Interim report
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28th January 2026 BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400 001 Scrip code: 532343 National Stock Exchange of India Ltd., Exchange Plaza, 5th Floor, Bandra-Kurla Complex, Bandra (E), Mumbai 400 051 Scrip code: TVSMOTOR Dear Sir/Madam, Sub: Unaudited Standalone and Consolidated financial results for the quarter ended 31st December 2025 (limited reviewed) Ref : Our intimation letter dated 8th January 2026 In ter ms of the provisions of Regulation 30 (read with Part A of Schedule III) and Regulation 33 and 52 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), the Board of Directors at its meeting held today, have inter-alia, considered and approved the Unaudited Standalone and Consolidated financial results for the quarter ended 31st December 2025. In this regard, we are enclosing the following: a. The detailed format of the unaudited financial results submitted as per Regulation 30 of the Listing Regulations; b. Limited Review Report on the Standalone and Consolidated Financial Results pursuant to Regulation 33 and 52 of the Listing Regulations; c. Ratios in terms of Regulation 52(4) of the Listing Regulations; d. A s tatement in terms of Regulations 52(7) and 52(7A) of the Listing Regulations; e. Secu rity Cover Certificate in terms of Regulation 54 of the Listing Regulations; f. Press release issued by the Company; and g. Presentation on financial performance of the Company The meeting of t he Board of Directors commenced at 8.30 A.M. (IST) and concluded at 01.00 P.M. (IST) Thanking You For TVS MOTOR COMPANY LIMITED K S Srinivasan Company Secretary Encl: a/a Website: www.tvsmotor.com Email: contactus@tvsmotor.com CIN: L35921TN1992P LC022845 TVS MOTOR COMPANY TVS ~ TVS Motor Company Limited, Registered Office : "Chaitanya· No.12, Khader Nawaz Khan Road, Chennai -600006, Tamilnadu, India. Telephone: +91-44-28332115 Fax: +91-44-28332113
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SUNDARAM & SRINIVASAN CHARTERED ACCOUNTANTS Offices: Chennai - Mumbai - Bangalore - Madurai 23, C.P. Ramaswamy Road Alwarpet, Chennai – 600 018 Telephone 2498 8762 2498 8463 4210 6952 E-Mail: sundaramandsrinivasan1948@gmail.com Website: www.sundaramandsrinivasan.com Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors TVS Motor Company Limited 1. We have reviewed the accompanying statement of Unaudited Standalone Financial Results of TVS Motor Company Limited (the "Company") for the quarter ended December 31,2025 and year to date from April 01, 2025 to December 31, 2025 (the "Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"). 2. The Company's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 and 52 of the Listing Regulations. The Statement has been approved by the Company's Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of matters and inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain {
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SUNDARAM & SRINIVASAN CHARTERED ACCOUNTANTS Offices: Chennai - Mumbai - Bangalore - Madurai assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as above , nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. For Sundaram & Srinivasan Chartered Accountants FRN: 004207S S.Usha Partner Date: 28 th January 2026 Membership Number: 211785 Place: Chennai UDIN: 26211785MHIXDX1905
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TVS MOTOR COMPANY LIMITED Regd office: "Chaitanya", No. 12, Khader Nawaz Khan Road, Nungambakkam, Chennai 600 006 Website:www.tvsmotor.com Telephone No. (044) 28332115 Email:contactus@tvsmotor.com CIN:L35921TN1992PLC022845 TVS� STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER 2025 (Rs. in Crores} s. No Quarter ended Nine months ended Year ended Particulars 31.12.2025 30.09.2025 31.12.2024 31.12.2025 31.12.2024 31.03.2025 1 :Sales in Numbers 2 Revenue from Operations 3 Other income Total Income 4 Expenses a) Cost of materials consumed b) Purchase of stock-in-trade c) Changes in inventories of finished goods, work-in-process and stock-in-trade d) Employee benefits expense e) Finance cost f) Depreciation and amortisation expense g) Other expenses Total Expenses 5 Profit / (Loss) before Exceptional items (2+3-4) 6 Exceptional Items - (Gain)/ Loss 7 Profit / (Loss) before tax (5-6) 8 Tax expense/ (Credit) a) Current tax b) Deferred tax Total tax expense / (Credit) 9 Profit/ (Loss) after tax for the period (7-8) 10 Other Comprehensive Income /(Loss) (net of tax) a) Items that will not be reclassified to profit or loss b) Items that will be reclassified to profit or loss Total Other Comprehensive Income/ (Loss) (net of tax) 11 Total Comprehensive Income/ (Loss) for the period (9+10) 12 Paid up equity share capital (Face value of Re.1/- each) 13 Reserve excluding Revaluation Reserves 14 Earnings Per Share (Face value of Re. 1/- each) (not annualised) (i) Basic (in Rs.) (Ii) Diluted (in Rs.) Notes: 15.44,454 12,476.26 (28.01) 12,448.25 8,291.15 113.10 478.51 618.93 57.91 233.52 1,340.48 11,133.60 1,314.65 41.37 1,273.28 318.92 13.99 332.91 940.37 151.79 7.02 158.81 1,099.18 47.51 19.79 19.79 