TVS Motor Company Ltd

₹ 3,942 0.87%

23 Jul 9:32 a.m.

About

TVS Motor Company Ltd (TVSM) is engaged in manufacturing two-wheelers and its accessories; it currently manufactures a wide range of two-wheelers and three-wheelers. ^[1]

Key Points

Overview^[1]
The company is in the 2-wheeler industry and is the only company to have a presence in all 3 categories, i.e., motorcycles, scooters, and mopeds, catering to both domestic and international markets. It is also the only company to have a presence in the moped segment for the domestic market.

Website BSE NSE

Market Cap ₹ 1,87,282 Cr.
Current Price ₹ 3,942
High / Low ₹ 3,970 / 2,729
Stock P/E 46.3
Book Value ₹ 236
Dividend Yield 0.31 %
ROCE 38.2 %
ROE 34.4 %
Face Value ₹ 1.00

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Pros

Company is expected to give good quarter
Company has delivered good profit growth of 42.7% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 31.4%
Company has been maintaining a healthy dividend payout of 17.4%

Cons

Stock is trading at 16.5 times its book value

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Consumer Discretionary Automobile and Auto Components Automobiles 2/3 Wheelers

Part of BSE 500 BSE 100 BSE 200 BSE Dollex 200 Nifty Next 50 Nifty 500 BSE Auto Nifty 100 BSE Dollex 100 Nifty India Consumption Nifty Auto Nifty 200 Nifty Alpha 50 Nifty Growth Sectors 15 Nifty 100 Equal Weight BSE Consumer Discretionary BSE India Manufacturing Index BSE 100 ESG Index (INR) BSE 250 LargeMidCap Index BSE Dividend Stability Index BSE Momentum Index BSE 100 LargeCap TMC Index Nifty LargeMidcap 250 Nifty 500 Multicap 50:25:25 Nifty100 ESG Nifty India Manufacturing Nifty Total Market Nifty Alpha Low-Volatility 30 BSE SENSEX Next 30 Nifty100 Enhanced ESG BSE 200 Equal Weight BSE Sensex Sixty 65:35 BSE Sensex Sixty Nifty500 Momentum 50 Nifty 100 Alpha 30 Index NIFTY Mobility Nifty Transportation & Logistics Nifty India New Age Consumption Nifty500 Equal Weight Nifty Rural Nifty EV & New Age Automotive Nifty500 LargeMidSmall Equal-Cap Weighted BSE India 150 Nifty500 Low Volatility 50 BSE 1000 BSE 500 Momentum 50 Nifty India FPI 150

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	7,218	8,145	8,245	8,169	8,376	9,228	9,097	9,550	10,081	11,905	12,476	12,808	13,896
	6,454	7,245	7,321	7,243	7,415	8,148	8,016	8,220	8,818	10,397	10,843	11,128	12,117
Operating Profit	764	900	924	926	960	1,080	1,081	1,331	1,263	1,509	1,633	1,679	1,779
OPM %	11%	11%	11%	11%	11%	12%	12%	14%	13%	13%	13%	13%	13%
	58	46	73	-29	36	30	-23	-74	34	-21	-69	-16	151
Interest	47	52	45	37	37	32	34	36	40	47	58	59	76
Depreciation	164	170	178	189	176	181	188	200	204	214	235	246	265
Profit before tax	610	724	775	672	783	897	837	1,020	1,053	1,226	1,271	1,358	1,589
Tax %	23%	26%	23%	28%	26%	26%	26%	25%	26%	26%	26%	27%	26%
	468	537	593	485	577	663	618	761	779	906	938	998	1,174
EPS in Rs	9.84	11.29	12.49	10.22	12.15	13.95	13.02	16.01	16.39	19.07	19.75	21.00	24.71
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	10,042	11,105	12,135	15,175	18,210	16,423	16,751	20,791	26,378	31,776	36,251	47,270	51,085
	9,436	10,291	11,276	14,000	16,775	15,077	15,320	18,829	23,703	28,262	31,789	41,191	44,485
Operating Profit	607	813	859	1,175	1,435	1,346	1,430	1,962	2,675	3,514	4,463	6,079	6,600
OPM %	6%	7%	7%	8%	8%	8%	9%	9%	10%	11%	12%	13%	13%
	30	100	171	99	6	-0	31	-11	101	149	-24	-71	44
Interest	27	49	44	57	81	102	142	126	141	182	139	204	239
Depreciation	153	236	288	339	399	489	494	611	631	700	748	901	960
Profit before tax	456	629	699	879	961	754	826	1,213	2,003	2,781	3,551	4,904	5,445
Tax %	24%	22%	20%	25%	30%	21%	26%	26%	26%	25%	26%	26%
	348	489	558	663	670	592	612	894	1,491	2,083	2,634	3,615	4,016
EPS in Rs	7.32	10.30	11.75	13.95	14.11	12.47	12.88	18.81	31.38	43.84	55.44	76.10	84.53
Dividend Payout %	26%	24%	21%	24%	25%	28%	27%	20%	16%	18%	18%	16%

