TVS Motor Sales Surge in March, Earnings in Focus

TVS Motor Company Posts Double-Digit Sales Growth in March 2026

TVS Motor Company, a leading manufacturer of two- and three-wheeler vehicles in the country, is expected to attract investor interest in Thursday's trade following the company's announcement of double-digit sales growth for March 2026. In a regulatory filing after-market hours on Wednesday, the company reported a significant increase in its monthly sales, reaching 5,19,358 units in March 2026, marking a 25% growth from 4,14,687 units in March 2025.

The company's two-wheeler segment, which is its primary growth driver, experienced a 25% rise in sales, increasing from 4,00,120 units in March 2025 to 4,98,134 units in March 2026. This growth is attributed to strong demand in both domestic and international markets. The electric vehicle (EV) segment performed even better, with sales jumping 44% year-on-year to 38,877 units in March 2026.

Sales Performance Comparison

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The company's sales performance in the fourth quarter of FY26 was impressive, with a 28% growth in total sales, rising from 12.16 lakh units in FY25 to 15.60 lakh units. Two-wheeler sales grew 27% during the quarter to 15.00 lakh units. The company's three-wheeler segment registered a robust 65% growth, with sales increasing from 0.37 lakh units in Q4 FY25 to 0.60 lakh units in Q4 FY26. Total exports rose 24%, from 3.40 lakh units in the corresponding quarter last year to 4.22 lakh units in the current quarter.

For the full financial year FY26, the company reported a 24% growth in total sales, increasing from 47.44 lakh units in FY25 to 58.89 lakh units. Two-wheeler sales for the year rose 23%, from 46.09 lakh units in FY25 to 56.70 lakh units in FY26.

Despite the company's impressive sales performance, its shares witnessed a sharp sell-off in March, dropping 13% as broader market sentiment remained weak amid elevated tensions in West Asia. The decline marked the biggest monthly fall since March 2020, when the stock had tumbled 32%. However, the stock's long-term performance continues to look impressive, given the strong gains accumulated over the years. Between March 2022 and September 2024, the stock witnessed a one-way rally, delivering a cumulative gain of 163%. Even after a prolonged period of pressure, the stock later showed renewed momentum, recovering all its losses and moving higher to hit a record high of ₹3,970 apiece in February.

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