15,06,950 11,905.43 (21.33) 11,884.10 8,626.66 120.74 (287.01) 604.69 46.57 214.42 1,331.73 10,657.80 1,226.30 1,226.30 307.03 13.18 320.21 906.09 13.24 (4.80) 8.44 914.53 47.51 19.07 19.07 Unaudited 12,11,952 9,097.05 (22.69) 9,074.36 6,343.04 110.71 57.46 498.81 33.75 188.33 1,005.58 8,237.68 836.68 836.68 194.46 23.74 218.20 618.48 3.76 (2.50) 1.26 619.74 47.51 13.02 13.02 43,28,396 34,462.69 (15.05) 34,447.64 23,860.52 352.81 305.26 1,804.38 144.78 651.88 3,733.99 30,853.62 3,594.02 41.37 3,552.65 886.03 41.57 927.60 2,625.05 138.86 (1.84) 137.02 2,762.07 47.51 55.25 55.25 35,27,350 26,700.88 43.51 26,744.39 18,751.36 308.60 33.45 1,474.32 102.88 545.23 3,011.74 24,227.58 2,516.81 2,516.81 632.47 25.92 658.39 1�858.42 (7.81) (0.01) (7.82) 1,850.60 47.51 39.12 39.12 Audited 47,43,636 36,251.32 58.01 36,309.33 25,542.35 406.73 (188.43) 1,970.26 138.66 744.60 4,066.37 32,680.54 3,628.79 3,628.79 867.67 50.58 918.25 2,710.54 24.96 7.66 32.62 2,743.16 47.51 9,889.14 57.05 57.05 1 During the quarter, the Company has recognised a fair valuation gain of Rs 162.04 Crores on its investment held in Roppen Transportation Services Private Limited ("Rapido") under Other Comprehensive income. Other income includes Rs.32.05 Crores being loss on fair valuation of an investment held by the Company. 2 During the quarter, the Company has made Rs.911.60 Crores of investments in its subsidiaries. 3 The Environment Protection (End-of-Life Vehicles) Rules, 2025 ("ELV Rules") notified effective 01st April 2025, impose Extended Producer Responsibility (EPR) on vehicle manufacturers for scrapping old vehicles. The pricing mechanism for EPR certificates is yet to be notified and thus the cost of meeting the obligations under EPR cannot be reliably estimated as at 31st December 2025. 4 The New Labour Codes became effective 21st November 2025, resulting in a past period employee benefit liability of Rs. 41.37 Crores and has been reported as Exceptional Items. The Government is in the process of notifying related rules to the New Labour Codes and impact, if any, will be evaluated and accounted for in accordance with applicable accounting standards in the period in which they are notified. 5 The above financial results were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their respective meetings held on 28th January 2026. The results have been subjected to limited review by Statutory Auditors of the Company. 6 Figures for the previous periods have been regrouped, wherever necessary, to conform to the current period's classification. Place: Singapore Date : 28-01-2026 - For TVS Motor Company Limited Sudarshan Venu Chairman I I I ' : . I • I . - .... lo. :.•1., • ' I ~ e .,. ' - . - ~ ·:, . ., I I I .--., I . - -· - - - - - 1-,- ' I I I . e,OMp,_, ~~ 0~□1,-.L I~ C) ~ ~ dl ~'I -:1.J. * 0.
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TVS Motor Company Limited Regd office: "Chaitanya", No. 12, Khader Nawaz Khan Road, Nungambakkam, Chennai 600 006 TVS � Website:www.tvsmotor.com Telephone No. (044) 28332115 Email:contactus@tvsmotor.com CIN:L35921TN1992PLC022845 Additional disclosures as per Regulations 52( 4) of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 1. Pursuant to Non-Convertible Debentures (NCO) of TVS MOTOR COMPANY LIMITED being listed, below are the details on a Standalone basis as per Listing Regulations: Quarter ended Nine months ended Particulars Unaudited 31.12.2025 30.09.2025 31.12.2024 31.12.2025 31.12.2024 Net Debt to Equity (Times) (Debt includes NCRPS) 0.28 0.25 0.12 0.28 0.12 [ (Total borrowings - Cash and Cash equivalents) / Equity ] Debt service coverage ratio (Times) [ Earnings before Interest, Tax and Exceptional Items/ (Interest Expense + Principal repayments of 5.24 5.86 5.49 5.29 5.67 Iona term loan made durina the period excludino □re□avment) 1 Interest service coverage ratio (Times) 26.79 32.01 30.43 29.94 28.46 r Earnlnas before Interest Tax and Exceptional Items/ Interest Expense 1 Outstanding Non Convertible Redeemable Preference Shares (NCRPS) - Rs. In Crores 1900.40 1,900.40 - 1900.40 - (1,90,03,48,456 NCRPS of Rs. 10/- each) Capital Redemption Reserve NOT APPLICABLE Debenture Redemption Reserve NOT APPLICABLE Net Worth - Rs. In Crores 10,684.04 9,733.30 9,576.12 10,684.04 9,576.12 Networth as oer Section 2(57) of the Comoanies Act 2013. Net profit after tax - Rs. In Crores 940.37 906.09 618.48 2,625.05 1,858.42 Earnings per share - Rs. Per share (Basic & Diluted - Not annualised) 19.79 19.07 13.02 55,25 39.12 Current ratio (Time.s) 0.51 0.54 0.60 0.51 0.60 rcurrent Assets I Current Liabilities 1 Long term debt to working capital (Times) [Non Current borrowing including current maturity /(Current Asset - Current Liabilities excluding current - - - - - maturitv of Lona term borrowlna)l Bad debts to Accounts receivable ratio (Times) - - - - - [ Bad debts written off/ Accounts Receivables ] Current liability ratio (Times) 0.90 0.89 0.87 0.90 0.87 [Current Liability/ Total Liability] Total debts to Total assets ratio (Times) 0.13 0.14 0.07 0.13 0.07 [ (Non current borrowing including current maturity + Current borrowing) / Total