TVS Motor: Accelerating Ahead in India's EV Race—A Boon for Shareholders

TVS Motor has firmly established itself as a leader in India’s electric two-wheeler market. The company’s electric scooter, iQube, has driven robust growth and helped TVS capture an EV market share of over 23% in August 2025, maintaining the top spot for several months. Sales of the iQube increased 37% year-on-year, reflecting strong consumer acceptance and sustained demand for TVS’s electric portfolio. Financially, TVS has posted impressive results. Revenue jumped 20% year-on-year in Q1 FY26, supported by a surge in overall volumes. EBITDA rose by 32%, while profit after tax grew 32.6%, underscoring operational efficiency and cost management. Electric vehicles contributed more than 17% to total scooter volumes in FY25, up from 14% in FY24, making the EV segment a material revenue stream and margin driver for shareholders. TVS is not only strengthening its position domestically but also planning international expansion in Europe with both EV and ICE models, and recently launched the TVS King EV Max for the electric three-wheeler segment. These global ambitions and product diversification could unlock further growth and elevate shareholder value. While the ongoing rare-earth supply issue is a challenge for the entire EV industry, TVS’s proactive engagement with the government and its investment in resilient product platforms help mitigate risks. Its ability to increase production and introduce new products like the Orbiter e-scooter demonstrates agile market adaptation. From a shareholder perspective, TVS’s focus on technology, consistent financial improvement, and growing EV market share is highly beneficial. The company’s EV-driven momentum builds confidence in long-term growth prospects, further supported by improving profitability, robust product portfolio, and active plans in commercial EVs. TVS’s strategic direction and strength in the electric segment make it a valuable holding for investors seeking steady returns and future growth.