TVS Motor Company Q2 FY27 Results: Consolidated Net Profit ₹1,219 Crore on Total Income of ₹19,572 Crore
Earnings
two and three-wheeler manufacturing
Blacklitt Research3 min read
TVS Motor Company (NSE: TVSMOTOR) reported consolidated total income of ₹19,572.43 crore and consolidated net profit of ₹1,219.45 crore for the quarter ended 30 Sep 2026, it said in a filing on 28 Oct 2026. Standalone total income was ₹17,148.45 crore and standalone net profit ₹1,377.15 crore for the same quarter.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹19,572.43 crore, up 39.4% YoY and 19.0% QoQ
Net profit: ₹1,219.45 crore, up 46.4% YoY and 15.3% QoQ; ₹1,194.51 crore attributable to owners
EPS: ₹25.14 basic, against ₹16.74 a year earlier
Finance costs: ₹669.66 crore, up 21.2% YoY
Standalone
The company on its own, without its subsidiaries
Total income: ₹17,148.45 crore, up 44.3% YoY and 22.1% QoQ
Net profit: ₹1,377.15 crore, up 52.4% YoY and 17.3% QoQ
EPS: ₹28.99 basic, against ₹19.02 a year earlier
Finance costs: ₹123.85 crore, against ₹46.57 crore a year earlier
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
19,572.43
14,037.22
+39.4%
16,453.72
+19.0%
Revenue from operations
19,474.44
14,051.22
+38.6%
16,295.52
+19.5%
Other income
97.99
-14.00
n/a
158.20
-38.1%
1,219.45
832.76
+46.4%
1,057.61
+15.3%
Profit before tax
1,791.14
1,223.29
+46.4%
1,545.19
+15.9%
Finance costs
669.66
552.39
+21.2%
602.17
+11.2%
Depreciation
358.23
320.42
+11.8%
354.00
+1.2%
Tax expense
571.69
390.53
+46.4%
487.58
+17.3%
Net profit margin
6.23%
5.93%
+0.30 pp
6.43%
-0.20 pp
EPS, basic (₹)
25.14
16.74
+50.2%
21.46
+17.1%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated net profit grew more slowly than total income in the quarter sequentially, but faster than it year on year. Net profit rose 46.4% against the year-earlier quarter, while total income rose 39.4%, so the margin widened from 5.93% to 6.23%. Against the June quarter, total income rose 19.0% and net profit 15.3%.
Other income is small at ₹97.99 crore, or 0.5% of total income, and it swung from a loss of ₹14.00 crore a year earlier. Finance costs of ₹669.66 crore are 3.4% of total income, up 21.2% YoY, against 11.8% growth in depreciation. Net debt to equity stands at 2.90 times on a consolidated basis, against 0.37 times standalone.
The notes restate the year-earlier quarter for the amalgamation of Sundaram Auto Components Limited, so comparisons are with restated figures. The statutory auditor's review of the consolidated results is unmodified, though it covers 18 subsidiaries whose accounts were not reviewed by their auditors.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
17,148.45
11,884.69
+44.3%
14,046.92
+22.1%
Revenue from operations
17,103.41
11,905.43
+43.7%
13,896.08
+23.1%
Other income
45.04
-20.74
n/a
150.84
-70.1%
1,377.15
903.64
+52.4%
1,173.97
+17.3%
Profit before tax
1,864.55
1,223.85
+52.4%
1,589.45
+17.3%
Finance costs
123.85
46.57
+165.9%
75.50
+64.0%
Depreciation
275.64
215.40
+28.0%
265.29
+3.9%
Tax expense
487.40
320.21
+52.2%
415.48
+17.3%
Net profit margin
8.03%
7.60%
+0.43 pp
8.36%
-0.33 pp
EPS, basic (₹)
28.99
19.02
+52.4%
24.71
+17.3%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone profit grew faster than income. Net profit rose 52.4% year on year against total income growth of 44.3%, and profit before tax rose by the same 52.4%. Tax at 26.1% of profit before tax is the main charge below that line, and the net profit margin rose from 7.60% to 8.03%.
Finance costs rose from ₹46.57 crore to ₹123.85 crore, a rise of 165.9%, and are 0.7% of standalone total income. Standalone other income of ₹45.04 crore is 2.4% of profit before tax. The company says the cost of extended producer responsibility obligations under the ELV Rules cannot be reliably estimated, because the pricing framework is yet to be notified.
The standalone interest service coverage ratio was 17.65 times for the quarter, against 31.77 times a year earlier, and standalone net worth was ₹13,890.65 crore at 30 Sep 2026.
Inference
The filing sets out a composite scheme that would amalgamate TVS Motor Services Limited with the company and demerge the consumer finance and related business into Harita ARC Limited, subject to approvals from the stock exchanges, SEBI, the National Company Law Tribunal and shareholders and creditors. The company says the resulting company will issue one share for every share held and that the company's own shareholding pattern will not change.
The company also approved the acquisition of STPL Trading and Services Private Limited for ₹530.08 crore, a related party transaction expected to complete on or before 31 Dec 2026, and allotted ₹1,000 crore of unsecured NCDs on 10 Aug 2026. The filing does not say how the acquisitions and the ₹2,014.36 crore NCRPS redemption on 1 Sep 2026 will be funded, what cash cost the acquisitions carry, or when the composite scheme would take effect.
Create a free account to read the rest of this article and the analysis that follows.
By continuing you agree to our Terms and Privacy Policy, and to receive updates from Blacklitt by email. You can unsubscribe anytime.
Disclaimer:
The information available on this article is provided for education and informational purposes only. It does not constitute or provide financial, investment or trading advice and should not be construed as an endorsement of any specific stock or financial strategy in any form or manner. We do not make any representations or warranties regarding the quality, reliability, or accuracy of the information provided. This website may contain links to third-party content. We are not responsible for the content or accuracy of these external sources and do not endorse or verify the information provided by third parties. We are not liable for any decisions made or actions taken based on the information provided on this website.
TVSMOTORTVS Motor Company Ltd.