TVSMOTOR · Automobile and Auto Components
TVS Motor Company Ltd. reported revenue of ₹16,296 cr for April to June 2026, +33.5% on the year and +8.3% on the quarter. That is faster than this quarter has grown in recent years (+16.1% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹60,156 cr, +30.5% on the four before.
Operating profit (EBITDA) was ₹2,343 cr, a margin of 14.4%, −39 bps on the year and −5 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 14.4% to 16.5%). Operating costs grew +34.1%, faster than revenue at +33.5%, so operating profit grew less than sales.
Net profit was ₹1,058 cr, +64.5% on the year and +29.0% on the quarter, with earnings per share of ₹21.46. Profit before other income, one-offs and tax grew 48.0%, so 17 points of the headline growth came from outside the core business. The tax rate of 32% is in line with its recent average. Profit over the last four quarters totals ₹3,602 cr, +41.9% on the four before.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models. The quarterly statements do not carry volumes, realisation per vehicle and the export share; those come with the filing read.
On earnings per share of ₹72.15 over the last four quarters, the stock at ₹4,081.80 trades at 56.6 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Headline profit grew much faster than core profit. What made up the difference?
Reported profit +64.5% on the year; profit before other income, exceptional items and tax +48.0%.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹10,114 cr | ₹9,942 cr | ₹10,314 cr | ₹11,302 cr | ₹11,035 cr | ₹11,542 cr | ₹12,210 cr | ₹14,051 cr | ₹14,756 cr | ₹15,053 cr | ₹16,296 cr | ₹19,474 cr |
| YoY | — | — | +14% | +14% | +9% | +16% | +18% | +24% | +34% | +30% | +33% | +39% |
| EBITDA margin | 14.6% | 14.6% | 13.9% | 14.4% | 14.8% | 16.5% | 14.8% | 15.0% | 15.4% | 14.4% | 14.4% | 14.0% |
| Other income, % of PBT | 2% | −5% | 7% | 4% | 8% | −6% | 4% | −1% | −5% | 1% | 10% | 5% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 32% | 36% | 34% | 34% | 33% | 31% | 34% | 32% | 33% | 37% | 32% | 32% |
| Net profit | ₹510 cr | ₹412 cr | ₹485 cr | ₹588 cr | ₹609 cr | ₹698 cr | ₹643 cr | ₹833 cr | ₹891 cr | ₹820 cr | ₹1,058 cr | ₹1,219 cr |
| YoY | — | — | +10% | +41% | +19% | +69% | +33% | +42% | +46% | +17% | +65% | +46% |
| Core profit YoY | — | — | +28% | +37% | +14% | +56% | +36% | +45% | +65% | +22% | +48% | +37% |
| EPS | ₹10.08 | ₹8.15 | ₹9.70 | ₹11.80 | ₹11.91 | ₹13.64 | ₹12.84 | ₹16.74 | ₹17.71 | ₹16.24 | ₹21.46 | ₹25.14 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 1 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
TVS Motor Company Ltd. reported revenue of ₹16,296 cr (+33.5% on the year) and net profit of ₹1,058 cr (+64.5% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved +48.0% on the year, against +64.5% for reported profit.
1 check raised a question: Headline profit grew much faster than core profit. What made up the difference?
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