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TVS Motor Company (TVSMOTOR) INR

TVS Motor Company manufactures and sells motorcycles, scooters, electric vehicles, mopeds, three-wheelers, and related parts and accessories in India and internationally. It also provides financing services for two- and three-wheelers and operates in pre-owned vehicle retailing and e-mobility solutions.

At a glance: strengths & risks
✓Revenue growing (+33% y/y, Q1 2026)✓Profit growing (+67% y/y, Q1 2026)✗High leverage (3.3x EBITDA)

Sector: Automobiles

IN_TVSMOTOR

Price chart

4 050 INRDay -1.82%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
4 050 INR · -1.82%
Market cap
1924.1 bn INR

Growth

Δ revenue y/y
33.5%
Δ EBITDA y/y
30.0%

Multiples

P/E (LTM)
56.1x
3y avg: 56.6x
P/B (FY)
20.1x
P/E (ann.)
47.2x
EV/EBITDA (LTM)
24.8x
3y avg: 22.6x
EV/EBITDA (ann.)
23.3x

Cash return

Dividend yield
0.3%
FCF yield (LTM)
-0.7%

Value creation

fundamental value/yr, % of market cap
Value created / year
+16.0%
↓ details

Liquidity

Daily turnover (listing)
2 bln INR

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B INR, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB INROperating profitB INRD&AB INREBITDAB INRNet profitB INROperating CFB INRCapex + M&AB INRAssetsB INREquityB INRROE (annualized)Net debtB INRSource
2026-06-30Q2 2026 (3M)PARTIAL163.0
y/y 33.5%
20.0
y/y 33.7%
3.5
y/y 12.4%
23.6
y/y 30.0%
10.2
y/y 67.1%
———
y/y —
107.1
y/y 13.5%
40.2%≈ 277.0Yahoo Finance
2026-03-31Q1 2026 (3M)OK150.3
y/y 34.6%
18.1
y/y 23.8%
4.0
y/y —
22.1
y/y -11.9%
7.7
y/y 19.0%
——565.0
y/y 17.9%
95.6
y/y 12.5%
32.3%277.0Yahoo Finance
2025-12-31Q4 2025 (3M)PARTIAL147.6
y/y 31.7%
19.5
y/y 32.8%
3.2
y/y —
22.7
y/y 54.8%
8.4
y/y 48.6%
———
y/y —
91.3
y/y 6.2%
12.3%≈ 100.0Yahoo Finance
2025-09-30Q3 2025 (3M)OK140.4
y/y 23.9%
17.9
y/y 26.3%
2.3
y/y —
20.2
y/y 42.9%
8.0
y/y 41.9%
——519.3
y/y 15.5%
91.3
y/y 6.2%
34.3%100.0stockanalysis.com
2025-06-30Q2 2025 (3M)PARTIAL122.1
y/y 17.0%
15.0
y/y 20.2%
3.1
y/y —
18.1
y/y 45.5%
6.1
y/y 32.4%
———
y/y —
94.4
y/y 25.7%
27.2%≈ 235.0Yahoo Finance
2025-03-31Q1 2025 (3M)OK111.6
y/y —
14.6
y/y —
—
y/y 7.2%
25.1
y/y —
6.5
y/y —
——479.4
y/y 13.5%
85.0
y/y 25.4%
26.2%235.0Yahoo Finance
2024-12-31Q4 2024 (3M)PARTIAL112.0
y/y 10.6%
14.7
y/y 16.6%
—
y/y —
14.7
y/y 16.6%
5.7
y/y 18.2%
———
y/y —
85.9
y/y 23.1%
8.8%≈ 86.2stockanalysis.com
2024-09-30Q3 2024 (3M)OK113.3
y/y 13.5%
14.2
y/y 21.0%
—
y/y —
14.2
y/y 21.0%
5.6
y/y 45.1%
——449.5
y/y 11.1%
85.9
y/y 23.1%
27.8%86.2stockanalysis.com
2024-06-30Q2 2024 (3M)PARTIAL104.4
y/y —
12.5
y/y —
—
y/y —
12.5
y/y —
4.6
y/y —
———
y/y —
75.1
y/y —
25.8%≈ 229.3stockanalysis.com
2024-03-31FY 2024 (12M)PARTIAL—
y/y 19.1%
—
y/y 38.9%
—
y/y 13.5%
—
y/y 33.7%
—
y/y 26.9%
——422.2
y/y 19.8%
67.8
y/y 23.2%
24.5%229.3Yahoo Finance
2023-12-31Q4 2023 (3M)PARTIAL101.3
y/y —
12.6
y/y —
—
y/y —
12.6
y/y —
4.8
y/y —
———
y/y —
69.8
y/y —
9.1%≈ 93.9stockanalysis.com
2023-09-30Q3 2023 (3M)OK99.8
y/y —
11.7
y/y —
—
y/y —
11.7
y/y —
3.9
y/y —
——404.7
y/y —
69.8
y/y —
24.8%93.9stockanalysis.com
2023-03-31FY 2023 (12M)PARTIAL274.3
y/y —
32.9
y/y —
8.6
y/y —
41.5
y/y —
13.3
y/y —
-44.0-13.4352.3
y/y —
55.0
y/y —
—197.8Yahoo Finance

