What pushed TVS Motor into top gear

TVS Motor’s Q3 numbers zoomed in the fast lane, with profit and revenue that jumped sharply. The stock jumped 4.5% on the back of the numbers.

By the numbers: 

• Net profit: up 52% YoY to ₹940.4 crore vs ₹619 crore
• Revenue: up 37% YoY to ₹12,476.3 crore vs ₹9,097 crore
• Labour code impact: ₹41.4 crore

What’s behind the ride: TVS’ India two-wheeler sales grew nearly 23%, comfortably ahead of the industry’s 16.9% growth. 

A big push came from last year’s tax cut. The GST on most two-wheelers (up to 350cc) dropped to 18% from 28%, making bikes and scooters easier on the wallet. 

Add festive demand, and domestic sales hit about 5.7 million units, a Q3 record. 

And the EV story had its own kick. Electric vehicle sales jumped 40% to a record 1.06 lakh units in the quarter ended December 2025, up from 0.76 lakh a year ago.