TVS Motor Company Limited: In-Depth Profile

TVS Motor Company Limited stands as the world’s fourth-largest two-wheeler manufacturer, driving global mobility with local insight and world-class engineering. The company delivers a wide spectrum of mobility formats designed to elevate experiences, from urban commutes to spirited rides and enterprise applications to everyday convenience. This ability to create with intent, responsive to evolving aspirations and use cases, continues to set the company apart and move millions every single day.

The strength of TVS Motor Company lies in understanding what riders truly need across geographies, lifestyles, and aspirations. This insight powers a seamless fusion of proven automotive engineering and advanced digital capabilities, enabling the design, development, and scaling of solutions across diverse use cases, from urban mobility to race-inspired performance. The customer-first mindset extends into service, with intuitive support, connected experiences, and responsive care across the ownership journey. Every touchpoint reflects real-world relevance and thoughtful execution.

Safety remains a foundational priority, engineered into products, digital systems, and the ecosystem, making every ride smarter, more confident, and deeply human-centric. Sustained investments in R&D have strengthened core capabilities and kept the company ahead of the curve, while strategically chosen global partnerships have amplified scale and accelerated technological edge. With a growing presence across more than 90 countries, TVS Motor Company remains committed to creating mobility that is inclusive, responsible, and future-ready. The focus is on delivering joyful movement today without borrowing from the smile of tomorrow, from reducing environmental impact to giving back to communities, striving to build trust, empower progress, and ensure that every mile contributes to a world that is safer, more equitable, and enduringly sustainable.

Company Overview

As the world navigates a pivotal phase of shifting mobility expectations and transformative technology, the role of transportation has never been more central. TVS Motor Company sees this moment as an opportunity to redefine mobility in a more integrated, intelligent, and inclusive manner. With a deep-rooted legacy in engineering excellence and customer-centric innovation, the company continues to transform lives globally through mobility solutions that elevate experiences across formats, delivering on performance, flexibility, and future readiness.

From the earliest foray into personal transportation to becoming the world’s fourth-largest two-wheeler manufacturer, the journey has been shaped by a singular purpose: transforming the quality of life through mobility solutions. Built on deep customer understanding and engineering excellence, the company operates at scale across geographies and riding needs.

TVS Motor Company is a globally reputed mobility solutions provider that offers a wide range of cutting-edge two- and three-wheelers across global markets. Backed by class-leading design, advanced technology, and a relentless focus on quality, TVS Motor Company products are engineered not just to meet but to elevate the customer experience. With a strong global presence, manufacturing excellence, and a robust innovation ecosystem, TVS Motor Company operates at a scale that is unmatched—setting industry benchmarks in performance, reliability, and value.

The company delivers class-leading mobility solutions and a superior ownership experience across one of the widest customer segments in the industry. The company combines innovation, reliability, and customer-focused engineering at scale in every product it delivers. TVS Motor Company products are technologically advanced, reliable, and safe. With the widest portfolio in the industry—including two-wheelers such as mopeds, scooters, commuter motorcycles, premium bikes, and three-wheelers—the company caters to a broad and diverse customer base with evolving preferences. Its authorised service network provides comprehensive after-sales support to millions of satisfied customers across more than 3,800 locations throughout India.

TVS Motor Company views mobility as a holistic experience that extends well beyond the ride. To strengthen this promise, the company continues to enhance its service ecosystem through an extensive support network, intuitive digital platforms, and connected technologies. With a focus on reliable maintenance, transparent processes, and customer convenience, TVS Motor Company is reimagining aftersales to build everlasting trust and deliver superior ownership experiences.

The integrated ecosystem of products, services, and support is designed to adapt to the unique needs of every market—delivering intelligent solutions that are both locally relevant and globally competitive. Deep market understanding and close collaboration with local communities enable the company to design intelligent, future-ready solutions. This approach led to one of the strongest years in international business.

The company has 63 million users of TVS Motor Company vehicles across the world. It leads their segments in customer satisfaction surveys. All plants are certified by Japan Institute of Plant Maintenance. The company has a presence in 90+ countries marking its global presence.

