TVS Motors
TVS Motors
Automobiles F&OKey Fundamentals
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Key Insights
Strengths
4- Company is expected to give good quarter
- Company has delivered good profit growth of 38.2% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 29.8%
- Company has been maintaining a healthy dividend payout of 20.9%
Weaknesses
2- Stock is trading at 20.0 times its book value
- Company might be capitalizing the interest cost
Growth Rate
AI Analysis — Bull vs Bear
TVS Motor Company has a market capitalisation of about ₹1,95,118 crore and trades at a P/E of 54 and a P/B of 20.26. Sales have compounded at 24% and profits at 38% over 5 years, and the most recent year's ROE was 34%. Its valuation multiples are well above its own 10-year sales CAGR of 17%. The stock has returned a 50% CAGR over 5 years but only 22% over the past year.
- Profit has compounded at 38% CAGR over 5 years and 46% on a TTM basis, well ahead of sales growth. That points to operating leverage and wider margins.
- Revenue growth is speeding up. TTM sales growth of 31% is above the 3-year CAGR of 21% and the 5-year CAGR of 24%, so demand momentum is getting stronger rather than fading.
- ROE is high and still rising: 34% last year, against 30% over 3 years, 28% over 5 years and 26% over 10 years. Returns on shareholder capital have improved steadily for a decade.
- Growth over the long run has been steady. Profit compounded at 23% and sales at 17% over 10 years, which suggests the business can grow through several auto cycles.
- Shareholders have been rewarded over time, with stock CAGR of 50% over 5 years, 40% over 3 years and 28% over 10 years. The market has kept backing the earnings trajectory.
- The company keeps a dividend payout of about 20.9%. That returns cash to shareholders while leaving close to 80% of earnings to fund growth.
- Near-term operating momentum is flagged as positive, with the company expected to post a good quarter. That is backed by the 46% TTM profit growth.
- The stock trades at 20.26 times book value. That is a demanding multiple and leaves little room for error if ROE drops back from its current 34%.
- A P/E of 54 is well above the 10-year profit CAGR of 23%. The valuation assumes recent high growth continues for a long time.
- The dividend yield of 0.29% is very low and gives almost no income cushion if the valuation multiple shrinks.
- There is a flag that the company may be capitalising interest cost. That could flatter reported profit and raises questions about earnings quality alongside the 38% 5-year profit CAGR.
- Stock returns are slowing. The 1-year return is 22%, against a 3-year CAGR of 40% and a 5-year CAGR of 50%, which may mean the easy re-rating is already behind it.
- Current growth is running far above long-term norms: TTM sales growth of 31% against a 10-year CAGR of 17%. Two-wheeler demand is cyclical, so growth could revert toward the historical average.
- Key balance-sheet data, including debt-to-equity, standalone ROCE and EPS, is missing from the dataset. That makes it harder to judge leverage risk at a market cap of about ₹1,95,118 crore.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- NTORQ 150 launched in Nepal Sep 26
TVS Motor launched the NTORQ 150 in Nepal, the country's first 150cc hyper sport scooter. It has a 149.7cc engine and goes from 0 to 60 km/h in 6.3 seconds, which strengthens TVS's premium scooter presence in export markets.
- Peyman Kargar proposed as CEO Sep 22
TVS Motor started a postal ballot to appoint Peyman Kargar as Director and CEO for a five-year term. The appointment needs shareholder approval and Central Government consent.
- Hosur plant visit, analyst meet Sep 4
TVS Motor is hosting a plant visit and analyst meet at its Hosur factory on September 9, 2026, starting at 10:30 am. Attendees include Aditya Birla Sunlife, Axis AMC, Kotak, Goldman Sachs, UBS and Citadel, and no unpublished price-sensitive information will be shared.
- Trading window closed before Q2FY27 Sep 30
TVS Motor closed its trading window from October 1, 2026, ahead of Q2FY27 results. It stays shut until 48 hours after the results are declared.
