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Major Indian two- and three-wheeler maker selling scooters, motorcycles and mopeds domestically and abroad.
Major Indian two- and three-wheeler maker selling scooters, motorcycles and mopeds domestically and abroad.
Sells through dealers in India and across export markets, with scooters and motorcycles carrying volume. It is the flagship of the family-run TVS Group, also builds BMW's small motorcycles for BMW Motorrad in India, and bought the British brand Norton in 2020 to get a premium name.
In one line: India's Piaggio/Vespa-style two-wheeler maker.
Moat: narrow (brand, distribution, scale). Broad product range and export distribution built over decades in a highly competitive two-wheeler market.
Headquarters: Chennai, India · Founded: 1978 · Employees: 13,204
Size TVS Motor (TVSMOTOR.NS) is an India Consumer Discretionary company (Motor Vehicles) with a market value of $22.6B, the 45th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹4,492 on 6 Nov 2026.
Performance Over six months the shares gained 21.2%, against -5.8% for the median peer and 0.0% for the India market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 34.0% over the last twelve months (peer median +8.0%); the operating margin is 12.5% (peer median 6.4%).
Valuation It trades at 42.5× forward earnings against a peer median of 10.1× (most expensive of 19).
Capital Return on invested capital runs 1.7 points above its cost of capital (12.0% WACC).
Next results Next results expected around 27 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹656B | ₹551B | ₹436B | ₹385B | ₹317B |
| Revenue growth | — | +26% | +13% | +21% | — |
| Gross profit | ₹173B | ₹141B | ₹118B | ₹96.7B | ₹68.0B |
| EBITDA | ₹95.4B | ₹75.1B | ₹62.4B | ₹53.3B | ₹38.6B |
| Net income | ₹38.3B | ₹30.2B | ₹22.4B | ₹16.9B | ₹13.3B |
| Free cash flow | n/a | -₹15.8B | ₹6.44B | -₹26.6B | -₹58.5B |
| Capital expenditure | n/a | ₹32.4B | ₹24.8B | ₹11.5B | ₹13.4B |
| Total debt | ₹395B | ₹328B | ₹286B | ₹260B | ₹224B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| TVS Motor TVSMOTOR.NS | $22.6B | +21% | +34% | 12% | 42.5× | n/a |
| Hero Motocorp HEROMOTOCO.NS | $11.7B | +3% | +27% | 12% | 19.1× | 14.1% |
| Bajaj Auto BAJAJ-AUTO.NS | $31.7B | +3% | +48% | 19% | 24.0× | 27.3% |
| Ola Electric Mobility OLAELEC.NS | $1.81B | -3% | -49% | -83% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TVSMOTOR.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +14.4% | +3.4% | 2nd highest of 21 |
| 6-month return | +21.2% | -5.8% | 2nd highest of 21 |
| Distance from 52-week high | -0.1% | -28.1% | highest of 21 |
| Revenue growth (TTM) | +34.0% | +8.0% | 2nd highest of 20 |
| Operating margin | 12.5% | 6.4% | 4th highest of 21 |
| Forward P/E | 42.5× | 10.1× | most expensive of 19 |
| ROIC minus cost of capital | +1.7 pp | -0.2 pp | 9th highest of 20 |
| EV / EBITDA | 25.8× | 12.1× | 2nd most expensive of 13 |
| Net debt / EBITDA | 3.3× | 0.3× | 5th most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| TVS Motor TVSMOTOR.NS | India | $22.6B | +21% | +34% | 12% | 42.5× | n/a | n/a |
| Eicher Motors EICHERMOT.NS | India | $22.3B | +5% | +28% | 21% | 33.0× | 36.0% | +21.8% |
| Geely Auto 0175.HK | Hong Kong | $20.1B | -34% | +27% | 4% | 6.5× | -9.3% | +29.3% |
| Rivian Automotive RIVN | United States | $19.9B | -4% | +11% | -53% | n/a | n/a | n/a |
| Traton 8TRA.DE | Germany | $18.9B | +2% | +1% | 6% | 6.1× | n/a | n/a |
| Suzuki Motor 7269.T | Japan | $27.3B | +26% | +14% | 9% | 9.1× | -0.8% | +14.6% |
| Hyundai Motor India HYUNDAI.NS | India | $18.3B | +16% | +8% | 7% | 33.0× | 26.6% | +11.8% |
| Kia 000270.KS | South Korea | $28.3B | -34% | +8% | 7% | 5.4× | -12.9% | +14.0% |
| SAIC Motor 600104.SS | China | $17.8B | -24% | -3% | 2% | 11.9× | -14.7% | -2.4% |
| Chery Automobile 9973.HK | Hong Kong | $17.8B | -22% | +11% | 5% | 5.8× | n/a | n/a |
| Stellantis STLAP.PA | France | $17.0B | -40% | -2% | -14% | 8.2× | n/a | n/a |
| Tata Motors TMCV.NS | India | $16.6B | -2% | n/a | 9% | 20.7× | 17.8% | n/a |
| Bajaj Auto BAJAJ-AUTO.NS | India | $31.7B | +3% | +48% | 19% | 24.0× | 27.3% | +17.4% |
| Great Wall Motor 2333.HK | Hong Kong | $15.7B | -48% | +13% | 2% | 5.9× | -5.1% | +15.6% |
| Daimler Truck DTG.DE | Germany | $34.7B | -1% | -14% | 5% | 10.6× | 9.8% | +4.8% |
| Volkswagen VOW.DE | Germany | $39.1B | -24% | -3% | 7% | 5.5× | n/a | n/a |
| Bayerische Motoren Werke BMW.DE | Germany | $40.3B | -22% | -6% | 6% | 9.7× | n/a | n/a |
| Li Auto-w 2015.HK | Hong Kong | $12.4B | -32% | -24% | -7% | n/a | n/a | n/a |
| Subaru 7270.T | Japan | $12.3B | +16% | 0% | 3% | 12.0× | 2.7% | +11.1% |
| Maruti Suzuki India MARUTI.NS | India | $42.3B | -7% | +30% | 7% | 30.1× | 27.7% | +21.1% |
| Mahindra & Mahindra M&M.NS | India | $43.1B | -2% | +26% | 15% | 24.0× | 13.6% | +21.5% |