TVS Motor Now Earns Nearly One Rupee Out Of Every 10 From EV Business

TVS Motor Co. Ltd. drew nearly a tenth of its earnings from its EV business in the recently concluded financial year, underscoring the growing importance of electric mobility to an automaker's topline.

The Chennai-based automaker's EV revenue stood at Rs 3,364 crore, or 9.27% of overall revenue of Rs 36,251 crore, in the fiscal ending March 31, 2025, the management said in a post-earnings call with analysts Monday. In the fourth quarter, that figure stood at Rs 889 crore—or 9.51% of the Rs 9,342 crore revenue clocked before PLI benefits.

In 2024-25, TVS Motor grew its EV sales—two- and three-wheelers included—by 44% year-on-year to 2.79 lakh units. They were up 54% at 76,000 units in January–March 2025.

“Our revenue growth is a direct outcome of the investment made in electricvehicle product development,” KN Radhakrishnan, chief executive officer at TVS Motor, said during the call.

Scooters > Motorcycles

Such is the demand for electric mobility that it's starting to tilt overall two-wheeler sales in favour of scooters over motorcycles.

Overall scooter sales of the Chennai-based automaker rose 21% year-on-year to 19.04 lakh units. Of this, 2.37 lakh—or 12.44%—were electric, growing at 20.67%. At the same time, motorcycle sales increased by 10% to 19.90 lakh. For the overall two-wheeler industry, EV penetration stood at 6.2% in FY25.

“Scooters are eating into the market share of motorcycles, driven by electrification. Currently, their market share would be 36-38%,” said Radhakrishnan. For TVS, as the figures show, it's nearly even-stevens. “We are seeing scooter sales growing faster than motorcycles due to EVs.”

The TVS iQube, the only model on sale with three battery pack options, is now available at 950 dealerships in India. TVS aims to grow that number in FY26. A new electric scooter is in the final stages of development.

Still, there's a gap—electric three-wheelers.

In FY25, electric three-wheeler sales rose 10.47% year-on-year to 699,063 units, with a market penetration of 26-27%, according to FADA Research. Mahindra Group was the runaway leader with 19.91% market share, followed by Bajaj Auto Ltd. at 7.27%. TVS was counted as among the “others”.

CEO Radhakrishnan acknowledged the gap. The company entered the space only last year and its volumes are largely concentrated in Southern India. “TVS will become a prominent player in the electric three-wheeler space as it's yet to tap the (biggest markets) of north and east India.”

On Monday, TVS Motor shares rose 2.48% to Rs 2,803.55 apiece on the BSE even as the benchmark Sensex ended the day 1.27% higher at 80,218.37 points.