TVS Motor Company reported 6,72,790 vehicle sales in September 2026, up 24% year-on-year (YoY) from 5,41,064 units in September 2025. The growth was spread across domestic two-wheelers, electric vehicles, international markets and three-wheelers, rather than being driven by a single segment.
Electric two-wheeler sales more than doubled to 65,799 units, while international business grew 48% to 1,80,700 units. Domestic two-wheelers, which remain the company's largest volume segment, increased 17% to 4,82,073 units.
September also completed a strong second quarter for TVS Motor. Based on the company's monthly disclosures, total sales during Q2 FY2027 reached 19,19,005 units, while electric two-wheeler sales crossed 1.86 lakh units.
For investors, the September numbers show strong volume momentum. The next question is whether higher EV sales, exports and overall scale can translate into sustained revenue growth and profitability while the company manages commodity costs and changing product mix.
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Table of Contents
- TVS Motor September 2026 Sales Highlights
- TVS Motor Two-Wheeler Sales Grow 23%
- Domestic Two-Wheeler Sales Rise 17%
- TVS Motor EV Sales More Than Double
- TVS Motor Exports and International Sales
- Three-Wheeler Sales Grow 57%
- September 2026 Sales vs August 2026
- TVS Motor Q2 FY2027 Sales Performance
- What Drove TVS Motor's September Sales Growth?
- TVS Motor Financial Performance and Margins
- What the Sales Numbers Mean for Investors
- Key Risks for TVS Motor Investors
- What Investors Should Track Next
- Investor Takeaway
TVS Motor's September 2026 sales report shows growth across all the major categories disclosed by the company. Overall sales increased 24%, while EVs and international business grew substantially faster than the company's headline growth rate.
| Segment |
September 2026 (YoY Growth) |
| Total sales |
6,72,790 (+24%) |
| Total two-wheelers |
6,45,955 (+23%) |
| Domestic two-wheelers |
4,82,073 (+17%) |
| Two-wheeler EVs |
65,799 (+110%) |
| International business |
1,80,700 (+48%) |
| Two-wheeler exports |
1,63,882 (+48%) |
| Three-wheelers |
26,835 (+57%) |
Source: TVS Motor Company.
The September performance has three particularly important elements for investors.
First, TVS Motor's growth remained broad-based. The domestic business expanded even as international sales grew much faster.
Second, electric vehicles continued gaining scale, with EV volumes growing more than four times as fast as total company volumes on a YoY basis.
Third, three-wheelers continued their strong growth trajectory, adding another source of expansion beyond TVS Motor's much larger two-wheeler business.
Two-wheelers remain the core of TVS Motor's business. The company sold 6,45,955 two-wheelers in September 2026, an increase of 23% from 5,23,923 units in September 2025.
Two-wheelers accounted for around 96% of TVS Motor's total September volumes, which means motorcycles, scooters, mopeds and electric two-wheelers continue to determine the direction of overall vehicle sales.
The 23% growth in this core business was only slightly below the company's overall 24% growth rate.
Motorcycle and Scooter Sales
TVS Motor's September 2026 sales release did not separately disclose motorcycle and scooter volumes. Investors should therefore avoid using unofficial estimates to draw conclusions about the September product mix.
The latest official quarterly split available before September was for Q1 FY2027.
| Q1 FY2027 Category |
Sales & YoY Growth |
| Motorcycles |
7.4 lakh (19%) |
| Scooters |
6.8 lakh (36%) |
TVS Motor reported that motorcycle sales rose 19% during Q1 FY2027, while scooter sales grew 36%. The September release, however, does not provide enough information to establish whether scooters continued growing faster than motorcycles during the month.
That product mix remains important because changes in the contribution of motorcycles, scooters, EVs and other products can affect both revenue per vehicle and profitability.
Want to assess TVS Motor’s performance against its industry peers? Check the Automobile Two & Three Wheelers Sector for a broader view of company performance and valuation.
TVS Motor sold 4,82,073 two-wheelers in India during September 2026, compared with 4,13,279 units a year earlier. This represents 17% YoY growth.
Domestic sales accounted for approximately 75% of total two-wheeler volumes during the month, making India the company's largest two-wheeler market by a wide margin.
The domestic growth rate was lower than several other parts of the business:
-
Total two-wheelers grew 23%.
-
International business grew 48%.
-
Two-wheeler EVs grew 110%.
-
Three-wheelers grew 57%.
This difference is important because it shows that TVS Motor's 24% headline sales growth was not dependent entirely on the Indian market. Faster growth from exports and EVs lifted the overall rate.
