TVS Motor Company Q2FY26 Concall Decoded: “Full Throttle, No Brakes—Even EVs Couldn’t Slow Them”
1. Opening Hook
Festive lights weren’t the only things shining this Diwali—TVS Motor just revved past its own record. With the CEO sounding more like a motivational speaker than an auto exec, the company announced its “highest ever” everything—revenue, EBITDA, profit, and even optimism. ICE and EV both fired together, proving petrolheads and plug-in folks can coexist—at least on the balance sheet. Buckle up, because what starts with a celebration turns into a corporate flex of epic proportions. Stick around—the juicy bits about Norton, GST windfalls, and magnets (yes, magnets) come later.
2. At a Glance
Revenue up 29% – CFO swears it’s real growth, not “PLI magic.”
EBITDA up 40% – Margin muscles finally flexing beyond scooters.
PBT up 37% – Profits sprinted faster than the new Ntorq 150.
PAT up 37% – Same story, just more zeros.
EBITDA Margin 12.7% – +100 bps, powered by scale and sarcasm.
3-Wheeler Sales up 41% – Who said cargo can’t be cool?
EV Volumes up 7% – Slow charge due to “magnet issues,” apparently.
“We posted our highest ever quarterly phase, both in ICE and EV.” (When you can’t pick a favorite child, just say both are geniuses.) 😏
“Operating EBITDA grew 40%… margin improved to 12.7%.” (Translation: cost cuts, premium bikes, and maybe divine intervention.)
“We thank customers for this significant milestone.” (Investors, you just paid for the celebration balloons.)
“EV two-wheeler sales grew 7% despite magnet availability challenges.” (Even magnets ghosted them. Who knew supply chains had polarity issues?)
“We launched the Orbiter—India’s urban EV commute.” (Basically a scooter with Wi-Fi, cruise control, and existential coolness.)
“GST reduction will accelerate consumption across goods and industries.” (When tax cuts sound like an economic stimulus plan and sales pitch in one breath.)
“We will continue to leverage scale benefits and product mix.” (Read: higher-margin bikes for people who don’t read footnotes.)
“Norton superbikes will launch in India by April 2026.” (Because every Indian household needs one ₹20-lakh toy for “commuting.”) 🏍️
