Spotlight Story #1
Long-term Strategy
Fuelling Investor Returns
Over the past decade, TVSM has not only transformed into a global mobility player but has also delivered superior risk-adjusted total shareholder returns — capital appreciation and dividends. Although India’s robust economy and capital markets provided strong tailwinds, the Company’s strategic foresight, excellent execution, and strong financials powered its continued outperformance vis-à-vis the broader markets.
What Makes TVSM a Compelling Investment
This extraordinary performance is not merely a product of market momentum — it is the outcome of a bold, multi-pronged strategy that transformed TVSM from a domestic two-wheeler manufacturer into a global, innovation-led mobility brand.
Global Expansion
TVSM has aggressively expanded its international presence, particularly in Africa, Latin America, and Southeast Asia. By 2025, exports accounted for almost 30% of its total volume, making it India’s second-largest two-wheeler exporter.
828%
Returns to shareholders over a decade of stellar growth
25%
Total shareholder return and share price increase (10-year CAGR) FY 2015-2025
Note: Closing price as on 31st March
Early Bet on Electric Mobility
The Company’s foresight in investing in EVs has proved decisive. Its flagship EV, the TVS iQube, evolved from a niche product into a major growth driver. Strategic partnerships — like its investment in Swiss e-mobility firm EGO Movement and the Norton Motorcycle acquisition in the UK — positioned TVSM as a tech-forward player in both emerging and premium markets.
Premiumisation and Product Innovation
TVSM has shifted focus from mass-market models to premium bikes and scooters. Launches like the Apache RR 310 and NTorq series has elevated the brand’s appeal among younger consumers and improved margins. The Company has also continuously invested in R&D, ensuring a steady stream of technologically advanced models.
Operational Efficiency
Strong supply chain management, digitalisation, and cost optimisation led to consistent margin expansion. Between FY 2014-15 and FY 2024-25, operating profit margins improved from 6.36% to 12.30%.
Financial Discipline and Growth
TVSM grew its net profit from ₹ 348 crore in FY 2014-15 to ₹ 2,711 crore in FY 2024-25. Its market capitalisation crossed ₹ 1 lakh crore in 2024, ensuring its entry into the elite club of India’s top auto companies.