Revenue & EBITDA

RevenueEBITDA

Quarterly values (INR mln)

050 000100 000150 0002023 q42024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

0%20%40%60%2023 q42024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Net debt / cash (INR mln)

0100 000200 000300 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q4

Profit and cash

Profit runs ahead of cash
In a typical year of 2022–2026 operating cash flow came to -0.74x of reported net profit; after capex, -1.42x.
year20222023202420252026
cash flow / profit-2.08x-3.31x-0.74x1.57x0.62x
accruals, % of assets—16.3%7.0%-2.6%2.0%
net debt / EBITDA 3.3x · capex 1.9x of depreciation
● In a typical year operating cash flow covered -74% of reported profit (5 profitable years).
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +16.0%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (23 575 − 18 138) × 3.21
17 442
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (1 924 102 + 276 975) ÷ 75 636
29.1x
3. Target multiple
(Current EV/EBITDA + 11) ÷ 2
= (29.1 + 11) ÷ 2
20.1x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -41 967 + 0 + 0 − 0
-41 967
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (17 442 × 20.1 + -41 967) ÷ 1 924 102
+16.0%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • FCF (LTM) approximated by latest FY (ended 2026-03-31, before the latest reported period 2026-06-30)
  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +27% vs +35% the year before — a -8.1 pp move. 3-year CAGR +27%.
revenue growth by year: 2024 +19% · 2025 +35% · 2026 +27%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Peer comparison

Group: Automobiles. Each peer is shown as it trades and re-priced onto this company's market (India) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
KiaKorea35.23.0x6.1x
Maruti Suzuki IndiaIndia40.518.1x18.1x
Bajaj AutoIndia33.121.8x21.8x
Eicher MotorsIndia21.533.1x33.1x
Hyundai MotorKorea55.216.6x34.2x
Group median18.1x21.8x
Group average18.5x22.7x
This companyIndia20.324.8x24.8x

Group median 18.1x as traded, 21.8x adjusted; this company 24.8x — a 14% premium.

Group average 18.5x as traded, 22.7x adjusted; against the average this company is at a 10% premium.

At the adjusted group median the market cap would be -14% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 23.0x, Russia 3.9x, South Africa 5.4x, Kazakhstan 7.7x, India 18.1x, Indonesia 4.2x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-09-15; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-03-3012 INREx-dividend: 12 INR per sharePaidYahoo Finance (ex-div)
2025-03-2610 INREx-dividend: 10 INR per sharePaidYahoo Finance (ex-div)
2024-03-198 INREx-dividend: 8 INR per sharePaidYahoo Finance (ex-div)
2023-02-025 INREx-dividend: 5 INR per sharePaidYahoo Finance (ex-div)
2022-03-253.75 INREx-dividend: 3.75 INR per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of TVS Motor Company (TVSMOTOR) — from primary filings.

Frequently asked questions

What is TVS Motor Company (TVSMOTOR)'s P/E ratio?
TVS Motor Company (TVSMOTOR) trades at a P/E of 56.1x (price to trailing 12-month earnings).
What is TVS Motor Company (TVSMOTOR)'s EV/EBITDA?
TVS Motor Company (TVSMOTOR) trades at 24.8x EV/EBITDA.
What is TVS Motor Company (TVSMOTOR)'s P/B ratio?
TVS Motor Company (TVSMOTOR) trades at a P/B of 20.1x.
What is TVS Motor Company (TVSMOTOR)'s dividend yield?
TVS Motor Company (TVSMOTOR)'s trailing 12-month dividend yield is 0.3%.
What is TVS Motor Company (TVSMOTOR)'s return on equity (ROE)?
TVS Motor Company (TVSMOTOR)'s ROE is 40.2%.
What is TVS Motor Company (TVSMOTOR)'s market capitalization?
TVS Motor Company (TVSMOTOR)'s market cap is 1924.1 bn INR.

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