Record growth quarter, cost headwinds absorbed, EV & exports boom

Delivered revenue ₹16,295.5 Cr at 33.5% YoY growth; domestic segment cited separately from export

Delivered PAT ₹1,057.6 Cr with 64.5% YoY growth; includes ₹150 Cr fair value gains

OPM 14.5%, NPM 6.4% delivered; EBITDA margin calculation consistent with cited 12.8% if based on lower revenue base cited

EV penetration 10.6% by June (strong signal); 1 million iQube milestone cited and appears supported

Delivered result confirms 26% of revenue from exports; Q1 export revenue ₹3,634 Cr cited; 33% growth plausible

From prior 'single-digit' to now 'double digit' FY27 target; company tracking well ahead at 33.5% in Q1

June 2-wheeler EV penetration 10.6% (monthly); prior Q1 avg implied ~8-9%. 1M iQube milestone reached ahead of expectations

2-wheeler capacity to 8.3M from 6.8M by Q4 FY27; 3-wheeler to 0.42M from 0.25M. Not previously detailed at this scale

Prior call: 3-5% headwind. Confirmed Q1: 3.5% actual + 0.5% pending = ~4% realized; on track to absorb via pricing + mix

₹2,000-2,500 Cr invested over 4-5 years; Hosur production live; Solihull UK ready. First models (Manx, Atlas) in select markets, US launch later in FY27

Moving 2-wheeler EV capacity 40K→50K+ units; 3-wheeler 20K→30K; phased expansion over quarters. EV buyer profile shifting from innovators to mass market (semi-urban, rural). iQube cross-segment substitution replacing ICE scooters.

Broad scooter range (Scooty 100cc, Jupiter 110/125, Ntorq 125/150) positioned by segment with constant upgrades + new features. JD Power top scores (#1-2 in reliability). Inventory discipline <30 days. IPL sponsorship + retail financing opportunity. Segment growing 40% ICE+EV combined.

3.5% realized Q1 + 0.5% expected Q2 = ~4% total. War/geopolitical volatility (aluminum, plastics tied to oil) still creates monthly swings. Focus on top-line growth, product mix, cost reduction. 1.5% price taken Q1, 0.5% planned Q2; phased approach respecting customer elasticity.

Extremely happy to cross 1M units. Contribution quarter-over-quarter improving. Patient approach; will reach company targets. Overall portfolio yields good results. Direction correct but timelines vague.

Q2 ICE slightly better than Q1; EV same or slightly better. Full year double-digit industry growth. Q3 base effect + El Niño risk needs watching; if West Asia settles, confidence higher. LPG now available, prices stable.

Africa: taxi market recovery (base effect over); infrastructure improving; HLX 5M milestone, last 1M in 1 year. LATAM: new market penetration, distributor network. Asia strong. Combination of market recovery + product range leverage.

2-wheeler: 6.8M→8.3M; 3-wheeler: 0.25M→0.42M. Capex ₹3,500 Cr (products + capacity) over next 1-3 quarters; 4Q FY27 reach full 8.3M.

3.5% Q1; 0.5% expected Q2 = ~4% combined. Quarterly adjustments make it volatile. Watch closely.

Combination independent dealers + multi-brand premium outlets. UK, Europe, US, India priority. Delight customer first, then top line comes. EBITDA target internal strategy; won't quantify; market/country-specific.

All transitions to embrace. BS6, EV, flex-fuel all green. Will work on new technologies and give green vehicles. Vague on specific motorcycle EV product plans.

EV total ₹1,780 Cr (quarterly). Export revenue not directly cited but 26% of turnover today, will grow much higher. Product range (HLX, Apache, Ronin, RTX from India; Skubek/Bebek from Indonesia) and 3S (Sales, Services, Spares) capability key. Africa/Asia strong, LATAM growing faster than industry.

Target 25-30 days max; during Dhanteras ~30-35 days acceptable. Model/color calibrated. Currently below 30.

0.6-0.7% turnover is PLI (~₹350 Cr). Rest export incentives. ₹600 Cr PLI receivable pending (annual receipt). No concern; quarterly + annual mix. Confident will collect.

Prior single-digit guidance now raised; Q1 delivered 33.5%, suggesting company tracking well ahead of new guide. Structural demand drivers (EV adoption, replacement, affordability) supporting

Q1 set strong base; festive ramp, dealer inventory 25-30 day target, new product launches planned Oct-Nov. Monsoon/West Asia risks noted but demand robust

Africa recovery, LATAM scaling, Asia stronghold. Free trade agreements tail wind. But execution on new markets + Norton profitability unproven

12.8% EBITDA margin maintained Q1 despite 3.5% cost headwind; 1.5% pricing passed, 0.5% planned Q2. Cost reduction team in place. But full 3-4% pass-through dependent on elasticity & mix

Delivered 14.5% OPM; margin resilience credible but FVG boost one-time. Core operational leverage from scale real but pricing power & elasticity remain macro-dependent

Already committed; phased deployment Q2-Q4 FY27. Incremental capacity 1.5M 2-wheelers, 0.17M 3-wheelers buildout clear roadmap

3.5-4% cost headwind in Q1; management took 1.5% price, planning 0.5% Q2. Full pass-through not guaranteed if demand softens or competitor pricing aggressive (noted scooter competition)

iQube volumes scaled to 130K (Q1) from 70K (Q4), 86% YoY growth. Contribution improving quarterly but management vague on path to ICE parity. EV revenue ~₹1,780 Cr but overall portfolio contribution approach suggests EV still below corporate average

₹2,000-2,500 Cr invested over 4-5 years; only 4 models launched (Manx, Manx R, Atlas, Atlas GT). Production started in June but no volume target or breakeven timeline disclosed. Super-premium positioning requires heavy brand investment and limited addressable market.

Exports 26% of revenue; 33% growth driven by Africa (HLX volume, taxi/commuting recovery), LATAM (new market), Asia. West Asia volatility already impacting commodity costs. Currency, trade tariffs, local competition in new markets pose execution risks.

Analyst noted major rival on discounting spree in scooter category, putting TVS at substantial premium vs competitors. TVS gaining share despite premium (strong brand + features), but elasticity risk if macro softens or if competitor value proposition improves.