Tvs Motor Company Limited (TVSMOTOR)

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Tvs Motor Company Limited (TVSMOTOR) · mywealthgrid

About

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.

Part ofNIFTY NEXT 50 NIFTY 100 NIFTY 200 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	18,849	19,421	24,355	31,974	39,145	44,089	56,070
COGS	12,317	12,925	16,257	20,843	24,405	26,724	34,880
Gross profit	6,533	6,495	8,098	11,131	14,739	17,365	21,190
	4,268	4,265	5,341	7,104	9,240	10,791	12,837
	2,264	2,230	2,757	4,027	5,500	6,575	8,352
OPM %	12%	11.5%	11.3%	12.6%	14.1%	14.9%	14.9%
Depreciation	556	565	743	859	975	1,046	1,273
Interest	855	881	940	1,368	1,928	2,093	2,230
	12	38	-7	136	106	99	-28
Profit before tax	865	822	1,067	1,936	2,703	3,535	4,822
Tax	219	214	336	627	924	1,155	1,635
Tax %	25.3%	26.1%	31.5%	32.4%	34.2%	32.7%	33.9%
	647	608	731	1,309	1,779	2,380	3,186
PAT margin %	3.4%	3.1%	3%	4.1%	4.5%	5.4%	5.7%
EPS (₹)	13.2	12.5	15.9	28	35.5	47.1	63.5
EPS adjusted (₹)	13.2	12.5	15.9	28	35.5	47.1	63.5
	26.6%	28%	23.5%	17.9%	22.5%	21.3%	—
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	48	48	48	48	48	48	48	48	48	48	48
Reserves	1,560	2,169	2,630	3,123	3,235	3,779	4,352	5,457	6,736	8,456	9,517
Minority interest	—	—	—	—	—	—	—	405	728	939	1,149
	1,026	1,242	5,553	8,163	9,002	11,931	15,297	21,626	25,287	27,616	31,624
	2,147	2,670	4,960	5,363	7,075	6,235	7,430	7,697	9,423	10,879	14,164
Total equity & liabilities	4,780	6,128	13,190	16,696	19,359	21,993	27,127	35,233	42,220	47,937	56,501
	1,712	2,330	2,769	3,043	3,252	3,895	5,267	5,610	5,753	7,503	8,488
CWIP	93	64	274	604	847	874	320	316	338	664	974
Investments	705	1,060	294	310	196	311	240	1,105	1,261	1,389	1,292
	2,270	2,675	9,853	12,740	15,064	16,913	21,299	28,202	34,868	38,381	45,746
Total assets	4,780	6,128	13,190	16,696	19,359	21,993	27,127	35,233	42,220	47,937	56,501

Segment results

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.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Automotive Vehicles & Parts	48,906.84	3,958.02	21,049.39	16,777.04	4,272.35	92.64
Financial services	7,201.95	1,250.39

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	34.7%	33.4%	33.2%	34.8%	37.7%	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.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	50.27%	50.27%	50.27%	50.27%	50.27%	50.27%	50.27%	50.27%	50.27%	50.27%	50.27%	50.27%
	18.51%	19.27%	20.83%	21.05%	22.33%	21.21%	21.48%	22.42%	22.89%	23.09%	22.57%	20.45%
	23.12%	21.79%	20.26%	20.14%	19.01%	20%	19.74%	18.81%	18.35%	18.29%	18.83%	21.13%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	8.1%	8.67%	8.64%	8.54%	8.32%	8.45%	8.44%	8.4%	8.46%	8.33%	8.31%	8.13%
No. of shareholders	—	—	—	—	—	—	—	—	3,09,383	3,20,848	3,24,891	3,31,196

Promoter holding up 0 percentage points since Sep 2023.

