1. At a Glance
TVS Motor’s September 2025 results are basically the corporate version of “Gym gains meet Bollywood pricing.”
Revenue shot up 24.3% YoY to ₹14,051 crore, with PAT at ₹833 crore, up a clean 41.9% — because apparently, the only thing faster than Apache RR’s 0–60 is its profit curve.
At ₹3,555 a share and a P/E of 64.8, the market clearly believes the company is not selling scooters but dreams. With a market cap of ₹1.69 lakh crore, ROE of 28.4%, and ROCE of 15.4%, TVS is balancing between “engineering brilliance” and “valuation illusion.”
Debt stands tall at ₹28,609 crore — so yes, they have enough horsepower but also EMIs that could scare a homebuyer. Still, with three-year sales CAGR of 22% and profit CAGR of 41%, the Hosur hit-machine keeps delivering.
Question for the readers: Would you pay Ferrari-level valuation for a scooter company just because it rhymes with EV?
2. Introduction
Once upon a time, TVS was that quiet kid from Tamil Nadu who topped the class in consistency but was ignored because Bajaj had flashier toys. Fast-forward to FY26, and now everyone wants to copy its homework.
From ICE dominance to EV disruption, TVS Motor has become the poster child of execution discipline. It’s the only manufacturer that comfortably sells motorcycles, scooters, mopeds, and now, electric dreams — all while exporting to 80+ countries and somehow keeping customer complaints lower than Ola Electric’s production numbers.
The company’s smooth EV transition has been the real game changer. The iQube series went from being a curiosity to a serious player, with launches now spanning India, Nepal, and Indonesia. Meanwhile, their partnership with BMW Motorrad means they can flex both on road and on balance sheets.
So yes — it’s fast, it’s diversified, and it’s making investors richer than its own dealers. But at 65x earnings, the big question remains: how much horsepower is left in this rally?
3. Business Model – WTF Do They Even Do?
In short? They build everything that has two or three wheels, an engine, and occasionally, a charging port.
Scooters – Jupiter, Ntorq, Scooty Pep+, and Zest — these are the “sensible middle-class icons.”
Motorcycles – Apache RR310, Raider, Star City+, Sport — these are for people who say, “I can’t afford a KTM, but I still have dreams.”
Mopeds – They’re the only company still making them, because someone has to keep delivering milk.
EVs – iQube and its upcoming cousins in the 5–25kW range, plus a soon-to-be-launched electric three-wheeler.
They also make three-wheelers for export markets (Nigeria, Kenya, Bangladesh — basically every port where Bajaj reigns, TVS lurks).
TVS doesn’t just sell