Assets ] Debtors Turnover (Times) 27.33 29.17 24.70 27.33 24.70 Annualised Turnover / Averaae Debtors 1 Inventory Turnover (Times) 20.90 17.45 17.48 20.90 17.48 r Annualised Cost of qoods sold I Averaae Inventorv 1 Operating Margin (%) 13.1 12.7 11.9 12.8 11.7 [Operating EBITDA / Turnover] Net Profit Margin in 0/o 7.5 7.6 6.8 7.6 7.0 [Net profit after tax/ Turnover] 2. Pursuant to Commercial papers of TVS MOTOR COMPANY LIMITED being listed, below are the details on a standalone basis as per Listing Regulations: i. Credit rating issued by CARE for Commercial paper (CP) / NCRPS ii. Previous due dates for payment of interest / principal of CP repayment iii. Details of Commercial Papers issued during the quarter iv. Next due date for payment of interest/ principal of Commercial Paper repayment 3. The Company has maintained asset cover sufficient to discharge the principal amount at all times for the non-convertible debt securities issued. Note: Figures for the previous periods have been regrouped, wherever necessary, to conform to the current period's classification. For TVS Motor Company Limited 0 □cOMp�,,_, � � o C � � d\-1 � "Y �� Place: Singapore Sudarshan Venu � * 0 Date : 28-01-2026 Chairman Year ended Audited 31.03.2025 0.15 5.36 30.65 9,966.18 2,710.54 57.05 0.60 - 0.84 0.09 28.08 16.64 12.3 7.5 Al+ NOT APPLICABLE NOT APPLICABLE NOT APPLICABLE I ~ . ._ . < - J I I I - ~ - .Ir . i I ) "' .. S/114: ~ ~ I .J • ~ I :'~~~'t"'~ •· ~ ~ ""' 15 ;;, ,;,,. ii. f-'l~iiit;r.<>
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SUNDARAM & SRINIVASAN CHARTERED ACCOUNTANTS Offices: Chennai - Mumbai - Bangalore - Madurai 23, C.P. Ramaswamy Road Alwarpet, Chennai – 600 018 Telephone 2498 8762 2498 8463 4210 6952 E-Mail: sundaramandsrinivasan1948@gmail.com Website: www.sundaramandsrinivasan.com Independent Auditor's Review Report on the Quarterly and Year-to-date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors TVS Motor Company Limited 1. We have reviewed the accompanying Statement of unaudited Consolidated Financial Results of TVS Motor Company Limited (the "Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group"), and its associate for the quarter and nine months ended December 31, 2025 (the "Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"). 2. The Holding Company's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 and 52 of the Listing Regulations. The Statement has been approved by the Holding Company's Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of parent's persons responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. {
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SUNDARAM & SRINIVASAN CHARTERED ACCOUNTANTS Offices: Chennai - Mumbai - Bangalore - Madurai We have also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable 4. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 6 and 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement. 5. The Statement includes the results of the following entities: List of Subsidiaries of TVS Motor Company Limited Sundaram Auto Components Limited, Chennai TVS Motor Services Limited, Chennai TVS Credit Services Limited, Chennai TVS Electric Mobility Ltd, Chennai TVS Motor Company (Europe) B.V., Amsterdam TVS Motor (Singapore) Pte. Limited, Singapore (TVSM Singapore) PT TVS Motor Company Indonesia, Jakarta TVS Motor Company DMCC, Dubai (with effect from 27-06-2024) DriveX Mobility Private Limited, Coimbatore (subsidiary with effect from 23-12- 2024) TVS Digital Limited, Chennai (Ceased to be subsidiary from 16-09-2024) Subsidiaries of TVS Credit Services Limited Harita ARC Private Limited, Chennai Harita Two-Wheeler Mall Private Limited, Chennai TVS Housing Finance Private Limited, Chennai Subsidiaries of TVS Motor (Singapore) Pte. Limited. The Norton Motorcycle Co. Ltd. TVS Digital Pte Ltd, Singapore
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SUNDARAM & SRINIVASAN CHARTERED ACCOUNTANTS Offices: Chennai - Mumbai - Bangalore - Madurai The GO Corporation, Zurich (“Go AG”) (Merged with TVS EBike Company AG w.e.f 30th June 2025) TVS EBike Company AG (Formerly Known as Swiss E-Mobility Group (Holding) AG) TVS Ebike Company Limited, UK (Formerly Known as EBCO Limited, UK) TVS Motor GmbH, Germany (Formerly Known as Celerity Motor GmbH) Engines Engineering S.P.A (w.e.f 03rd October 2025) Subsidiary company of TVS EBike Company AG (Formerly known as Swiss E- Mobility Group (Holding) AG, Switzerland) Swiss E-Mobility Group (Schweiz) AG Switzerland, Zurich and Alexand'Ro Edouard'O Passion Velo Sari, Switzerland (Merged with TVS EBike Company AG w.e.f 30th June 2025) TVS EBike Company GmbH, Germany (Formerly known as Colag E-Mobility GmBH) Swiss E-mobility group (osterreich) Gmbh, Austria EGO Movement Stuttgart GmbH, Germany Subsidiary Company of The Norton Motorcycles Co. Ltd. Norton Motorcycle Private Limited, India Norton USA LLC, USA (Subsidiary with effect from 6th November 2025) Associates of TVS Motor Company Limited Ultraviolette Automotive Private Limited DriveX Mobility Private Limited, Coimbatore (ceased to be an associate with effect from 23-12-2024) Indian Foundation for Quality Management, Bengaluru (ceased to be an associate with effect from 11-03-2025) Associates of TVS Motor (Singapore) Pte. Ltd. Killwatt GmbH, ION Mobility Pte Limited (ceased to be an associate with effect from 31-03- 2025) Associates of TVS Digital Pte. Ltd. Predictronics Corp. Tag box Pte Ltd, Singapore (ceased to be associate from 27-06-2024) Altizon Inc. Scienaptic Systems Inc., USA (ceased to be associate from 27-12-2024)
