TVS Motor Q2 Results: Volumes, product mix aid revenue growth; Management commentary awaited

TVS Motor Company Ltd. posted earnings broadly in line with expectations for the September quarter, driven by strong volume growth and a superior product mix.

Net profit rose 37% year-on-year to ₹906 crore from ₹663 crore, compared with the CNBC-TV18 poll estimate of ₹953 crore.

Revenue grew 29% to ₹11,905 crore as against ₹9,228 crore a year ago. The figure was higher than our poll of ₹11,758 crore).

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) increased 40% to ₹1,508 crore as against ₹1,080 crore, while margins improved to 12.7% from 11.7%.

Volumes rose 23% YoY and 18% QoQ, while average selling price (ASP) was up 5% YoY and remained flat sequentially.

Here are the key things to watch out for

- Festive demand trends and FY26 outlook

- Progress on e-mobility initiatives and demand traction

- Incremental investments in subsidiaries

- Export ramp-up in new markets

Following the earnings announcement, shares of TVS Motor Company Ltd. are trading 2.57% lower at ₹3,550.40. The stock has jumped nearly 50% in 2025 so far.