TVS Motor Q3 Preview: Strong volumes and mix to drive double-digit revenue growth

Two and three-wheeler manufacturer TVS Motor Company Ltd is set to announce its Q3FY26 earnings on January 28, with expectations of strong performance supported by healthy volumes and a favourable product mix.

Analysts’ poll indicates standalone net profit could rise 59% to ₹982 crore from ₹619 crore in the year-ago quarter. Revenue is expected to grow 35% to ₹12,323 crore from ₹9,097 crore, while EBITDA is projected at ₹1,569 crore, up 45% from ₹1,092 crore. Margins are estimated to hold above 12.5%, at 12.7% versus 11.9% in Q3FY25.

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Volumes are expected to increase 27% YoY and 2% QoQ, following the recent GST cut, while realisation may rise 6% YoY and 1% QoQ. The revenue growth is anticipated to be driven by strong domestic and export volumes, better product mix, and rupee depreciation, which could aid earnings.

Investors will watch for updates on domestic and export demand, anti-lock braking system (ABS) implementation, trends in raw material costs, and price action in response to rising commodity prices.

Shares of TVS Motor Company Ltd ended at ₹3,565.30, up by ₹16.05, or 0.45%, on the BSE.

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