TVS Motor Reports Record FY26 Sales

TVS Motor Company has announced its highest-ever sales for the fiscal year 2025-26, with total unit sales reaching 58.89 lakh units. This figure represents a significant 24% increase year-on-year. The company also recorded its highest-ever quarterly sales in the fourth quarter (Q4 FY26), with 15.60 lakh units sold, marking an impressive 28% growth compared to the same period last year.

Key Sales Figures

For the full fiscal year ending March 31, 2026, total sales surged to 58.89 lakh units, up from 47.44 lakh units in FY 2024-25. The fourth quarter of FY 2025-26 (January-March 2026) saw total sales reach 15.60 lakh units, a substantial 28% increase from 12.16 lakh units in the prior year's quarter.

March 2026 alone was strong, with total sales climbing 25% to 519,358 units, compared to 414,687 units in March 2025.

Growth was broad-based across segments. In March 2026, two-wheeler sales rose 25% to 498,134 units. Electric vehicle (EV) sales showed remarkable growth, jumping 44% to 38,877 units. Three-wheeler sales also increased significantly, up 46% to 21,224 units in March 2026.

Total exports for FY 2025-26 played a crucial role, growing by 33% to reach 15.85 lakh units.

Growth Drivers: EVs and Exports

These record-breaking sales figures underscore TVS Motor's robust market position, particularly its strategic focus on rapidly growing segments like electric vehicles and its expanding international reach. The consistent sales growth reflects strong demand for its diverse product portfolio across both domestic and global markets.

TVS Motor has consistently expanded its electric vehicle offerings. In FY 2024-25, its EV portfolio achieved its highest-ever sales at 2.8 lakh units, a 45% year-on-year increase. This momentum has continued, with March 2026 showcasing substantial EV sales growth. The company's export strategy has also been a key driver, with previous fiscal years showing substantial increases in international sales.

Market Position

TVS Motor's performance stands out in a competitive automotive landscape. In March 2026, TVS led the electric two-wheeler market with 46,859 units sold, securing a 26.23% market share. Competitors included Bajaj Auto, which recorded 42,931 units and a 24.03% share, and Ather Energy, which sold 33,621 units with an 18.82% share. Hero MotoCorp's EV arm also contributed to the market, with 19,764 units sold.

Potential Challenges

While sales performance is strong, potential challenges remain. Rising production costs, possibly influenced by global geopolitical tensions, could impact profit margins for the auto sector. Additionally, the company has previously undertaken voluntary recalls for its iQube electric scooter to address potential issues, highlighting ongoing challenges in scaling up new technologies.

Future Outlook

Investors will be closely watching the company's performance in the upcoming quarters. Key areas to track include:

• Q1 FY27 Performance: Whether the record momentum continues into the new fiscal year.
• New Model Launches: Announcements of new models, especially in the EV and premium segments.
• Margin Performance: Profitability alongside sales growth, considering potential input cost pressures.
• Export Market Expansion: The company's strategy for further penetration into international markets.
• EV Penetration: The increasing share of electric vehicles in TVS Motor's overall sales mix.
• Competitive Landscape: How competitors like Bajaj Auto, Hero MotoCorp, and Ather Energy respond to TVS's strong sales figures.