TVS Motor Company Ltd

₹ 3,360 0.25%

01 Jun 9:43 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]
TVSM is one of the leading players in the two-wheeler industry and is the only company to have a presence in all the three categories, i.e., motorcycles, scooters, and mopeds, catering to both domestic and international
markets. TVSM is also the only company to have a presence in the moped segment for the domestic market.

Website BSE NSE

Market Cap ₹ 1,59,653 Cr.
Current Price ₹ 3,360
High / Low ₹ 3,970 / 2,655
Stock P/E 52.4
Book Value ₹ 201
Dividend Yield 0.36 %
ROCE 17.4 %
ROE 33.8 %
Face Value ₹ 1.00

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Pros

Company has delivered good profit growth of 38.3% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 30.0%

Cons

Stock is trading at 16.7 times its book value
Company might be capitalizing the interest cost

* 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 SENSEX Next 50 BSE 100 ESG Index (INR) BSE 250 LargeMidCap Index BSE Dividend Stability Index BSE Momentum Index BSE 100 LargeCap TMC Index Nifty200 Momentum 30 Nifty LargeMidcap 250 Nifty 500 Multicap 50:25:25 Nifty100 ESG Nifty India Manufacturing Nifty Total Market Nifty Alpha Low-Volatility 30 Nifty200 Alpha30 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

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	8,031	9,056	9,933	10,114	9,942	10,314	11,302	11,035	11,542	12,210	14,051	14,756	15,053
	6,982	7,852	8,588	8,639	8,487	8,884	9,678	9,402	9,638	10,407	11,941	12,488	12,881
Operating Profit	1,049	1,204	1,345	1,475	1,455	1,431	1,624	1,633	1,904	1,803	2,110	2,267	2,172
OPM %	13%	13%	14%	15%	15%	14%	14%	15%	16%	15%	15%	15%	14%
	67	87	51	12	-34	48	32	70	-57	40	-14	-60	7
Interest	398	437	483	494	511	500	509	536	551	551	552	561	566
Depreciation	232	227	237	242	263	241	259	258	292	315	320	323	315
Profit before tax	486	627	676	750	647	738	888	908	1,004	977	1,223	1,323	1,298
Tax %	31%	30%	38%	32%	36%	34%	34%	33%	31%	34%	32%	33%	37%
	336	441	416	510	412	485	588	609	698	643	833	891	820
EPS in Rs	7.07	9.14	8.13	10.08	8.15	9.70	11.80	11.91	13.64	12.84	16.74	17.71	16.24
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	10,256	11,377	12,463	16,340	20,160	18,849	19,421	24,355	31,974	38,779	44,089	56,070
	9,650	10,558	11,591	14,769	17,997	16,585	17,189	21,601	27,947	33,344	37,514	47,717
Operating Profit	605	819	871	1,571	2,163	2,264	2,232	2,755	4,027	5,435	6,575	8,352
OPM %	6%	7%	7%	10%	11%	12%	11%	11%	13%	14%	15%	15%
	80	93	163	71	25	12	36	-5	136	131	99	-28
Interest	62	70	60	338	663	855	881	940	1,368	1,917	2,093	2,230
Depreciation	179	262	317	374	442	556	565	743	859	956	1,046	1,273
Profit before tax	444	580	658	931	1,083	865	822	1,067	1,936	2,693	3,535	4,822
Tax %	28%	26%	23%	29%	33%	25%	26%	31%	32%	34%	33%	34%
	328	429	509	665	725	647	608	731	1,309	1,779	2,380	3,186
EPS in Rs	6.91	9.03	10.76	13.73	14.83	13.15	12.51	15.93	27.97	35.50	47.06	63.53
Dividend Payout %	28%	28%	23%	24%	24%	27%	28%	24%	18%	23%	21%	0%