At the same time, 17% growth in the company's largest sales category meant domestic demand was still contributing meaningfully to incremental volumes.
Electric vehicles were the fastest-growing major segment in TVS Motor's September 2026 sales performance.
Two-wheeler EV volumes increased 110% YoY to 65,799 units, from 31,266 units in September 2025.
Electric vehicles represented around 10.2% of TVS Motor's September two-wheeler sales.
That contribution is becoming increasingly significant. EVs are no longer a small experimental part of TVS Motor's overall volume base, and their growth can increasingly influence product mix, investment requirements and future profitability.
TVS Motor EV Sales Trend in Q2 FY2027
TVS Motor's EV sales remained at elevated levels throughout the July-September quarter.
| Month |
Two-Wheeler EV Sales |
| July 2026 |
60,934 |
| August 2026 |
59,453 |
| September 2026 |
65,799 |
July EV sales reached 60,934 units, August remained close at 59,453 units and September increased further to 65,799 units.
Together, TVS Motor sold 1,86,186 electric two-wheelers in Q2 FY2027.
The company officially reported quarterly EV volumes of approximately 1.86 lakh units, representing 133% YoY growth.
Q1 vs Q2 FY2027 EV Sales
EV growth also accelerated sequentially.
| Quarter |
EV Sales |
| Q1 FY2027 |
1,29,940 |
| Q2 FY2027 |
1,86,186 |
TVS Motor sold 1,29,940 electric two-wheelers in Q1 FY2027, up 86% YoY.
Q2 volumes were therefore approximately 43% higher than Q1 FY2027.
The company had also crossed one million EV customers by Q1 FY2027. Its current electric two-wheeler portfolio includes the TVS iQube, TVS X and TVS Orbiter.
Why TVS Motor's EV Growth Matters
For investors, the importance of EV growth goes beyond headline vehicle sales.
Higher volumes can improve scale, but the financial impact will depend on several factors, including:
- profitability per electric vehicle;
- battery and component costs;
- pricing and promotional discounts;
- product mix;
- government policy;
- competitive intensity;
- investment in future electric products and technology.
The September sales report confirms that TVS Motor is building meaningful EV scale. It does not, however, disclose segment-level EV profitability.
Investors therefore need to evaluate EV growth together with margins and overall financial performance rather than treating higher unit sales alone as a measure of value creation.
International markets were another major growth driver for TVS Motor in September 2026.
Total international business increased 48% YoY to 1,80,700 units, compared with 1,22,108 units in September 2025. Two-wheeler exports also increased 48%, reaching 1,63,882 units.
International business contributed around 27% of TVS Motor's total September sales.
That matters because export growth gives the company an additional source of demand beyond India's two-wheeler market.
International Business Maintains Strong Quarterly Growth
The trend extends beyond September.
TVS Motor reported approximately 5.39 lakh international sales in Q2 FY2027, up 35% YoY. This followed around 4.68 lakh units in Q1 FY2027, when international sales had increased 33%.
| Quarter |
International Sales |
| Q1 FY2027 |
Around 4.68 lakh |
| Q2 FY2027 |
Around 5.39 lakh |
Higher international volumes improve geographical diversification, but exports introduce their own variables.
Investors need to track currency movements, economic conditions in export markets, freight costs, regulations, political developments, distributor inventory and country-specific demand.
International growth should therefore be judged not only by volumes but also by its contribution to revenue and margins.
TVS Motor's three-wheeler business also recorded strong growth in September.
Sales increased 57% YoY to 26,835 units, from 17,141 units in September 2025.
Three-wheelers represented only around 4% of total September sales, so the segment remains much smaller than two-wheelers. Its growth rate, however, has remained strong across multiple periods.
TVS Motor sold 78,475 three-wheelers in Q2 FY2027, up 47% from 53,449 units in Q2 FY2026.
The company had already reported Q1 FY2027 three-wheeler sales of 66,697 units, representing 48% growth.
The continued quarterly growth suggests that September's 57% increase was part of a broader trend rather than being driven solely by one unusually strong month.
Year-on-year comparisons provide a clearer view of annual sales growth, while month-on-month numbers help show how sales changed from the previous month.
TVS Motor's total sales increased from 6,16,540 units in August 2026 to 6,72,790 units in September 2026, a month-on-month increase of approximately 9.1%.