• Global two-wheeler manufacturer with local insight and world-class engineering.
• Offers exciting, responsible, sustainable, and safe mobility solutions.
• Committed to innovation-driven culture, speed, agility, and customer delight.
• Focus on sustainable future for societies and the environment.
• Core values include trust, customer obsession, value maximisation, speed & agility, exactness, and disruptive mindset.

Business Segments and Revenue Breakup %

TVS Motor Company operates primarily in the automotive vehicles and parts segment, which encompasses the design, development, manufacturing, and sale of two-wheelers and three-wheelers. This segment forms the core of the company’s operations, contributing significantly to its overall revenue. The company also has involvement in financial services through its subsidiaries, which provide retail financing for vehicles, adding another layer to its business model.

The business segments are identified based on operations from which significant risks and rewards are derived. The primary segments are:

• Automotive Vehicles & Parts: This segment includes the production and sale of motorcycles, scooters, mopeds, electric scooters, and three-wheelers, along with related parts and accessories. It caters to a wide range of customer needs, from urban commuting to premium performance riding and commercial mobility. The operational scope involves advanced engineering, digital integration, and a focus on safety and sustainability. Revenue from this segment for the year ended 31st March 2025 was 36,555.79 crores on a consolidated basis, representing the bulk of the company’s income. This reflects robust growth driven by new launches and market expansion.
• Financial Services: Operated through subsidiaries like TVS Credit Services Limited, this segment provides vehicle financing solutions to customers, enhancing accessibility to the company’s products. The scope includes retail loans, with a focus on customer-centric financial products. Revenue from this segment for the year ended 31st March 2025 was 5,617.93 crores on a consolidated basis, contributing to diversified income streams.

The revenue breakup on a consolidated basis for the year ended 31st March 2025 shows Automotive Vehicles & Parts accounting for approximately 86% of total revenue, while Financial Services contribute around 14%. This structure allows the company to leverage synergies between manufacturing and financing, supporting overall business performance by facilitating customer purchases and managing credit risks effectively.

The operational scope of the Automotive Vehicles & Parts segment involves sustained investments in R&D to strengthen core capabilities, ensuring products are future-ready with features like connected technology and electric propulsion. The Financial Services segment’s scope includes managing a book size of 26,647 crores, serving 1.9 crore customers, and focusing on risk management through diversified portfolios.

• Automotive Vehicles & Parts: 86% revenue contribution, focusing on two- and three-wheeler manufacturing with emphasis on innovation and global scaling.
• Financial Services: 14% revenue contribution, providing vehicle financing to enhance product accessibility and customer loyalty.

This segmented approach connects directly to business performance by allowing targeted resource allocation, risk mitigation, and growth in high-potential areas like electric vehicles, where sales grew 45% year-on-year to 281,846 units.

History and Evolution

TVS Motor Company has evolved from its earliest foray into personal transportation to becoming the world’s fourth-largest two-wheeler manufacturer. The journey has been shaped by a singular purpose: transforming the quality of life through mobility solutions. Built on deep customer understanding and engineering excellence, the company has operated at scale across geographies and riding needs.

The company has achieved significant milestones, including being the only two-wheeler company in the world to be awarded the Deming Prize for Total Quality Management. It has over 50 million vehicles on the road, celebrating mobility and progress. The evolution includes introducing industry-firsts like connected scooters and expanding into electric vehicles and three-wheelers.

The company has a legacy of engineering excellence and customer-centric innovation, continuously transforming lives globally through mobility solutions that elevate experiences across formats. From urban commutes to race-inspired performance, the company has adapted to diverse use cases.

Key events in the evolution include capping twelve consecutive quarters of top-line growth in FY 2024-25, achieving new highs with all-time high annual sales in both domestic and overseas markets, resulting in best-ever revenue and profit. All product categories in two-wheelers—scooters, commuter bikes, mopeds, and performance motorcycles—and three-wheelers registered robust growth. New launches, such as the new Jupiter 110, and upgrades of the existing portfolio helped gain market share and outpace the overall market.

The year was marked with frenetic activity, from global launches and new market entries to creating memorable customer experiences. Leadership was honored for driving purpose-led growth with vision and conviction. The year reflected steadfast commitment to excellence, inclusivity, and intelligent mobility.

Products welcomed a new edition of the Apache RR 310, launched the new 2.2 kWh battery variant of iQube electric scooter in Nepal, launched the all-new Jupiter 110, TVS Ronin joined the Rann Utsav celebrations, launched two new three-wheeler models in Mexico, and launched the TVS HLX 125 with five gears for global markets.

