TVS Q3 EV surge: 106,000 e-scooters, record 3W growth
With magnet shortages easing, TVS posts 40% EV two-wheeler growth and doubles EV three-wheeler volumes in Q3 FY26.
TVS Motor delivered a robust EV performance in Q3 FY26, selling 1,06,000 electric two-wheelers and witnessing a massive surge in electric three-wheelers to roughly 8,500 units, all while posting its highest-ever quarterly operating revenue and EBITDA. Management confirmed that supply chain constraints regarding magnets are recovering, paving the way for the national ramp-up of the newly launched TVS Orbiter.
Q3 highlights
Consolidated operating revenue grew by 27% to ₹14,755 crore (Standalone Operating Revenue ₹12,476 crore), with operating EBITDA climbing to ₹1,634 crore. The EBITDA margin hit a record 13.1%, up 120 basis points year-on-year, driven by scale benefits and PLI incentives,.
Total quarterly sales stood at 15.44 lakh units, with three-wheelers doubling to 60,000 units, significantly aided by the electric transition in the L5 category.
EV momentum and Orbiter ramp-up
EV two-wheeler sales crossed the 1 lakh mark to hit 106,000 units in Q3 FY26, a growth of 40% compared to 76,000 units in the same quarter last year,.
The TVS Orbiter, positioned for the mass market, is seeing strong demand. Management confirmed production is ramping up toward 10,000 units per month and availability will expand nationally by the start of Q4,.
Electric 3W breakdown
The electric three-wheeler segment saw explosive growth. Management disclosed volumes of approximately 8,500 units for the quarter, noting that sales have "more than doubled" year-on-year,.
The TVS King EV and King Kargo models continue to gain traction, with management stating they have captured significant market share in the L5 category, where EV penetration has reached approximately 30–32%.
Constraints and PLI Benefit
While magnet availability posed challenges earlier in the year, management confirmed the situation is "easing out" and full supplies are expected to resume within a month.
Financially, the EV business is contributing positively to margins. Management revealed a 70 basis point (0.7%) benefit to the EBITDA margin from the PLI scheme during the quarter.
EVINDIA’s estimate article
For a transparent, unit‑anchored estimate of TVS’s Q2 EV revenue and the two‑wheeler versus three‑wheeler split, read “EVINDIA Research Exclusive: Sizing TVS’s Q3 EV revenue and sub‑segment split,” which details all assumptions, formulas, and sensitivity bands consistent with the official pack and call