Compounded Sales Growth
10 Years:	16%
5 Years:	23%
3 Years:	21%
TTM:	35%

Compounded Profit Growth
10 Years:	23%
5 Years:	43%
3 Years:	35%
TTM:	44%

Stock Price CAGR
10 Years:	29%
5 Years:	46%
3 Years:	44%
1 Year:	39%

Return on Equity
10 Years:	27%
5 Years:	29%
3 Years:	31%
Last Year:	34%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	48	48	48	48	48	48	48	48	48	48	48	48
Reserves	1,598	1,911	2,361	2,833	3,300	3,571	4,123	4,775	6,000	7,684	9,850	11,187
	970	924	1,107	1,189	1,400	2,132	1,230	1,963	2,663	1,964	2,037	3,733
	1,989	2,069	2,389	3,087	3,622	3,611	4,797	5,118	5,281	6,368	8,017	10,948
Total Liabilities	4,605	4,952	5,905	7,156	8,369	9,361	10,197	11,902	13,992	16,062	19,952	25,916
	1,330	1,720	1,984	2,372	2,579	2,900	3,010	3,307	3,596	3,772	4,402	5,460
CWIP	89	31	62	131	257	285	279	424	628	930	1,239	1,360
Investments	1,012	1,215	1,588	2,035	2,301	2,606	3,315	4,716	5,684	6,991	9,163	11,647
	2,173	1,987	2,271	2,618	3,232	3,570	3,594	3,455	4,085	4,369	5,147	7,449
Total Assets	4,605	4,952	5,905	7,156	8,369	9,361	10,197	11,902	13,992	16,062	19,952	25,916

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	85	941	724	1,297	1,098	1,394	2,561	1,498	1,993	3,617	4,292	5,730
	-493	-608	-748	-1,131	-1,002	-1,289	-921	-2,141	-2,312	-1,896	-3,870	-4,310
	331	-306	-73	-75	81	271	-1,196	113	225	-1,470	-588	-1,344
Net Cash Flow	-78	27	-97	91	177	375	445	-530	-94	251	-166	76
Free Cash Flow	-320	454	112	504	369	683	2,005	770	996	2,562	2,512	3,805
CFO/OP	37%	134%	99%	131%	93%	117%	193%	92%	93%	120%	115%	114%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	18	19	22	23	28	28	19	17	14	15	13	16
Inventory Days	41	32	40	32	31	31	33	26	23	21	24	17
Days Payable	74	71	77	82	77	87	112	93	75	80	87	90
Cash Conversion Cycle	-15	-20	-15	-27	-18	-27	-60	-50	-39	-43	-50	-56
Working Capital Days	-8	-15	-20	-30	-19	-38	-45	-42	-38	-35	-42	-55
ROCE %	21%	23%	23%	24%	24%	17%	17%	22%	27%	31%	34%	38%

Insights

In beta

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Three-wheeler Sales Volume
thousand units

	xxx	xx	xx	xxx	xxx	xxx	xxx	xxx	xxx	xxx	xxx
	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx
	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx
	xxx	xxx	x,xxx	x,xxx	x,xxx	xxx	xxx	x,xxx	x,xxx	x,xxx
xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx				xx.xx	xx.xx	xx.xx
				xxx	xxx	xxx	x,xxx	xxx	xxx	x,xxx
				xx.xx	xx.xx	xx.xx	xx.xx	xx.xx		xx.xx
							x	xx	xxx	xxx	xxx

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Total Sales Volume (2W+3W)
thousand units

Motorcycle Sales Volume
thousand units

Scooter Sales Volume (includes EV)
thousand units

Two-wheeler Domestic Market Share
%

Two-wheeler Exports Volume
thousand units

Installed Two-wheeler Manufacturing Capacity
lakh units per annum

Electric Two-wheeler (EV) Sales Volume
thousand units

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	50.27%	50.27%	50.27%	50.27%	50.27%	50.27%	50.27%	50.27%	50.27%	50.27%	50.27%	50.27%
	18.51%	19.27%	20.83%	21.05%	22.33%	21.20%	21.48%	22.42%	22.90%	23.09%	22.56%	20.45%
	23.10%	21.79%	20.26%	20.13%	19.02%	19.99%	19.73%	18.80%	18.34%	18.28%	18.84%	21.12%
	8.12%	8.68%	8.64%	8.56%	8.33%	8.45%	8.45%	8.40%	8.46%	8.33%	8.30%	8.12%
	0.00%	0.00%	0.00%	0.00%	0.07%	0.07%	0.07%	0.10%	0.04%	0.03%	0.03%	0.02%
No. of Shareholders	2,02,558	2,42,094	2,60,618	2,69,776	2,69,030	2,92,489	3,01,308	2,99,644	3,09,383	3,20,848	3,24,891	3,31,196

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
	57.40%	57.40%	57.40%	57.40%	57.40%	50.81%	50.27%	50.27%	50.27%	50.27%	50.27%
	18.50%	20.18%	15.92%	11.37%	12.34%	11.97%	17.02%	20.83%	21.48%	22.56%	20.45%
	12.49%	10.59%	15.83%	21.20%	20.84%	28.51%	24.39%	20.26%	19.73%	18.84%	21.12%
	11.61%	11.83%	10.85%	10.04%	9.42%	8.72%	8.33%	8.64%	8.45%	8.30%	8.12%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.07%	0.03%	0.02%
No. of Shareholders	1,06,281	1,22,637	1,38,397	1,31,903	1,40,569	2,01,415	1,94,347	2,60,618	3,01,308	3,24,891	3,31,196

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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