Markets and global presence debuted the TVS iQube at Makina Motoshow in Manila, made presence felt at the Salon du 2 Roues de Lyon, showcased TVS iQube at Jakarta Fair in Indonesia making its debut in Indonesian market, launched iQube electric scooter in Sri Lanka, entered Morocco in partnership with Hindi Motors, and launched retail operations in Italy.

In 2024, won the 10th consecutive Indian National Rally Championship title, celebrated World Motorcycle Day 2024, presented the TVS INCLUVERSE initiative, registered wins at Indian National Motorcycle Racing Championship 2024, and launched an all-women bike rally honouring 25th Kargil Vijay Diwas.

In 2025, opened the Drift-R School in Pune—a specialised training academy, TVS Motor Company distributor Ezz LCV inaugurated a new assembly line in Egypt, and excelled in the JD Power 2024-25 India Two-Wheeler Initial Quality Study.

The evolution is guided by a vision to transform the quality of life of people across the world by providing mobility solutions that are exciting, responsible, sustainable, and safe. The mission is to be one of the leading companies globally in chosen business segments, providing the most compelling mobility solutions through an innovation-driven culture thriving on relentless reflection and teamwork, focus on speed and agility to seize opportunity in a Volatile Uncertain Complicated Ambiguous world, scalable technology platforms and solutions with highest quality to delight customers, and commitment towards a sustainable future for societies and the environment.

Core values include trust, customer obsession, value maximisation, speed & agility, exactness, and disruptive mindset.

• Started with personal transportation solutions.
• Expanded to two-wheelers and three-wheelers.
• Achieved global presence in 90+ countries.
• Introduced electric vehicles with 281,846 units sold in FY 2024-25.
• Won multiple awards, including Most Trusted Brand of India 2024-25.
• Honored with India’s best CEO award for MD Sudarshan Venu.
• Recognized in J.D. Power studies for models like Jupiter 125, Radeon, Apache RTR 160 2V.
• Ranked among Top 3 in India’s Top 50 Most Sustainable Companies in automobile sector.
• Received 17th BML Munjal Awards for manufacturing excellence.
• Design recognition for Apache RR 310 and TVS X.
• Best Corporate HR Practices for Srinivasan Services Trust.
• India’s 80 Most Valuable Companies.
• ET Lifetime Achievement Award for Chairman Emeritus Venu Srinivasan.

This evolution reflects a commitment to shaping tomorrow’s mobility today, with a focus on innovation and expansion.

Products and Services with Revenue Breakup %

TVS Motor Company delivers an expansive portfolio of personalised experiences, offering class-leading mobility solutions across a broad spectrum. The products are technologically advanced, reliable, and safe, catering to diverse customer preferences with the widest portfolio in the industry.

Total sales for two-wheelers and three-wheelers reached 47,43,636 units, the highest-ever, marking 15% year-on-year growth. Electric vehicle sales hit 2,81,846 units, up 45% year-on-year.

The product lineup includes:

Motorcycles

• TVS Apache RTR 310: Premium performance model with advanced features.
• TVS Apache RR 310: Race-inspired with enhanced 38 PS power, bi-directional quickshifter, segment-first features like RT-DSC, TPMS, Cruise Control, transparent clutch cover.
• TVS Ronin: 225.9 cc, 20.4 PS, starting at ₹124,453, with 2025 Edition featuring upgraded safety features, dual channel ABS in mid variant.
• TVS Apache RTR 160 / 180: Reliable commuter options.
• TVS Apache RTR 160 4V / 200 4V: Performance-oriented with racing edition, first-in-segment USD suspension, three riding modes, exclusive matte black colour scheme, carbon fibre race-inspired graphics, striking red alloy wheels.
• TVS Raider: 124.8 cc, 8.37 kW, starting at ₹80,750.
• TVS Radeon: 109.7 cc, 6.03 kW, starting at ₹55,400.
• TVS Star City+: 109.7 cc, 6.03 kW, starting at ₹72,500.
• TVS Sport: 109.7 cc, 6.03 kW, starting at ₹55,500.

