TVS Motor Q2 Results, October 28, 2026: Profit Up 52% to ₹1,377 Crore on Record Sales

TVS Motor Q2 results landed during market hours on Wednesday, October 28, 2026, and they were about as clean as a two-wheeler maker can hope for. Standalone profit after tax rose 52% to ₹1,377 crore for the July-September quarter, from ₹904 crore a year earlier, on revenue that grew 44% to a record ₹17,103 crore, according to the company’s press release.

The board meeting wrapped up at 2.50 pm, so the market got to react the same afternoon. It liked what it saw.

TVS Motor Q2 results: the numbers that matter

• Standalone revenue from operations: ₹17,103.41 crore, up 44% from ₹11,905.43 crore in Q2 FY26, as per the results filed with NSE.
• Standalone profit after tax: ₹1,377 crore, up 52% from ₹904 crore. The year-ago figure is restated to include Sundaram Auto Components, which was merged into TVS Motor; the filing shows it as ₹903.64 crore against ₹906.09 crore originally reported.
• EBITDA: ₹2,219 crore, the highest the company has reported, up 47% from ₹1,507 crore. EBITDA margin improved by 30 basis points to 13.0% from 12.7%.
• Consolidated numbers: profit for the period was ₹1,219.45 crore against ₹832.76 crore, roughly 46% higher, on consolidated revenue of ₹19,474.44 crore, up about 39% from ₹14,051.22 crore. BusinessLine rounded the profit growth to 47%.

Why the gap between the two profit lines? The consolidated figure pulls in subsidiaries, including the financial services arm, and a share of losses from associates. The standalone number is the cleaner read on the vehicle business itself.

Volumes: every segment grew faster than 25%

The quarter was TVS Motor’s best ever for sales. Combined two- and three-wheeler volumes rose 27% to 1.9 million units from 1.5 million. Motorcycles grew 28% to 0.9 million units and scooters 29% to 0.8 million. International business, which BusinessLine describes as a key growth driver in recent years, was up 35% at 0.5 million units.

The standout was electric. EV two-wheeler sales jumped 133% to 1,86,186 units from 80,009. Three-wheelers rose 47% to 78,475 units from 53,449.

We’d flag one thing here. Revenue grew 44% while volumes grew 27%, which tells you the average realisation per vehicle went up. The release doesn’t say how much of that came from mix and how much from pricing, so that’s worth watching in the investor presentation.

What management said about the next six months

On the analyst call, MD and CEO K N Radhakrishnan told analysts he expects the domestic two- and three-wheeler industry to grow in single digits in the second half because of a high base from last year, BusinessLine reported. He said TVS would still outgrow the industry at home and abroad. The company is also lifting EV two-wheeler capacity from about 60,000-65,000 units a month to 80,000, and plans a series of Norton premium motorcycle launches in international markets, with an India entry to follow.

A ₹530 crore acquisition and a restructuring

The board approved buying the entire stake in STPL Trading and Services for ₹530.08 crore, as disclosed in the exchange filing. STPL holds 7.5% of Home Credit India Finance, a non-banking finance company. Separately, the board cleared a composite scheme that merges TVS Motor Services into TVS Motor and demerges an undertaking into Harita ARC, both wholly owned subsidiaries. The scheme still needs approvals from the stock exchanges, SEBI, the NCLT and shareholders and creditors.

How the stock reacted

TVS Motor shares rose as much as 4.19% to an intraday high of ₹4,258 on the NSE against the previous close of ₹4,087, The Economic Times reported, and were trading at ₹4,239, up 2.52%, at the time of its report.

Put next to Hero MotoCorp’s Q2 numbers from the same evening and Bajaj Auto’s results a day earlier, you get a fuller picture of how the listed two-wheeler makers did this quarter. The open question is the second half, when even management expects the industry to slow.

Sources: TVS Motor press release, TVS Motor board outcome and results filed with NSE, BusinessLine and The Economic Times, all dated October 28, 2026.

Disclaimer: This article is for information and education only and is not investment advice. Please do your own research or consult a SEBI-registered adviser before making any investment decision.