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SUNDARAM & SRINIVASAN CHARTERED ACCOUNTANTS Offices: Chennai - Mumbai - Bangalore - Madurai 6. We did not review the interim financial information of 5 subsidiaries included in the consolidated unaudited financial results, whose interim financial information reflect total revenues of Rs. 1,870.44 Crores and Rs 5,352.80 Crores for the quarter and nine months ended 31st December 2025 respectively, total profit after tax of Rs. 270.23 Crores and Rs. 650.64 Crores and total comprehensive income of Rs. 271.32 Crores and Rs. 646.18 Crores, for the quarter and nine months ended 31st December 2025. These financial information have been reviewed by other auditor's whose report has been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the report of the other auditors and the procedures performed by us as stated in paragraph 3 above. 7. The consolidated unaudited financial results include the interim financial information of 18 subsidiaries which have not been reviewed by their auditors and are based solely on management certified accounts, whose financial information reflect total revenue of Rs. 669.66 Crores and Rs. 2,032.58 Crores for the quarter and nine months ended 31st December 2025 respectively, total net loss after tax of Rs. 304.92 Crores and Rs. 849.47 Crores and total comprehensive loss of Rs. 253.89 Crores and Rs. 674.65 Crores for the quarter and nine months ended 31st December 2025 respectively, as considered in the consolidated unaudited interim financial results. The consolidated unaudited interim financial results also include the Group's share of net loss after tax of Rs. 2.81 Crores and Rs. 25.99 Crores and total comprehensive loss of Rs. 2.81 Crores and Rs. 25.91 Crores for the quarter and nine months ended 31st December 2025 respectively, as considered in the consolidated unaudited interim financial results, in respect of 4 associates based on their interim financial information which have not been reviewed by their auditors and are based solely on management certified accounts. The financial information of subsidiaries and associates located outside India have been prepared in accordance with accounting principles generally accepted in their respective countries. The Holding Company's Management has converted these financial information from accounting principles generally accepted in their respective countries, to Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other accounting principles generally
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SUNDARAM & SRINIVASAN CHARTERED ACCOUNTANTS Offices: Chennai - Mumbai - Bangalore - Madurai accepted in India. We have reviewed these conversion adjustments made by the Parent Company's Management. Our conclusion, in so far as it relates to such subsidiaries and associates located outside India, is based on the aforesaid conversion adjustments prepared by the Parent Company’s Management and reviewed by us, and our conclusion is based solely on the management certified accounts furnished to us by the Management. Our conclusion on the Statement is not modified in respect of the above matter. For Sundaram & Srinivasan Chartered Accountants FRN: 004207S S.Usha Partner Date: 28 th January 2026 Membership Number: 211785 Place: Chennai UDIN: 26211785YGEXNH6577
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TVS MOTOR COMPANY LIMITED TVS ~ Regd office: "Chaitanya", No. 12, Khader Nawaz Khan Road, Nungambakkam, Chennai 600 006 Website:www.tvsmotor.com Telephone No. (044) 28332115 Email:contactus@tvsmotor.com CIN:L35921TN1992PLC022845 STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER 2025 s. No Particulars 1 Income 2 Revenue from Operations Other income Total Income Expenses a) Cost of materials consumed b) Purchase of stock-in-trade c) Changes in inventories of finished goods, work-in-process and stock-in-trade d) Employee benefits expense e) Finance cost f) Depreciation and amortisation expense g) Other expenses Total Expenses 3 Profit/ (Loss) before Share of Profit /(Loss) of Associates and Exceptional items (1-2) 4 5 6 7 8 Share of profit/(loss) of Associates Profit/ (Loss) before Exceptional items (3+4) Exceptional Items - (Gain) / Loss Profit / (Loss) before tax from continuing operations (5-6) Tax expense / (Credit) a) Current tax b) Deferred tax Total tax expense / (Credit) 9 Profit/ (Loss) after tax from continuing operations (7-8) 10 Profit / (Loss) before tax from discontinued operations 11 Tax expenses/ (Credit) of discontinued operations a) Current tax b) Deferred tax Total tax expense/ (Credit) from discontinued operations 12 Profit / (Loss) after tax from discontinued operations (10+11) 13 Profit/ (Loss) for the period (9+12) 14 Other Comprehensive Income/ {Loss), net of tax a) Items that will not be reclassified to profit or loss b) Items that will be reclassified to profit or loss Total Other Comprehensive Income/ (Loss), net of tax 15 Total Comprehensive Income / (Loss) for the period (13+14) 16 Net Profit/ (Loss) attributable to a) Owners of the Company b) Non controlling interest 17 Other Comprehensive income / (Loss) attributable to a) Owners of the Company b) Non controlling interest 18 Total Comprehensive income/ (Loss) attributable to a) Owners of the Company b) Non controlling interest 19 Paid up equity share capital {Face value of Re.1/- each) 20 Reserve excluding Revaluation Reserves 21 Earnings Per Share (Face value of Re. 1/- each) (not annualised) From continuing operations Basic (in Rs.) & Diluted (in Rs.) From discontinued operations Basic (in Rs.) & Diluted (in Rs.) From continuing and discontinued operations Basic (in Rs.) & Diluted (in Rs.) Notes: Quarter ended Nine months ended 31.12.2025 30.09.2025 31.12.2024 31.12.2025 31.12.2024 14,755.52 (10.30) 14,745.22 8,403.73 258.09 469.67 1,102.86 561.05 322.85 2,250.95 13,369.20 1,376.02 (2.81) 1,373.21 50.08 1,323.13 439.14 (7.27) 431.87 891.26 891.26 153.48 57.39 210.87 1,102.13 841.29 49.97 210.66 0.21 1,051.95 50.18 47.51 17.71 17.71 14,051.22 (14.00) 14,037.22 8,705.78 226.69 (205.79) 1,085.20 552.39 320.42 2,116.98 12,801.67 1,235.55 (12.26) 1,223.29 1,223.29 395.09 (4.56) 390.53 832.76 832.76 9.66 69.02 78.68 911.44 795.48 37.28 78.87 (0.19) 874.35 37.09 47.51 16.74 16.74 Unaudited 11,034.88 65.11 11,099.99 6,419.80 117.82 139.13 886.95 536.09 258.43 1,817.01 10,175.23 924.76 (21.20) 903.56 903.56 263.21 35.50 298.71 604.85 2.36 (1.24) (0.90) (2.14) 4.50 609.35 2.17 (38.50) (36.33) 573.02 566.03 43.32 (37.39) 1.06 528.64 44.38 47.51 11.82 0.09 11.91 41,016.79 15.36 41,032.15 24,171.79 809.58 372.96 3,240.52 1,664.00 958.10 6,215.52 37,432.47 3,599.68 (25.99) 3,573.69 50.08 3,523.61 1,167.38 (10.65) 1,156.73 2,366.88 2,366.88 134.98 172.48 307.46 2,674.34 2,246.81 120.07 308.30 (0.84) 2,555.11 119.23 47.51 47.29 47.29 32,546.54 138.19 32,684.73 19,034.97 490.90 225.71 2,722.78 1,542.46 753.75 5,343.63 30,114.20 2,570.53 (58.06) 2,512.47 2,512.47 872.08 (22.81) 849.27 1,663.20 19.50 2.46 (2.06) 0.40 19.10 1,682.30 (14.76) 26.48 11.72 1,694.02 1,587.40 94.90 13.36 (1.64) 1,600.76 93.26 47.51 33.01 33.41 (Rs. in Crores) Year ended 31.03.2025 Audited 44,089.01 69.56 44,158.57 25,968.44 834.62 (79.22) 3,580.88 2,093.25 1,045.56 7,135.57 40,579.10 3,579.47 (74.12) 3,505.35 3,505.35 1,190.17 (34.72) 1,155.45 2,349.90 22.49 2.63 (10.05) (7.42) 29.91 2,379.81 17.14 30.08 47.22 2,427.03 2,235.56 144.25 50.07 (2.85) 2,285.63 141.40 47.51 8,455.87 46.42 0.63 47.05 1 During the quarter, the Company has recognised a fair valuation gain of Rs 162.04 Crores on its investment held in Roppen Transportation Services Private Limited ("Rapido'1 under Other Comprehensive income. Other income includes Rs.32.05 Crores being loss on fair valuation of an investment held by the Group. 2 The New Labour Codes became effective 21st November 2025, resulting in a past period employee benefit liability of Rs. 50.08 Crores and has been reported as Exceptional Items. The Government is in the process of notifying related rules to the New Labour Codes and impact, if any, will be evaluated and accounted for in accordance with applicable accounting standards in the period in which they are notified. 3 The above financial results were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their respective meetings held on 28th January 2026. The results have been subjected to limited review by Statutory Auditors of the Company. 4 Figures for the previous periods have been regrouped, wherever necessary, to conform to the current period's classification. 5 The above consolidated financial results comprise the results of TVS Motor Company Limited, its Subsidiary & Associate companies. Place: Singapore Date : 28-01-2026 - .• For TVS Motor Company Limited Sudarshan Venu Chairman
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TVS Motor Company Limited ~ Regd office: "Chaitanya", No. 12, Khader Nawaz Khan Road, Nungambakkam, Chennai 600 006 TVS Website:www.tvsmotor.com Telephone No. (044) 28332115 Email:contactus@tvsmotor.com CIN:L35921TN1992PLC022845 CONSOLIDATED SEGMENT INFORMATION FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER 2025 (Rs, in Croresl Quarter Ended / As at Nine Months ended / As at Year ended/ Asat S,No, Particulars 31.12.2025 30.09.2025 31.12.2024 31.12.2025 31.12.2024 31.03 .2025 Unaudited Audited 1 Segment Revenue and Other income a) Automotive Vehicles & Parts 12,879.78 12,255.91 9,379.00 35,689.49 27,713.81 37,521.53 b) Financial services 1,872.09 1,786.08 1,720.99 5,354.62 4,972.83 6,639.50 TOTAL 14,751.87 14,041.99 11,099.99 41,044.11 32,686.64 44,161.03 Less: Inter-Segment Adjustment 6.65 4.77 - 11.96 1.91 2.46 Revenue and Other income 14 745.22 14037.22 11099.99 41,032.15 32684.73 44,158.57 2 Segment Results Profit/ (Loss) before Exceptional items, tax and