TVS Motor is that overachiever who shows up at the school reunion with trophies in every category—motorcycles, scooters, mopeds, and now EVs. Market cap: ₹1.6 lakh crore. ROE: 28%. P/E: an eye-watering 67.5x. Investors clearly think Jupiter (scooter) will actually take them to Jupiter.
2. Introduction
Founded by the TVS family and nurtured in Hosur, Tamil Nadu, this company has been making Indians commute since before Ola Electric was even a PPT idea. Unlike rivals who abandoned mopeds, TVS still sells the iconic TVS XL, because rural India isn’t done with it.
Internationally, TVS exports to 80+ countries, from Kenya to Costa Rica. Domestically, it’s sitting on 25% two-wheeler market share, with serious presence in scooters (Ntorq, Jupiter), commuter bikes (Radeon, Raider), and performance (Apache).
But here’s the twist: TVS isn’t just about bikes anymore. Its EV push (iQube, new Orbiter EV) and financial arm TVS Credit are adding fresh fuel. With 45% stock price run-up in 6 months, it’s become the new investor darling. Question is—are we looking at a Honda-level legacy story, or just another EV bubble waiting to deflate like a scooter tyre on a pothole?
3. Business Model – WTF Do They Even Do?
TVS sells 2-wheelers, 3-wheelers, mopeds, and EVs. Revenue breakup: 87% vehicles, 11% financial services, 2% auto parts. They also do accessories and spares, because what’s a scooter without a cracked rear-view mirror?
Their production capacity: 55 lakh 2-wheelers + 2 lakh 3-wheelers annually. Plants spread across Hosur, Mysore, and Nalagarh.
Strategic MoUs with BMW Motorrad (premium bikes, EV tech), Grupo Q (Central America), and Tata Power (charging infra) show TVS is trying to look cooler than Hero.
Bonus flex: Only Indian OEM with active presence in mopeds. That’s like being the last guy still renting DVDs in 2025—but hey, someone’s buying.
4. Financials Overview
Metric
Latest Qtr (Jun’25)
YoY Qtr (Jun’24)
Prev Qtr (Mar’25)
YoY %
QoQ %
Revenue (₹ Cr)
12,210
10,314
11,542
18.4%
5.8%
EBITDA (₹ Cr)
1,803
1,431
1,904
26.0%
-5.3%
PAT (₹ Cr)
610
485
698
25.8%
-12.6%
EPS (₹)
12.8
9.7
13.6
32.0%
-5.9%
Commentary: Top line zooming like Apache RTR, bottom line a bit wobbly QoQ (thanks to EV burn + interest costs). Still, YoY growth is sexy enough to keep FIIs revving.
5. Valuation – Fair Value Range Only
P/E Method: EPS ₹50.2 × sector PE 30–35 → ₹1,500–₹1,750.
