MarketFriction

TVS Motor Company Ltd

NSE TVSMOTOR · BSE 532343 · 2/3 Wheelers
₹4,021.00 -2.07%
NSE close2026-10-01
52 week range3,228.00 - 4,484.50
Market cap₹1,94,363 Cr.
P/E56.2
Nifty Next 50Nifty 100Nifty 200Nifty 500Nifty AutoNifty India Consumption No price band Delivery 49.0%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales9,93310,1149,94210,31411,30211,03511,54212,21014,05114,75615,05316,296
Expenses8,5888,6398,4878,8849,6789,4029,63810,40711,94112,48812,88113,952
Operating Profit1,3451,4751,4551,4311,6241,6331,9041,8032,1102,2672,1722,343
OPM %14%15%15%14%14%15%16%15%15%15%14%14%
Other Income5112-34483270-5740-14-607158
Interest483494511500509536551551552561566602
Depreciation237242263241259258292315320323315354
Profit before tax6767506477388889081,0049771,2231,3231,2981,545
Tax %38%32%36%34%34%33%31%34%32%33%37%32%
Net Profit4165104124855886096986438338918201,058
EPS in Rs8.1310.088.159.7011.8011.9113.6412.8416.7417.7116.2421.46
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales11,37712,46316,34020,16018,84919,42124,35531,97438,77944,08956,07060,155
Expenses10,55811,59114,76917,99716,58517,18921,60127,94733,34437,50147,71751,262
Operating Profit8198711,5712,1632,2642,2322,7554,0275,4356,5888,3528,893
OPM %7%7%10%11%12%11%11%13%14%15%15%15%
Other Income9316371251236-513613186-2890
Interest70603386638558819401,3681,9172,0932,2302,281
Depreciation2623173744425565657438599561,0461,2731,312
Profit before tax5806589311,0838658221,0671,9362,6933,5354,8225,390
Tax %26%23%29%33%25%26%31%32%34%33%34%
Net Profit4295096657256476087311,3091,7792,3803,1863,601
EPS in Rs9.0310.7613.7314.8313.1512.5115.9327.9735.5047.0663.5372.15
Dividend Payout %28%23%24%24%27%28%24%18%23%21%19%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth17%24%21%31%
Compounded Profit Growth23%38%33%46%
Stock Price CAGR27%49%39%19%
Return on Equity26%28%30%34%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital484848484848484848484848
Reserves1,2771,7712,1692,6303,1233,2353,7794,3525,4576,7368,4569,517
Borrowings1,1191,0911,3116,9289,29811,59112,17915,82722,37626,00628,60932,791
Other Liabilities2,1262,2362,6013,5864,2284,3995,8596,6927,1449,23510,53913,790
Total Liabilities4,5705,1466,12813,19016,69619,27221,86526,91935,02542,02447,65156,146
Fixed Assets1,6372,0382,3623,0943,3673,8114,2215,9755,7485,8917,6448,634
CWIP9347643137451,0061,0415527431,0331,4652,072
Investments5399431,1554214403714686059671,1231,2471,147
Other Assets2,3012,1182,5479,36212,14514,08516,13519,78827,56633,97737,29444,293
Total Assets4,5705,1466,12813,19016,69619,27221,86526,91935,02542,02447,65156,146
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity83936689354-9183731,151-1,575-4,405-1,2533,5031,867
Cash from Investing Activity-415-605-709-1,095-1,104-1,090-882-1,471-1,308-1,481-2,899-2,964
Cash from Financing Activity261-319-598972,2101,6192642,9186,1183,2391,155909
Net Cash Flow-7112-79156188902532-1284065051,759-189
Free Cash Flow-26142465-727-2,048-617227-2,531-5,724-2,3631,044-1,280
CFO/OP40%134%95%43%-28%27%63%-44%-94%-5%71%42%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days151621242828191814171417
Inventory Days514047343435393734343326
Days Payable76748086839412110589100103103
Cash Conversion Cycle-11-18-12-28-21-31-63-50-41-49-56-60
Working Capital Days-11-20-24-37-1-27-38-40-49-20-17-37
ROCE %21%22%22%19%16%13%11%11%13%15%15%17%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters50.27%50.27%50.27%50.27%50.27%50.27%50.27%50.27%50.27%50.27%50.27%50.27%
FIIs18.51%19.27%20.83%21.05%22.33%21.20%21.48%22.42%22.90%23.09%22.56%20.45%
DIIs23.10%21.79%20.26%20.13%19.02%19.99%19.73%18.80%18.34%18.28%18.84%21.12%
Public8.12%8.68%8.64%8.56%8.33%8.45%8.45%8.40%8.46%8.33%8.30%8.12%
Others0.00%0.00%0.00%0.00%0.07%0.07%0.07%0.10%0.04%0.03%0.03%0.02%
No. of Shareholders2,02,5582,42,0942,60,6182,69,7762,69,0302,92,4893,01,3082,99,6443,09,3833,20,8483,24,8913,31,196