interest from continuing operations a) Automotive Vehicles & Parts 1,068.09 1,028.80 654.10 2,908.41 1,997.64 2,769.39 b) Financial services 379.84 277.62 328.66 899.73 736.25 1,040.01 TOTAL 1,447.93 1,306.42 982.76 3,808.14 2,733.89 3,809.40 Less: i) Finance cost 71.91 70.87 58.00 208.46 163.36 229.93 ii) Exceptional items 50.08 - - 50.08 - - iii) Other unallocable expenditure net o( unallocable income - - - - - - Share o( profit/(loss) o( Associates (2.81) (12.26) (21.20) (25.99) (58.06) (74.12) Profit/ (Loss) before tax from continuing operations 1,323.13 1,223.29 903.56 3,523.61 2,512.47 3,505.35 Prollt / (Loss) before tax from discontinued nnPrations - - 2.36 - 19.50 22.49 3 Segment Assets a) Automotive Vehicles & Parts 18,871.68 18,753.04 15,040.14 18,871.68 15,040.14 16,495.46 BJ Financial services 34,449.72 33,173.76 31,590.15 34,449.72 31,590.15 31,441.45 ISeoment Assets 53 321.40 51926.80 46630.29 53,321.40 46 630.29 47,936.91 4 Segment Liabilities a) Automotive Vehicles & Parts 14,791.04 15,329.76 10,965.51 14,791.04 10,965.51 12,362.01 BJ Financial services 28,270.70 27,469.42 26,496.11 28,270.70 26,496.11 26,132.63 I Seoment Liabilities 43061.74 42 799.18 37461.62 43,061.74 37 461,62 38,494.64 Notes: 1 On a standalone basis, the Company operates in (a) Automotive Undertaking - comprising Automotive Vehicles, Parts and related Investments and (b) Financial Undertaking - comprising Financial Services and related Investments. On a consolidated basis, pursuant to the discontinued operation of the Automative Component business, the Company reports its operations under the two verticals in the above segment reporting. Results relating to discontinued operations are shown separately in the P&L. 2 Figures for the previous periods have been regrouped, wherever necessary, to conform to the current period's classification. O□cOMp_.,,i, ~ .... ~,,, ,-.:. J. For TVS Motor Company Limited li" "' 0 ,:: ~~ ~t,,, ~ ~ !5 ;. Mr..t. • .r>_,, ~'f 1'1111,..... e ~ J:,~ ~ * 0 Place: Singapore rli~""'(,Q-> Sudarshan Venu Date : 28-01-2026 Chairman
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TVS Motor Company Limited Regd office: "Chaitanya", No. 12, Khader Nawaz Khan Road, Nungambakkam, Chennai 600 006 TVS ~ Website:www.tvsmotor.com Telephone No. (044) 28332115 Email:contactus@tvsmotor .com CIN:L35921TN1992PLC022845 Additional disclosures as per Regulations 52(4) of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 1. Pursuant to Non-Convert ible Debentures (NCD) of TVS MOTOR COMPANY LIMITED being listed, below are the details on a Consolidated basis as per Listing Regulations: Quarter ended Nine mont hs ended Year ended Particulars Unaudited Audited 31.12.2025 30.09 .2025 31.12 .2024 31.12.2025 31.12.2024 31.03.2025 'I Net Debt to Equity (Times) (Debt includes NCRPS) [ (Total borrowings - Cash and Cash equivalents)/ Equity J 2.99 3.18 2.82 2.99 2.82 2.76 Debt service coverage ratio (Times) (Excluding NBFC Subsidiary) [ Earnings before Interest, Tax and Exceptional Items / (Interest Expense + Principal repayments of long term loan 3.61 3.91 3.22 3.63 3.65 2.92 made durina the oeriod excludina oreoavment) l Interest service coverage ratio {Times) (Excluding NBFC Subsidiary) 16.93 19.21 12.88 17.76 13.52 14.57 r Earninqs before Interest Tax and Exceotional Items I Interest Exoense 1 Outstanding Non Convertible Redeemable Preference Shares (NCRPS) - Rs. In Crores 1900.40 1900.40 - 1900.40 -(1,90,03,48,456 NCRPS of Rs. 10/- each) - Capital Redemption Reserve NOT APPLICABLE Debenture Redemption Reserve NOT APPLICABLE Net Worth - Rs. In Crores 8,783.71 7,952.49 8,299.15 8,783.71 8,299.15 8,481.39 Networth as oer Section 2(57) of the Comoanies Act 2013. Net profit after tax - Rs. In Crores 891.26 832.76 609.35 2,366.88 1,682.30 2,379.81 Earnings per share - Rs. Per share (Basic & Diluted - Not annualised) 17.71 16.74 11.91 47.29 33.41 47.05 Current ratio {Times) 1.02 1.08 1.03 1.02 1.03 1.12 rcurrent Assets / Current Liabilities 1 Long term debt to working capital (Times) [Non Current borrowing including current maturity /(Current Asset - Current Liabilities excluding current maturity 2.16 2.08 1.99 2.16 1.99 1.81 of Lona term borrowina)l Bad debts to Accounts receivable ratio (Times) - - - - - -Ir Bad debts written off/ Accounts Receivables 1 Current liability ratio {Times) 0.66 0.62 0.66 0.66 0.66 0.60 !(Current Liabilitv / Total Liabllitv) Total debts to Total assets ratio {Times) 0.58 0.59 0.59 0.58 0.59 0.58 Ir (Non current borrowinq includina current maturitv + Current borrowino) / Total Assets l Debtors Turnover (Times) 26.24 26.98 22.39 26.24 22.39 24.80 Ir Annualised Turnover/ Averaae Debtors l Inventory Turnover (Times) 14.74 13.08 11.87 14.74 11.87 11.46 Ir Annualised Cost of qoods sold / Averaae Inventorv l Operating Margin(%) 12.1 11.7 10.7 11.6 10.3 10.8 [Operating EBITDA / Turnover] Net Profit Margin (%) 6.0 5.9 5.5 5.8 5.1 5.4 [Net profit after tax/ Turnover] Note: Figures for the previous periods have been regrouped, wherever necessary, to conform to the current period's classification. -- 0□cOMp--1.-i, ~ J,.:. '.L For TVS Motor Company Limited & ~ 10 C: u1 ii~) ~ s: ~~ - ~ ' @.,,, ~::; .. . !I!! Place: Singapore -- ...... '-1. * 0 Sudarshan Venu Date : 28-01-2026 :f°!J:A(C.1'} Chairman
