TVS Motor Q2 Results FY27: Profit Rs 1,377 Cr Up 52%, Record 19.19 Lakh Units

Earnings · TVS Motor

TVS Motor reported its September quarter on 28 October 2026 with record volumes, revenue and profit. Standalone profit grew faster than group profit, and several pages print half-year figures as quarterly ones. Here is what the numbers show and what to check.

Updated: Monday, 2 November 2026, 6:30 PM IST  |  Reading time: 15 min  |  Next update: Wednesday, 4 November 2026, seven days after the results

Latest update (2 November 2026, 6:30 PM IST): TVS Motor’s results and earnings call took place on Wednesday, 28 October 2026. Reports differ on consolidated profit (Rs 1,219.45 crore against a provisional Rs 1,194.5 crore) and one results article prints half-year profit and EBITDA next to the quarterly headline.

In plain words: TVS Motor makes scooters, motorcycles, mopeds and three-wheelers and sells in India and abroad. “Standalone” is TVS Motor Company alone; “consolidated” adds subsidiaries such as its finance arm and overseas units. EBITDA is operating profit before interest, tax, depreciation and amortisation.

Data note: as of 2 November 2026, 6:30 PM IST. Figures follow TVS Motor’s results as carried by AutoCar Pro, CNBC-TV18, InCred Money, The People’s Board and Zee Business on 28 to 29 October 2026; I have not opened the exchange filing. Standalone and consolidated numbers are labelled. Derived numbers are marked “my calculation”.

What did TVS Motor report in the Q2 results FY27?

TVS Motor reported standalone revenue of Rs 17,103 crore, up 43.7%, EBITDA of Rs 2,219 crore, up 47.2%, and net profit of Rs 1,377 crore, up 52.3%, for the quarter ended 30 September 2026.

Cite this table: PositionalCalls, “TVS Motor Q2 FY27 Results Table, as of 2 November 2026”.

Every line grew by more than a third, which is unusual for a vehicle maker with a large base. The numbers are record highs for the company, as the earnings call summary puts it. Volumes grew about 27%, so revenue grew much faster than units, which is covered below. Always attach the scope, standalone or consolidated, to any TVS Motor figure.

Why is TVS Motor consolidated profit growth lower than standalone?

Because the gap between standalone and consolidated profit widened from about Rs 71 crore to about Rs 158 crore, so subsidiaries and associates took more out of group profit this year (my calculation).

Cite this table: PositionalCalls, “TVS Motor Consolidated Versus Standalone Table, as of 2 November 2026”.

A year ago group profit before tax was almost identical to the parent’s. This quarter it was about Rs 74 crore lower, so the subsidiaries together reduced group profit before tax. The sources I saw do not say which subsidiary caused it. The earnings-call summary’s headline also mentions a consumer-finance demerger, but I did not find the details and do not describe it here. Check the filing’s segment and subsidiary notes.

Which TVS Motor numbers are quarterly and which are half-yearly? The definitions trap

One results article prints Rs 2,551 crore profit and Rs 3,998 crore EBITDA beside the Q2 headline; those are half-year totals, while the Q2 figures are Rs 1,377 crore and Rs 2,219 crore.

Cite this table: PositionalCalls, “TVS Motor Quarter Versus Half-Year Definitions Table, as of 2 November 2026”.

If you read the half-year profit of Rs 2,551 crore as the quarter, you will think profit nearly doubled the poll estimate. It did not. Q2 profit of Rs 1,377 crore was about in line with the Rs 1,370 crore poll. The same applies to the Rs 3,998 crore EBITDA figure, which is the half-year total. Before comparing any number with an estimate, check that both are for the same period.

Did TVS Motor beat estimates in Q2 FY27?

TVS Motor beat a CNBC-TV18 poll modestly: profit by 0.5%, revenue by 1.9% and EBITDA by 0.9%, while the 13.0% margin was 0.2 point below the 13.2% expected (my calculations).

Cite this table: PositionalCalls, “TVS Motor Estimate Versus Actual Table, as of 2 November 2026”.

The result was largely in line. It beat on volume-led revenue but not on margin. The poll is one source, not a verified consensus. Because standalone profit rose 52% against an estimate that already expected about 52%, the market was not surprised on profit; the debate is about margin and the consolidated line.

Was TVS Motor’s growth driven by volume or by price?

Both: units rose about 27.3% to 19.19 lakh and revenue per vehicle rose about 12.8% to roughly Rs 89,100, so price and mix added about as much as an extra third of volume growth (my calculations).

Cite this table: PositionalCalls, “TVS Motor Volume and Price Table, as of 2 November 2026”.

Revenue per vehicle is standalone revenue divided by total units, so it includes spares and other income and is an approximation. International sales were a record 5.39 lakh units, up 35%, as reported. The call summary says domestic electric two-wheelers grew about 129% against an industry rate of about 84%, and domestic scooters, motorcycles and three-wheelers all outgrew the industry. I did not verify the segment shares from the filing.