Fundamentals

Market Cap₹ 1,94,363 Cr.
Current Price₹ 4,091
Stock P/E56.2
Book Value₹ 201
ROCE17.4 %
ROE33.6 %
Dividend Yield0.29 %
Face Value₹ 1.00
Compounded Sales Growth (TTM)31%
Compounded Profit Growth (TTM)46%
Consolidated figures.
Valuation
Market capRs 191,033 Cr
Enterprise valueRs 219,322 Cr
P/E (TTM)55.73x
Price to book19.97x
Price to sales3.18x
EV / EBITDA24.42x
EV / EBIT28.59x
EV / sales3.65x
Price to cash flow102.34x
Earnings yield1.79%
Dividend yield0.30%
P/E, 3-year average55.00x
P/B, 3-year average15.10x
P/E, 5-year average48.56x
P/B, 5-year average12.27x
Profitability
Operating margin (excl. other income)14.90%
Operating margin (incl. other income)14.85%
EBITDA margin14.93%
Pre-tax margin8.96%
Net profit margin5.70%
Net margin, latest quarter6.26%
ROE33.41%
ROCE17.75%
ROA5.82%
ROE, 3-year average30.04%
ROCE, 3-year average16.35%
ROA, 3-year average5.06%
ROE, 5-year average27.07%
ROCE, 5-year average14.77%
ROA, 5-year average4.51%
ROIC (approx.)13.39%
Tax rate33.92%
Other income / net worth-0.29%
Growth
Sales growth (latest year)27.17%
Profit growth (latest year)35.01%
Sales CAGR, 3 years20.59%
Sales CAGR, 5 years23.62%
Profit CAGR, 3 years31.46%
Profit CAGR, 5 years38.41%
Sales growth QoQ8.26%
Profit growth QoQ32.13%
Sales growth YoY (latest quarter)33.46%
Profit growth YoY (latest quarter)67.11%
Per share
EPS (TTM)Rs 72.15
EPS (latest year)Rs 63.53
EPS (latest quarter)Rs 21.46
EPS, 3-year averageRs 48.69
EPS, 5-year averageRs 38.00
Book value per shareRs 201.32
Sales per shareRs 1,266.19
Cash flow per shareRs 39.29
Free cash flow per shareRs -26.94
Dividend per share (latest year)Rs 12.00
Dividend per share, 3-year averageRs 10.00
Dividend per share, 5-year averageRs 7.75
Dividends
Dividend payout18.89%
Dividend payout, 3-year average20.89%
Dividend payout, 5-year average20.82%
Efficiency
Asset turnover1.00x
Fixed asset turnover6.49x
Inventory turnover14.38x
Inventory days25 days
Debtor days17 days
Debtors turnover21.13x
Creditor days103 days
Cash conversion cycle-60 days
Working capital days-37 days
Leverage
Total debtRs 32,791 Cr
Cash and bankRs 4,501 Cr
Net debtRs 28,290 Cr
Debt to equity3.43x
Net debt / EBITDA3.15x
Interest coverage3.36x
Current ratio (filing 2026-03-31)0.97x
Quick ratio (filing 2026-03-31)0.89x
Trade payables (filing 2026-03-31)Rs 9,834 Cr
Owners' fund to total sources17.03%
Debt to assets58.40%
Cash flow
Cash from Operating Activity (latest year)Rs 1,867 Cr
Cash from Investing Activity (latest year)Rs -2,964 Cr
Cash from Financing Activity (latest year)Rs 909 Cr
Net Cash Flow (latest year)Rs -189 Cr
Free cash flow (latest year)Rs -1,280 Cr
FCFE (approx.: FCF + change in debt)Rs 2,902 Cr
Cash from ops / profit, 5 years-0.20x