August 2026 Sales
| Segment |
Sales |
| Total sales |
6,16,540 |
| Total two-wheelers |
5,91,437 |
| Domestic two-wheelers |
4,33,796 |
| Two-wheeler EVs |
59,453 |
| International business |
1,74,452 |
| Two-wheeler exports |
1,57,641 |
| Three-wheelers |
25,103 |
September 2026 Sales
| Segment |
Sales |
| Total sales |
6,72,790 |
| Total two-wheelers |
6,45,955 |
| Domestic two-wheelers |
4,82,073 |
| Two-wheeler EVs |
65,799 |
| International business |
1,80,700 |
| Two-wheeler exports |
1,63,882 |
| Three-wheelers |
26,835 |
Source: TVS Motor Company.
Month-on-Month Change in September 2026
| Segment |
MoM Growth |
| Total sales |
+9.1% |
| Total two-wheelers |
+9.2% |
| Domestic two-wheelers |
+11.1% |
| Two-wheeler EVs |
+10.7% |
| International business |
+3.6% |
| Two-wheeler exports |
+4.0% |
| Three-wheelers |
+6.9% |
The greatest sequential improvement among the major categories came from domestic two-wheelers, where sales increased by 48,277 units, from 4,33,796 units in August to 4,82,073 units in September.
Electric two-wheeler sales also improved meaningfully, rising from 59,453 units to 65,799 units, an increase of 10.7%. September EV volumes were also higher than the 60,934 units reported in July 2026.
International business increased more moderately, from 1,74,452 units in August to 1,80,700 units in September, while two-wheeler exports rose from 1,57,641 units to 1,63,882 units.
Three-wheeler sales also maintained positive momentum, increasing from 25,103 units in August to 26,835 units in September.
Overall, the month-on-month comparison shows that September's higher sales were supported by improvement across every major disclosed segment, with domestic two-wheelers and EVs contributing the strongest sequential growth.
Also read the TVS Motor August 2026 Sales Analysis to compare the previous month’s domestic sales, exports and EV volumes with the stronger September performance.
September completed TVS Motor's second quarter of FY2027, and the quarterly numbers provide a better view of the company's underlying growth than one month's sales alone.
Based on TVS Motor's July, August and September disclosures, the company sold 19,19,005 vehicles during Q2 FY2027.
TVS officially described quarterly sales as approximately 1.9 million units. Two-wheeler sales increased 27% YoY, international business grew 35%, EV sales expanded 133% and three-wheelers grew 47%.
TVS Motor Q2 FY2027 Sales Breakdown
| Category |
Q2 FY2027 Volume |
| Total sales |
19,19,005 |
| Total two-wheelers |
18,40,530 |
| Domestic two-wheelers |
13,53,263 |
| Two-wheeler EVs |
1,86,186 |
| International business |
5,39,416 |
| Two-wheeler exports |
4,87,267 |
| Three-wheelers |
78,475 |
Calculated from TVS Motor's July, August and September 2026 monthly disclosures.
Q2 FY2027 therefore ended with:
-
27% YoY growth in two-wheeler sales;
-
35% growth in international business;
-
133% growth in two-wheeler EV sales;
-
47% growth in three-wheelers.
TVS Motor Q1 vs Q2 FY2027 Sales
TVS Motor had reported its then-highest quarterly sales of 16.31 lakh units in Q1 FY2027. The company sold 15.64 lakh two-wheelers, approximately 4.68 lakh vehicles in international markets and 1,29,940 electric two-wheelers during the quarter.
Q1 FY2027 Sales
| Metric |
Sales |
| Total sales |
16.31 lakh |
| EV sales |
1.30 lakh |
| International sales |
4.68 lakh |
Q2 FY2027 Sales
| Metric |
Sales |
| Total sales |
19.19 lakh |
| EV sales |
1.86 lakh |
| International sales |
5.39 lakh |
Total Q2 volumes were around 17.7% higher sequentially than Q1, while EV volumes increased by approximately 43%.
The acceleration is particularly relevant for investors because Q2 begins from an already strong Q1 volume base.
TVS Motor did not attribute the September performance to one particular factor in its monthly sales announcement. The disclosed numbers, however, clearly identify the areas contributing to growth.
1. Domestic Two-Wheeler Demand Remained Strong
Domestic two-wheeler sales increased 17% YoY and approximately 11.1% over August 2026.
This is important because domestic two-wheelers remain the company's largest volume category.
TVS Motor therefore did not need to rely entirely on exports or EVs to generate its September growth.
2. International Business Grew Faster Than Domestic Sales
International volumes increased 48% YoY, nearly three times the 17% growth recorded by domestic two-wheelers.
Exports therefore made a disproportionate contribution to TVS Motor's overall 24% growth.
