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 | 9579.50 | 32.14 | 267744.95 | 2.19 | 2122.03 | 53.17 | 15734.74 | 18.78 | 28.06 | 54683.29 | 19.62 | 8329.97 | 2122.03 | 7.83 | 15.63 | 0.58 |
| 2. | Eicher Motors | 7358.00 | 39.52 | 201829.38 | 0.95 | 1369.45 | 24.46 | 6171.59 | 44.77 | 29.81 | 21427.66 | 24.14 | 5107.32 | 1369.45 | 9.14 | 18.85 | 0.02 |
| 3. | TVS Motor Co. | 3690.40 | 55.57 | 175326.15 | 0.27 | 906.09 | 36.74 | 11905.43 | 29.01 | 34.69 | 40633.92 | 12.76 | 3155.28 | 906.09 | 18.04 | 15.01 | 0.37 |
| 4. | Hero Motocorp | 5676.50 | 21.50 | 113576.33 | 2.91 | 1320.98 | 23.05 | 12218.39 | 16.56 | 30.34 | 42175.84 | 14.31 | 5283.06 | 1308.89 | 5.41 | 15.62 | 0.03 |
| 5. | Ather Energy | 646.60 | – | 24689.85 | 0.00 | -154.10 | 21.86 | 898.90 | 54.05 | -65.71 | 2854.50 | -20.32 | -764.50 | -154.10 | 9.04 | -40.47 | 0.16 |
| 6. | Ola Electric | 38.63 | – | 17039.04 | 0.00 | -418.00 | 15.56 | 690.00 | -43.16 | -28.09 | 3174.00 | -50.25 | -2280.00 | -418.00 | 3.92 | -23.94 | 0.72 |
| 7. | Eraaya Lifespace | 42.60 | – | 880.52 | 0.00 | -23.54 | -2182.29 | 609.28 | 36826.06 | 0.86 | 2088.74 | 1.76 | -370.38 | -19.99 | 10.75 | -15.23 | 17.75 |
| – | Median: 10 Co. | 484.2 | 32.14 | 20864.44 | 0.29 | 10.16 | 30.6 | 794.45 | 36.89 | 23.99 | 3014.25 | 12.25 | 17.88 | 10.16 | 7.83 | 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% |
Direct from BSE filings, auto-summarised
External media mentions & references
Editorial & research coverage
Oct 2025
Aug 2025
May 2025
Jan 2025
Oct 2024
Aug 2024
May 2024
Jan 2024
Nov 2023
Jul 2023
May 2023
Jan 2023
Nov 2022
Stock Analysis
Corporate Announcements
