TVS Motor Q4FY25 Result Analysis

TVS Motor Company is one of the leading global manufacturers of two & three-wheeler vehicles, driving innovation and progress in sustainable mobility. With state-of-the-art manufacturing facilities in Hosur, Mysuru, and Nalagarh in India, as well as Karawang in Indonesia. The company’s subsidiary, Norton Motorcycles, is a prestigious brand in the UK, while its e-mobility subsidiaries—Swiss E-Mobility Group (SEMG) and EGO Movement—are leaders in the e-bike market in Switzerland. TVS continues to deliver superior customer experiences across over 80 countries globally.

Result Analysis: TVS Motor  (CMP: Rs. 2,705 )

Result Update: Q4FY25

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Financial Performance:

Shareholding Pattern:

Particulars (In %)	Q4FY25	Q4FY24
Promoter	50.27	50.27
FIIs	21.48	20.83
DIIs	19.73	20.26
Public & Other	8.52	8.64

Management Commentary:

• Interest rate cuts are likely to improve consumer financing conditions, boosting demand across two-wheeler segments—scooters, motorcycles, and electric vehicles—by making them more affordable and supporting volume growth for manufacturers in the coming quarters.
• Overall growth in the domestic market this year should be similar to the previous year and May & June sales should be good.
• TVS’s strategic investments in product development and the expected ramp-up of EV contributions to revenues will support long-term growth.

Outlook:

TVS Motor is on track for continued growth, supported by strong domestic demand and favorable financing conditions due to expected interest rate cuts. The company projects steady sales momentum, with May and June expected to perform well. Strategic investments in product development and electric vehicle expansion are set to drive long-term revenue. EV sales have already shown strong growth, and further scale-up is anticipated. While export challenges in the Middle East remain a concern, robust performance in other global markets is expected to balance the impact. TVS continues to strengthen its position across ICE and EV segments, ensuring sustained profitability and market leadership. It has posted an EPS of ₹47.05 in FY25. The stock currently trading at a P/E of 57.49x and P/B of 15.11x.

Results:

Particulars (In Rs. Cr.)	Q4FY25	Q4FY24	Q3FY25	YoY%	QoQ %	FY25	FY24	VAR [%]
Sales	11542	9942.48	11034.88	16.1	4.6	44089.01	38778.82	13.7
Other Income	-57.35	-33.87	69.61	-69.3	-182.4	99.47	130.78	-23.9
Total Income	11484.65	9908.61	11104.49	15.9	3.4	44188.48	38909.6	13.6
Total Expenditure	9638.36	8487.4	9401.91	13.6	2.5	37514.41	33344.27	12.5
EBIDT	1846.29	1421.21	1702.58	29.9	8.4	6674.07	5565.33	19.9
Interest	550.8	510.82	536.09	7.8	2.7	2093.25	1916.6	9.2
EBDT	1295.49	910.39	1166.49	42.3	11.1	4580.82	3648.73	25.5
Depreciation	291.8	263.38	258.43	10.8	12.9	1045.56	956.15	9.4
EBT	1003.69	647.01	908.06	55.1	10.5	3535.26	2692.58	31.3
Tax	318.09	167.49	263.21	89.9	20.9	1190.17	1006.84	18.2
Deferred Tax	-11.91	67.99	35.5	-117.5	-133.5	-34.72	-92.8	62.6
PAT	697.51	411.53	609.35	69.5	14.5	2379.81	1778.54	33.8

Segmental Revenue:

Particulars (In Rs. Cr.)	Q4FY25	Q4FY24	Q3FY25	YoY%	QoQ %	FY25	FY24	VAR [%]
Automotive Vehicles & Parts	9997.11	8410.6	9416.57	18.9	6.2	37702.37	33188.76	13.6
Financial Services	1577.58	1495.25	1683.42	5.5	-6.3	6559.04	5791.84	13.2

Source: Company website, EWL Research

 

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