The trend was also visible at the quarterly level, with international business rising 35% in Q2 FY2027.
3. Electric Vehicle Scale Increased Sharply
Electric two-wheeler sales increased 110% YoY and reached 65,799 units during September.
Quarterly EV sales of more than 1.86 lakh units also moved significantly above the 1.30 lakh units recorded during Q1 FY2027.
This makes electric mobility one of the fastest-changing parts of TVS Motor's sales mix.
4. Three-Wheelers Added Another Growth Driver
Three-wheeler sales increased 57% in September and 47% during Q2.
Although they remain a comparatively small part of overall volumes, three-wheelers are adding incremental sales growth outside TVS Motor's core two-wheeler business.
Strong vehicle sales become more meaningful for shareholders when they translate into revenue, operating profit and earnings.
The latest reported financial results available before the September 2026 sales announcement were for Q1 FY2027.
TVS Motor reported revenue of ₹13,896 crore, up 38% from ₹10,081 crore in Q1 FY2026. EBITDA rose 41% to ₹1,779 crore, while profit after tax increased 51% to ₹1,174 crore.
TVS Motor Q1 FY2027 Financial Performance
| Metric |
Q1 FY2027 & YoY Change |
| Revenue |
₹13,896 crore (+38%) |
| EBITDA |
₹1,779 crore (+41%) |
| EBITDA margin |
12.8% (+30 bps) |
| Profit after tax |
₹1,174 crore (+51%) |
Source: TVS Motor Company.
Q1 is relevant to the September sales analysis because it showed that volume growth was accompanied by substantial revenue and earnings growth.
Profit after tax also increased faster than revenue during the quarter.
Q2 FY2027 sales have subsequently moved above Q1 levels, but investors will need the Q2 financial results before determining how effectively those additional volumes converted into earnings.
TVS Motor Margin Performance
TVS Motor's EBITDA margin improved from 12.5% in Q1 FY2026 to 12.8% in Q1 FY2027, an increase of 30 basis points.
The improvement occurred despite higher commodity costs.
TVS Motor said commodity prices had risen sharply because of global market uncertainties, resulting in higher input costs. The company said it partly offset those pressures through price adjustments, cost optimisation initiatives and scale benefits.
That makes margin performance one of the most important metrics to watch after the strong Q2 sales numbers.
More volumes can provide operating leverage, but the eventual impact on profitability depends on:
- raw-material costs;
- vehicle pricing;
- EV economics;
- product mix;
- export mix;
- discounts;
- operating expenses.
A 27% increase in Q2 two-wheeler volumes should therefore not be assumed to translate automatically into a similar increase in profit.
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To evaluate TVS Motor’s market performance against its revenue, profit and margin trends, check the TVS Motor share price, charts and key valuation indicators.
TVS Motor's September 2026 sales performance strengthens several trends that investors may want to monitor over the coming quarters.
Growth Is Spread Across Multiple Businesses
The company's 24% total sales growth was supported by:
-
17% growth in domestic two-wheelers;
-
48% growth in international business;
-
110% growth in electric two-wheelers;
-
57% growth in three-wheelers.
The breadth of the growth is important because the company was not dependent on a single market or product category for its higher volumes.
EVs Are Becoming Material to TVS Motor's Sales Mix
Electric two-wheelers represented around 10.2% of September two-wheeler volumes.
With more than 1.86 lakh EVs sold during Q2 FY2027, electric vehicles are becoming large enough to influence TVS Motor's overall product mix, investment requirements and future margin profile.
The next stage to assess is whether growing scale improves EV economics.
International Markets Are a Major Growth Engine
International sales represented nearly 27% of total September volumes.
Growth outside India can reduce dependence on domestic demand and broaden TVS Motor's addressable market.
However, it simultaneously increases the relevance of currency movements, overseas economic conditions and country-specific risks.
Q2 Volumes Accelerated From Q1
TVS Motor's total quarterly sales increased from 16.31 lakh units in Q1 FY2027 to approximately 19.19 lakh units in Q2.
The higher volume base creates the potential for stronger revenue and operating leverage, but Q2 financial results will determine how much of that volume expansion translated into earnings.
The strong September sales numbers should be considered alongside factors that can influence future growth and profitability.
1. Commodity Cost Pressure
TVS Motor explicitly highlighted rising commodity costs during Q1 FY2027.
If input-cost inflation remains elevated, maintaining margins could require further pricing actions, cost reductions or additional benefits from scale.
2. EV Profitability
Electric two-wheeler volumes are growing substantially faster than the overall business.
