TVS Motor Company Ltd logo

TVS Motor Company Ltd

TVSMOTOR NSE

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]

AI Verdict: BUY Confidence: 7%

TVS Motor delivers exceptional growth with 38% profit CAGR over 5 years and 34% ROE, backed by strong analyst consensus (71% Buy). However, the stock trades at a demanding 51.3x PE and 17.1x PB, warranting a high-conviction but valuation-aware accumulation strategy.

Key Fundamentals

LargecapBikesAutomobiles
Market Cap
1.7L Cr
Volatility
Moderate
P/E Ratio
56.19
EBITDA
₹8,302 Cr
Return on Equity
23.68%
Debt to Equity
3.57
Book Value
₹201.32
EPS
₹36.05
52W High
₹3,970
52W Low
₹2,728.7

Technical Indicators

Key Insights

Strengths

3
  • Company has delivered good profit growth of 38.3% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 30.0%
  • Company has been maintaining a healthy dividend payout of 20.9%

Weaknesses

2
  • Stock is trading at 17.1 times its book value
  • Company might be capitalizing the interest cost

Growth Rate

Revenue Growth
26.97% ↗
Net Income Growth
36.23% ↗
Cash Flow Change
379.64% ↗
ROE
6.60% ↗
ROCE
4.29% ↗
EBITDA Margin (Avg.)
-2.70% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
BUY
Risk medium

TVS Motor delivers exceptional growth with 38% profit CAGR over 5 years and 34% ROE, backed by strong analyst consensus (71% Buy). However, the stock trades at a demanding 51.3x PE and 17.1x PB, warranting a high-conviction but valuation-aware accumulation strategy.

Bull Case 8
  • Compounded profit growth of 38% CAGR over 5 years significantly outpaces the two-wheeler industry average
  • Return on equity of 34% in the last year demonstrates excellent capital efficiency and improving profitability
  • Strong analyst consensus with 71.43% Buy ratings (25 out of 35 analysts) signals institutional confidence
  • Revenue growth of 27% TTM indicates robust demand momentum and market share gains
  • Stock CAGR of 41% over 5 years reflects consistent wealth creation for long-term shareholders
  • 3-year ROE average of 30% shows sustained high-quality earnings rather than one-off performance
  • Healthy dividend payout ratio of 20.9% indicates shareholder-friendly capital allocation despite high reinvestment needs
  • 10-year compounded sales growth of 17% demonstrates a long runway of consistent business expansion
Bear Case 7
  • PE ratio of 51.3x is expensive even for a high-growth consumer discretionary name, leaving limited margin of safety
  • Price-to-book of 17.1x implies the market is pricing in near-perfect execution for years ahead
  • Dividend yield of just 0.35% offers negligible income support during potential market corrections
  • Potential capitalization of interest costs raises questions about true operating profitability and earnings quality
  • Only 14.29% Sell ratings but the 14.29% Hold ratings suggest some analysts see limited upside from current levels
  • Market cap of Rs 1,64,380 crore demands sustained 25%+ earnings growth for several years to justify valuation
  • 10-year profit CAGR of 23% is lower than recent 5-year rate of 38%, indicating acceleration that may not sustain indefinitely

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 1d ago
Positives 7
  • May sales beat estimates widely Jun 1

    TVS Motor recorded 566,585 units in May vs 431,275 YoY, beating market estimate of 508,500 units by a significant margin.

  • #1 global shareholder value ranking May 25

    Ranked #1 globally in Durable Consumer Goods by WirtschaftsWoche and BCG, delivering 51% annual shareholder return from 2021-25.

  • TVS HLX crosses 5M sales Jun 6

    TVS HLX series surpassed 5 million global sales, strengthening leadership in Africa, Middle East, and Latin America.

  • Nigeria tricycle distribution expansion Jun 19

    Expanded Nigeria distribution via new tricycle partnership. Africa contributes 25% of FY25 sales and nearly 70% of total export volumes.

  • TVS Paddock premium channel launch Jun 6

    Introduced TVS Paddock, a bespoke premium retail channel for its motorcycle portfolio, launching in Q2 FY27.

  • Ronin variants launched in Nepal May 30

    Launched Ronin Monotone and Agonda variants in Nepal priced at NPR 4,29,900 and NPR 4,39,900 respectively.

  • New independent director appointed Jun 20

    Ravindran Shanmugam appointed as Non-Executive Independent Director for five years with 99.81% shareholder approval.

Neutral 3
  • Multiple NSE block trades noted Jun 22

    Recorded block trades totalling ~₹121 crores across sessions in June, including ₹72.50 crores and ₹15.78 crores on Jun 22 and ₹32.67 crores on Jun 3, reflecting sustained institutional interest.

  • 34th AGM scheduled July 22 Jun 3

    TVS Motor will hold its 34th AGM on July 22, 2026 via video conferencing.

  • Morgan Stanley investor meetings May 30

    Company officials to attend India Investment Forum 2026 on June 3 for analyst and investor meetings organized by Morgan Stanley.

