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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]
Overview[1]TVSM is one of the leading players in the two-wheeler industry and is the only company to have a presence in all the three categories, i.e., motorcycles, scooters, and mopeds, catering to both domestic and internationalmarkets. TVSM is also the only company to have a presence in the moped segment for the domestic market.
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Bajaj Auto | 8981.00 | 30.13 | 250801.24 | 2.34 | 2122.03 | 53.17 | 15734.74 | 18.78 | 28.06 | 54683.29 | 19.62 | 8329.97 | 2122.03 | 7.29 | 15.63 | 0.58 |
| 2. | Eicher Motors | 7066.50 | 37.97 | 193833.60 | 0.98 | 1369.45 | 24.46 | 6171.59 | 44.77 | 29.81 | 21427.66 | 24.14 | 5107.32 | 1369.45 | 8.83 | 18.85 | 0.02 |
| 3. | TVS Motor Co. | 3615.00 | 54.40 | 171743.96 | 0.27 | 906.09 | 36.74 | 11905.43 | 29.01 | 34.69 | 40633.92 | 12.76 | 3155.28 | 906.09 | 17.71 | 15.01 | 0.37 |
| 4. | Hero Motocorp | 6207.85 | 23.48 | 124207.64 | 2.61 | 1320.98 | 23.05 | 12218.39 | 16.56 | 30.34 | 42175.84 | 14.31 | 5283.06 | 1308.89 | 5.94 | 15.62 | 0.03 |
| 5. | Ather Energy | 679.15 | – | 25903.28 | 0.00 | -154.10 | 21.86 | 898.90 | 54.05 | -65.71 | 2854.50 | -20.32 | -764.50 | -154.10 | 9.45 | -40.47 | 0.16 |
| 6. | Ola Electric | 38.37 | – | 16924.38 | 0.00 | -418.00 | 15.56 | 690.00 | -43.16 | -28.09 | 3174.00 | -50.25 | -2280.00 | -418.00 | 3.88 | -23.94 | 0.72 |
| 7. | Zelio E-Mobility | 586.20 | 59.66 | 1239.81 | 0.00 | 11.82 | 67.66 | 133.32 | 77.10 | 51.78 | 230.23 | 11.74 | 20.78 | 11.82 | – | 33.76 | 0.70 |
| – | Median: 10 Co. | 632.67 | 30.13 | 21413.83 | 0.26 | 10.16 | 30.6 | 794.45 | 36.89 | 23.99 | 3014.25 | 12.25 | 17.88 | 10.16 | 7.29 | 11.89 | 0.47 |
Standalone figures in ₹ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 7,219 | 6,545 | 6,605 | 7,218 | 8,145 | 8,245 | 8,169 | 8,376 | 9,228 | 9,097 | 9,550 | 10,081 | 11,905 |
Expenses | 6,483 | 5,886 | 5,925 | 6,454 | 7,245 | 7,321 | 7,243 | 7,415 | 8,148 | 8,016 | 8,218 | 8,818 | 10,397 |
Operating Profit | 737 | 659 | 680 | 764 | 900 | 924 | 926 | 960 | 1,080 | 1,081 | 1,333 | 1,263 | 1,509 |
Other Income | 1 | 6 | 70 | 58 | 46 | 73 | -29 | 36 | 30 | -23 | 14 | 34 | -21 |
Profit before tax | 549 | 475 | 547 | 610 | 724 | 775 | 672 | 783 | 897 | 837 | 1,112 | 1,053 | 1,226 |
Tax % | 26% | 26% | 25% | 23% | 26% | 23% | 28% | 26% | 26% | 26% | 23% | 26% | 26% |
Net Profit | 407 | 353 | 410 | 468 | 537 | 593 | 485 | 577 | 663 | 618 | 852 | 779 | 906 |
EPS in Rs | 8.58 | 7.42 | 8.64 | 9.84 | 11.29 | 12.49 | 10.22 | 12.15 | 13.95 | 13.02 | 17.94 | 16.39 | 19.07 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 7,966 | 10,042 | 11,105 | 12,135 | 15,175 | 18,210 | 16,423 | 16,751 | 20,791 | 26,378 | 31,776 | 36,251 | 40,634 |
Expenses | 7,484 | 9,436 | 10,291 | 11,276 | 14,000 | 16,775 | 15,077 | 15,320 | 18,829 | 23,703 | 28,262 | 31,797 | 35,448 |
Operating Profit | 482 | 607 | 813 | 859 | 1,175 | 1,435 | 1,346 | 1,430 | 1,962 | 2,675 | 3,514 | 4,454 | 5,186 |
