Bajaj vs TVS: Who Won the Q2 Festive Race?

In the September 2025 quarter, two-wheelers gained momentum aided by GST cuts and a strong festive season. Both Bajaj Auto and TVS Motor Company showed healthy sales growth, but with distinct strengths. Bajaj Auto sold 1.29 million vehicles, a 5.9% increase year-on-year, driven by a 24.4% jump in exports. Its standalone revenue grew 13.7% to Rs 14,922 crore, with a 20.4% operating margin. Bajaj's net profit rose 23.6% to Rs 2,479.7 crore, supported by strong export demand for three-wheelers and KTM motorcycles. The company’s financial discipline and export edge make it a steady performer, rewarding shareholders with consistent profit growth. TVS Motor Company outpaced Bajaj in volume, selling 1.5 million vehicles — a 22.7% rise year-on-year and its highest ever quarterly sales. Exports grew sharply by 31%, led by motorcycles like TVS Apache. Revenue surged 29% to Rs 11,905 crore, and operating margins improved to 13%. Net profit climbed 36.9% to Rs 906 crore. TVS’s dynamic sales growth and expanding market share promise strong returns, but at a higher valuation compared to Bajaj. In October 2025 sales, both companies maintained growth, with

at 11% and at 8%, while Hero MotoCorp faced a decline. On efficiency, Bajaj’s Return on Capital Employed (ROCE) stands at 37.6%, slightly ahead of TVS's 34.7%. Both have aggressive new model launches planned, such as TVS's electric maxi scooter and Bajaj’s Avenger EX 450, positioning them well for future demand. Valuation-wise, Bajaj trades at a P/E of 27.9, while TVS is over 50, reflecting different market expectations and risk appetites. For shareholders, Bajaj offers stable growth with solid exports and profitability, while TVS offers faster volume growth but at higher valuations. Both are well poised to benefit from the festive demand surge, but investors should watch valuations and continued execution closely.