THEME INTRODUCTION

Mobility across the world is being reshaped by electrification, connected technologies, intelligent systems, sustainability expectations and the evolving aspirations of modern customers.

  • 5 honoursWon in JD Power 2025 India
    Two-wheeler Studies (IQA & APEAL)
  • TVS Apache RTXRecognised at IMOTY as
    Indian Motorcycle of the Year 2026
  • Top 7 GloballyS&P Global ESG ranking
    (automotive sector; Score 65/100)
  • A- (Leadership)CDP Climate Change rating
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HIGHLIGHTS OF THE YEAR

FY 2025-26 saw us advance stridently in our chosen direction, register strong progress across business growth and leadership, profitability, and responsible and sustainable operations.

₹47,270 Cr Revenue30.4%
₹6,079 Cr EBITDA37%
12.9% EBITDA Margin60 bps
₹4,945 Cr Profit Before Tax37%
₹12 per share Dividend20%
76,708.24 tCO2e Emissions avoided in India operations
1.6 Mn CSR beneficiaries
169,155 Kl Water recycled in India operations
21%Blue collar 15.5%White collar Women in the workforce
97.13% Renewable energy used in India operations
3% Differently-abled employees
5.89 Mn units Sales volume [2W+3W]24%
2.19 Lakh units Three-wheeler sales63%
3.87 Mn units Two-wheeler domestic ICE sales19%
>206,000 BMW Motorrad customers across key markets
3.71 Lakh units EV sales33%
617 Dealers calibrated under My Sustainability Index
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AWARDS AND ACCOLADES

Recognition reinforces
our resolve

Steering TVSM to the next horizon

Mr. Sudarshan Venu, Chairman and Managing Director, was named ‘Person of the Year’ by Autocar India, underscoring the strength of the Company’s strategy, performance and future mobility vision.

Award recognition
Award recognition
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TVS Motor at an awards ceremony
KEY EVENTS OF FY 2025-26

Building strong momentum
through the year

01 /04
Q1 key event
Q1
  • Refreshing performance portfolio
  • Laying the groundwork for electric growth
  • Expanding everyday mobility choices
  • Strengthening premium and lifestyle appeal
03Major product refreshes introduced across Apache, Jupiter, and iQube portfolios in Q1
Q2 key event
Q2
  • Record quarterly momentum
  • Scaling international business
  • Expanding into emerging mobility segments
  • EV strategy gains breadth
  • Strengthening commercial mobility
80,000 unitsElectric two-wheeler
sales in Q2
Q3 key event
Q3
  • Highest-ever quarterly sales
  • Encouraging response to our EV portfolio
  • International business steps up
  • Earning recognition in performance motorcycling
4.10 Lakh unitsInternational business
volume in Q3
Q4 key event
Q4
  • Achieving record export momentum
  • Advancing global ambitions
  • Expanding commercial mobility offerings
  • Closing the year on record highs
  • Strengthening the EV ecosystem
1,58,268 unitsHighest-ever monthly export volume recorded in February 2026
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PRODUCTS AND SERVICES

Driven by mobility
Defined by experience

Our products are engineered to address varied customer needs across motorcycles, scooters, electric scooters, mopeds and commercial mobility.

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5,888,828 units Highest-ever
2W & 3W sales
24.1%
371,387 units Highest-ever
EV sales
33.12%

  Y-o-Y growth

TVS Apache RR 310TVS Apache RR 310
TVS Apache
RTR 310TVS Apache RTR 310
TVS Apache RTR 200 4VTVS Apache RTR 160 4V/200 4V
TVS Apache RTR 160 4VTVS Apache RTR 160 2V/180 2V
TVS Raider 125TVS Raider
TVS RoninTVS Radeon
TVS RadeonTVS StaR City+
TVS SportTVS Sport
TVS Star City+TVS HLX Series
TVS NTorQ 125TVS Orbiter
TVS NTorQ 150TVS X
TVS Jupiter 125TVS iQube
TVS iQubeTVS Jupiter 125
TVS iQube STVS NTORQ 150
TVS iQube STTVS NTORQ 125
TVS iQube 3.4 kWhTVS Jupiter 110
TVS XTVS Zest 110
TVS OrbiterTVS Neo AMI
TVS XL 100TVS XL 100
TVS King DeluxeTVS King Deluxe
TVS King DuramaxTVS King EV Max
TVS King Duramax PlusTVS King Kargo
TVS King EV MaxTVS King Duramax Plus
TVS King EV Max CargoTVS King Duramax Plus CNG
PRODUCTS AND SERVICES  NEW LAUNCHES IN FY 2025-26