As their contribution rises, investors need to track whether EV scale leads to better economics or whether competitive pricing and continued investment limit the contribution to margins.
3. Export Market Volatility
International business is increasingly important to TVS Motor's growth.
This creates exposure to exchange rates, overseas economic cycles, regulatory changes, logistics costs and country-specific demand conditions.
4. Competitive Intensity
TVS Motor competes across conventional motorcycles, scooters, electric two-wheelers and three-wheelers.
Sustaining growth across these categories may require continued spending on products, technology, marketing and distribution.
5. Product Mix
Vehicle volumes do not determine profitability on their own.
Changes in the contribution of motorcycles, scooters, EVs, international sales and three-wheelers can affect average selling prices and margins even when overall unit sales remain strong.
6. Monthly Sales Volatility
Automobile sales can vary from one month to another because of seasonality, production schedules, inventory movements and timing differences.
September's growth is significant, but quarterly and full-year trends provide a more reliable picture of business performance than any single month.
After TVS Motor's September 2026 sales report and strong Q2 volume performance, several metrics become particularly important.
- Q2 FY2027 financial results: TVS Motor has disclosed quarterly sales but not yet the corresponding Q2 revenue, EBITDA and profit figures. These results will indicate how effectively the higher volumes converted into financial growth.
- EBITDA margin: Q1 margin improved to 12.8% despite commodity inflation. Investors should watch whether scale benefits continue to offset input-cost pressure.
- EV sales and economics: EV sales grew 133% YoY during Q2. As EVs become a larger percentage of volumes, their impact on margins and capital requirements becomes increasingly important.
- Domestic two-wheeler growth: September domestic volumes increased 17% YoY and 11.1% month-on-month. Sustaining growth in TVS Motor's largest market remains important.
- International sales: Q2 international business grew 35%, followed by 48% YoY growth in September. Investors should monitor whether this pace remains durable.
- Three-wheelers: Q2 three-wheeler sales rose 47%, maintaining the strong growth recorded during Q1.
- Motorcycle and scooter mix: TVS Motor did not separately disclose the September motorcycle and scooter numbers. Future quarterly disclosures should give investors a clearer view of category-level performance.
TVS Motor's September 2026 sales performance was strong across nearly every major category disclosed by the company.
Total sales grew 24% to 6.73 lakh units, while domestic two-wheelers increased 17%. International business grew 48%, three-wheeler sales rose 57%, and electric two-wheeler sales more than doubled with 110% YoY growth.
September also completed a strong Q2 FY2027. Based on monthly disclosures, TVS Motor sold approximately 19.19 lakh vehicles, including more than 1.86 lakh electric two-wheelers.
The previous quarter's financial performance had already shown strong conversion of sales growth into financial growth. Q1 FY2027 revenue increased 38%, EBITDA rose 41% and PAT grew 51%, while the EBITDA margin improved to 12.8%.
The key investor focus now shifts from volumes alone to the quality of that growth.
EV economics, international sales, product mix, commodity costs and EBITDA margins will determine how effectively TVS Motor converts its higher Q2 sales base into sustainable earnings growth.
FAQs on TVS Motor September 2026 Sales
1. How many vehicles did TVS Motor sell in September 2026?
TVS Motor sold 6,72,790 vehicles in September 2026, an increase of 24% YoY from 5,41,064 units in September 2025. Total two-wheeler sales reached 6,45,955 units.
2. What were TVS Motor's electric vehicle sales in September 2026?
TVS Motor sold 65,799 electric two-wheelers in September 2026, up 110% YoY from 31,266 units. EVs represented approximately 10.2% of the company's total two-wheeler sales during the month.
3. What were TVS Motor's domestic and export sales in September 2026?
Domestic two-wheeler sales increased 17% YoY to 4,82,073 units. Total international business grew 48% to 1,80,700 units, while two-wheeler exports also rose 48% to 1,63,882 units.
4. What were TVS Motor's Q2 FY2027 sales?
Based on TVS Motor's July, August and September monthly disclosures, total Q2 FY2027 sales were 19,19,005 units, or approximately 19.19 lakh vehicles. The company officially reported quarterly sales of around 1.9 million units, with two-wheeler sales growing 27% YoY.
5. What should investors track after TVS Motor's September 2026 sales?
The key metrics to track are Q2 FY2027 revenue and profit growth, EBITDA margin, EV profitability, domestic two-wheeler demand, export momentum, commodity costs and product mix. These factors will determine how effectively the strong volume growth translates into earnings.