TVS Motor Co. Q2 FY27 Results (NSE: TVSMOTOR)
Signal: Growth reaccelerated
The read
The trajectory strengthened in Q2FY27: revenue reached a record ₹17,103 crore, up 44% while units rose 27% to 1.9 million, with particularly strong EV growth of 133% to 186,186 units and international growth of 35% to 0.5 million units. EBITDA grew 47% to ₹2,219 crore and margin improved 30bps to 13.0%, while PAT rose 52% to ₹1,377 crore; the key monitor is whether the revenue-versus-volume gap and margin improvement persist beyond this quarter.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹17,103 Cr | 44% | N/A |
| Net profit | ₹1,377 Cr | 52% | |
| EBIT margin | 13.0% |
P&L walk
Consolidated revenue increased 44% to ₹17,103 crore as unit sales grew 27% to 1.9 million, indicating additional support from realisation and product mix; EBITDA grew 47% to ₹2,219 crore with margin up 30bps to 13.0%, while PAT rose 52% to ₹1,377 crore.
Key positives
- Record quarterly revenue of ₹17,103 crore, up 44% YoY, versus 27% growth in total two- and three-wheeler units to 1.9 million, indicating favourable realisation or mix.
- Two-wheeler EV sales rose 133% to 186,186 units, materially ahead of total unit growth of 27%.
- International sales grew 35% to 0.5 million units, ahead of total unit growth of 27%.
- EBITDA increased 47% to ₹2,219 crore and EBITDA margin expanded 30bps to 13.0% from 12.7%.
- PAT rose 52% to ₹1,377 crore, ahead of revenue growth of 44%.
Key concerns
- The filing does not disclose EPS, depreciation, finance cost, cash flow or balance-sheet trends, limiting earnings-quality and capital-intensity assessment.
- EBITDA margin improved only 30bps to 13.0% despite 44% revenue growth, so the sustainability of operating conversion remains important.
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