Sales to cash flow30.04x
Statement figures
Net sales (TTM)Rs 60,155 Cr
Net sales (latest year)Rs 56,070 Cr
Sales (latest quarter)Rs 16,296 Cr
Operating profit excl. other income (latest year)Rs 8,352 Cr
Operating profit (latest quarter)Rs 2,343 Cr
Other income (TTM)Rs 90 Cr
EBITDA (TTM)Rs 8,983 Cr
PBDT (TTM)Rs 6,702 Cr
Profit before tax (TTM)Rs 5,390 Cr
Tax (latest year)Rs 1,635 Cr
Net profit (TTM)Rs 3,428 Cr
Net profit (latest year)Rs 3,018 Cr
Net profit (latest quarter)Rs 1,019 Cr
Depreciation (TTM)Rs 1,312 Cr
Depreciation (latest quarter)Rs 354 Cr
Interest (TTM)Rs 2,281 Cr
Cost of goods sold (latest year)Rs 35,369 Cr
Total expenditure (latest year)Rs 47,717 Cr
Total income (latest year)Rs 56,041 Cr
Share capitalRs 48 Cr
ReservesRs 9,517 Cr
Shareholders' fundsRs 9,564 Cr
Total assetsRs 56,146 Cr
Net blockRs 8,634 Cr
Capital work in progressRs 2,072 Cr
InvestmentsRs 1,147 Cr
ReceivablesRs 2,654 Cr
InventoryRs 2,459 Cr
Other liabilitiesRs 13,790 Cr
Shares outstanding (crore)47.51
Ownership
Promoter holding50.27% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 55.7 is at the 52th percentile of its own 9.4-year range (median 54.6, low 20.1, high 81.8).
P/B 19.97 is at the 94th percentile (median 11.67).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodTVSMOTORNifty 50Difference
1 week-1.7%-2.8% +1.1 pts
1 month-4.3%-6.8% +2.5 pts
3 months+10.9%-7.6% +18.5 pts
6 months+19.5%+0.4% +19.1 pts
1 year+18.0%-9.9% +27.9 pts
2 years+41.3%-13.6% +54.9 pts
3 years+164.2%+14.2% +150.1 pts
5 years+613.0%+27.9% +585.1 pts
379 mutual fund schemes hold about ₹31,429 Cr. Over three months 263 bought more and 65 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
ICICI Pru Balanced Advantage Fund(M6.17%4,650 +9%
ICICI Pru Flexi Cap Fund9.34%2,419 -9%
ICICI Pru Aggressive Hybrid Fund(A3.29%1,728 +11%
HDFC Flexi Cap Fund0.85%970 +82%
ICICI Pru Focused Fund4.97%893 -12%
Canara Rob Large and Mid Cap Fund3.01%792 -7%
ICICI Pru ELSS-Tax Saver Fund4.85%693 +7%
Axis Large Cap Fund1.75%550 +20%
Axis Focused Fund4.39%502 +10%
ICICI Pru Large Cap Fund0.59%475 -15%
Axis Midcap Fund1.25%432 +8%
Axis ELSS-Tax Saver Fund1.25%409 +11%
ICICI Pru Nifty Next 50 Index Fund4.01%406 +9%
Edelweiss Balanced Advantage Fund(Q2.81%378 +10%
Invesco India Contra Fund1.73%356 +3%
Aditya Birla SL Large Cap Fund1.19%353 +11%
HDFC Arbitrage Fund(M1.36%347 +44%
Axis Flexi Cap Fund2.39%333 +13%
Axis Flexi Cap Fund2.39%322 +13%
Franklin India Opportunities Fund3.31%322 +7%
ICICI Pru Transportation and Logistics Fund7.43%306 +5%
UTI Nifty Next 50 Index Fund4.02%303 +9%
SBI Automotive Opportunities Fund4.92%283 -14%
Edelweiss Mid Cap Fund1.41%280 +58%
Invesco India Focused Fund4.06%262 +0%