Compounded Sales Growth
10 Years:	17%
5 Years:	24%
3 Years:	21%
TTM:	27%

Compounded Profit Growth
10 Years:	23%
5 Years:	38%
3 Years:	33%
TTM:	41%

Stock Price CAGR
10 Years:	27%
5 Years:	40%
3 Years:	37%
1 Year:	21%

Return on Equity
10 Years:	26%
5 Years:	28%
3 Years:	30%
Last Year:	34%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	1,277	1,771	2,169	2,630	3,123	3,235	3,779	4,352	5,457	6,736	8,456	9,517
	1,119	1,091	1,311	6,928	9,298	11,591	12,179	15,827	22,376	26,006	28,609	32,791
	2,126	2,236	2,601	3,586	4,228	4,399	5,859	6,692	7,144	9,235	10,539	14,145
Total Liabilities	4,570	5,146	6,128	13,190	16,696	19,272	21,865	26,919	35,025	42,024	47,651	56,501
	1,637	2,038	2,362	3,094	3,367	3,811	4,221	5,975	5,748	5,891	7,644	10,200
CWIP	93	47	64	313	745	1,006	1,041	552	743	1,033	1,465	974
Investments	539	943	1,155	421	440	371	468	605	967	1,123	1,247	1,147
	2,301	2,118	2,547	9,362	12,145	14,085	16,135	19,788	27,566	33,977	37,294	44,181
Total Assets	4,570	5,146	6,128	13,190	16,696	19,272	21,865	26,919	35,025	42,024	47,651	56,501

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	83	936	689	354	-918	373	1,151	-1,575	-4,405	-1,253	3,503	1,867
	-415	-605	-709	-1,095	-1,104	-1,090	-882	-1,471	-1,308	-1,481	-2,899	-2,964
	261	-319	-59	897	2,210	1,619	264	2,918	6,118	3,239	1,155	909
Net Cash Flow	-71	12	-79	156	188	902	532	-128	406	505	1,759	-189
Free Cash Flow	-261	424	65	-727	-2,048	-617	227	-2,531	-5,724	-2,363	1,044	-1,280
CFO/OP	40%	134%	95%	43%	-28%	27%	63%	-44%	-94%	-5%	71%	42%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	15	16	21	24	28	28	19	18	14	17	14	17
Inventory Days	51	40	47	34	34	35	39	37	34	34	33	26
Days Payable	76	74	80	86	83	94	121	105	89	100	103	103
Cash Conversion Cycle	-11	-18	-12	-28	-21	-31	-63	-50	-41	-49	-56	-60
Working Capital Days	-11	-20	-24	-37	-1	-27	-38	-40	-49	-20	-17	-36
ROCE %	21%	22%	22%	19%	16%	13%	11%	11%	13%	15%	15%	17%

Insights

In beta

Mar 2014

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Moped Sales
Lakh Units ・Standalone data

x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx
x.xx	x.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
x.xx	x.xx	x.xx	x.xx	xx.xx	xx.xx	xx.xx	x.xx	x.xx	xx.xx	xx.xx	xx.xx
x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx
		xx.xx	xx.xx	xx.xx		xx.xx		xx.xx		xx.xx	xx.xx
	xx.xx	xx.xx	xx.xx						xx.xx		xx.xx
								x.xx	x.xx	x.xx	x.xx
		x.xx	x.xx						x.xx		x.xx

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Motorcycle Sales
Lakh Units ・Standalone data

Scooter Sales
Lakh Units ・Standalone data

Three-Wheeler Sales
Lakh Units ・Standalone data

Overall Two-Wheeler Market Share
% ・Standalone data

Installed Manufacturing Capacity - Two-Wheelers
Lakh Units per Annum

Electric Vehicle (EV) Sales
Lakh Units ・Standalone data

Installed Manufacturing Capacity - Three-Wheelers
Lakh Units per Annum

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 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%
	18.13%	18.51%	19.27%	20.83%	21.05%	22.33%	21.20%	21.48%	22.42%	22.90%	23.09%	22.56%
	23.41%	23.10%	21.79%	20.26%	20.13%	19.02%	19.99%	19.73%	18.80%	18.34%	18.28%	18.84%
	8.19%	8.12%	8.68%	8.64%	8.56%	8.33%	8.45%	8.45%	8.40%	8.46%	8.33%	8.30%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.07%	0.07%	0.07%	0.10%	0.04%	0.03%	0.03%
No. of Shareholders	1,98,002	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

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	57.40%	57.40%	57.40%	57.40%	57.40%	50.81%	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%
	12.49%	10.59%	15.83%	21.20%	20.84%	28.51%	24.39%	20.26%	19.73%	18.84%
	11.61%	11.83%	10.85%	10.04%	9.42%	8.72%	8.33%	8.64%	8.45%	8.30%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.07%	0.03%
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

* 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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