33 deals · 11 Feb 2022 – 14 Jul 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
14 Jul 2025	THE MTBJ LTD. AS TRST FOR GOVRNMNT PENSION INVSTMNT FUND MTBJ400045828	Block	NSE	Sell	54,398	₹2,754.50	₹14.98 Cr
14 Jul 2025	THE MTBJ LTD.AS TRST FOR GOVERNMENT PENSION INVESTMENT FUND MTBJ400045849	Block	NSE	Buy	54,398	₹2,754.50	₹14.98 Cr
24 Jan 2024	KADENSA MASTER FUND	Block	BSE	Buy	1,54,280	₹2,000.50	₹30.86 Cr
24 Jan 2024	BOFA SECURITIES EUROPE SA	Block	BSE	Sell	1,54,280	₹2,000.50	₹30.86 Cr
5 Dec 2022	SRINIVASAN TRUST	Bulk	BSE	Sell	25,69,726	₹1,020.03	₹262.12 Cr
30 Nov 2022	INTEGRATED CORE STRATEGIES (ASIA) PTE. LTD.	Bulk	NSE	Sell	39,77,007	₹1,046.69	₹416.27 Cr
30 Nov 2022	GOVERNMENT OF SINGAPORE INVT CORPN PTE LTD A/C C ACCOUNT	Bulk	NSE	Buy	24,69,940	₹1,047.81	₹258.80 Cr
14 Nov 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	NSE	Sell	2,98,570	₹1,107.45	₹33.07 Cr
14 Nov 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	NSE	Buy	2,98,570	₹1,107.45	₹33.07 Cr
3 Nov 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	2,98,570	₹1,114.90	₹33.29 Cr

1–10 of 33

1 / 4

Mr. SUDARSHAN VENUExecutive Director-Chairperson related to Promoter-MD
K Gopala DesikanChief Financial Officer
Mr. VENU SRINIVASANExecutive Director-MD
Mr. KUNNATH NARAYANAN RADHAKRISHNANExecutive Director-CEO
Mr. BALASUBRAMANYAM SRIRAMNon-Executive - Independent Director
Mr. VIJAY SANKARNon-Executive - Independent Director
Mr. SHAILESH VISHNUBHAI HARIBHAKTINon-Executive - Independent Director
Mrs. KALPANA VASANTRAI UNADKATNon-Executive - Independent Director
Mr. RAVINDRAN SHANMUGAMNon-Executive - Independent Director
K S SrinivasanCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹4,106.0 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹4,143.5	+5.2	+0.1%	₹4,143.5	42,648	+657	3,485	175
23 Nov 2026	₹4,165.6	+11.3	+0.3%	₹4,165.6	461	+25	89	175
29 Dec 2026	₹4,192.6	+40.7	+1%	₹4,192.6	12	+12	33	175

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

186

across 20 fund houses

Held by these funds

6.42%

of the company's equity

All mutual funds

16.29%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

186 schemes · 20 fund houses

		Shares
Flexi Cap FundNEW	ICICI Prudential Mutual Fund	55.71 L	2,418.53	9.34%	1.173%	—
Focused FundNEW	ICICI Prudential Mutual Fund	20.56 L	892.51	4.97%	0.433%	—
ELSS – Tax Saver Fund	ICICI Prudential Mutual Fund	15.96 L	692.93	4.85%	0.336%	-63,141
Large Cap Fund	Axis Mutual Fund	12.68 L	550.29	1.75%	0.267%	-73,883
Focused Fund	Axis Mutual Fund	11.56 L	501.92	4.39%	0.243%	-0
Large Cap Fund	ICICI Prudential Mutual Fund	10.94 L	474.76	0.59%	0.23%	-52,500
Midcap Fund	Axis Mutual Fund	10.24 L	444.46	1.25%	0.215%	-0
ELSS- Tax Saver Fund	Axis Mutual Fund	9.43 L	409.31	1.25%	0.198%	-34,702

1–8 of 186

1 / 24

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Jul 2026Transcript AI SummaryPPTREC
May 2026Transcript AI SummaryPPTREC

Documents link to external sources (exchange filings, company investor pages).