TL;DR: Recent news on TVS Motor is mostly constructive, led by the NTORQ 150 launch in Nepal, which expands its premium scooter range abroad. The proposed five-year appointment of Peyman Kargar as CEO is a key governance change, but it still needs shareholder and government approval. There were no clear headwinds this period, and strong institutional attendance at the Hosur meet suggests steady investor interest. The near-term trend looks stable to improving, and Q2FY27 results in October will be the main test of volume and margin momentum.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 9,056 | 9,933 | 10,114 | 9,942 | 10,314 | 11,302 | 11,035 | 11,542 | 12,210 | 14,051 | 14,756 | 15,053 | 16,296 |
| Expenses | 7,852 | 8,588 | 8,639 | 8,487 | 8,884 | 9,678 | 9,402 | 9,638 | 10,407 | 11,941 | 12,488 | 12,881 | 13,952 |
| Operating Profit | 1,204 | 1,345 | 1,475 | 1,455 | 1,431 | 1,624 | 1,633 | 1,904 | 1,803 | 2,110 | 2,267 | 2,172 | 2,343 |
| OPM % | 13% | 14% | 15% | 15% | 14% | 14% | 15% | 16% | 15% | 15% | 15% | 14% | 14% |
| Other Income | 87 | 51 | 12 | -34 | 48 | 32 | 70 | -57 | 40 | -14 | -60 | 7 | 158 |
| Interest | 437 | 483 | 494 | 511 | 500 | 509 | 536 | 551 | 551 | 552 | 561 | 566 | 602 |
| Depreciation | 227 | 237 | 242 | 263 | 241 | 259 | 258 | 292 | 315 | 320 | 323 | 315 | 354 |
| PBT | 627 | 676 | 750 | 647 | 738 | 888 | 908 | 1,004 | 977 | 1,223 | 1,323 | 1,298 | 1,545 |
| Tax % | 30% | 38% | 32% | 36% | 34% | 34% | 33% | 31% | 34% | 32% | 33% | 37% | 32% |
| Net Profit | 441 | 416 | 510 | 412 | 485 | 588 | 609 | 698 | 643 | 833 | 891 | 820 | 1,058 |
| EPS in Rs | 9.14 | 8.13 | 10.08 | 8.15 | 9.7 | 11.8 | 11.91 | 13.64 | 12.84 | 16.74 | 17.71 | 16.24 | 21.46 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 10,256 | 11,377 | 12,463 | 16,340 | 20,160 | 18,849 | 19,421 | 24,355 | 31,974 | 38,779 | 44,089 | 56,070 | 60,155 |
| Expenses | 9,650 | 10,558 | 11,591 | 14,769 | 17,997 | 16,585 | 17,189 | 21,601 | 27,947 | 33,344 | 37,501 | 47,717 | 51,262 |
| Operating Profit | 605 | 819 | 871 | 1,571 | 2,163 | 2,264 | 2,232 | 2,755 | 4,027 | 5,435 | 6,588 | 8,352 | 8,893 |
| OPM % | 6% | 7% | 7% | 10% | 11% | 12% | 11% | 11% | 13% | 14% | 15% | 15% | 15% |
| Other Income | 80 | 93 | 163 | 71 | 25 | 12 | 36 | -5 | 136 | 131 | 86 | -28 | 90 |
| Interest | 62 | 70 | 60 | 338 | 663 | 855 | 881 | 940 | 1,368 | 1,917 | 2,093 | 2,230 | 2,281 |
| Depreciation | 179 | 262 | 317 | 374 | 442 | 556 | 565 | 743 | 859 | 956 | 1,046 | 1,273 | 1,312 |
| PBT | 444 | 580 | 658 | 931 | 1,083 | 865 | 822 | 1,067 | 1,936 | 2,693 | 3,535 | 4,822 | 5,390 |
| Tax % | 28% | 26% | 23% | 29% | 33% | 25% | 26% | 31% | 32% | 34% | 33% | 34% | — |
| Net Profit | 328 | 429 | 509 | 665 | 725 | 647 | 608 | 731 | 1,309 | 1,779 | 2,380 | 3,186 | 3,601 |
| EPS in Rs | 6.91 | 9.03 | 10.76 | 13.73 | 14.83 | 13.15 | 12.51 | 15.93 | 27.97 | 35.5 | 47.06 | 63.53 | 72.15 |