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TVS Motor Company Limited ~ Regd office: "Chaitanya", No. 12, Khader Nawaz Khan Road, Nungambakkam, Chennai 600 006 TVS Website:www.tvsmotor.com Telephone No. (044) 28332115 Email:contactus@tvsmotor.com CIN:L35921TN1992PLC022845 Annexure 1 : Security Cover Certi ficate As Per Regulation 54(3} of the Securities and Exchange Board Of India ( Listing Obligations and Disclosure Requirements} Regulation,2015 as on December 31,2025 (Rs. In crores) Column A Column B ColumnC Column D Column E Column F ColumnG Column H Column I ColumnJ Column K Column L ColumnM Column N ColumnO Exdus ive Exclusive Pari- Passu Parl- Passu Pari· Passu Assets not Elimination Charge Charge Charge Charge Charge offered as (amou nt in (Total C to H} Related to only those items covered by this certificate Security negative) Description of Assets shared by Other assets Carrying /book value carry ing asset for which pari passu debt on which Debt amount for exclusive charge value/book Particulars this certl ftcate Debt for Debt for holder (includes there is pari- considered more Market Value assets where market Market value for pari relate which this Other whic h this debt for which Passu charge than once ( due to for Assets value is not value for passu charge Total certificate Secured certificate this certificate is (excluding exclusive plus charged on ascertainable or pari passu assets where Value(=K+L+ being Debt being issued & other items pari passu Exclusive applicable (For Eg. charge market value is M+N} issued issued debt with parl- covered in charge} basis Bank Balance, DSRA assets not market value is not ascertainable or passu charge} column F} applicable} applicable Book Value Book Yes/No Book Value Book Value Relating to Column F Value ASSETS Pro □ertv . Plant and Eaui □ment ca □ital Work-in-Prooress Riaht of Use Assets Goodwill lntanoible Assets lntanolble Assets under Develanment Investments Loans Nil Inventories Trade Receivables cash and Cash Eauivalents Bank Balances other than cash and Cash Eauivalents Others Total . . . I . . I - - I • I . . I • I . I . - UABI LITI ES I I I I I I Debt securities to which this certificate nertains Other debt sharing pari-passu charge with -above debt Other Debt ( ECB+Sec) Subordinated debt Borrowlnas NIL Bank ITU Debt Securities ( POil Others ( CP\ Trade oavables Lease Liabilities - Provisions r Ind NPAl Others -liabillities Total . . - . - - - - . . - - - Cover on Book Value - Cover on Market Valuehc Exclusive Pari-Passu Security Security Cover Cover Ratio Ratio ®~~ 0□cOMp-'11,, For TVS Motor Comp any Limited "" J.. ~;?C. )· o C f ~ ~ "'--, ~...., Place: Singapore 0 ../. * 0 Sudarshan Venu Date: 28-01-2026 Chairman
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TVS MOTOR COMPANY rvs ~ TVS Motor Company Limited, Registered Office : 'Chailanya' No.12, Khader Nawaz Khan Road, Chennai • 600006, Tamffnadu, India. Telephone: +9141-28332115 Fax: +91-14-28332113 A. Statement of utilization of issue proceeds: Name of ISIN Mode of Type of Date of Amount Funds Any If 8 is Yes, Remarks, the Issuer Fund instrument raising Raised utilized deviation then specify if any Raising funds (Rsin (Rsin (Yes/ the purpose (Public Cr) Cr) No) of for which issues/ the funds Private were placement) utilized l L j '+ !) b I 8 ~ lU TVS Motor Company Not Applicable Limited B. Statement on deviation/ variation in utilisation of funds raised: Particulars Remarks Name of listed entity TVS Motor Company Limited Mode of fund raising Date of raising funds Not Applicable Amount raisea Reporttiledtorquarterenaea 31st December 2025 Monitoring Agency Monitoring Agency Name, it applicable Is there a deviation/ variation in use of funds raiseat If yes, whether the same is pursuant to change in terms of a contract or objects, which was approved by the shareholders Not Applicable If Yes, Date of shareholder Approval Explanation tor the deviation/ variation Comments or the auait committee atter review Comments of the auditors, if any Objects for which funds have been raised and where there has been a deviation, in the following table: Original object Modified Original Modified Funds Amount of deviation/ Remarks, object, if allocation allocation, if utilised variation for the quarter if any any any according to applicable object (in Rs. crore and in%) Not Applicable Deviation or variation could mean: a. Deviation in the objects or purposes for which the funds have been raised or b. Deviation in the amount of funds actually utilized as against what was originally disclosed or C. Change in terms of a contract referred to in the fund raising document i.e. prospectus, letter of offer, etc. ,<¼i~ cOMp~ '-' \ V - o'<:-.□J. V ,-.;; o C Name of the signatory: K S Srinivasan ~ ~ lfl-1 ~"y Designation: Company Secretary :./. * 0 Date: 28th January 2026 Website: www.tvsmotor.com Email: contactus@tvsmotor.com GIN: L35921TN1992PLC022845
