TVS Motor Company Limited has released the transcript of its conference call held on January 28, 2026, following the results for the quarter ended December 31, 2025 (Q3 FY26). The company reported record-breaking sales, revenue, and profits for the quarter. Overall operating revenue grew by 27% to ₹12,476 crores, compared to ₹9,097 crores in Q3 FY25. Two-wheeler domestic ICE sales increased by 21%, with international market sales growing by 35%. Total 2-wheeler ICE sales saw a 25% rise, while EV 2-wheeler sales surged by 40% to 1,06,000 units. Three-wheeler sales more than doubled to 60,000 units. Operating EBITDA grew by 51% to ₹1,634 crores, with EBITDA margin improving to 13.1% from 11.9% in the previous year. Profit Before Tax (PBT) before exceptional items was ₹1,315 crores, a 57% increase. Profit After Tax (PAT) for the quarter stood at ₹940 crores, up from ₹618 crores in Q3 FY25. For the first nine months of FY26, operating revenue grew by 29% to ₹34,463 crores. PBT before exceptional items increased by 43% to ₹3,594 crores, and PAT rose to ₹2,625 crores. TVS Credit Services also reported strong growth, with disbursements to over 41 lakh new customers, a book size of ₹29,678 crores, and PBT of ₹390 crores for the quarter. The company highlighted positive industry outlook driven by GST reduction, good rainfall, and expected improvements in liquidity. Management expressed confidence in continued strong performance in Q4 FY26 and long-term CAGR growth of 8-9% for the two-wheeler industry. Investments are being made in new product development, including the Norton motorcycle range, and capacity expansion.
