TVS Motor Company delivered its strongest-ever annual performance in FY26, powered by record sales, rising international demand, EV growth and a sharper focus on premium products. In his AGM address, Chairman Sudarshan Venu said the company is now entering a new phase of scale, with technology, quality and global expansion forming the core of its strategy.
Highlight
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Highest ever annual sales volume of 5.89 million vehicles, up 24 percent year-on-year.
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Revenue rose to ₹47,270 crore, while EBITDA touched a record ₹6,079 crore.
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International business crossed 25 percent of revenue, with volumes above 1.59 million units.
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EV sales crossed 3.71 lakh units, supported by the TVS iQube range and Orbiter scooter.
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The company invested over ₹1,250 crore in R&D and expanded its innovation base globally.
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TVS Credit reported a strong year, with disbursements up 26 percent and assets over ₹30,000 crore.
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The Board approved an interim dividend of ₹12 per share, up 20 percent from last year.
Record Performance
TVS Motor opened its AGM speech on a confident note, highlighting that the company had achieved its highest-ever annual sales volume of 5.89 million vehicles in FY26. That marked a 24 percent jump from the previous year and reflected strong demand across domestic and international markets. Revenue rose to ₹47,270 crore and EBITDA reached ₹6,079 crore, both company records, underlining the strength of TVS Motor’s operating performance.
The chairman credited customers for their trust and employees for maintaining the company’s focus on customer centricity, quality and innovation. He positioned the performance as the result of a long-term strategy rather than a one-year spike, with TVS Motor building scale across categories while improving product appeal and execution.
International Expansion
A major theme of the address was TVS Motor’s increasingly global footprint. The company said international business now contributes more than a quarter of total revenue, with overseas volumes rising to over 1.59 million units. TVS Motor is already present in more than 90 countries and is now looking at Africa, Latin America and Asia as long-term growth markets, while also stepping into Europe.
Africa was singled out as a particularly important opportunity, given its young population and rising mobility needs. The company described the region as an inflection point for future growth and said it intends to deepen its presence there. The management also indicated that the international business should continue to show resilience and grow in FY26-27, even as global trade and supply-chain conditions remain uncertain.
EV and Premium Push
Electric mobility remains one of TVS Motor’s biggest strategic bets, and the company said its early investment in the segment has helped it establish a strong position in India. More than 3.71 lakh electric two-wheelers have been sold so far, with 33 percent growth over the previous year. The refreshed TVS iQube range and the newly launched Orbiter scooter played a key role in this momentum.
To support the EV ecosystem, the company has built over 1,000 electric dealerships and backed around 5,000 public charging points. Alongside EVs, TVS Motor’s premium motorcycle and scooter business also contributed to growth, with launches such as the TVS Apache RTX 300 and TVS NTORQ 150 receiving a positive response. The Apache RTX also won the Indian Motorcycle of the Year award for 2026, reinforcing TVS’s premium image.
Norton And New Models
TVS Motor also highlighted progress at Norton, the British brand it is rebuilding as part of its global premium strategy. The company said the revival is now gaining momentum, with the all-new Manx R and Atlas entering production. Additional models, including the Manx and Atlas GT, are scheduled for launch in key markets such as the UK, France, Italy, Spain, India and the US during the year.
To support this push in India, TVS has launched the TVS Paddock premium retail network, which is designed to strengthen the customer experience for higher-value products. The move suggests TVS is not only focusing on volumes, but also on building a more aspirational brand portfolio across motorcycles and scooters.
R&D And Technology
Technology has become a central pillar of TVS Motor’s growth plan. The company invested more than ₹1,250 crore in R&D during the year, with over 2,000 engineers working on connected platforms, electrification, product innovation and future mobility. It also established a design and engineering hub in Bologna through Engines Engineering, adding global depth to its development capabilities.
The chairman said generative AI is viewed as an important opportunity, and the company is investing in it to improve both customer and business outcomes. This shows that TVS is looking beyond conventional manufacturing to create a more digitally enabled and innovation-led organisation.
Sustainability And Governance
TVS Motor said quality, trust and sustainability continue to anchor its business. Its performance has been recognised by agencies and institutions such as JD Power, S&P Global and CII GreenCo, reflecting progress in product quality, governance and environmental performance. In sustainability, the company said more than 97 percent of energy used across its Indian operations came from renewable sources, helping avoid over 76,000 tons of carbon emissions.
The company also acknowledged the risks posed by shifting trade policies, supply chain disruptions and volatility in energy and freight costs. It said these issues are being closely monitored, with mitigation plans in place to protect business continuity and resilience.
TVS Credit And Capital Return
The financial services arm, TVS Credit, had a strong year as well. Disbursements grew 26 percent, the asset base crossed ₹30,000 crore and the company now serves over 2.4 million customers across categories such as two-wheelers, consumer durables and tractors. Rated AA+ by all three major agencies, TVS Credit continues to grow with a prudent and purpose-led approach.
TVS also indicated that it may, at an appropriate time, evaluate strategic alternatives for the financial services business, including a possible separation, to unlock shareholder value. Reflecting the company’s strong financial position, the board approved an interim dividend of ₹12 per share, up 20 percent year-on-year.
Looking ahead, TVS Motor sees both volatility and opportunity. Management expects India to remain the fastest-growing large economy, with FY26-27 growth projected in the 6.4 to 6.5 percent range, which should support two-wheeler demand. With record financials, rising global presence and a strong product pipeline, TVS Motor appears set for another ambitious year.
The AGM message was clear: TVS Motor is no longer just a leading domestic two-wheeler maker, but a growing global mobility company building scale through premium products, EVs, technology and disciplined execution.
