TVS Motor Company Ltd reported Q2 FY27 numbers with revenue of Rs. 19,474.44 Cr (+38.60% YoY) and PAT growth of +50.16% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | October 28, 2026 |
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| Quarter | Q2 FY 2026-2027 |
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| Revenue (Q2) | Rs. 19,474.44 Cr (+38.60% YoY) |
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| PAT (Q2) | Rs. 1,194.51 Cr (+50.16% YoY) |
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| EBITDA margin | 12.97% (+32 bps YoY) |
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| EPS (Q2) | Rs. 25.14 (+50.18% YoY) |
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| Market cap | Rs. 200,534.28 Cr |
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| CMP | Rs. 4,221.00 |
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Quarter Snapshot
TVS Motor delivered a record quarter with standalone revenue +43.66% YoY, above management's 20-30% growth guidance, and PAT +52.40% YoY, while EBITDA margin expanded 32bps to 12.97% despite a 316bps YoY materials-ratio headwind. EV volumes grew 133% YoY and company volumes outpaced the industry 2W print by over 12 points, alongside corporate actions including the consumer-finance demerger and TVS Credit stake raise to 85.15%. H1 capex of Rs.2,303.16 Cr is on track against the ~Rs.3,500 Cr FY27 plan with full 2W/3W capacity targeted by Q4.
Key Investment Insights
Key Positives
- Consolidated revenue Rs.19,474.44 Cr, +38.60% YoY and +19.51% QoQ; standalone revenue Rs.17,103.41 Cr, +43.66% YoY — above management's 20-30% growth guidance
- Consolidated PAT to owners Rs.1,194.51 Cr (+50.16% YoY); standalone PAT Rs.1,377.15 Cr (+52.40% YoY)
- Operating EBITDA margin 12.97%, +32bps YoY and +16bps QoQ, despite materials ratio rising 316bps YoY to 65.12%
- Standalone volumes 1,919,005 units (+27.34% YoY); scooters +29.1%, three-wheelers +47.2%; 2W EVs 186,186 units (+133% YoY)
- Automotive segment EBIT margin improved to 9.09% from 8.62% YoY on segment revenue +42.67%
- Standalone CFO/PAT of 1.51x in H1; standalone FCF Rs.2,035.65 Cr despite Rs.1,808.68 Cr capex
- Composite Scheme approved 28 Oct 2026 including demerger of the consumer-finance undertaking into Harita ARC
Risk Factors
- Consolidated cost of materials grew +45.66% YoY, faster than revenue, lifting the materials ratio to 65.12% (+316bps YoY)
- Subsidiaries were a net drag of Rs.182.64 Cr on owners' PAT; 18 unreviewed subsidiaries had a combined Q2 net loss of Rs.383.11 Cr
- Financial segment EBIT margin compressed to 17.11% from 20.85% in Q1 with revenue flat QoQ (-0.79%)
- Standalone finance cost jumped +166% YoY to Rs.123.85 Cr on the Rs.1,000 Cr NCD and higher lease liabilities; standalone interest cover fell to 17.65x from 31.77x
- Consolidated H1 CFO/PAT of 0.16x due to NBFC lending book absorbing Rs.3,351.70 Cr net