,038 Cr
P/E
55.7×
P/B
20.0×
Dividend yield
0.3%
ROE
33.4%
ROCE
29%
Debt / equity
3.31
OPM
15%
EPS (TTM)
₹72.1
Book value
₹201.3
52-week high
—
52-week low
Key insights
Company research notes and source-linked reviews
Key risks
Valuation: PE of 59.7 is very high; verify if earnings growth can sustain this multiple.
Leverage: D/E of 3.31 magnifies earnings swings and refinancing risk if interest rates rise or cash flows weaken.
Margin volatility: Operating margins range 12.67–15.39% quarter-on-quarter; assess which cost or demand drivers create this swing.
Discretionary segment: Two-wheeler purchases are sensitive to rural income, fuel prices, and credit; monitor if these headwinds emerge.
Generated analysis · source review pending
Growth drivers
ROE of 33.41% driven by 14.97% OPM and 3.31x leverage; validate if capital efficiency sustains in a normalising rate environment.
Net profit ranges ₹819–1,174 Cr in recent quarters with 1-year stock return of 42.93%; assess if demand momentum persists.
Annual dividends (2022–2026) signal cash generation; verify payout sustainability and reinvestment discipline.
Two-wheeler electrification trend in India; verify TVS's EV product penetration and competitive position.
Generated analysis · source review pending
2,528 historical price candles were omitted because the exchange source has not been verified.
₹4,021.0-1.7%1Y
Quick read
rule-based
Pros
+Strong return on equity of 30% (3-yr avg)
+High return on capital employed of 26.3%
+Profit CAGR of 38.4% over the last 5 years
+Revenue CAGR of 23.6% over the last 5 years
Cons
−Heavily leveraged (debt/equity 3.3)
−Trading at 20× book value
Research score
Structured signal from quality, growth, valuation and momentum.
51/100
Business quality
46
Growth
96
Valuation
Revenue & net profit
₹ crore, by fiscal year
RevenuePAT
Margins
% of revenue, by fiscal year
OPMPAT margin
Peers
Comparable companies from the narrowest available industry classification.
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Financials
Reported profit and loss, balance sheet, cash flow and growth history.
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Ratios
Annual operating, return, leverage and working-capital ratios.
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Shareholding
Quarterly ownership, named holders, insider transactions and disclosed deals.
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F&O
Current futures and options contracts with compact option-chain pages.
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Fund holders
Mutual-fund schemes that disclosed a holding in the company.
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Documents
Annual reports, exchange filings, offer documents, ratings and earnings-call material.
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Events
Upcoming dates and the company’s corporate-action history.
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Announcements
Latest exchange announcements, filings and downloadable documents.
Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.
32
Interim dividend30 Mar 2026 · ex-date₹12
Interim dividend26 Mar 2025 · ex-date₹10
Interim dividend19 Mar 2024 · ex-date₹8
Interim dividend2 Feb 2023 · ex-date₹5
Interim dividend25 Mar 2022 · ex-date₹3.75
Interim dividend30 Mar 2021 · ex-date₹1.4
Interim dividend4 Feb 2021 · ex-date₹2.1
Interim dividend17 Mar 2020 · ex-date₹1.4
Interim dividend11 Feb 2020 · ex-date₹2.1
Interim dividend18 Mar 2019 · ex-date₹1.4
Interim dividend30 Oct 2018 · ex-date₹2.1
Interim dividend6 Mar 2018 · ex-date₹1.3
Interim dividend8 Nov 2017 · ex-date₹2
Interim dividend14 Mar 2017 · ex-date₹1.25
Interim dividend3 Nov 2016 · ex-date₹1.25
Interim dividend17 Mar 2016 · ex-date₹1.5
Interim dividend4 Feb 2016 · ex-date₹1
Interim dividend5 May 2015 · ex-date₹1.15
Interim dividend6 Feb 2015 · ex-date₹0.75
Interim dividend2 May 2014 · ex-date₹0.75
Interim dividend30 Oct 2013 · ex-date₹0.65
Interim dividend3 May 2013 · ex-date₹0.6
Interim dividend6 Feb 2013 · ex-date₹0.6
Interim dividend4 Jun 2012 · ex-date₹0.7
Interim dividend20 Mar 2012 · ex-date₹0.6
Interim dividend2 Aug 2011 · ex-date₹0.6
Interim dividend25 Jan 2011 · ex-date₹0.5
Interim dividend26 Jul 2010 · ex-date₹0.5
Interim dividend25 Jan 2010 · ex-date₹0.7
Interim dividend29 Jun 2009 · ex-date₹0.7
Dividend dividend6 Aug 2008 · ex-date₹0.7
Final dividend10 Aug 2007 · ex-date₹0.15
1
Board meeting to consider results21 Jul 2026
1
Bonus 1:18 Sept 2010 · ex-date
39.4%
37.8%
EBITDA margin %
12.1%
11.5%
11.3%
12.7%
14.2%
15.1%
15%
EBIT margin %
9.1%
8.6%
8.3%
10%
11.7%
12.7%
12.7%
PAT margin %
3.4%
3.1%
3%
4.1%
4.5%
5.4%
5.7%
Working capital
Receivable days
28
19
18
14
17
14
17
Inventory days
35
39
37
34
34
33
26
Payable days
94
121
105
89
99
103
103
NWC days
-31
-63
-50
-42
-49
-56
-60
Leverage
Current ratio
0.97
0.97
0.93
0.88
1.02
1.12
0.97
Debt to EBITDA
3.96
5.33
5.55
5.32
4.56
4.15
3.77
Debt to equity
2.74
3.12
3.48
3.93
3.73
3.25
3.31
Interest coverage
2.1
2
2.2
2.4
2.4
2.7
3.2
Asset turnover
0.97
0.88
0.9
0.91
0.93
0.92
0.99
Return ratios
Return on assets %
3.3%
2.8%
2.7%
3.7%
4.2%
5%
5.6%
Return on capital employed %
19%
16.9%
16.8%
22.9%
25.2%
24.7%
29%
Return on equity %
19.7%
15.9%
16.6%
23.8%
26.2%
28%
33.3%
Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.
Intimation Of Record Date Under Regulation 60 Of SEBI (LODR) Regulations, 2015 For Payment Of Coupon Rate And Redemption Of Non Convertible Redeemable Preference Shares
Shaded cells are in the money against the underlying close. Green and red mark the move against the previous close — on the premium for LTP, on the position for change in OI. Settlement prices are the exchange's, not the last trade.
Intimation Of Record Date Under Regulation 60 Of SEBI (LODR) Regulations, 2015 For Payment Of Coupon Rate And Redemption Of Non Convertible Redeemable Preference Shares
As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.