TVS Motor Company Ltd

TVS Motor Company Limited is one of India's leading manufacturers of two-wheelers and three-wheelers. The company is known for popular vehicle brands such as TVS Apache, Jupiter, Raider, NTORQ, XL100 and iQube. Its products serve customers looking for affordable daily transportation, performance motorcycles, electric scooters and commercial vehicles.

Headquartered in Chennai, Tamil Nadu, TVS Motor has four manufacturing facilities in India and Indonesia. The company sells its products across more than 90 countries, with a presence in Africa, Asia, Latin America and the Middle East.

TVS Motor has also expanded beyond traditional petrol-powered vehicles into electric mobility and premium motorcycles. It owns Norton Motorcycles, a British premium motorcycle manufacturer, and has interests in international electric mobility businesses.

How Does TVS Motor Company Make Money?

TVS Motor primarily earns revenue by manufacturing and selling motorcycles, scooters, mopeds, electric vehicles and three-wheelers. Its products reach customers through dealerships, distributors and international sales networks.

The company also generates revenue from spare parts, accessories and other vehicle-related activities.

Its core automobile business can be divided into five major product categories.

1. Motorcycles

Motorcycles are one of TVS Motor's largest businesses, serving customers across commuter and performance motorcycle segments.

The company's portfolio includes TVS Sport, Radeon, Star City+, Raider, Apache RTR and Apache RR 310.

Commuter motorcycles primarily target customers looking for affordable transportation and fuel efficiency. Performance motorcycles such as the Apache series serve customers seeking higher engine performance and additional features.

In Q2 FY27, TVS Motor sold approximately 8.58 lakh motorcycles, registering 28% year-on-year growth. Motorcycles accounted for approximately 45% of total vehicle sales, making them the company's largest product category by volume.

2. Scooters

TVS Motor manufactures petrol-powered scooters under brands such as Jupiter, NTORQ and Zest. These products primarily serve urban commuters, families and customers looking for convenient everyday transportation.

The Jupiter focuses on practical family transportation, while the NTORQ targets customers interested in sportier designs and performance.

In Q2 FY27, scooter sales increased 29% year-on-year to approximately 8.25 lakh units.

Scooters contributed around 43% of total vehicle sales during the quarter. Together, motorcycles and scooters accounted for approximately 88% of TVS Motor's vehicle volumes.

3. Electric Vehicles

TVS Motor operates in the electric two-wheeler market through products such as TVS iQube and Orbiter. These vehicles compete in India's growing electric scooter market.

The company is expanding its electric vehicle portfolio to serve customers looking for alternatives to petrol-powered scooters.

In Q2 FY27, electric two-wheeler sales increased 133% year-on-year to 1,86,186 units, compared with 80,009 units in Q2 FY26.

Electric vehicles accounted for approximately 10% of total two-wheeler sales, compared with around 5.5% a year earlier. This shows that EVs are becoming a larger part of TVS Motor's business.

The TVS iQube has crossed one million units, while the Orbiter has reached the 100,000-unit milestone.

However, the company does not separately disclose the profitability of its electric vehicle business in its Q2 FY27 investor presentation.

4. Mopeds and Three-Wheelers

TVS Motor also manufactures mopeds and commercial three-wheelers, serving customers who need affordable transportation and vehicles for business activities.

The TVS XL100 is used for daily commuting and carrying light goods, particularly in rural and semi-urban markets.

The company's TVS King range includes passenger and cargo three-wheelers used for commercial transportation, last-mile connectivity and delivery services.

In Q2 FY27, moped sales increased 12% to approximately 1.57 lakh units, while three-wheeler sales grew 47% to 78,475 units.

These categories contribute smaller volumes compared with motorcycles and scooters but allow TVS Motor to serve different customer groups.

TVS Motor's International Business and Market Presence

TVS Motor has an established international business, selling motorcycles, scooters and three-wheelers across more than 90 countries.

Its overseas operations are particularly important in developing markets where affordable two-wheelers and commercial vehicles are widely used.

The company operates a manufacturing facility in Indonesia, supporting its presence in Southeast Asia.

In Q2 FY27, international vehicle sales increased 35% year-on-year to approximately 5 lakh units.

TVS Motor continues expanding its international product portfolio, including introducing the Raider in Africa and the Orbiter and NTORQ 150 in Sri Lanka.

The company also owns Norton Motorcycles in the United Kingdom, providing exposure to the premium motorcycle market. Its interests in Swiss E-Mobility Group and EGO Movement extend its presence into electric bicycles and related mobility products.

This international presence provides opportunities beyond the Indian automobile market, although earnings remain exposed to currency movements, local competition and economic conditions.

What Drives TVS Motor Company's Growth?

TVS Motor's growth depends on demand for motorcycles, scooters, electric vehicles and commercial three-wheelers in India and international markets.

• Domestic vehicle demand: Consumer spending, rural income, fuel prices and access to vehicle financing influence demand for motorcycles and scooters. Affordable commuter vehicles form an important part of the company's portfolio.
• Electric vehicle adoption: TVS Motor is expanding its electric scooter business through iQube and Orbiter. EV sales grew 133% in Q2 FY27, making electric mobility an increasingly important growth area.
• Premium motorcycles and product mix: Products such as Apache and Raider allow TVS Motor to serve customers across different price segments. Changes in the proportion of premium and commuter vehicles can influence revenue and profitability.
• International expansion: TVS Motor operates in more than 90 countries, with international sales growing 35% in Q2 FY27. Overseas markets provide additional growth opportunities beyond domestic demand.
• Raw-material costs and operating margins: Steel, aluminium, rubber, batteries and other components influence manufacturing costs. Changes in these costs, along with vehicle pricing and product mix, can affect the company's profitability.

Going forward, TVS Motor's business growth will depend on continued vehicle demand, electric mobility adoption, international expansion, new product launches and its ability to manage manufacturing costs while maintaining profit margins.