TVS Motor Q3 preview: PAT may zoom upto 64.2% YoY; other key figures inside

TVS Motor Q3 preview: Axis Securities expects TVS Motor's revenue to rise ~34 per cent Y-o-Y, led by a 27 per cent increase in volumes.

TVS Motor Q3 preview: TVS Motors will likely announce its December quarter of financial year 2026 (Q3FY26) results on Wednesday, January 28. 2026.

 

TVS Motor is expected to report a strong Q3 performance, driven by robust volume growth, operating leverage and a favourable currency environment. Brokerages anticipate revenue growth of over 33 per cent year-on-year, supported by a recovery in domestic demand, higher export volumes and an improved product mix. Ebitda margins are likely to expand despite some pressure from a higher share of EV scooters, aided by cost controls, PLI benefits and INR depreciation.  Profitability is seen improving sharply, with PAT expected to rise by over 55 per cent Y-o-Y, reflecting strong operating momentum across segments, analysts said.

 

 

Meanwhile, here’s what brokerages expect from TVS Motors ahead of Q3 show:

 

Axis Securities

 

Axis Securities expects TVS Motor’s revenue to rise ~34 per cent Y-o-Y, led by a 27 per cent increase in volumes. A richer domestic product mix is expected to support topline growth, though partially offset by higher export volumes. Ebitda margins are seen expanding ~91 bps Y-o-Y on the back of operating leverage and cost control, despite margin dilution from EV scooters.

 

Estimates: Revenue at ₹12,172 crore (+33.8 per cent Y-o-Y); Ebitda at ₹1,558 crore (+44.1 per cent); Ebitda margin at 12.8 per cent; PAT at ₹1,015 crore (+64.1 per cent).

 

Elara Capital

 

Elara Capital expects TVS Motor to benefit from operating leverage and INR depreciation, supporting margins in Q3FY26. Export volumes are aided by a weaker rupee, though average selling prices may be capped due to a higher share of lower-cc motorcycles.

 

Estimates: Revenue at ₹12,322.8 crore (+35.5 per cent Y-o-Y); Ebitda at ₹1,614.3 crore (+49.3 per cent); adjusted PAT at ₹1,015.7 crore (+64.2 per cent).

 

Nirmal Bang

 

Nirmal Bang projects standalone revenue growth of 33 per cent Y-o-Y, driven by a 27 per cent rise in volumes and a 5 per cent improvement in ASPs. Growth is supported by strong domestic and export demand, improved model mix, USD appreciation and PLI benefits. Ebitda margins are expected to improve on operating leverage and a richer product mix.

 

Estimates: Revenue at ₹12,115.2 crore (+33.2 per cent Y-o-Y); Ebitda at ₹1,544.7 crore (+42.8 per cent); adjusted PAT at ₹963.9 crore (+55.9 per cent).

   

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