Financial Performance (FY26 & Q4) TVS Motor reported its highest-ever annual revenue of ₹47,270 crore for FY26, marking a 30% increase year-on-year. Net profit for the full year surged 41.8% to ₹3,780 crore. For the quarter ending March 2026 (Q4), revenue grew 30.4% YoY to ₹15,053 crore, while net profit rose 19% to ₹772 crore. Despite strong annual growth, the company saw some sequential margin pressure in Q4, with operating margins at 11.3% compared to 12.1% in the previous quarter. EV and Product Growth The electric vehicle (EV) segment continues to be a primary growth driver, with EV sales rising 33% to 371,000 units in FY26. Monthly production has scaled from ~30,000 units to 40,000 units, with a target to reach 50,000 units per month shortly. Recent product activity includes the launch of the TVS Ronin top variant in Sri Lanka and the introduction of the TVS Armado in Indonesia. The company also formalised a partnership with Hyundai Motor to drive electric three-wheeler commercialization in India. Capex and Capacity Expansion Management has announced a significant capital expenditure plan of ₹3,500 crore for FY27. This investment is aimed at adding 1.5 million units of annual production capacity over the next 12 months, bringing total capacity to approximately 8.3 million units. The company is evaluating several states, including Gujarat and Madhya Pradesh, for potential new manufacturing facilities to stay ahead of industry demand. International Strategy and Governance TVS expects FY27 to be a "turnaround year" for exports, following a 33% growth in international sales in FY26. The company is leveraging its Hosur plant to manufacture Norton Motorcycles for global markets and is expanding its premium footprint in regions like Morocco and Peru. On the governance front, Ravindran Shanmugam, a tech entrepreneur with expertise in AI and digital transformation, was appointed as an Independent Director effective May 13, 2026.