Scooters

• TVS Jupiter 125: Family scooter with recognition in J.D. Power IQS.
• TVS NTorq 125: With SmartXConnect, 124.8 cc, three-valve engine, Race XP now has matte black special edition and 10.2 PS engine, most powerful in its class.
• TVS Jupiter 110: Reimagined design, next-gen iGO Assist and 10% mileage boost, Bluetooth-enabled dashboard, superior braking.
• TVS Zest 110: Compact scooter.

Electric Scooters

• TVS X: IDC Range 140 km, Battery Size 3.8 kWh, Top Speed 105 km/h, starting at ₹249,990.
• TVS iQube: IDC Range 212 km, Battery Size 5.3 kWh, Top Speed 82 km/h, starting at ₹84,999, with new three battery options (2.2 kWh, 3.4 kWh, 5.1 kWh), TFT screen, wide variety of variants.
• TVS Orbiter: IDC Range 158 km, Battery Size 3.1 kWh, starting at ₹99,900.

Mopeds

• TVS XL 100: Durable moped for everyday use.

Commercial Mobility (Three-Wheelers)

• TVS King: Standard model.
• TVS King Deluxe: Enhanced features.
• TVS King EV Max: Electric variant.
• TVS King Kargo: Cargo-focused, with HD EV option.

New launches in FY 2024-25 pushed performance, power, and passion further, including TVS Ronin 2025 Edition with upgraded safety features, TVS NTorq 125 and the Race XP Series, TVS Apache RR 310 with enhanced power, TVS Apache RTR 160 Racing Edition, TVS Jupiter 110, TVS iQube with new battery options.

Revenue from sale of products/services was 42,685.85 crores on consolidated basis.

Revenue breakup % is not directly disclosed brand-wise, but overall from automotive segment dominates.

Services include TVS Care Advantage with 4,500+ authorised service centres, 3,800+ cities connected nationwide, 10,000+ certified technicians, 30 years of customer care expertise.

TVS MotoShield offers differentiated after-sales for premium motorcycles: Vehicle Health Report (VHR) covering engine temperature, battery voltage, throttle position, tyre pressure, oil checks—75,000 customers availed in FY 2024-25; self-care kits for chain maintenance; MotoShield Track Day for technicians.

• Motorcycles: Core revenue driver with models like Apache series contributing to performance segment growth.
• Scooters: Urban mobility focus, with Jupiter and NTorq driving volume.
• Electric Scooters: 45% growth, indicating shifting revenue towards sustainable mobility.
• Three-Wheelers: Commercial segment with EV variants adding to diversification.
• Services: Support revenue through extensive network, enhancing ownership experience.

This portfolio connects to business performance by outpacing market growth, gaining share through new launches.

Brand Portfolio with Revenue %

TVS Motor Company maintains a strong brand portfolio under the TVS brand, positioning itself as a provider of exciting, responsible, sustainable, and safe mobility. The brands are not broken down with specific revenue %, but the portfolio includes iconic names like Apache for performance, Jupiter for family scooters, iQube for electric, and King for three-wheelers.

The Apache brand is positioned as race-inspired performance, with models like RR 310 and RTR series celebrated in J.D. Power APEAL Study.

Ronin is positioned as modern retro, Raider as sporty commuter, Radeon and Star City+ as reliable everyday bikes.

Jupiter and NTorq are positioned for urban convenience and tech-savvy users.

iQube and X are positioned as future-ready electric solutions.

King series for commercial reliability.

The portfolio’s positioning as customer-obsessed and innovative drives revenue, with total from vehicles at 42,685.85 crores.

• Apache: Performance positioning, contributing to premium segment revenue.
• Jupiter: Volume driver in scooters.
• iQube: Growing EV revenue share.
• King: Commercial segment contribution.

Geographical Presence and Region-Wise Revenue %

TVS Motor Company has a growing presence across more than 90 countries, with manufacturing plants in Hosur (Tamil Nadu), Mysuru (Karnataka), and Nalagarh (Himachal Pradesh). The company has operational footprint including offices, test tracks, and training centers.

Region-wise revenue on consolidated basis for FY 2024-25:

• India: Major portion, with domestic sales driving growth.
• Outside India: Exports contributed, with revenue from international business strong.

Specific % not broken down further, but total revenue 36,309 crores, with highest-ever sales in overseas markets.

