TVS Motor Sets New Record In Q2 2025 - What Drove Its Biggest-Ever Growth?

TVS Motor Company has reported its highest-ever quarterly performance for the period ended September 2025, driven by strong sales across its two-wheeler, three-wheeler, and electric vehicle segments. The

company recorded its highest-ever operating revenue of Rs 11,905 crore for the quarter, marking a 29% growth compared to Rs 9,228 crore in the same period last year.

Operating EBITDA also reached a record level at Rs 1,509 crore, up 40% from Rs 1,080 crore in the second quarter of 2024-25. The company’s operating EBITDA margin improved to 12.7%, an increase of 100 basis points from 11.7% a year ago. Profit Before Tax (PBT) grew by 37% to Rs 1,226 crore for the second quarter of 2025-26, compared to Rs 897 crore in the same quarter last year. The company noted that PBT includes a fair valuation loss on investments amounting to Rs. 31 crore, against a fair valuation gain of Rs 23 crore during Q2 of last year.

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In terms of sales, TVS achieved its highest-ever quarterly volume, with overall two-wheeler and three-wheeler sales, including international markets, growing by 23% to 15.07 lakh units compared to 12.28 lakh units a year earlier.

Motorcycle sales rose 20% to 6.73 lakh units from 5.61 lakh units, while scooter sales jumped 30% to 6.39 lakh units from 4.90 lakh units in the second quarter of 2024-25. International two-wheeler sales showed robust growth of 31%, reaching 3.63 lakh units compared to 2.78 lakh units last year. Three-wheeler sales also increased sharply by 41% to 0.53 lakh units from 0.38 lakh units in the same period last year.

Electric vehicle sales continued to rise, with TVS posting its highest-ever EV sales at 0.80 lakh units for the quarter, up 7% from 0.75 lakh units in Q2 FY2024-25. The company mentioned that magnet availability continues to pose challenges in the short to medium term.

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For the half year ended September 2025, total two-wheeler sales grew 20% to 26.86 lakh units compared to 22.47 lakh units in the previous year. Three-wheeler sales for the same period rose 43% to 0.98 lakh units from 0.69 lakh units. Combined international business sales grew 34% to 7.52 lakh units compared to 5.62 lakh units in the first half of last year. Total revenue for the half-year increased by 25% to Rs 21,986 crore, while PBT rose 36% to Rs 2,279 crore, compared to Rs 1,680 crore in the same period last year.