Now Reading: TVS Motor becomes world’s third-largest 2W maker in FY26
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TVS Motor becomes world’s third-largest 2W maker in FY26
TVS Motor Company has reported its strongest year on record, selling 5.9 million units and becoming the world's third-largest two-wheeler manufacturer in FY26, according to its annual report. The company was ranked…
TVS Motor Company has reported its strongest year on record, selling 5.9 million units and becoming the world's third-largest two-wheeler manufacturer in FY26, according to its annual report. The company was ranked fifth in FY21 and has moved to second in FY27TD and first in July 2026.
The Hindu Businessline reports that TVS Motor's annual report highlights accelerated execution across five strategic priorities: premiumisation, EV leadership, commercial mobility, sustainability, and global expansion. The company has increased its R&D spending five-fold over 10 years to Rs 1,250 crore, now 2.7 per cent of FY26 revenue, with brand investments at 4 per cent of revenue.
The brokerage note says TVS Motor's multi-brand portfolio including Jupiter, Apache, Raider, iQube and Ntorq strengthens its positioning across segments. The partnership with HMIL for next-gen electric three-wheelers and continued expansion in commercial mobility are expected to drive further market share gains. The brokerage reiterates a Buy rating with a target price of Rs 5,300.
Indian Opinion Analysis
The coverage from The Hindu Businessline is a straight brokerage note with no independent editorial stance. The note presents TVS Motor's performance as a clear success story, emphasising premiumisation and global expansion as key drivers. A careful reader should note that the analysis builds in optimistic CAGR assumptions of 19-26 per cent for revenue, EBITDA and PAT, which may not materialise if the macroeconomic environment or EV transition pace changes. The claim of being "world's third-largest" is a snapshot in time, and the ranking has already shifted within FY27. Watch for TVS Motor's next quarterly sales numbers to see if the July 2026 leadership position is sustained.
Coverage: 2 sources, 2 neutral
Sources (2): thehindubusinessline.com (neutral report), thehindubusinessline.com (2) (neutral report)
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