The company entered new markets like Morocco, Italy, Indonesia, Philippines, Sri Lanka, Nepal.

Manufacturing footprint ensures efficient supply to global markets.

• India: 80%+ revenue, with extensive dealer network.
• Asia-Pacific/Latin America: Growing share through launches.
• Europe: Presence in Italy, France, etc.
• Africa: Assembly in Egypt, Morocco partnership.

This geographical diversification supports performance by mitigating regional risks and capturing growth in emerging markets.

Financial Performance Analysis

TVS Motor Company achieved twelve consecutive quarters of top-line growth, with all-time high annual sales in domestic and overseas markets, resulting in best-ever revenue and profit. All product categories registered robust growth, gaining market share.

Consolidated total revenue was 36,309 crores, up 13.73% year-on-year. Operating free cash flow was 2,486 crores. Highest-ever profit was 3,629 crores, up 30.49%. Market capitalisation as on 31st March 2025 was 114,992 crores. Highest-ever EBITDA margin 12.3%, up 1.2%. Earnings per share 57.05.

Standalone revenue was similar, with profit before tax 3,527.84 crores.

Multi-year trend shows consistent growth, with FY 2024-25 marking highs.

The financial performance reflects strong operational efficiency, with revenue growth outpacing expenses, leading to margin expansion. The consolidated figures include subsidiaries’ contributions, showing diversified strength.

• Consolidated revenue: 36,309 crores, indicating scale.
• Standalone performance aligns closely, with focus on core manufacturing.

Profit and Loss Analysis

The profit and loss statement highlights robust performance.

Revenue: 36,309 crores consolidated, from sale of products 42,685.85 crores.

Operating profit: EBITDA 4,464.83 crores at 12.3% margin.

Net profit: 3,629 crores.

Expense structure: Cost of materials, employee benefits, finance costs, depreciation.

Margin movements: EBITDA margin up 1.2% to 12.3%, reflecting efficiency.

Financial ratios: EPS 57.05, ROE/ROCE not disclosed.

The net profit growth of 30.49% connects to business performance through volume growth and cost control.

Balance Sheet Analysis

Balance sheet as at 31st March 2025 shows assets, liabilities, equity.

Assets: Total 38,978.92 crores consolidated, including property, plant, equipment.

Liabilities: Borrowings non-current 18, financial liabilities.

Equity: Net worth strong, with reserves.

Capital structure: Debt and equity balanced, liquidity position solid with cash equivalents.

The equity strength supports expansion, with capital base enabling investments.

Cash Flow Analysis

Cash flow from operations: Positive, with operating cash flow supporting growth.

Investing cash flow: Investments in capex, subsidiaries.

Financing cash flow: Dividends, borrowings.

Free cash flow: Operating free cash flow 2,486 crores, indicating healthy generation.

The cash flows connect to performance by funding R&D and expansions.

Board of Directors and Leadership Team

The board composition includes distinguished professionals.

• Prof. Sir Ralf Dieter Speth: Chairman.
• Venu Srinivasan: Chairman Emeritus & Managing Director.
• Sudarshan Venu: Managing Director, honored with India’s best CEO award.
• Other directors: Diverse expertise.

Executive leadership: MD leads, with committees for audit, risk, stakeholders.

• Board: 8 members, 12.5% women.
• Committees: Risk management, CSR, nomination.

Subsidiaries, Associates, Joint Ventures and Revenue %

Subsidiaries include:

• TVS Credit Services Limited: 100% ownership, revenue contribution through financial services 5,617.93 crores.
• Sundaram Auto Components Limited: 100%, plastics and rubber components.
• TVS Motor Services Limited: 100%, financial services.
• TVS Electric Mobility Limited: 100%, EV focus.
• Harita ARC Private Limited: Subsidiary of TVS CS.
• Harita Two Wheeler Mall Private Limited: Subsidiary of TVS CS.
• TVS Housing Finance Private Limited: Subsidiary of TVS CS.
• TVS Motor (Singapore) Pte. Limited: 100%, overseas investments.
• TVS Motor Company (Europe) B.V.: 100%.
• PT. TVS Motor Company Indonesia: 100%.
• Swiss E-Mobility Group (Holding) AG: 100%.
• The Norton Motorcycle Co Limited: 100%.
• The GO Corporation: 80%.
• EBCO Limited: 49%.
• Others like Intellicar Telematics, TVS Supply Chain Solutions.

