TVS Motor: Premiumisation is changing the growth mix

# TVS Motor: Premiumisation is changing the growth mix TVS Motor Company is seeing stronger demand for premium motorcycles and higher-end variants. Its premium motorcycle business has grown 29% over the past two to two-and-a-half years, compared with 12% for the industry. The shift matters because higher-value products can improve revenue mix without requiring the same growth in unit volumes. TVS says the premium and super-premium motorcycle segment is growing at more than 22%, while 150cc-and-above motorcycles account for around 27% of the motorcycle industry. Its Ronin has also increased monthly sales to around 9,000-9,500 units from 3,000-3,500 units last year. This strategy extends beyond motorcycles. TVS has expanded its premium portfolio with products such as the Apache RTX 300 and NTORQ 150, while its global premium push includes Norton. EVs provide another growth lever. TVS sold 59,453 electric two-wheelers in August 2026, up 137% year on year, and plans to increase EV production capacity beyond 50,000 units per month. **My view:** The interesting part of TVS Motor's growth story is the combination of volume growth and mix improvement. If premium products and EVs continue gaining share, revenue and profitability can potentially grow faster than the underlying industry. **What I'm watching:** premium mix, EV volumes, exports, market share and margins. **Stance:** The key test is whether premiumisation remains a structural trend rather than a temporary product-cycle benefit. **Disclosure:** I am a SEBI Registered Research Analyst. Please refer to the applicable disclosures before taking any investment decision.