Products that
pushed boundaries

TVS Apache RTX 300
TVS Apache RTX 300
RTX
300

TVS Apache
RTX 300

Launched in October 2025, this addition in the adventure rally-tourer segment won Indian Motorcycle of the Year 2026

TVS Apache RTR 4V Series
TVS Apache RTR 4V Series
RTR
Refreshed

TVS Apache
RTR 4V Series

New top-end trims of the RTR 160 4V and RTR 200 4V were launched in September 2025, featuring Class-D projector headlamps and 5-inch TFT clusters

TVS Apache 20th Anniversary Limited Editions
TVS Apache 20th Anniversary Limited Editions
20
YEARS

TVS Apache 20th
Anniversary
Limited Editions

Introduced in September 2025 across the RTR 160, 180, 200, RTR 310, and RR 310 series, these feature a signature black-champagne-gold livery

TVS Apache RR 310
TVS Apache RR 310
RR
310

TVS Apache
RR 310

Adding to TVSM’s race-derived performance portfolio through segment-first technologies, advanced rider aids and a new Sepang Blue Race Replica edition

TVS Ronin Agonda
TVS Ronin Agonda
Agonda

TVS Ronin
Agonda

A limited-edition variant launched in December 2025, featuring a white-led colour palette and retro graphics inspired by Agonda Beach

TVS Raider iGO
TVS Raider iGO
Raider
iGO

TVS Raider
iGO

A new version of the 125cc motorcycle launched with iGO start-stop technology and a boost in acceleration

TVS Jupiter 125 DT SXC
TVS Jupiter 125 DT SXC
Jupiter
125

TVS Jupiter 125
DT SXC

A sophisticated new variant that strengthens our leadership in the family scooter segment

TVS Jupiter 110 Stardust Black Edition
TVS Jupiter 110 Stardust Black Edition
Jupiter
110

TVS Jupiter 110
Stardust Black Edition

A premium commemorative edition celebrating TVS Jupiter’s recognition as the ‘Most Awarded Scooter of India’ 2025

TVS NTORQ 150
TVS NTORQ 150
NTORQ
150

TVS NTORQ 150

India’s quickest and first hyper-sport scooter, featuring a 149.7cc race-tuned engine and stealth aircraft-inspired winglets

TVS Zest 110 SXC
TVS Zest 110 SXC
Zest
SXC

TVS Zest 110 SXC

A connected and style-focused variant equipped with SmartXonnect features and refreshed urban styling

TVS Orbiter
TVS Orbiter
Orbiter

TVS Orbiter

Our newest smart, sustainable urban EV, offering a class-leading 158 km IDC range and an industry-first 14-inch front wheel for enhanced stability

TVS Orbiter V1 BaaS
TVS Orbiter V1 BaaS
V1
BaaS

TVS Orbiter
V1 BaaS

A specific variant introduced to offer mobility-as-a-service through a Battery-as-a-Service model, making premium EVs more accessible

TVS iQube 3.1 kWh
TVS iQube 3.1 kWh
iQube
3.1

TVS iQube
3.1 kWh

A versatile new variant of our flagship electric scooter, designed for enhanced range and featuring hill-hold assist

TVS XL 100
TVS XL 100
XL
100
Refreshed

TVS XL 100

Introduced alloy wheels, a digital speedometer and updated styling

TVS King Kargo HD EV
TVS King Kargo HD EV
Kargo
EV

TVS King Kargo
HD EV

A zero-emission logistics powerhouse designed for urban cargo movement with a superior 6.6-foot payload deck and dedicated power gear mode

TVS King Kargo HD CNG
TVS King Kargo HD CNG
Kargo
CNG

TVS King Kargo
HD CNG

A new CNG three-wheeler engineered for last-mile efficiency, featuring segment-first fully rolling windows for driver comfort

PRODUCTS AND SERVICES  TVS CARE

Redefining total
ownership trust

The TVS Care advantage

Resolve. Refresh. Ride.

We launched the nationwide ‘Resolve, Refresh & Ride’ service campaign in December 2025, to encourage proactive vehicle maintenance for the new year.