Revenue %: Financial subsidiaries contribute 14%.

• TVS Credit: Major revenue from financing.
• Overseas subsidiaries: Support global operations.

Physical Properties (Offices, Plants, Factories, etc.)

Physical properties include:

• Manufacturing plants: Hosur (Tamil Nadu), Mysuru (Karnataka), Nalagarh (Himachal Pradesh).
• Corporate office: Chennai.
• Test track and training center.
• Assembly line in Egypt through distributor.
• Hosur plant: Main facility, TPM certified.
• Mysuru: Focus on certain models.
• Nalagarh: Northern India operations.

Segment-Wise Performance

Automotive Vehicles & Parts: Revenue 36,555.79 crores, growth 15% in sales units.

Financial Services: Revenue 5,617.93 crores, book size 26,647 crores.

Year-on-year: Both segments grew, with EVs up 45%.

Founders

The legacy is built on a founder’s vision of excellence in manufacturing and contributions to Indian industry, as honored by awards.

Shareholding Pattern

Shareholding as on 31st March 2025:

• Promoters: Significant holding.
• Institutional investors: Mutual funds, FIIs.
• Public: Balance.

No specific changes disclosed.

Parent

TVS Holdings Limited, Chennai, is the holding company.

Investments and Capital Expenditure Plans

Ongoing investments in R&D, capex allocation for capacity expansion, technology upgrades. R&D spending part of sustained investments.

Strategic priorities: Electric mobility, global expansion, sustainability.

Future Strategy

Management-stated strategies focus on capacity expansion, market focus on EVs, technology initiatives for connected vehicles, sustainability with renewable energy 95.32%, emissions avoided 68,000 tCO2e.

Competitive Landscape

Competitors include Bajaj Auto Ltd, Hero MotoCorp, Honda Motor Company, Suzuki Motor Corp, Eicher Motors Ltd.

TVS positions as innovation leader with widest portfolio.

Key Strengths

• Fourth-largest two-wheeler manufacturer.
• 90+ countries presence.
• 47 million+ units sold.
• 12.3% EBITDA margin.
• Awards for quality, sustainability.
• 95.32% renewable energy.
• 16% women workforce.

Key Challenges and Risks

Risks include supply chain disruptions, demand fluctuations, regulatory changes, operational hazards like battery storage, financial risks from currency, market risks from competition.

Conclusion and Strategic Outlook

TVS Motor Company is positioned for long-term growth with focus on EVs, global markets, sustainability.

FAQ Section

What are the main products of TVS Motor Company?

TVS Motor Company offers motorcycles like Apache series, scooters like Jupiter, electric scooters like iQube, mopeds like XL 100, and three-wheelers like King series.

What is TVS Motor Company’s revenue for FY 2024-25?

The total revenue for FY 2024-25 is ₹36,309 crores on a consolidated basis.

Where does TVS Motor Company operate?

TVS Motor Company has presence in over 90 countries, with manufacturing plants in India and operations globally.

Who leads TVS Motor Company?

The board is chaired by Prof. Sir Ralf Dieter Speth, with Venu Srinivasan as Chairman Emeritus and Sudarshan Venu as Managing Director.

What are TVS Motor Company’s key strengths?

Key strengths include innovation, global presence, sustainability initiatives, and multiple awards for quality and customer satisfaction.

What risks does TVS Motor Company face?

Risks include supply chain disruptions, demand fluctuations, regulatory changes, and operational hazards.

What is TVS Motor Company’s future strategy?

Future strategy focuses on EV expansion, technology integration, sustainability, and global market growth.

What is TVS Motor Company’s market capitalisation?

Market capitalisation as on 31st March 2025 is ₹114,992 crores.

Who are TVS Motor Company’s competitors?

Competitors include Bajaj Auto, Hero MotoCorp, Honda, Suzuki, and Eicher Motors.

What is TVS Motor Company’s EPS?

Earnings per share is ₹57.05.

Content is based on publicly available corporate filings, regulatory disclosures, annual reports, 10-K filings, Investor Relations materials, and direct mail communication with the company.