TVSMOTOR

TVS Motor Company Limited

TVS Motor Company Limited (TVSMOTOR) financial statements and selected valuation metrics through 30 June 2026.

Consumer Discretionary›Automobile and Auto Components›Automobiles›2/3 Wheelers

tvsmotor.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹4095.10
Market cap
1,94,533 Cr
Stock P/E
56.8
P/B
20.34
Dividend yield
0.3%
ROE (FY26)
28.2%
ROCE (FY26)
16.7%
Operating margin (FY26)
12.7%
Debt / equity (FY26)
3.31
OCF / EBITDA (FY26)
22.2%
OCF / EBITDA (3Y)
20.0%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

TVS Motor makes motorcycles, scooters, mopeds, electric two-wheelers and three-wheelers for Indian riders and exports to Africa, Asia, Latin America and Europe, and it also runs a vehicle-finance arm.

Company snapshot

3rdBy market cap

Ranked among 6 companies in 2/3 Wheelers.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 84.6% of revenue

SegmentRevenue shareRevenuePBTAssets
Automotive Components
2.0%
224 Cr4 Cr401 Cr
Automotive Vehicles & Parts
84.6%
9,416 Cr693 Cr14,450 Cr
Financial services
15.1%
1,683 Cr291 Cr31,779 Cr
Others—0 Cr0 Cr0 Cr

Shares add up to 102% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓Return on equity of 28.2% — the company generates strong returns on shareholders' money.
Concerns
  • ✗Only 20% of operating profit came in as cash over the last three years — much of it is tied up in unpaid bills or stock.
1 more signal from the filings.Sign in free to see them all

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales9,933 Cr10,114 Cr10,042 Cr10,407 Cr11,302 Cr11,135 Cr11,542 Cr12,210 Cr14,051 Cr14,756 Cr15,053 Cr16,296 Cr
Operating expenses (approx.)8,577 Cr8,626 Cr8,558 Cr8,942 Cr9,659 Cr9,470 Cr9,622 Cr10,396 Cr11,929 Cr12,485 Cr12,866 Cr13,938 Cr
EBITDA1,356 Cr1,488 Cr1,485 Cr1,465 Cr1,642 Cr1,665 Cr1,920 Cr1,814 Cr2,122 Cr2,270 Cr2,187 Cr2,357 Cr
OPM %13.7%14.7%14.8%14.1%14.5%15.0%16.6%14.9%15.1%15.4%14.5%14.5%
Other income51 Cr12 Cr-44 Cr41 Cr32 Cr65 Cr-68 Cr40 Cr-14 Cr-10 Cr7 Cr158 Cr
Interest483 Cr494 Cr513 Cr503 Cr509 Cr539 Cr551 Cr551 Cr552 Cr561 Cr566 Cr602 Cr
Depreciation237 Cr242 Cr269 Cr247 Cr259 Cr264 Cr292 Cr315 Cr320 Cr323 Cr315 Cr354 Cr
Profit before tax676 Cr750 Cr650 Cr739 Cr888 Cr906 Cr996 Cr977 Cr1,223 Cr1,323 Cr1,298 Cr1,545 Cr
Tax %38.5%32.1%36.7%34.4%33.7%32.7%30.0%34.2%31.9%32.6%36.9%31.6%
Net profit416 Cr510 Cr412 Cr485 Cr588 Cr609 Cr698 Cr643 Cr833 Cr891 Cr820 Cr1,058 Cr
EPS (₹)₹8.13₹10.08₹8.15₹9.70₹11.80₹11.91₹13.64₹12.84₹16.74₹17.71₹16.24₹21.46