Other Income | 27 | 30 | 100 | 171 | 99 | 6 | -0 | 31 | -11 | 101 | 149 | 58 | 5 |
Interest | 25 | 27 | 49 | 44 | 57 | 81 | 102 | 142 | 126 | 141 | 182 | 139 | 156 |
Depreciation | 132 | 153 | 236 | 288 | 339 | 399 | 489 | 494 | 611 | 631 | 700 | 745 | 806 |
Profit before tax | 353 | 456 | 629 | 699 | 879 | 961 | 754 | 826 | 1,213 | 2,003 | 2,781 | 3,629 | 4,228 |
Net Profit | 262 | 348 | 489 | 558 | 663 | 670 | 592 | 612 | 894 | 1,491 | 2,083 | 2,711 | 3,155 |
EPS in Rs | 5.51 | 7.32 | 10.30 | 11.75 | 13.95 | 14.11 | 12.47 | 12.88 | 18.81 | 31.38 | 43.84 | 57.05 | 66.42 |
Dividend Payout % | 25% | 26% | 24% | 21% | 24% | 25% | 28% | 27% | 20% | 16% | 18% | 18% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 48 | 48 | 48 | 48 | 48 | 48 | 48 | 48 | 48 | 48 | 48 | 48 | 48 |
Reserves | 1,368 | 1,598 | 1,911 | 2,361 | 2,833 | 3,300 | 3,571 | 4,123 | 4,775 | 6,000 | 7,684 | 9,889 | 9,673 |
Borrowings | 528 | 970 | 924 | 1,107 | 1,189 | 1,400 | 2,132 | 1,230 | 1,963 | 2,663 | 1,964 | 2,036 | 3,622 |
Other Liabilities | 1,622 | 1,989 | 2,069 | 2,389 | 3,087 | 3,622 | 3,611 | 4,797 | 5,118 | 5,281 | 6,368 | 7,990 | 9,541 |
Total Liabilities | 3,565 | 4,605 | 4,952 | 5,905 | 7,156 | 8,369 | 9,361 | 10,197 | 11,902 | 13,992 | 16,062 | 19,963 | 22,884 |
Fixed Assets | 1,126 | 1,330 | 1,720 | 1,984 | 2,372 | 2,579 | 2,900 | 3,010 | 3,307 | 3,596 | 3,772 | 4,346 | 5,467 |
Gross Block | 2,472 | 2,822 | 3,465 | 3,929 | 4,545 | 5,054 | 5,785 | 6,323 | 7,206 | 7,988 | 8,726 | 9,756 | – |
Accumulated Depreciation | 1,347 | 1,492 | 1,746 | 1,945 | 2,174 | 2,474 | 2,885 | 3,313 | 3,900 | 4,392 | 4,954 | 5,409 | – |
CWIP | 48 | 89 | 31 | 62 | 131 | 257 | 285 | 279 | 424 | 628 | 930 | 1,239 | 549 |
Investments | 896 | 1,012 | 1,215 | 1,588 | 2,035 | 2,301 | 2,606 | 3,315 | 4,716 | 5,684 | 6,991 | 9,271 | 10,378 |
Other Assets | 1,495 | 2,173 | 1,987 | 2,271 | 2,618 | 3,232 | 3,570 | 3,594 | 3,455 | 4,085 | 4,369 | 5,106 | 6,489 |
Total Assets | 3,565 | 4,605 | 4,952 | 5,905 | 7,156 | 8,369 | 9,361 | 10,197 | 11,902 | 13,992 | 16,062 | 19,963 | 22,884 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 524 | 85 | 941 | 724 | 1,297 | 1,098 | 1,394 | 2,561 | 1,498 | 1,993 | 3,617 | 4,266 |
Cash from Investing Activity | -260 | -493 | -608 | -748 | -1,131 | -1,002 | -1,289 | -921 | -2,141 | -2,312 | -1,896 | -3,871 |
Cash from Financing Activity | -198 | 331 | -306 | -73 | -75 | 81 | 271 | -1,196 | 113 | 225 | -1,470 | -587 |
Net Cash Flow | 66 | -78 | 27 | -97 | 91 | 177 | 375 | 445 | -530 | -94 | 251 | -192 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 15 | 18 | 19 | 22 | 23 | 28 | 28 | 19 | 17 | 14 | 15 | 13 |
Inventory Days | 35 | 41 | 32 | 40 | 32 | 31 | 31 | 33 | 26 | 23 | 21 | 24 |
Days Payable | 64 | 74 | 71 | 77 | 82 | 77 | 87 | 112 | 93 | 75 | 80 | 87 |
Cash Conversion Cycle | -14 | -15 | -20 | -15 | -27 | -18 | -27 | -60 | -50 | -39 | -43 | -50 |
Working Capital Days | -9 | -8 | -15 | -20 | -30 | -19 | -38 | -45 | -42 | -38 | -35 | -42 |
ROCE % | 20% | 21% | 23% | 23% | 24% | 24% | 17% | 17% | 22% | 27% | 31% | 35% |
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