TL;DR: TVS Motor is firing on all cylinders with strong volume growth (May sales up 31% YoY, beating estimates), expanding international distribution particularly in Africa (25% of FY25 sales), and delivering exceptional shareholder returns (51% CAGR over 2021-25). No material headwinds are visible in recent news flow. The trend is clearly positive with premium channel launches and global milestone achievements suggesting continued momentum into FY26-27.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
8,031
9,056
9,933
10,114
9,942
10,314
11,302
11,035
11,542
12,210
14,051
14,756
15,053
Expenses
6,982
7,852
8,588
8,639
8,487
8,884
9,678
9,402
9,638
10,407
11,941
12,488
12,881
Operating Profit
1,049
1,204
1,345
1,475
1,455
1,431
1,624
1,633
1,904
1,803
2,110
2,267
2,172
OPM %
13%
13%
14%
15%
15%
14%
14%
15%
16%
15%
15%
15%
14%
Other Income
67
87
51
12
-34
48
32
70
-57
40
-14
-60
7
Interest
398
437
483
494
511
500
509
536
551
551
552
561
566
Depreciation
232
227
237
242
263
241
259
258
292
315
320
323
315
PBT
486
627
676
750
647
738
888
908
1,004
977
1,223
1,323
1,298
Tax %
31%
30%
38%
32%
36%
34%
34%
33%
31%
34%
32%
33%
37%
Net Profit
336
441
416
510
412
485
588
609
698
643
833
891
820
EPS in Rs
7.07
9.14
8.13
10.08
8.15
9.7
11.8
11.91
13.64
12.84
16.74
17.71
16.24
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
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
Expenses
9,650
10,558
11,591
14,769
17,997
16,585
17,189
21,601
27,947
33,344
37,514
47,717
Operating Profit
605
819
871
1,571
2,163
2,264
2,232
2,755
4,027
5,435
6,575
8,352
OPM %
6%
7%
7%
10%
11%
12%
11%
11%
13%
14%
15%
15%
Other Income
80
93
163
71
25
12
36
-5
136
131
99
-28
Interest
62
70
60
338
663
855
881
940
1,368
1,917
2,093
2,230
Depreciation
179
262
317
374
442
556
565
743
859
956
1,046
1,273
PBT
444
580
658
931
1,083
865
822
1,067
1,936
2,693
3,535
4,822
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
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
Div. Payout %
28%
28%
23%
24%
24%
27%
28%
24%
18%
23%
21%
19%
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
14,145
Total Liabilities
4,570
5,146
6,128
13,190
16,696
19,272
21,865
26,919
35,025
42,024
47,651
56,501
Fixed Assets
1,637
2,038
2,362
3,094
3,367
3,811
4,221
5,975
5,748
5,891
7,644
10,200
CWIP
93
47
64
313
745
1,006
1,041
552
743
1,033
1,465
974
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
44,181
Total Assets
4,570
5,146
6,128
13,190
16,696
19,272
21,865
26,919
35,025
42,024
47,651
56,501
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
-36
ROCE %
21%
22%
22%
19%
16%
13%
11%
11%
13%
15%
15%
17%

Shareholding Pattern

As of Mar 2026
Promoters 50.27%
FIIs 22.57%
DIIs 18.83%
Public 6.65%
Others 1.68%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
57.40%
52.26%
52.26%
52.26%
50.81%
50.81%
50.81%
50.27%
50.27%
50.27%
50.27%
50.27%
50.27%
50.27%
50.27%
50.27%
50.27%
50.27%
50.27%
50.27%
50.27%
FIIs
0.00%
0.04%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
18.51%
0.00%
20.83%
21.05%
22.33%
21.21%
21.48%
22.42%
22.89%
23.09%
22.57%
DIIs
19.15%
22.40%
23.53%
23.82%
26.88%
29.08%
25.93%
26.86%
24.40%
23.42%
23.12%
21.00%
20.26%
20.14%
19.01%
20.00%
19.74%
18.81%
18.35%
18.29%
18.83%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
7.41%
7.23%
7.73%
7.26%
7.10%
7.11%
7.11%
6.89%
6.85%
6.62%
6.64%
6.91%
7.10%
7.03%
6.77%
6.89%
6.90%
6.80%
6.79%
6.66%
6.65%
Others
16.04%
18.07%
16.48%
16.66%
15.21%
13.00%
16.16%
15.98%
18.48%
19.70%
1.46%
21.83%
1.55%
1.52%
1.63%
1.64%
1.62%
1.70%
1.70%
1.70%
1.68%
No. of Shareholders
1,40,569
1,46,430
1,82,906
1,98,576
2,01,415
1,83,563
1,93,411
1,94,305
1,94,347
1,98,002
2,02,558
2,42,094
2,60,618
2,69,776
2,69,030
2,92,489
3,01,308
2,99,644
3,09,383
3,20,848
3,24,891

Documents

Frequently Asked Questions about TVS Motor Company Ltd

What does TVS Motor Company Ltd do?
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]
Where is TVS Motor Company Ltd (TVSMOTOR) listed?
TVS Motor Company Ltd is listed on the Indian stock exchanges. It is listed on NSE: TVSMOTOR and BSE: 532343. You can view its live share price, financials, and ratios on Tapetide.
Which sector does TVS Motor Company Ltd belong to?
TVS Motor Company Ltd operates in the Consumer Discretionary sector within the Automobiles industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of TVS Motor Company Ltd?
TVS Motor Company Ltd has a market capitalisation of approximately ₹168109.58 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of TVS Motor Company Ltd?
The Price-to-Earnings (PE) ratio of TVS Motor Company Ltd is 56.19. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of TVS Motor Company Ltd?
Over the past 52 weeks, TVS Motor Company Ltd has traded between a low of ₹2,728.7 and a high of ₹3,970. This range helps investors understand the stock's price volatility and recent trading levels.
Does TVS Motor Company Ltd pay dividends?
Yes, TVS Motor Company Ltd has a dividend yield of 0.35%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of TVS Motor Company Ltd?
TVS Motor Company Ltd has a Return on Equity (ROE) of 23.68%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research TVS Motor Company Ltd on Tapetide?
On Tapetide, you can view TVS Motor Company Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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]

Website tvsmotor.com
CEO Sir Ralf Dieter Speth Ph.D.
Employees 6,522
Listed 2000-08-02
Face Value ₹ 1
Issued Size 2,37,54,35,570

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