TVS Q2 EV surge: 80,000 e‑scooters, 11% e‑3W share​

TVS Motor delivered a record EV quarter in Q2 FY26, selling 80,000 electric two‑wheelers and crossing 11% market share in electric three‑wheelers while posting its highest‑ever revenue and operating EBITDA for the period. Despite industry‑wide permanent magnet constraints, management guided to continued EV momentum supported by iQube scale, Orbiter rollout, and growing EV 3W adoption in urban logistics.​

Q2 highlights​

• Consolidated revenue from operations reached ₹14,051.22 crore with operating EBITDA at ₹1,509 crore and margin improving to 12.7% in Q2 FY26, as disclosed in the official results pack and supporting schedules.​

• Total quarterly sales were 15.1 lakh units with three‑wheelers at 53,000 units, reflecting broad‑based growth across categories alongside the EV surge.​

EV momentum and product drivers​

• EV two‑wheeler sales were 80,000 units in Q2 FY26, up 7% year on year, the company’s highest‑ever EV 2W quarter per the sales presentation and management commentary.​

• TVS’s EV three‑wheeler share crossed 11% in the quarter, aided by strong traction in both passenger and cargo applications per management’s remarks.​

iQube milestone and Orbiter rollout​

• The iQube scooter franchise crossed 700,000 cumulative domestic units by Q2, remaining the anchor of TVS’s EV scooter growth underway in the quarter.​

• Orbiter launched at ₹99,900 in Karnataka with 158 km IDC range, hill‑hold assist, cruise control, 34‑litre storage, and a segment‑first 14‑inch front wheel, with pan‑India availability targeted by the start of Q4.​

EV 3W traction and features​

• The new King Kargo HD EV added a 6.6‑ft deck, 60 km/h top speed, and 156 km range, plus a torque‑focused power mode and TVS Connect for fleet optimisation, strengthening share gains beyond 11% in EV 3W.​

• Management highlighted EV 3W as a strategic focus area with network expansion and service readiness to support scale‑up through H2 FY26.​

Constraints, profitability, and policy​

• Management flagged permanent magnet availability as a short‑to‑medium‑term bottleneck, which limited industry EV growth even as TVS posted record EV 2W volumes in Q2.​

• Operating EBITDA margin improved 100 bps year on year to 12.7%, with management noting PLI accrual at around 0.5% of total revenue and broad eligibility supporting positive EV contribution margins as volumes scale.​

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 Q2 EV revenue and sub‑segment split,” which details all assumptions, formulas, and sensitivity bands consistent with the official pack and call