Wide range of TVSM consumables
24x7 roadside assistance
Accidental claim and cashless insurance support
Repairs by certified technicians
Quick repair service, door-step service & pick-up & drop facility
Annual maintenance contract with warranty
Genuine parts purchase
Tyre and battery replacement support
Service centres open all days
WhatsApp-enabled service access and digital support touchpoints
STRATEGIC PRIORITIES

Sharpening focus on our
next phase of growth

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TVS premium motorcycle

Enhancing premiumisation across the portfolio

Robotic automation on the TVS manufacturing line

Embracing sustainability across the value chain

TVS electric three-wheeler on the road

Scaling up the Commercial Mobility Business

TVS Racing team in Peru

Expanding business operations globally

TVS X electric scooter

Attaining leadership in the EV business

Sudarshan Venu, Chairman and Managing Director
CHAIRMAN AND MANAGING DIRECTOR’S COMMUNIQUÉ

A year of scale, strength
and transformation

In FY 2025-26, we clocked our strongest year on record.
We sold 5.89 million units, clocking revenue of ₹47,270 crore,
with EBITDA at ₹6,079 crore, solidifying our position as the
world’s third-largest two-wheeler manufacturer.

Sudarshan Venu Chairman and Managing Director
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KEY PERFORMANCE INDICATORS

Mapping progress
across diverse metrics

Revenue (₹ Cr)

Reflects the expanding scale of our business and sustained demand across domestic and international markets.

47,270Y-o-Y 30%
FY2647,270
FY2536,251
FY2431,776

PAT (₹ Cr)

Indicates strong earnings growth driven by profitable scale-up, premiumisation and operational discipline.

3,615Y-o-Y 37%
FY263,615
FY252,634
FY242,083

Sales volume (Mn)

Demonstrates the growing acceptance of our portfolio across mobility segments and customer categories.

5.89Y-o-Y 24%
FY265.89
FY254.74
FY244.19

PAT margin (%)

Shows the quality of earnings generated from every rupee of revenue.

7.6Y-o-Y change 30bps
FY267.6
FY257.3
FY246.6

EBITDA (₹ Cr)

Highlights our ability to improve operating performance while scaling the business.

6,079Y-o-Y 37%
FY266,079
FY254,450
FY243,514

Earnings per share (₹)

Represents the value created for shareholders through sustained business growth and profitability.

76.09Y-o-Y 37%
FY2676.09
FY2555.44
FY2443.84

EBITDA margin (%)

Indicates improving operational efficiency and stronger value realisation across the portfolio.

12.9Y-o-Y change 60bps
FY2612.9
FY2512.3
FY2411.1

Dividend per share (₹)

Reflects our continued focus on delivering balanced and consistent shareholder returns.

12Y-o-Y 20%
FY2612
FY2510
FY248

Specific energy consumption (GJ/revenue)

Lower energy intensity reflects continued improvement in operational efficiency despite business expansion.

15.48Y-o-Y 10%
FY2615.48
FY2517.20
FY2419.87

Specific emission intensity (Scope 1 and 2) (tCO2e/revenue)

Lower emissions intensity highlights improving environmental efficiency across operations.

0.50Y-o-Y 9.9%
FY260.50
FY250.64
FY240.71

R&D spend (₹ Cr)

Higher investment during the year underlines stronger focus on future-ready products, EVs and advanced engineering capabilities.

1,254Y-o-Y 22%
FY261,254
FY251,025
FY24645

Specific water intensity (KL/revenue)

The decline in water intensity indicates progress in conservation, recycling and process optimisation initiatives.

4.50Y-o-Y 43%
FY264.50
FY257.89
FY2423.64

Specific waste intensity (Tonne/revenue)

The increase in waste intensity indicates higher operational throughput and evolving manufacturing activity during the year.

0.48Y-o-Y 17.5%
FY260.48
FY250.58
FY240.52

Women in the overall workforce (%)

The steady increase reflects continued efforts to build a more diverse and inclusive workforce.

16.6Y-o-Y 10.6%
FY2616.6
FY2515
FY2410

Differently-abled employees (%)

The increase reflects progress in expanding participation and opportunity.

3
FY263
FY253
FY242
20 years of Apache line-up
SPOTLIGHT STORIES  20 YEARS OF APACHE

Apache
@ 20

FOREVER YOUNG
FOREVER RACING

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Few motorcycle brands sustain their performance edge, rider connect and cultural relevance across generations the way Apache has.

6.5 Mn +Riders across the world
80+ countriesWhere Apache has built a presence
Norton premium motorcycle
SPOTLIGHT STORIES  NORTON ENGINEERING & GLOBAL PREMIUM COMEBACK

Resurgence
with global intent

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Norton is one of Britain’s most iconic premium motorcycle marques, known for its legacy of confidence-inspiring, racing heritage and high-performance engineering.

£250 Mn +Invested in Norton to date
25%Increase in Norton’s workforce during 2025
TVS commercial mobility range
SPOTLIGHT STORIES  COMMERCIAL MOBILITY

Creating relevance
where mobility matters
most

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FY 2025-26 marked a strong year of expansion for TVSM’s commercial mobility business.