How did TVS Motor’s costs move?

Materials cost rose 45% to Rs 12,494 crore, slightly faster than revenue, while staff cost rose about 33% to Rs 806 crore, so margin gained only about 0.3 point.

Cite this table: PositionalCalls, “TVS Motor Cost Table, as of 2 November 2026”.

The three cost lines add to about Rs 14,897 crore, which leaves Rs 2,206 crore against reported revenue; the remaining Rs 13 crore is other operating income (my calculation). Materials took a slightly larger share of revenue than a year ago, so the margin gain came from staff cost and other expenses growing more slowly than revenue. Each point of margin on Rs 17,103 crore is worth about Rs 171 crore, so the 0.3-point gain is worth about Rs 51 crore (my calculation).

What do the H1 FY27 numbers show?

H1 FY27 standalone revenue was Rs 30,999 crore, up 41%, EBITDA Rs 3,998 crore, up 44%, and net profit Rs 2,551 crore, up 52%, which implies Q1 profit of about Rs 1,174 crore (my calculation).

Cite this table: PositionalCalls, “TVS Motor H1 FY27 Table, as of 2 November 2026”.

Q2 revenue was about 23% above the implied Q1 and net profit about 17% above (my calculations: 17,103 / 13,896 and 1,377 / 1,174). My implied Q1 margin of 12.8% is lower than the 13.2% that one report gives for the previous quarter, so either the half-year EBITDA uses a different basis or the report rounds differently. I flag the gap rather than choose one. Check the Q1 filing before quoting the margin trend.

How did TVS Motor shares react to the Q2 results?

One report says the shares rose as much as 4% on results day, and another shows Rs 4,241.90 at 10:38 AM on 29 October 2026; I have not verified closing prices.

These are intraday figures from third-party reports, not exchange closing records. The results were announced on 28 October and the call followed. A gain of up to 4% after a profit result that was in line with a poll shows how the market looked past profit to volumes and margin. Check the exchange for verified closes before drawing a conclusion.

How do TVS Motor’s results compare with Bajaj Auto’s?

TVS Motor grew faster than Bajaj Auto in revenue and profit, while Bajaj Auto earned a much higher EBITDA margin, 20.9% against 13.0%.

The comparison shows two different models: TVS sells more vehicles at a lower margin, Bajaj sells fewer at a higher margin. For other auto results see Maruti Suzuki Q2 results FY27, M&M Q2 results FY27 (5 November 2026), Eicher Motors Q3 results and the auto category.

What should you check in the TVS Motor filing?

Read the subsidiary and segment notes first, then the consolidated profit line, then the quarterly margin trend, then the volumes split, because reports are thin on each.

Cite this table: PositionalCalls, “TVS Motor Filing Checklist, as of 2 November 2026”.

What do most people miss about the TVS Motor Q2 results FY27?

Most miss that half-year figures are printed as quarterly ones, that group profit grew slower than the parent’s, and that profit was only in line with the poll.

• Name the scope, standalone or consolidated, with every number.
• Match the period: quarter with quarter, never with the half-year.
• Compare Q2 FY27 with Q2 FY26 first, then with Q1 FY27.
• Check the subsidiary notes for the consolidated gap.
• Verify closing prices on the exchange before quoting a share-price move.

What do you need to know about costs, tax and safety?

Trading costs and your holding period matter more than one quarter’s headline; never pay anyone for results alerts or tips.

• What you need: a demat and trading account; settlement is T+1.
• Costs: check your broker’s current charge schedule for brokerage, securities transaction tax, GST and stamp duty on each trade.
• Tax angle: gains on shares are taxed by holding period; see capital gains tax on shares and ask a tax adviser if unsure.
• NRI note: see NRI investment in the Indian stock market.
• Scam warning: fake results alerts, paid “sure-shot” tips and KYC links on messaging apps are common. Never share an OTP.

Analyst’s note

Part of the Auto earnings series. See also the Maruti Suzuki Q2 results FY27 page.

Frequently asked questions

Sources

• TVS Motor Company Limited results announcement and board outcome, 28 October 2026 (NSE and BSE)
• AutoCar Pro, CNBC-TV18, InCred Money, The People’s Board, GuruFocus call summary and Zee Business reports, 28 to 29 October 2026 (secondary, not linked)

Editorial disclosure. PositionalCalls.com is not a SEBI-registered research analyst or investment adviser. Investments in securities markets are subject to market risks. Read all related documents carefully before investing. Returns are never guaranteed. This page is educational, is independent and was written by Shubham Chaudhary, founder of PositionalCalls. How I researched this: I compared results reports of the company filing, separated quarterly and half-year figures, recomputed every derived number and labelled conflicting figures. Corrections are published in the Data note.