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales13,574 Cr16,656 Cr20,160 Cr18,849 Cr19,421 Cr24,355 Cr31,974 Cr39,145 Cr44,089 Cr56,070 CrSign in free for the trailing twelve months
Operating expenses (approx.)12,705 Cr15,159 Cr17,999 Cr16,576 Cr17,183 Cr21,601 Cr27,907 Cr33,601 Cr37,440 Cr47,676 CrSign in free for the trailing twelve months
EBITDA869 Cr1,497 Cr2,161 Cr2,273 Cr2,238 Cr2,755 Cr4,067 Cr5,543 Cr6,649 Cr8,393 CrSign in free for the trailing twelve months
OPM %6.4%9.0%10.7%12.1%11.5%11.3%12.7%14.2%15.1%15.0%Sign in free for the trailing twelve months
Other income165 Cr145 Cr25 Cr52 Cr47 Cr33 Cr138 Cr106 Cr70 Cr22 CrSign in free for the trailing twelve months
Interest60 Cr338 Cr663 Cr855 Cr881 Cr940 Cr1,368 Cr1,928 Cr2,093 Cr2,230 CrSign in free for the trailing twelve months
Depreciation317 Cr374 Cr442 Cr556 Cr565 Cr743 Cr859 Cr975 Cr1,046 Cr1,273 CrSign in free for the trailing twelve months
Profit before tax658 Cr931 Cr1,083 Cr865 Cr822 Cr1,067 Cr1,936 Cr2,703 Cr3,528 Cr4,822 CrSign in free for the trailing twelve months
Tax %22.6%28.6%33.0%25.3%26.1%31.5%32.4%34.2%32.5%33.9%Sign in free for the trailing twelve months
Net profit509 Cr665 Cr725 Cr647 Cr608 Cr731 Cr1,309 Cr1,779 Cr2,380 Cr3,186 CrSign in free for the trailing twelve months
EPS (₹)₹10.76₹13.73₹14.83₹13.15₹12.51₹15.93₹27.97₹35.50₹47.05₹63.53Sign in free for the trailing twelve months
Dividend payout %————16.4%26.1%22.3%21.4%20.0%17.9%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital48 Cr48 Cr48 Cr48 Cr48 Cr48 Cr48 Cr48 Cr48 Cr48 Cr
Reserves2,169 Cr2,630 Cr3,123 Cr3,235 Cr3,779 Cr4,352 Cr5,457 Cr6,736 Cr8,456 Cr9,517 Cr
Borrowings1,242 Cr5,553 Cr8,163 Cr9,002 Cr9,350 Cr15,297 Cr21,626 Cr25,287 Cr27,616 Cr31,624 Cr
Other liabilities2,661 Cr4,802 Cr5,118 Cr6,675 Cr8,429 Cr6,722 Cr7,697 Cr9,423 Cr10,879 Cr14,164 Cr
Total liabilities6,128 Cr13,214 Cr16,696 Cr19,280 Cr21,993 Cr27,072 Cr35,233 Cr42,220 Cr47,937 Cr56,501 Cr
Fixed assets (net)2,274 Cr2,709 Cr2,979 Cr3,302 Cr3,367 Cr4,378 Cr4,177 Cr4,294 Cr5,489 Cr6,050 Cr
CWIP64 Cr274 Cr604 Cr847 Cr874 Cr320 Cr316 Cr338 Cr664 Cr974 Cr
Investments1,155 Cr421 Cr577 Cr509 Cr606 Cr742 Cr1,105 Cr1,261 Cr1,389 Cr1,292 Cr
Loans & advances——4,600 Cr5,307 Cr5,794 Cr7,299 Cr10,225 Cr13,417 Cr15,093 Cr17,988 Cr
Inventories1,162 Cr1,056 Cr1,292 Cr1,188 Cr1,367 Cr1,642 Cr1,922 Cr2,248 Cr2,417 Cr2,459 Cr
Trade receivables702 Cr1,071 Cr1,546 Cr1,454 Cr1,036 Cr1,155 Cr1,232 Cr1,839 Cr1,717 Cr2,654 Cr
Cash & bank47 Cr102 Cr163 Cr1,080 Cr1,574 Cr1,446 Cr1,851 Cr2,356 Cr4,115 Cr3,926 Cr
Other assets724 Cr7,581 Cr4,936 Cr5,593 Cr7,375 Cr10,089 Cr14,405 Cr16,467 Cr17,054 Cr21,156 Cr
Total assets6,128 Cr13,214 Cr16,696 Cr19,280 Cr21,993 Cr27,072 Cr35,233 Cr42,220 Cr47,937 Cr56,501 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity689 Cr309 Cr-918 Cr373 Cr1,151 Cr-1,560 Cr-4,405 Cr-1,253 Cr3,503 Cr1,867 Cr
Cash from investing-709 Cr-1,049 Cr-1,104 Cr-1,090 Cr-882 Cr-1,486 Cr-1,308 Cr-1,001 Cr-2,899 Cr-2,964 Cr
Cash from financing-59 Cr897 Cr2,210 Cr1,619 Cr253 Cr2,918 Cr6,118 Cr2,759 Cr1,155 Cr909 Cr
Net cash flow-79 Cr156 Cr188 Cr902 Cr522 Cr-128 Cr406 Cr505 Cr1,759 Cr-189 Cr
Free cash flow (OCF − Capex)24 Cr-797 Cr-2,037 Cr-648 Cr223 Cr-2,545 Cr-5,746 Cr-2,398 Cr1,025 Cr-1,368 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %20.7%15.1%15.1%13.6%12.6%9.9%12.0%14.1%15.2%16.7%
ROE %23.0%23.3%20.6%17.3%14.1%15.0%22.5%22.5%23.7%28.2%
Debtor days19232828191714171417
Inventory days49353436393835353427
Days payable8289839712310692102106108
Cash conversion cycle-14-30-21-32-65-51-43-50-58-63
OCF / EBITDA %79.3%20.6%-42.5%16.4%51.4%-56.6%-108.3%-22.6%52.7%22.2%
OCF / EBITDA % (3 years)——1.8%-4.0%9.1%-0.5%-53.1%-58.4%-13.3%20.0%
Debt / equity0.562.072.572.742.443.483.933.733.253.31
Current ratio0.760.811.020.970.970.930.881.021.120.97
Net debt / EBITDA1.38—3.703.493.475.034.864.143.533.30