TVS’s Q3 EV revenue and sub-segment split - EVINDIA Research Exclusive

TVS Motor's Q3 FY26 total EV revenue is estimated to be between ₹1,250 and ₹1,430 crore (ex-showroom proxy), divided into roughly ₹1,166 crore for EV two-wheelers and ₹264 crore for EV three-wheelers.

Unlike Q2, where management explicitly stated revenue figures, Q3 figures are derived from disclosed unit volumes (106,000 E2W and ~8,500 E3W), analyst revenue share estimates (8-10%), and the changing Average Selling Price (ASP) mix due to the TVS Orbiter.

Source anchors and context

TVS officially reported EV 2W sales of 106,000 units (up 40% YoY). During the earnings call, management clarified that EV 3W volumes were "around 8,500 to 9,000" units. Total Standalone Operating Revenue was reported at ₹12,476 crore. Analysts on the call estimated EV contribution at "8 to 10%" of revenue, which implies a total recognized revenue band of ₹998 crore to ₹1,247 crore (ex-factory).

Pricing references used

• EV 2W : The mix now includes the TVS Orbiter (launched at ~₹99,000) alongside the premium iQube variants (₹1.2L – ₹1.5L). The higher volume of the lower-priced Orbiter likely moderates the blended ASP compared to Q2.

• EV 3W : The TVS King EV and Kargo generally command an ex-showroom price between ₹3.0 – ₹3.3 lakh.

Formulas and calculations (Ex-Showroom Proxy)

EV 2W revenue :

• Units : 106,000

• Blended ASP Assumption : ~₹1.10 lakh (weighted average of Orbiter/iQube mix).

• Calculation : $106,000 /times ₹1,10,000 /approx /mathbf{₹1,166 /text{ crore}}$.

EV 3W revenue :

• Units : ~8,500 (Midpoint of management guidance).

• Blended ASP Assumption : ~₹3.10 lakh.

• Calculation : $8,500 /times ₹3,10,000 /approx /mathbf{₹264 /text{ crore}}$.

Combined EV Estimate :

• $₹1,166 Cr+ ₹264 Cr = ₹1,430 crore (Ex-Showroom).

• Note : Recognized revenue (Ex-Factory) is typically 10-15% lower than ex-showroom due to dealer margins and tax treatments, bringing the recognized total closer to the ₹1,250 crore mark, aligning perfectly with the "10% of revenue" analyst estimate.

EV revenue breakdown table (Estimates)

PLI and Profitability Context

Management confirmed a 70 basis point (0.7%) EBITDA margin benefit from the PLI scheme.

• Insight : If EVs are ~10% of revenue, a 0.7% margin boost on the total company revenue implies the PLI incentive is significant, though management noted the benefit is shared with suppliers.

Caveats

Figures above are estimates based on Q3 unit disclosures and pricing models. TVS management did not provide a specific line-item revenue figure for EVs in the Q3 call, stating they would "get back" with details.

👉 For the narrative behind these record-breaking numbers—including the mass-market expansion, supply chain recovery, and margin expansion—read “TVS Q3 EV surge: 106,000 e-scooters, record 3W growth,” which covers the TVS Orbiter’s national ramp-up, the easing of global magnet shortages, the doubling of electric 3W volumes, and how PLI incentives drove the quarter’s record 13.1% EBITDA margins.