| Div. Payout % | 28% | 28% | 23% | 24% | 24% | 27% | 28% | 24% | 18% | 23% | 21% | 19% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 48 | 48 | 48 | 48 | 48 | 48 | 48 | 48 | 48 | 48 | 48 | 48 |
| Reserves | 1,277 | 1,771 | 2,169 | 2,630 | 3,123 | 3,235 | 3,779 | 4,352 | 5,457 | 6,736 | 8,456 | 9,517 |
| Borrowings | 1,119 | 1,091 | 1,311 | 6,928 | 9,298 | 11,591 | 12,179 | 15,827 | 22,376 | 26,006 | 28,609 | 32,791 |
| Other Liabilities | 2,126 | 2,236 | 2,601 | 3,586 | 4,228 | 4,399 | 5,859 | 6,692 | 7,144 | 9,235 | 10,539 | 13,790 |
| Total Liabilities | 4,570 | 5,146 | 6,128 | 13,190 | 16,696 | 19,272 | 21,865 | 26,919 | 35,025 | 42,024 | 47,651 | 56,146 |
| Fixed Assets | 1,637 | 2,038 | 2,362 | 3,094 | 3,367 | 3,811 | 4,221 | 5,975 | 5,748 | 5,891 | 7,644 | 8,634 |
| CWIP | 93 | 47 | 64 | 313 | 745 | 1,006 | 1,041 | 552 | 743 | 1,033 | 1,465 | 2,072 |
| Investments | 539 | 943 | 1,155 | 421 | 440 | 371 | 468 | 605 | 967 | 1,123 | 1,247 | 1,147 |
| Other Assets | 2,301 | 2,118 | 2,547 | 9,362 | 12,145 | 14,085 | 16,135 | 19,788 | 27,566 | 33,977 | 37,294 | 44,293 |
| Total Assets | 4,570 | 5,146 | 6,128 | 13,190 | 16,696 | 19,272 | 21,865 | 26,919 | 35,025 | 42,024 | 47,651 | 56,146 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 83 | 936 | 689 | 354 | -918 | 373 | 1,151 | -1,575 | -4,405 | -1,253 | 3,503 | 1,867 |
| Investing | -415 | -605 | -709 | -1,095 | -1,104 | -1,090 | -882 | -1,471 | -1,308 | -1,481 | -2,899 | -2,964 |
| Financing | 261 | -319 | -59 | 897 | 2,210 | 1,619 | 264 | 2,918 | 6,118 | 3,239 | 1,155 | 909 |
| Net Cash Flow | -71 | 12 | -79 | 156 | 188 | 902 | 532 | -128 | 406 | 505 | 1,759 | -189 |
| Free Cash Flow | -261 | 424 | 65 | -727 | -2,048 | -617 | 227 | -2,531 | -5,724 | -2,363 | 1,044 | -1,280 |
| CFO/OP | 40 | 134 | 95 | 43 | -28 | 27 | 63 | -44 | -94 | -5 | 71 | 42 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 15 | 16 | 21 | 24 | 28 | 28 | 19 | 18 | 14 | 17 | 14 | 17 |
| Inventory Days | 51 | 40 | 47 | 34 | 34 | 35 | 39 | 37 | 34 | 34 | 33 | 26 |
| Days Payable | 76 | 74 | 80 | 86 | 83 | 94 | 121 | 105 | 89 | 100 | 103 | 103 |
| Cash Conversion Cycle | -11 | -18 | -12 | -28 | -21 | -31 | -63 | -50 | -41 | -49 | -56 | -60 |
| Working Capital Days | -11 | -20 | -24 | -37 | -1 | -27 | -38 | -40 | -49 | -20 | -17 | -37 |
| ROCE % | 21% | 22% | 22% | 19% | 16% | 13% | 11% | 11% | 13% | 15% | 15% | 17% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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64 extracted metrics + investor summaries across FY05–FY27.
Documents
Frequently Asked Questions about TVS Motors
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What is the Return on Equity (ROE) of TVS Motor Company Ltd?
Company Information
TVS Motor Company Ltd (TVSM) is engaged in manufacturing two-wheelers and its accessories; it currently manufactures a wide range of two-wheelers and three-wheelers. [1]
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