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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.

1 month 3 months 6 months 1 year All

92 announcementsExport CSV

14 Aug 2026, 6:30 pmCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

Loading announcements…

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	34.7%	33.4%	33.2%	34.8%	37.7%	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%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Tvs Motor Company LimitedTVSMOTORTVSMOTOR	₹1,91,038 Cr	₹2,22,662 Cr	₹60,155 Cr	₹8,937 Cr	15%	₹3,428 Cr	5.7%	29%	33.4%	-60
Ather Energy LimitedATHERENERGATHERENERG	₹53,868 Cr	₹54,381 Cr	₹4,244 Cr	₹-307 Cr	-11.1%	₹-390 Cr	-14.1%	-20.2%	-33.7%	-68
Ola Electric Mobility LimitedOLAELECOLAELEC	₹17,162 Cr	₹19,638 Cr	₹1,880 Cr	₹-920 Cr	-44%	₹-1,741 Cr	-81.4%	-23.6%	-43.2%	-91
Zelio E Mobility LtdZELIOZELIO	₹2,239 Cr	—	₹304 Cr	₹34 Cr	11.3%	₹28 Cr	9.2%	—	—	—
Wardwizard Innovations & Mobility LtdWARDINMOBIWARDINMOBI	₹160 Cr	₹356 Cr	₹305 Cr	₹37 Cr	12%	₹6 Cr	2.1%	27%	6.2%	192
Supertech Ev LtdSEVLSEVL	₹42 Cr	—	₹78 Cr	₹7 Cr	8.6%	₹4 Cr	5%	—	—	—

29

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
0	0	0	₹0.0	3,500	₹5.8	2	+2	2
0	0	0	₹0.0	3,550	₹6.0	3	+3	3
30	0	0	₹540.0	3,600	₹9.1	125	+50	117
0	0	0	₹0.0	3,650	₹11.6	40	-1	13
2	0	0	₹400.0	3,700	₹15.5	270	-27	284
0	0	0	₹0.0	3,750	₹20.0	57	+5	48
4	0	0	₹374.6	3,800	₹25.8	253	+13	138
2	0	0	₹295.8	3,850	₹33.1	87	+10	67

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.

Date	Category	Subject	Filing
14 Aug 2026, 6:30 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
13 Aug 2026, 6:30 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
11 Aug 2026, 5:58 pm	Company Update General	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	PDF
10 Aug 2026, 4:26 pm	Company Update Allotment of Equity Shares	Announcement under Regulation 30 (LODR)-Allotment	PDF
3 Aug 2026, 9:01 am	Company Update Monthly Business Updates	Announcement under Regulation 30 (LODR)-Monthly Business Updates	PDF
31 Jul 2026, 5:37 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
30 Jul 2026, 8:00 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
28 Jul 2026, 2:26 pm	Company Update Earnings Call Transcript	Announcement under Regulation 30 (LODR)-Earnings Call Transcript	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	936	689	354	-918	373	1,151	-1,560	-4,405	-1,253	3,503	1,867
	-605	-709	-1,095	-1,104	-1,090	-882	-1,486	-1,308	-1,001	-2,899	-2,964
	-319	-59	897	2,210	1,619	253	2,918	6,118	2,759	1,155	909
Net cash flow	12	-79	156	188	902	522	-128	406	505	1,759	-189
Free cash flow	344	100	-434	-1,604	373	223	-2,545	-5,746	-2,398	1,025	-1,368
CFO / Operating profit %	—	—	—	—	16.4%	51.5%	-56.6%	-108.3%	-22.6%	52.7%	22.2%

Tvs Motor Company Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

3

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Announcements

3

32

1

1

29

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Automotive Components · revenue

Tvs Motor Company Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Futures3

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Futures3

Dividends32

Board meetings1

Bonus issues1

Option chain29

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Automotive Components · revenue

3

3

32

1

1

29