TVS's Q2 EV revenue and sub-segment split - EVINDIA Research Exclusive
EVINDIA Research estimates TVS Motor’s Q2 FY26 total EV revenue at approximately ₹1,360–₹1,740 crore ex‑showroom, with a central case near ₹1,516 crore, split at about ₹976 crore for EV two‑wheelers and about ₹539 crore for EV three‑wheelers using disclosed units, management’s quarterly guidance, and observable market prices for the iQube/Orbiter and King EV/Kargo HD EV line‑ups. Figures are presented as ex‑showroom proxies because TVS does not publish EV revenue lines or EV ASPs by sub‑segment in the quarterly materials, and every assumption is stated for auditability.
Source anchors and context
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TVS disclosed EV 2W units of 80,000 in Q2 and total three‑wheelers at 53,000, while management confirmed that EV 3W share crossed 11% in the quarter, providing firm unit and share anchors for sizing.
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The quarter delivered record operating performance, with revenue of ₹14,051.22 crore and operating EBITDA of ₹1,509 crore, yielding a 12.7% margin, consistent with scale and mix benefits as EVs expand alongside premium ICE.
Pricing references used
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iQube’s updated price ladder spans roughly ₹1.0–₹1.6 lakh ex‑showroom across variants, guiding a practical 2W EV ASP band for Q2 estimation with iQube dominating the mix and limited Orbiter impact due to late launch timing in one state.
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EV 3W anchors are King EV Max near ₹2.95–₹3.00 lakh and King Kargo HD EV around ₹3.85 lakh ex‑showroom, supporting a blended ₹3.0–₹3.3 lakh ASP for Q2’s EV 3W calculation.
Formulas and calculations
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EV 2W revenue midpoint: Units×ASP=80,000×₹1,22,000≈₹976 crore (ex‑showroom)Units×ASP=80,000×₹1,22,000≈₹976 crore (ex‑showroom), with a sensitivity band of ₹960–₹1,040 crore for ASPs between ₹1.20–₹1.30 lakh reflecting variant/geography dispersion.
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EV 3W revenue scenarios: EV units inferred within 53,000 total 3W at a 25–40% EV internal mix implies 13,25013,250–21,20021,200 EV 3W units, multiplied by a blended ASP of ₹3.0–₹3.3 lakh to yield ~₹398–₹700 crore, with a central case of 17,225×₹3,13,000≈₹539 crore17,225×₹3,13,000≈₹539 crore using midpoint units and ASP.
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Combined EV midpoint: ₹976+₹539≈₹1,516 crore (ex‑showroom)₹976+₹539≈₹1,516 crore (ex‑showroom), with a composite range of ~₹1,360–₹1,740 crore from the bands above and aligned with the quarter’s EV milestones and management’s commentary.
EV revenue breakdown table (ex‑showroom)
| Category | Units (Q2) | ASP assumption | Revenue low | Revenue mid | Revenue high |
|---|---|---|---|---|---|
| EV 2W | 80,000 | ₹1.22 lakh; band ₹1.20–₹1.30 lakh | ₹960 crore | ₹976 crore | ₹1,040 crore |
| EV 3W | 13,250–21,200 (25–40% of 53,000) | ₹3.13 lakh; band ₹3.0–₹3.3 lakh | ₹398 crore | ₹539 crore | ₹700 crore |
| Total EV | — | — | ₹1,358 crore | ₹1,516 crore | ₹1,740 crore |
Every figure above is an ex‑showroom proxy for market sizing rather than OEM ex‑factory recognition, which is typically lower due to dealer margins, localised incentives, and accounting for accessories/software not disclosed in the quarterly EV category.
Cross‑check to Q1 anchor (optional sanity)
Management indicated “around ₹1,000 crore” EV revenue in Q1 FY26, and with Q2 EV 2W units higher at 80,000 and stronger EV 3W momentum, the Q2 midpoint near ₹1,516 crore is a coherent sequential step‑up under ongoing magnet constraints. However, this cross‑check is not required for the Q2 calculation itself.
Caveats and disclosure
TVS does not publish EV revenue lines or EV ASPs by sub‑segment in the quarterly pack or call, so estimates are unit‑anchored to disclosed volumes, EV 3W share commentary, and public price bands for the relevant EV models, with explicit formulas and ranges provided to support transparency and future reconciliation if new disclosures emerge.
For the narrative behind these numbers—including product launches, supply constraints, and profitability framing read “TVS Q2 EV surge: 80,000 e‑scooters, 11% e‑3W share,” which covers iQube’s 700,000‑unit milestone, Orbiter’s rollout plan, EV 3W features, and the quarter’s record financials.