In a major boost to its growth trajectory, TVS Motor Company reported its highest-ever quarterly sales of 12.77 lakh units in Q1 FY26, signalling strong demand recovery across segments. The company’s June 2025 sales rose 20% year-on-year, driven by robust performance in both domestic and export markets.
Key Highlights Of TVS Q1 FY26 Performance
- Total Q1 FY26 sales: 12.77 lakh units (highest-ever quarterly sales)
- June 2025 sales: 4.10 lakh units, up 20% YoY
- Domestic two-wheeler sales: 3.14 lakh units in June 2025
- Exports: 95,000 units in June 2025
- Electric vehicle (EV) sales: Grew by over 180% YoY in June
Detailed Sales Performance
| Month | Two-wheeler Sales (units) | Three-wheeler Sales (units) | Total Sales (units) | YoY Growth (%) |
|---|---|---|---|---|
| April 2025 | 4,10,180 | 13,175 | 4,23,355 | +22 |
| May 2025 | 4,16,590 | 12,440 | 4,29,030 | +18 |
| June 2025 | 3,95,500 | 14,000 | 4,09,500 | +20 |
| Q1 FY26 Total | 12,22,270 | 39,615 | 12,77,145 | +20 |
(Source: Company filing)
Segment-Wise Performance Analysis
1. Motorcycles
- June 2025: 1,75,000 units (up 16% YoY)
- Key models driving growth: Apache series, Raider 125
- Export demand: Strong momentum from African and Latin American markets
2. Scooters
- June 2025: 1,40,200 units (up 23% YoY)
- Jupiter, Ntorq, iQube Electric: Continued to remain market favourites
3. Mopeds
- June 2025: 80,300 units (up 19% YoY)
- Popular in rural and semi-urban markets for utility usage
4. Three-Wheelers
- June 2025: 14,000 units (up 15% YoY)
- Growing demand from South Asian export markets and domestic e-commerce logistics sector
5. Electric Vehicles
- iQube Electric: Recorded sales of 21,500 units in June, a massive growth of 182% YoY driven by expansion of EV dealerships, product upgrades, and government subsidies.
Management Commentary
K N Radhakrishnan, Director & CEO, TVS Motor Company, said:
“We are delighted with our record quarterly sales, reflecting strong customer acceptance across categories. Our strategic focus on premiumisation, EV ramp-up, and global market expansion has begun to yield consistent results.”
He added that the company remains committed to achieving carbon neutrality goals by 2040 and aims to scale up EV capacity to 50,000 units per month in FY26.
Recent Strategic Developments
- New Product Launches:
- TVS Apache RTR 310 updated variant launched with smart connect technology.
- Expansion of iQube ST premium variant deliveries in metro cities.
- EV Infrastructure Partnerships:
- Partnered with Tata Power to install 10,000 public charging stations across India by 2027.
- MoU with Swiggy for electrification of its delivery fleet.
- Global Expansion:
- Strengthened market presence in Colombia, Egypt, and Bangladesh.
- New assembly facility planned in Nigeria by FY27 to cater to West African demand.
Stock Performance Snapshot
| Particulars | June Close (Rs) | Change (%) | 52-Week High (Rs) | 52-Week Low (Rs) |
|---|---|---|---|---|
| TVS Motor | 2,005.75 | +3.8 | 2,060 | 1,080 |
(As of June 30, 2025)
Analyst Views
- Motilal Oswal: Maintains BUY rating with a revised target price of Rs 2,250, citing strong EV sales momentum and premium segment growth.
- HDFC Securities: Notes improving EBITDA margins due to operating leverage benefits.
- ICICI Securities: Projects 15% CAGR growth in revenue over FY25-FY28, driven by exports, EVs, and premium motorcycles.
Industry Context: Two-Wheeler Market Growth
| Segment | Market Size FY25 (units) | Market Size FY30 (units) | CAGR (%) |
|---|---|---|---|
| Motorcycles | 1.40 crore | 1.80 crore | 5.2 |
| Scooters | 70 lakh | 1 crore | 7.5 |
| Electric Two-wheelers | 8 lakh | 45 lakh | 40.3 |
(Source: SIAM, CRISIL)
Future Outlook For TVS Motor
- EV Targets:
Scale EV volumes to 1 lakh units per quarter by FY27 with new models in scooter and motorcycle segments. - Premiumisation Strategy:
Focus on expanding Apache series and new variants of Raider for urban youth segment. - Export Growth:
Plans to double export revenue contribution from 25% to 50% by FY30 through new market entry and localisation.
Investor Takeaways
TVS Motor’s record quarterly performance reinforces its position as a market leader with strategic clarity in EVs, exports, and premium bikes. Analysts expect:
- Sustained volume growth due to rural recovery and premiumisation
- Margin expansion from operating leverage and EV profitability improvements
- Positive stock momentum with limited downside risks
Disclaimer:
This article is for informational purposes only, based on publicly available company announcements and market data. It does not constitute financial advice. Readers are advised to consult their investment advisor before making any market-related decisions.
