TVS Motor had a quarter to remember. The two-wheeler maker reported its highest ever quarterly sales and revenue on Wednesday, 28 October 2026, as electric scooters sold faster than almost anything else in its showrooms and demand held up across motorcycles, scooters and three-wheelers.
Standalone profit after tax rose 52 percent to Rs 1,377 crore in the July to September quarter, up from Rs 904 crore in the same quarter last year. Revenue from operations climbed 44 percent to a record Rs 17,103 crore, from Rs 11,905 crore a year earlier. The numbers beat analyst estimates, and they landed on the same day the board approved a plan to spin off the consumer finance business into a separate listed company.
It was not a one-segment story. TVS sold 1.9 million two-wheelers and three-wheelers in the quarter, 27 percent more than the 1.5 million units it sold a year ago. That is the highest quarterly sales volume in the company’s history, and it came despite price increases makers have made to offset higher commodity costs.
A record quarter, in numbers
The headline figures, on a standalone basis for the quarter ended 30 September 2026, tell a straightforward story of volume doing the work:
- Profit after tax: Rs 1,377 crore, up 52 percent from Rs 904 crore.
- Revenue: Rs 17,103 crore, up 44 percent from Rs 11,905 crore.
- Operating profit (EBITDA): Rs 2,219 crore, up 47 percent from Rs 1,507 crore.
- Operating margin: 13 percent, up from 12.7 percent a year ago.
- Total sales: 1.9 million units, up 27 percent.
- Electric two-wheeler sales: 1,86,186 units, up 133 percent.
The first half of the financial year looked just as strong. Revenue for the six months to September rose 41 percent to Rs 30,999 crore, while profit after tax grew 52 percent to Rs 2,551 crore.
Electric sales more than double
The sharpest growth came from electric two-wheelers. Sales jumped 133 percent to 1,86,186 units, compared with 80,009 units in the same quarter last year. In plain terms, TVS sold more than twice as many electric scooters as it did a year ago, at a time when electric mobility is gaining ground across the Indian market.
TVS has built its electric range around scooters such as the iQube, and the growth came alongside growth in petrol models, not instead of it.
Motorcycles, scooters and exports all grow
Motorcycle sales rose 28 percent to about 8.58 lakh units, from 6.73 lakh units a year earlier. Scooter sales increased 29 percent to about 8.25 lakh units, from 6.39 lakh units. Moped sales grew 12 percent to around 1.57 lakh units, and three-wheeler sales climbed 47 percent to 78,475 units, from 53,449 units.
Overseas sales added to the momentum. International business volumes grew 35 percent to about 5 lakh units, from around 4 lakh units a year earlier. That export growth spreads demand beyond the Indian festive season and gives the company a second engine when domestic buying cools.
Finance business to stand on its own
Alongside the results, the TVS Motor board approved a composite scheme to demerge its consumer finance and related business into a separate entity, Harita ARC Ltd, which would be listed separately. Shareholders would receive shares in the new company in proportion to their existing holding, and the plan still needs approvals from stock exchanges, the market regulator SEBI, the National Company Law Tribunal, and shareholders and creditors.
The idea is to give the finance business its own structure, strategy and access to capital, while letting TVS Motor focus on making and selling vehicles. The board also approved the merger of wholly owned subsidiary TVS Motor Services Ltd with TVS Motor, to simplify the group structure, and a Rs 530.08 crore acquisition of STPL Trading and Services, expected to complete by 31 December 2026.
What it means for buyers
For buyers, the immediate takeaway is simpler than the corporate restructuring. TVS is selling more of everything, its electric range is scaling fast, and the company is not signalling a slowdown in supply or demand. Strong volumes usually mean shorter waits and more choice at dealerships, although exact waiting periods and on-road prices still vary by city, model and variant.
The next test is whether festive-season momentum carries into the December quarter. For now, TVS enters it with record sales behind it.
FAQs
How much profit did TVS Motor report in Q2 FY27?
TVS Motor reported standalone profit after tax of Rs 1,377 crore in the quarter ended 30 September 2026, up 52 percent from Rs 904 crore a year earlier.
What was TVS Motor’s revenue in the September quarter?
Revenue from operations rose 44 percent to a record Rs 17,103 crore, from Rs 11,905 crore in the same quarter last year.
How fast did TVS electric two-wheeler sales grow?
Electric two-wheeler sales surged 133 percent to 1,86,186 units, compared with 80,009 units in the year-ago quarter.
What did TVS Motor announce about its finance business?
The board approved a plan to demerge the consumer finance and related business into Harita ARC Ltd, a separately listed company, subject to regulatory and shareholder approvals.
How many vehicles did TVS Motor sell in Q2 FY27?
Total two-wheeler and three-wheeler sales reached a record 1.9 million units, up 27 percent from 1.5 million units a year earlier.