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PRESS RELEASE TVS Motor Registers Highest Ever Sales, Revenue and Profits in Q3FY26 • EBITDA margin at 13.1% and PBT at Rs. 1,315 Crores Singapore, January 28, 2026: TVS Motor Company’s operating revenue grew by 37% at Rs. 12,476 Crores for the quarter ended December 2025 as against Rs. 9,097 Crores reported in the quarter ended December 2024. The Company’s Operating EBITDA grew by 51% at Rs.1,634 Crores for the third quarter of 2025-26 as against EBITDA of Rs. 1,081 Crores in third quarter of 2024-25 . The Company’s Operating EBITDA margin for the quarter is highest at 13.1% as against normalised Operating EBITDA margin of 12.4 % in the third quarter of 2024-25 . The Company’s PBT before exceptional items grew by 57% at Rs. 1,3 15 Crores for the third quarter of 2025-26 as against PBT of Rs. 837 Crores in third quarter of 2024-25. Sales: The overall two-wheeler and three-wheeler sales including international business grew by 27% registering highest ever quarterly sales of 15.44 Lakh units in the quarter ended December 2025 as against 12.12 Lakh units in the quarter ended December 2024. Motorcycle sales grew by 31% registering 7.26 Lakh units in the quarter ended December 2025 as against 5.56 Lakh units in the quarter ended December 2024. Scooter sales for the quarter ended December 2025 grew by 25% registering 6.14 Lakh units as against the sales of 4.93 Lakh units in the third quarter of 2024-25 . The two -wheeler sales in international business grew by 35% at 3.66 Lakh units in the quarter ended December 2025 as against 2.72 Lakh units in the quarter ended December 2024. Total three-wheeler sales for the quarter under review grew by 106 % at 0.60 Lakh units as against 0.29 Lakh units during third quarter of 2024-25. EV Sales: During the quarter under review, the Company’s EV sales grew by 40% achieving highest ever quarterly sales of 1. 06 Lakh units in the quarter ended December 2025 as against 0.76 Lakh units during quarter ended December 2024. Cumulative nine months results: Operating revenue grew by 29% at Rs. 34,463 Crores for nine months ended December 2025 as against Rs. 26,701 Crores for the nine months ended December 2024. The Company’s Operating EBITDA grew by 41% at Rs. 4,406 Crores for nine months ended December 2025 as against EBITDA of Rs. 3,121 Crores for the nine months ended December 2024. The Company’s PBT before exceptional items grew by 43% at Rs. 3,594 Crores for the nine months ended December 2025 as against Rs. 2,517 Crores during nine months ended December 2024. The Company’s PAT for the nine months ended December TVS ~
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PRESS RELEASE 2025 is at Rs. 2,625 Crores as against Rs. 1,858 Crores during nine months ended December 2024. Sales: The Company’s two-wheeler and three- wheeler sales including international business grew by 23 % registering 43 .28 Lakh units in the nine months ended December 202 5 as against 35.27 Lakh units registered in the nine months ended December 2024. Motorcycle sales grew by 24% registering 20.19 Lakh units in the nine months ended December 2025 as against 16.31 Lakh units in nine months ended December 202 4. Scooter sales for the nine months ended December 2025 grew by 25% registering 17.52 Lakh units as against the sales of 14.02 Lakh units in the nine months ended December 2024. The two-wheeler sales in international business grew by 35% at 10.47 Lakh units in the nine months ended December 2025 as against 7.78 Lakh units in the nine months ended December 2024 . Total three-wheeler sales is at 1.59 Lakh units for the nine months ended December 2025 as against 0.98 Lakh units during nine months ended December 2024 . Electric vehicles grew by 26 % registering sales of 2.56 Lakh units for the nine months ended December 2025 as against 2.03 Lakh units during the nine months ended December 2024. About TVS Motor Company TVS Motor Company (BSE:532343 and NSE: TVSMOTOR) is a reputed two and three- wheeler manufacturer globally, championing progress through sustainable mobility with four state-of-the-art manufacturing facilities located in India and Indonesia. Rooted in our 100- year legacy of trust, value, and passion for customers, it takes pride in making internationally accepted products of the highest quality through innovative and sustainable processes. TVS Motor is the only two- wheeler company to have won the prestigious Deming Prize. Our products have led in their respective categories in the J.D.Power IQS & APEAL surveys and J.D.Power Customer Service Satisfaction Survey. Our group company Norton Motorcycles, based in the United Kingdom, is one of the most emotive motorcycle brands in the world. Our subsidiary in the personal e-mobility space, TVS Ebike Company AG, has a leading position in the e- bike market in Switzerland. TVS Motor Company endeavours to deliver the most superior customer experience across 80 countries in which we operate. For more information, please visit www.tvsmotor.com. For more information, please contact: KS Harini: ks.harini@tvsmotor.com Prasant Ramakrishnan: prasant.ramakrishnan@tvsmotor.com **** TVS ~