Quick Details| Results date | October 28, 2026 |
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| Quarter | Q2 FY 2026-2027 |
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| Previous quarter revenue | Rs. 13,896 Cr |
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| Previous quarter PAT | Rs. 1,174 Cr |
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| Previous quarter EBITDA margin | 12.8% |
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| Market cap | Rs. 188,908.78 Cr |
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| CMP | Rs. 3,980.2 |
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TVS Motor Company Ltd Q2 Results Date and Time
The Board of Directors will meet on 28 Oct 2026 to approve the Q2 FY27 standalone and consolidated financial results, per the board meeting intimation dated 16 Oct 2026. The trading window remained closed from 1-30 Oct 2026.
A post-results analyst conference call is scheduled for 28 Oct 2026 at 5:00 PM IST. Speakers are K N Radhakrishnan (Director & CEO) and K Gopala Desikan (CFO).
Key Things To Watch
Q2 FY27 growth vs the 20-30% guided momentum: The company business update already points to tracking within the guided range.
- Q2 FY27 business update shows 1.9 million units, ~+27% derived volume growth vs Q2 FY26 — within the guided 20-30% band; confirm with reported figures
- Industry check: SIAM Q2 domestic 2W sales of 6.43M units, +15.2% YoY — management's 'double-digit minimum' industry guidance delivered
- FADA retail ran Jul +28.25% and Sep +33.08% YoY; FADA flags the YoY base as distorted and 'the real test… in October' — relevant for the Q3 guide
Margin bridge and pricing execution: The commodity headwind versus pass-through is the swing factor for the print.
- Commodity headwind was ~4% in Q1 FY27 (3.5% + 0.5%); ~1.5% passed on in Q1 with a further ~0.5% price increase planned in Q2
- Q1 FY27 margin of 12.8% was -30bps QoQ vs Q4 FY26's 13.1% — watch whether mix, scale and material-cost reduction rebuild margin toward 13%+
- PLI trend: 0.6-0.7% of turnover in Q1 FY27 vs 0.9% in Q4 FY26; rupee hedge roll from ~Rs. 88 export realization toward ~Rs. 95 spot as an offset
EV roadmap and magnet supply: EV output economics and the rare-earth constraint remain live items.
- Progress toward 50,000+/month EV 2W capacity (from 30,000-32,000 iQube units/month as of Q3 FY26) and the Orbiter 10,000/month target
- Path to EV EBITDA positivity — contribution margin positive and improving QoQ, but 'still away' at the EBITDA level per management
- Rare-earth magnet supply remains constrained as of early October; PM E-DRIVE e2W incentive cap halved to Rs. 5,000/vehicle (extended to 31 Mar 2028)
Norton ramp and capacity expansion: Premium and capacity milestones carry specific timelines.
- Norton Atlas/Manx production started with Atlas models rolling out to Europe; first Norton Atlas rolled out at Hosur; FY27 stated as the 'turnaround year'
- Full 8.3M 2W / 0.42M 3W capacity expected 'by the fourth quarter'; FY27 capex guided at ~Rs. 3,500 Cr (~Rs. 2,000 Cr product development + Rs. 1,000+ Cr capacity)
- Hyundai electric 3-wheeler joint development — any timeline or commercial updates (none previously disclosed)
TVS Credit, CEO transition and follow-ups: Corporate items with dated milestones to track on the call.
- TVS Credit book at Rs. 32,053 Cr (+19%) with PBT Rs. 283 Cr (+16%) in Q1 FY27; amalgamation scheme (Home Credit India Finance et al into TVS Credit Services) pending RBI/CCI/SEBI/NCLT approvals
- CEO transition: Peyman Kargar effective 27 Jan 2027 (approved by 97.02% of shareholders on 22 Oct 2026); K N Radhakrishnan continues until then — watch for succession commentary
- Preference share listing: no update since Q3 FY26 — awaiting SEBI approval; consolidated subsidiary losses to track from Rs. 110 Cr in Q2 FY26
Frequently Asked Questions
How much of the commodity cost increase has TVS Motor passed on to customers?
Management quantified the Q1 FY27 commodity headwind at ~4% (3.5% plus 0.5%), of which ~1.5% was passed on in Q1, with a further ~0.5% price increase planned in Q2 FY27. In Q4 FY26, of a 3-5% commodity impact, 35% was offset by price increases, with the balance addressed via mix, cost reduction and scale.
When will TVS Motor's EV business become EBITDA positive?
Management has said EV margins are positive at the contribution level and improving quarter-over-quarter, but the business is 'still away' at the EBITDA level given early-phase volumes. PLI support of ~0.6-0.7% of turnover, with Rs. 1,269 Cr of EV revenue PLI-eligible, supports EV economics as volumes scale.
What did TVS Motor's Q1 FY27 results look like?
Standalone revenue was Rs. 13,896 Cr (+38% YoY) with Operating EBITDA of Rs. 1,779 Cr (+41%), a 12.8% margin and PAT of Rs. 1,174 Cr (+51%), which included a Rs. 150 Cr fair valuation gain on investments. Volumes were 16,30,558 units (+28%), with 2W EV sales of 129,940 (+86%).
Is TVS Motor growing faster than the two-wheeler industry?
Yes, per company disclosures — Q1 FY27 domestic 2W ICE growth was +21% vs industry +13%, and management stated 'TVS Motor is confident about outperforming the industry, both in domestic and international market'. Q2 FY27 monthly sales grew +38%, +21% and +24% YoY in July, August and September respectively, against SIAM's +15.2% industry dispatch growth.