6.6 ftBest-in-class load deck on the TVS King Kargo HD EV
25%Smart connected features built into the TVS King Kargo HD EV
TVS electric scooter
SPOTLIGHT STORIES  EV LEADERSHIP

Charging ahead
with purpose

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FY 2025-26 marked a defining year in our electric mobility journey as we expanded from a successful presence into a broader and more differentiated electric mobility portfolio.

Monthly production levels

30,000 unitsTVS iQube
10,000 unitsTVS Orbiter
TVS expanding global presence
SPOTLIGHT STORIES  EXPANDING GLOBAL PRESENCE

Reaffirming
our place on the
world stage

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FY 2025-26 was an important shift in TVSM’s international journey.

6New products unveiled at EICMA 2025
TVS rider community
SPOTLIGHT STORIES  FROM RIDES & BONDS TO RELATIONSHIPS

Building more
than machines

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FY 2025-26: TVSM deepened its engagement with riders through experiences that extended far beyond ownership.

120+Riders engaged at Rearin Blaze 2026, including enthusiasts from Italy and Mexico
100+Nomadu distributors under ‘Ride for Change’ at MotoSoul 5.0
ESG FRAMEWORK

Sustainability-led,
purpose-driven
growth

At TVSM, our ESG framework enables a structured and accountable approach to integrating sustainability into business decision-making and long-term strategy.

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ELEVATE LIFE
1

Sustainable and Thriving Ecosystem

Creating a more resilient and resource-conscious ecosystem through efficient use of energy, water and materials, while reducing environmental impact across operations

Material topics

Climate change and decarbonisation | Water stewardship | Biodiversity

SDGs impacted

SDG 6SDG 7SDG 12SDG 13SDG 15
2

Exciting and Safe Mobility Solutions

Designing products and services that combine innovation, safety, accessibility and affordability to meet evolving mobility needs

Material topics

Circular economy | Product stewardship | Market and product competition | Alternate engines of growth

SDGs impacted

SDG 3SDG 9SDG 11SDG 12SDG 13
ELEVATE PEOPLE
3

Responsible Social Licence to Operate

Building a safe, inclusive and high-performance workplace while contributing positively to the communities around us

Material topics

Human capital development | Employee attraction and retention | Diversity and inclusion | Human rights | Occupational health and safety | Policy safety | Road safety

SDGs impacted

SDG 3SDG 4SDG 5SDG 8SDG 10SDG 11
ELEVATE TRUST
4

Good Governance for a Sustainable Future

Embedding ethics, accountability, risk discipline and responsible value chain practices into the way we operate and grow

Material topics

Corporate governance | Integrated risk management | Suppliers

SDGs impacted

SDG 8SDG 12SDG 16SDG 17
5

Embracing the Digital Future

Using digital tools and data-led systems to improve customer experience, operational efficiency and trust across the value chain

Material topics

Cybersecurity | Data protection

SDGs impacted

SDG 9SDG 12SDG 16SDG 17
TVS Motor R&D and global showcase
R&D-FIRST APPROACH

Engineered for
the future

TVSM significantly accelerated its global innovation strategy in FY 2025-26, strengthening capabilities across premium and super premium motorcycles, electric mobility, digital engineering, advanced rider assist technologies and safety

2,000+Engineers, manufacturing and IT specialists supporting our R&D base
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Environment, Social
and Governance

At TVSM, sustainability is closely integrated with the way we innovate, operate and create long-term value.

TVS Motor manufacturing campus surrounded by greenery

Restoring nature, empowering the future

Our approach to environmental stewardship is anchored in the belief that long-term growth must be built alongside resource efficiency, climate resilience, circularity and ecological preservation.

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TVS engineer inspecting a motorcycle

Driving shared progress together

Our approach to social responsibility is centred on the belief that enduring progress is built through people — by creating safer workplaces, nurturing talent, strengthening inclusion and contributing meaningfully to the communities around us.

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TVS colleagues collaborating with a value-chain partner

Embedding sustainability across the value chain

Our approach to sustainability increasingly extends beyond our own operations and into the wider ecosystem that supports our business.

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Members of a community supported by TVS Motor

Paving the road to lasting impact

At TVSM, we believe that long-term business success must go hand in hand with community progress and social development.

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TVS Motor leadership at an industry event

Staying trusted and transparent

Governance at TVSM is guided by the belief that long-term growth must be grounded in accountability, transparency, risk discipline and trust.

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Directors'
Report

5.89 Mn Total units (2Ws and 3Ws)
sold during FY 2025-26
24.1%
47,270 Cr All-time-high revenue
4,945 Cr All-time-high Profit Before Tax
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