Version 1: TVS Motor's record quarter: one in ten two-wheelers it sold now runs on a battery

TVS sold 1.9 million vehicles in July to September 2026, with electric sales up 133% and exports up 35%.

Picture a scooter showroom where, out of every ten new two-wheelers rolling out of the door, one now runs on a battery. In September last year it was about six in a hundred. That is what happened at TVS Motor between July and September 2026.

On Wednesday, 28 October 2026, the Chennai company reported its highest-ever quarterly sales. It sold 1.9 million two-wheelers and three-wheelers in three months, 27% more than a year ago. Its electric two-wheeler sales jumped 133% to 1.86 lakh, up from 80,009.

First, what is a "quarter"?

Companies report their numbers every three months. Each three-month block is called a quarter. Think of it like the term exams at school: four in a year, and each one shows how the last few months went.

This was the second quarter of the 2026-27 financial year, so people call it "Q2 FY27". It covers July, August and September.

The money side, in plain words

Revenue is all the money a company takes in from selling things, before paying any bills. For TVS Motor, revenue rose 44% to a record Rs 17,103 crore, according to DSIJ and ET. Profit after tax, the money left after paying every bill and tax, rose 52% to Rs 1,377 crore.

Here is a quick sum to make this feel real. Rs 17,103 crore spread over 19.19 lakh vehicles is roughly Rs 89,000 of revenue per vehicle, on average. Rs 1,377 crore of profit over the same vehicles is about Rs 7,200 per vehicle. These are rough averages, since revenue also includes things like spare parts.

One thing confused readers. Some outlets printed a profit of Rs 1,219 crore. Both numbers are correct, they just measure different things. Rs 1,377 crore is for TVS Motor on its own. The bigger group, which also includes its loans business, filed a consolidated profit of Rs 1,219.45 crore, up 46%, on revenue of Rs 19,474.44 crore. "Consolidated" simply means adding up the parent company and all the companies it owns, like totting up the pocket money of every sibling in a family.

EBITDA, which is the profit from the daily business before interest, tax and wear and tear on machines, rose 47% to Rs 2,219 crore. That is 13 paise out of every rupee of sales.

Counter rising to Rs 17,103 crore of revenue for TVS Motor in July to September 2026 — TVS Motor's revenue for July to September 2026 hit a record Rs 17,103 crore, up 44%.

What were people actually buying?

Growth came from almost every shelf of the showroom. Motorcycle sales rose 28% to 9 lakh, and scooter sales rose 29% to 8 lakh, ET reported. Three-wheelers, the autos you see as share rides and delivery vehicles, rose 47% to 78,475.

So the record was not built on one hit product. The quarter was more like a cricket team where the openers, the middle order and the tail all scored runs in the same match.

The electric jump

The star of the quarter was the battery scooter. TVS sells electric scooters such as the iQube and the Orbiter. Rushlane worked out that electric scooters were 10.12% of all TVS two-wheelers sold in the quarter. In September alone, TVS sold 65,799 of them, or 10.19% of its two-wheelers, compared with around 6% in September last year.

This matters for dealers. A dealer is the shop owner who sells the vehicles to you. When one in ten buyers wants a battery scooter, the dealer needs charging points, staff who can explain range and battery care, and more electric models on the floor.

TVS is not alone. Rival Bajaj Auto said limits on its factories meant Bajaj could deliver only 75% of the electric two-wheelers and three-wheelers it planned, ET reported. In other words, buyers wanted more electric vehicles than one big maker could build.

Two panels: 80,009 electric two-wheelers in July to September 2025 and 1.86 lakh in July to September 2026 — TVS sold 1.86 lakh electric two-wheelers in three months, up 133% from 80,009.

This video shows how the iQube grew into a big seller for TVS. It is an older video and not about this quarter's numbers.

Watch on YouTube

Selling to the rest of the world

Not every TVS bike stays in India. Sales abroad, which TVS calls its international business, rose 35% to 5.39 lakh vehicles, the company said in its sales update. TVS says it sells in 90 countries.

Rushlane's sums show that exports made up 28.11% of all TVS sales in the quarter. That is more than one in every four vehicles. When the Indian market is slow, these overseas buyers act like a second cricket ground where the team can still score.

Bar chart of sales growth: motorcycles 28%, exports 35%, electric 133% — Electric two-wheelers grew far faster than motorcycles or exports this quarter.

The loans business is moving out

Many people buy a scooter on EMI, a small monthly payment, instead of paying the full price at once. TVS has a loans arm for this, and TVS Credit along with Home Credit India serves more than 45 million customers, Business Standard reported.

On the same day as the results, the TVS Motor board approved a plan to move this consumer finance business into a separate company called Harita ARC. This kind of split is called a demerger. Think of a samosa stall that also lends money to its regular customers, and then decides to run the lending as its own shop. People who own TVS Motor shares would get one share of the new company for each share they hold, subject to approvals from regulators and shareholders.

The finance business made Rs 3,921 crore of the group's Rs 35,770 crore turnover in the six months to September. Chairman Sudarshan Venu said, as quoted by Business Standard: "We believe this new structure will create additional value for stakeholders while providing these businesses with greater strategic autonomy."

Why this matters beyond one company

TVS Motor is the third-largest motorcycle company in India by revenue, according to Wikipedia. When it sells more, the effect spreads out to dealers, service mechanics, parts makers and the lenders who give loans for bikes.

Three simple lessons come out of this quarter:

Electric scooters are no longer a side show. At TVS they are now about one in ten two-wheelers sold.
Selling abroad keeps growing. More than one in four TVS vehicles went overseas.
Selling on credit is big enough to stand as a business of its own.

For a young buyer walking into a showroom, this means more electric choices, and staff who are more used to talking about batteries than ever before.

As it was first published

TVS Motor's record quarter: one in ten two-wheelers it sold now runs on a battery