India's Two-Wheeler Giants Shine in Q3 FY26

India's major two-wheeler OEMs delivered a strong show in Q3 FY26 (Dec 2025 quarter), fueled by festive demand, premium models, rural recovery, and export gains.

led with standout growth: revenue up ~37% YoY, margins expanded significantly (EBITDA ~13.1%), and adjusted PAT surged sharply (~50-59% range in reports). rs (Royal Enfield) posted ~22-23% revenue growth, impressive margin gains to ~34%, and ~21-27% PAT rise. p saw ~21% revenue jump to record levels, with PAT up ~12-15% (adjusted higher), supported by volume gains. o achieved ~19% revenue growth and solid PAT increase (~18-21%). The sector benefited from broad-based momentum, with TVS and Eicher excelling in margin leverage and premiumization.