TVS Motor Company recorded its highest-ever annual sales, revenue and operating earnings, while signalling that it may eventually consider separating its financial services business as part of a broader effort to unlock shareholder value.
Addressing shareholders at the company’s Annual General Meeting, TVS Motor Chairman Sudarshan Venu said the automaker sold 5.89 million vehicles during the year, representing a 24% increase over the previous year.
The company reported revenue of ₹47,270 crore and earnings before interest, taxes, depreciation and amortisation, or EBITDA, of ₹6,079 crore. Both figures were the highest in TVS Motor’s history.
“It is an honor for me to share the progress of your company over the past year,” Venu said. “TVS Motor has delivered its highest ever annual sales volume of 5.89 million vehicles, a 24% increase from the previous year.”
He credited customers and employees for the performance, highlighting the company’s focus on customer centricity, quality and innovation.
International business contributes over a quarter of revenue
TVS Motor’s international operations accounted for more than a quarter of its revenue, with overseas volumes exceeding 1.59 million units during the year.
The company is now present in more than 90 countries and is looking to Africa, Latin America and Asia as long-term growth markets. It is also entering Europe, widening its ambitions beyond the regions where its motorcycles and scooters already have an established presence.
Venu described Africa as being at an “extraordinary inflection point”, supported by a young population and rising mobility requirements.
“We are a trusted brand in the African market and we very much intend to build on that,” he said.
TVS Motor expects its international business to maintain momentum and demonstrate resilience during the 2026-27 financial year, despite global trade uncertainty, fluctuating freight costs and supply-chain disruptions.
The company said two-wheelers remain essential to daily transportation across India and several international markets, serving workers, parents, entrepreneurs and people seeking access to healthcare and education. In other words, for many customers, a motorcycle is less a weekend indulgence and more a weekday necessity.
Electric two-wheeler sales rise 33%
Electric vehicles remain a central pillar of TVS Motor’s growth strategy.
The company sold more than 3.71 lakh electric two-wheelers during the year, an increase of 33% from the previous period. Sales were supported by the refreshed and expanded TVS iQube range and the newly launched Orbiter scooter.
TVS Motor said it has developed a network of more than 1,000 electric-vehicle dealers and supported 5,000 public charging points.
The company began investing in electric mobility more than a decade ago, giving it an early foundation as India’s electric two-wheeler market expanded.
TVS Motor is simultaneously increasing its presence in higher-value categories, including premium scooters and performance motorcycles.
New models such as the TVS Apache RTX 300 and TVS NTORQ 150 received a positive customer response, Venu said. The Apache RTX was also named Indian Motorcycle of the Year for 2026.
Norton Manx R and Atlas enter production
TVS Motor is also preparing a wider international revival of Norton, the British motorcycle marque it acquired in 2020.
Venu said the all-new Norton Manx R and Atlas had entered production and were ready to reach the market. The Manx and Atlas GT are scheduled to be launched during the year in the United Kingdom, France, Italy, Spain, India and the United States.
“Globally, the resurgence of the Norton brand has started,” Venu said. “Our British icon is finding its stride, rebuilt with engineering focus and the investment capacity of TVS Motor.”
The company has launched the TVS Paddock premium retail network in India to support the expansion of its higher-end motorcycle business.
The Norton revival gives TVS Motor an opportunity to compete in international premium segments, though rebuilding a historic British brand is likely to require patience alongside horsepower.
R&D investment crosses ₹1,250 crore
TVS Motor invested more than ₹1,250 crore in research and development during the year. More than 2,000 engineers are working across connected technologies, electrification, new vehicles and other areas of innovation.
The company has also established a design and engineering centre in Bologna through Engines Engineering.
Venu said TVS Motor views generative artificial intelligence as a significant opportunity and is investing in the technology to explore its potential impact on customers and business operations.
The company said its focus on quality, sustainability and governance had been recognised through rankings and assessments from organisations including JD Power, S&P Global and CII GreenCo.
Renewable energy reaches 97% of India operations
More than 97% of the energy used across TVS Motor’s Indian operations came from renewable sources during the year, according to the company.
The transition helped avoid more than 76,000 tonnes of carbon emissions. TVS Motor said it would work to extend its sustainability initiatives across the supply chain.
Venu said the company was preparing for risks arising from changing trade policies, supply-chain interruptions and volatility in energy and freight costs.
“We see this as part of our longer-term view of resilience in the world around us, which is facing uncertainty,” he said.
TVS Credit asset base exceeds ₹30,000 crore
TVS Motor’s financial services arm, TVS Credit, also recorded growth during the year.
Disbursements increased by 26%, while the company ended the period with an asset base of more than ₹30,000 crore. It served over 2.4 million customers across two-wheelers, consumer durables, tractors and other products.
TVS Credit is rated AA+ by all three major rating agencies, according to Venu.
The group has made sustained investments in financial services over several years, developing the business into an important part of the broader TVS Venu ecosystem.
Venu said the company could, at an appropriate stage and after considering its long-term strategy, evaluate alternatives including the possible separation of the financial services business.
“Looking ahead, the company may at an appropriate time, in stages, guided by long-term strategic considerations, evaluate alternatives including a possible separation of the financial services business to further strengthen and unlock shareholder value,” he said.
The statement does not amount to a confirmed demerger or provide a specific timeline, but it places a potential restructuring formally on the company’s strategic horizon.
Interim dividend increased to ₹12 per share
Reflecting its financial performance, TVS Motor’s board approved an interim dividend of ₹12 per share, 20% higher than the previous year.
The company also allotted bonus preference shares worth ₹1,900 crore, which are scheduled to mature later this year.
Venu attributed the record performance to employees, dealers, vendors and customers. He said the company continued to invest in employee training, skill development and workforce diversity.
Women accounted for more than 16% of TVS Motor’s workforce, while the participation of employees with disabilities rose to over 3%. The company’s workforce now includes people from more than 50 nationalities.
Community programme reaches 1.65 million people
Venu also highlighted the work of the Srinivasan Services Trust, which has worked with 2,500 villages over the past three decades.
The programme focuses on helping rural communities develop skills, improve livelihoods and build resilience, with villagers playing a central role in their own development.
The initiative reached more than 1.65 million people during the year, according to the company.
TVS Motor expects continued growth despite uncertainty
TVS Motor expects India’s economic expansion, strengthening trade relationships and sustained demand for personal mobility to support its future growth.
Venu said India was projected to remain the world’s fastest-growing large economy, with growth estimated at between 6.4% and 6.5% in the 2026-27 financial year.
He added that the first quarter had demonstrated the strength of consumer aspirations and the resulting growth available to India’s two-wheeler industry.
The company intends to continue investing in technology, electric mobility, premium products and international expansion while preparing for geopolitical, supply-chain and cost-related risks.
For TVS Motor, the record year provides a strong financial base from which to pursue its global ambitions. The larger test will be whether it can turn simultaneous investments in electric scooters, artificial intelligence, financial services and a revived British motorcycle brand into sustained growth — without allowing too many moving parts to loosen the machinery.
