Dear Stakeholders,

It is with excitement and gratitude that I present the performance of TVSM for FY 2024-25 – a landmark year that delivered record-breaking results.

This milestone year reflects more than commercial success – it is a result of our enduring commitment to technological innovation and manufacturing excellence that is firmly embedded in our DNA.

We have remained resilient amid global volatility by strengthening our localised manufacturing footprint, expanding our diversified sourcing network, and nurturing long-standing vendor relationships to continue delivering the most compelling and aspirational mobility solutions globally.

A Year of Strong Growth

In FY 2024-25, TVSM achieved record high sales of 4.7 million units, up from 4.2 million units in FY 2023-24. Operating revenue reached a historic high of ₹ 36,251 crore, reflecting a 14% year-on-year ( y-o-y) growth over the ₹ 31,776 crore recorded in
FY 2023-24.

Profitability continued to scale new heights as EBITDA rose by 27% y-o-y, accompanied by a 120-basis points improvement in EBITDA margin. This marks a decade of consistent growth in EBITDA margins reaching 12.3% in FY 2024-25, up from 6.4% in
FY 2014-15. Consequently, PBT also registered an impressive 30.5% y-o-y growth, rising to ₹ 3,629 crore.

Our strong performance was driven by balanced growth in key segments. In FY 2024-25, our two-wheeler internal combustion engine (ICE) business grew by 12%, outpacing the industry’s growth of 10%. Simultaneously, our EV two-wheeler sales recorded a stellar 45% y-o-y growth. The growth was mainly attributable to a well-rounded, continually refreshed product portfolio, resulting from our technology-forward approach and agile product development.

Technology and Innovation as a Catalyst for Future Growth

At TVSM, technology and innovation form the cornerstone of our growth. Our commitment lies in not merely keeping pace with the industry, but in consistently shaping its trajectory. By harmonising cutting-edge technology with engineering innovation, we strive to be disruptors and market-movers – not followers.

Our strategic investments in R&D are aimed at anticipating customer needs, delivering intuitive mobility solutions, and ultimately, driving sustained topline growth through superior user experiences. In FY 2024-25, we invested ₹ 1,024.95 crore in R&D, surpassing the ₹ 1,000 crore mark for the first time in our history – a clear milestone and testament to our belief in innovation-led growth.

With our vision for transforming mobility solutions through innovative problem-solving, we gained a significant early mover advantage through our investments in sustainable mobility. Our flagship electric scooter, the TVS iQube, continues to redefine urban mobility in India. iQube sales grew by 45% y-o-y in FY 2024-25 and has been the best-selling electric two-wheeler in the country in the first few months of FY 2025-26. It continues to garner strong demand in international markets, especially in South Asia.

We believe innovation must penetrate beyond product design – it should be embedded across the value chain to unlock operational efficiencies. We are integrating digital technologies and AI-driven tools to enhance customer experience – on and off the vehicle. Across our operations, AI-led processes are being deployed to make mobility smarter, safer, and more responsive to customer needs.

As stated by our Chairman in his message, our people are our best asset, and we will continue to invest in upskilling and improving workforce diversity.

A Future of Opportunities

We are only at the beginning of our journey and history. We see tremendous opportunity on the horizon as the demand for two- and three-wheelers continues to grow, supported by favourable macroeconomic trends, such as a reduction in benchmark repo rates, hikes in income tax rebates and infrastructure-led consumption.

Norton Motorcycles will launch towards the end of FY 2025-26 in the UK, India, and key European markets. Four new models will be launched and will be available for the summer of 2026. The new Norton motorcycles will follow the Company’s philosophy of ‘Design, Dynamism, and Detail’.

TVSM will be entering the adventure tourer segment in India, and we would also be launching our made-in-India electric bicycles in FY 2025-26. With our diversified product portfolio, sharp customer focus, and challenger mindset, we are strategically positioned to capitalise on this momentum.

As we look ahead, we remain focused on unlocking the next wave of growth opportunities – driven by digitalisation, customer-centric innovation and sustainability. We aim to solidify our position as a market leader and continue delivering long-term value growth to our stakeholders. We appreciate the support of the Board, the entire TVSM team and stakeholders, and look forward to an exciting journey ahead.

Regards,

Sudarshan Venu

Managing Director
TVS Motor Company