Q2 2026 TVS Motor Company Ltd Earnings Call Transcript

Oct 28, 2025 / 11:30AM GMT

Release Date Price: ₹3555 (-2.31%)

Transcript

Key Points

Positve

TVS Motor Co Ltd (BOM:532343) achieved its highest ever quarterly sales in both ICE and EV segments.
The company's sales volume grew by 23%, with revenue increasing by 29% and operating EBITDA by 40%.
TVS Motor Co Ltd's operating EBITDA margin improved by 100 basis points to 12.7%.
The company launched several new products, including the TVS arbiter and TVS King cargo HTEV, enhancing its product portfolio.
International sales reached a milestone of 400,000 units, driven by strong growth in Africa and Latin America.

Negative

Challenges in magnet availability affected the growth of EV two-wheeler sales.
Increased overhead costs, including R&D and marketing expenses, impacted margins despite revenue growth.
The company faced a notional loss due to fair valuation adjustments of TVS supply chain shares.
Commodity price increases posed cost pressures, although partially offset by price adjustments.
The EV segment is still in early stages, with profitability primarily at the contribution margin level.

Operator

Ladies and gentlemen, good day, and welcome to TVS Motor Company Limited Q2 and H1 FY26 earnings conference call, hosted by BNK Securities. (Operator Instructions) Please note that this conference is being recorded.

I now hand the conference over to Mr. Annamalai Jayaraj from BNK Securities. Thank you and over to you, sir.

Annamalai Jayaraj

Batlivala & Karani Securities India Pvt Ltd - Analyst

Thank you, Indra. Welcome to TVS Company Limited FY26 (inaudible) conference cup. From TVS Motor Company management, we have with us K. N. Radhakrishnan, (inaudible); Mr. K. Gopala Desikan, Chief Financial Officer. We will start with opening remarks (inaudible) K. N. Radhakrishnan, to be followed by (inaudible). Over to you.

Kunnath Radhakrishnan

TVS Motor Company Ltd - Chief Executive Officer, Executive Director

Good evening. Good evening, everyone, and thanks for joining us today. First of all, festive scent readings to all of you, your family members. We are extremely glad to announce that the company

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