Red flags

F-score 6 of 8
No red flags in the latest statements and filings.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2021-06-07SUNDARAM - CLAYTON LIMITEDPromoterssell24,400,000Rs 1506.09 CrMarket Sale
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹16,296 Cr +33.5% vs Jun 2025. Net profit ₹1,058 Cr +64.5%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-03-30Interim Dividend - Rs 12 Per Share
2025-08-25Scheme Of Arrangement - Bonus Ncrps 4:1
2025-03-26Interim Dividend - Rs 10 Per Share
2024-03-19Interim Dividend - Rs 8 Per Share
2023-02-02Interim Dividend - Rs 5 Per Share
2022-03-25Interim Dividend - Rs 3.75 Per Share
2021-03-30 Interim Dividend - Rs 1.40 Per Share
2021-02-04 Interim Dividend - Rs 2.10 Per Share
2020-03-17 Interim Dividend - Rs 1.40 Per Share
2020-02-11 Interim Dividend - Rs 2.10 Per Share
2019-03-18 Interim Dividend - Rs 1.40 Per Share
2018-10-30 Interim Dividend - Rs 2.10 Per Share
2018-03-06 Interim Dividend - Rs 1.30 Per Share (Purpose Revised)
2017-11-08 Interim Dividend - Rs 2/- Per Share (Purpose Revised)
2017-03-14 Interim Dividend Rs 1.25 Per Share (Purpose Revised)
2016-11-03 Interim Dividend Rs 1.25 Per Share (Purpose Revised)
2016-03-17 Interim Dividend - Rs 1.50 Per Share (Purpose Revised)
2016-02-04 Interim Dividend - Re 1/- Per Share (Purpose Revised)
2015-07-24Annual General Meeting
2015-05-05Second Interim Dividend - Rs 1.15 Per Share (Purpose Revised)
2015-02-06Interim Dividend - Re 0.75/- Per Share (Purpose Revised)
2014-07-10Annual General Meeting
2014-06-06E-Voting
2014-05-02Second Interim Dividend - Re 0.75/- Per Share (Purpose Revised)
2013-10-30Interim Dividend Re.0.65 Per Share (Purpose Revised)
2013-07-15Annual General Meeting
2013-05-03Second Interim Dividend Re.0.60 Per Equity Share (Purpose Revised)
2013-02-06Interim Dividend Re 0.60 Per Share (Purpose Revised)
2012-09-07Annual General Meeting
2012-06-042nd Interim Dividend - Re.0.70 Per Share
2012-03-20Interim Dividend Re.0.60 Per Share (Purpose Revised)
2011-08-02Annual Book Closure And 2nd Interim Dividend Re.0.60 Per Share (Purpose Revised)
2011-01-25Interim Dividend-Re.0.50 Per Share (Purpose Revised)
2010-09-08Bonus 1:10.5000
2010-07-262nd Interim Dividend-Re.0.50 Per Share (Purpose Revised)
2010-01-25Int Div-Re.0.70 Per Sharepurpose Revised
2009-06-29Int Div-Re.0.70 Per Sharepurpose Revised
2008-08-06Agm/Div-Rs.0.70 Per Share
2007-08-10Agm/Fin Div-Re0.15 Per Sh
2006-10-27Int Div-Re.0.70 Per Sh Purpose Revised
2006-08-11Agm
2006-07-032nd Interim Dividend-60%
DateTypeWhat it says
2026-10-01Monthly updateMonthly Business Updates for the month of September 2026
2026-09-30Press ReleaseA press release dated September 30, 2026, titled "TVS MOTOSOUL 6.0: THE ULTIMATE CELEBRATION OF MOTORCYCLING RETURNS THIS DECEMBER".
2026-09-26Press ReleaseA press release dated September 26, 2026, titled "TVS MOTOR COMPANY LAUNCHES NEPAL S FIRST 150CC HYPER SPORT SCOOTER TVS NTORQ 150".
2026-09-22Shareholder meetingNotice of Postal Ballot
2026-09-17Press ReleaseA press release dated September 17, 2026, titled "TVS Motor Company Raises the Bar this Festive Season with Enhancements to its Premium Motorcycle Por...
2026-09-11Press ReleaseA press release dated September 11, 2026, titled "TVS MOTOR COMPANY BRINGS THE NEXT GENERATION OF APACHE PERFORMANCE TO SRI LANKA WITH THE WHOLE RANGE...
2026-09-07Press ReleaseA press release dated September 07, 2026, titled "TVS MOTOR COMPANY BRINGS FLAGSHIP ADVENTURE TECHNOLOGY TO THE A2 CLASS WITH RTX 300".
2026-09-04Concall / analyst meetSchedule of meet
