Q2 industry growth: Double-digit minimum
Management expects ICE double-digit growth with EV momentum to continue at similar or better levels than Q1's 86% growth rate.
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TVS Motor · forward-looking guidance across the available source record.
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growth
Full-year industry: Double-digit growth
Despite Q3 monsoon/seasonal watch, management sees 2026-27 as an extremely good year for two-wheelers with structural demand drivers intact.
Capacity expansion to 8.3M units by Q4 FY27
Two-wheeler capacity ramping from 6.8M to 8.3M with 3W capacity from 25K to 42K; ₹3,500 crore capex allocated for new products and capacity.
Export contribution target: >26% of revenue
Current exports at 26% of turnover; management aims to grow this significantly leveraging Apache, Ronin, RTX, and EV products across Africa, LatAm, and Middle East.
Capacity expansion to 8.3 million units
Adding 1.5 million units capacity over next 12 months; work started in Q4 FY26.
Capex of ~₹3,000 crore in FY27
Includes ~₹2,000 crore for product development and ~₹1,000 crore for capacity expansion.
EV monthly run-rate to reach 50,000
Current run-rate ~40,000/month; targeting 50,000/month soon.
Norton product launches in Q2 FY27
New Norton models to be unveiled; key turnaround for next growth phase.