2026-09-01General UpdatesRedemption of 190,03,48,456 bonus NCRPS in terms of Regulation 57(1) of the SEBI (Listing Obligations and Disclosure Requirements), 2015
2026-09-01Monthly updateMonthly Business Updates for the month of August 2026
2026-08-28Press ReleaseA press release dated August 28, 2026, titled "TVS Motor Company Appoints Peyman Kargar as Director and Chief Executive Officer of the Company.".
2026-08-28Director changeChange in Director(s) of the company.
2026-08-28AppointmentAppointment of Mr Peyman as Other of the company w.e.f. January 27, 2027.
2026-08-27Press ReleaseA press release dated August 27, 2026, titled "TVS Motor Launches TVS Jupiter Dual Tone Spectral Range".
2026-08-25Press ReleaseA press release dated August 25, 2026, titled "TVS Motor Celebrates One Million TVS iQube Families With The MillionR Special Edition".
2026-08-19Suspension of TradingMembers of the Exchange are hereby informed that the trading in Cumulative Non-Convertible Redeemable Preference Shares of TVS Motor Company Limited s...
2026-08-14Press ReleaseA press release dated August 14, 2026, titled "TVS MOTOR COMPANY LAUNCHES TVS ORBITER IN SRI LANKA A SMART, SUSTAINABLE, URBAN EV COMMUTE SOLUTION".
2026-08-13Press ReleaseA press release dated August 13, 2026, titled "TVS MOTOR COMPANY ACCELERATES EV TRANSITION IN SRI LANKA WITH THE LAUNCH OF TVS KING EV MAX".
2026-08-11UpdatesRecord date under Regulation 60 of SEBI (LODR) Regulations, 2015 for payment of coupon rate and redemption of Non Convertible Redeemable Preference Sh...
2026-08-10AllotmentAllotment of 1,00,000 Non-Convertible Debentures through Circular Resolution on August 10, 2026
2026-08-06Press ReleaseA press release dated August 06, 2026, titled "TVS MOTOR ACCELERATES GLOBAL EV EXPANSION WITH TVS IQUBE LAUNCH IN KENYA, THE FIRST INDIAN OEM TO INTRO...
2026-08-05Amalgamation/MergerComposite Scheme of Amalgamation amongst Home Credit India Finance Private Limited and STPL Trading and Services Private Limited and TVS Housing Finan...
2026-08-03Monthly updateMonthly Business Updates for the month of July 2026
2026-07-30Press ReleaseA press release dated July 30, 2026, titled "TVS Motor Expands TVS Raider Super Squad Edition with New Marvel Doctor Doom-Inspired Variant".
2026-07-28Concall / analyst meetTranscript
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Put / call open interest0.74
Max pain (expiry 2026-10-27)4,100
Largest call open interest at4,200
Largest put open interest at4,100
Implied volatility, at the money28.8%
Underlying at snapshot4,021.00
Open interest by strike around the price, nearest expiry. End-of-day NSE snapshot, 01-Oct-2026 15:40:00. Max pain is the strike where option buyers together would lose the most at expiry.
Trade dateShares sold short
2026-09-30531
2026-09-291,013
2026-09-28875
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Scrip PE is greater than 50 (4 trailing quarters)

Quick answers

What is the market cap of TVS Motor Company Ltd?

TVS Motor Company Ltd (TVSMOTOR) has a market capitalisation of Rs 1,94,363 Cr. at the 2026-10-01 close.

What is the P/E ratio of TVS Motor Company Ltd?

TVS Motor Company Ltd trades at a P/E of 56.2 on trailing twelve-month profit, at the 2026-10-01 close.

What were TVS Motor Company Ltd's latest quarterly results?

In the Jun 2026 quarter, TVS Motor Company Ltd sales was Rs 16,296 Cr (+33.5% vs Jun 2025) and net profit was Rs 1,058 Cr.

What is the 52-week high and low of TVS Motor Company Ltd?

The 52-week high is Rs 4,484.50 and the 52-week low is Rs 3,228.00.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03