Strong Domestic Demand, Record Exports and Electric Mobility Growth Drive Best-Ever Monthly Performance

TVS Motor Company continued its strong growth trajectory in July 2026, reporting its highest-ever monthly sales as robust domestic demand, accelerating electric vehicle (EV) adoption and record international business powered the company's best monthly performance since inception. The two- and three-wheeler manufacturer recorded 629,675 units in total sales during the month, reflecting a healthy 38% year-on-year growth over the corresponding period last year.

The company's performance underscores the growing strength of its diversified product portfolio, with impressive contributions from motorcycles, scooters, electric two-wheelers, exports and three-wheelers. As India's automobile market continues to recover and the transition toward electric mobility gathers pace, TVS Motor has emerged as one of the strongest beneficiaries of evolving consumer preferences.

Highest-Ever Monthly Sales Mark a Major Milestone

TVS Motor dispatched 629,675 vehicles during July 2026, surpassing its previous monthly records and setting a new benchmark for the company.

Compared with 456,350 units sold in July 2025, overall volumes increased by 38%, highlighting sustained demand across multiple product categories.

The record performance was supported by:

• Strong retail demand across domestic markets.

• Higher production capacity utilisation.

• Continued recovery in rural and semi-urban demand.

• Healthy export growth.

• Rapid expansion of electric mobility.

The achievement demonstrates TVS Motor's ability to scale production while maintaining balanced growth across all major business segments.

Electric Two-Wheeler Business Continues to Accelerate

The biggest highlight of the July sales performance was the company's remarkable growth in electric mobility.

Electric two-wheeler sales surged 158% year-on-year to 60,934 units, compared with 23,605 units sold during the same month last year.

The record EV sales reflect several positive industry trends:

• Increasing consumer acceptance of electric vehicles.

• Expansion of charging infrastructure.

• Government incentives supporting EV adoption.

• Rising fuel prices encouraging the shift toward electric mobility.

• Growing demand for technologically advanced scooters.

The strong performance reinforces TVS Motor's position among India's leading electric two-wheeler manufacturers as competition in the segment continues to intensify.

Domestic Business Remains the Growth Engine

TVS Motor's domestic operations continued to deliver impressive results during the month.

Overall two-wheeler sales rose 38% to 603,138 units, while domestic two-wheeler volumes climbed 42% to 437,394 units, compared with 308,720 units in July last year.

The domestic market benefited from:

• Healthy demand for commuter motorcycles.

• Strong scooter sales.

• Premium motorcycle growth.

• Improving rural income.

• Better financing availability.

• Inventory build-up ahead of the festive season.

The company's wide product portfolio enabled it to capture demand across entry-level, premium and electric vehicle segments.

International Business Achieves New Record

TVS Motor also registered its highest-ever monthly international sales, further strengthening its global presence.

International business grew 29% year-on-year to 184,264 units, compared with 142,629 units in the corresponding month last year.

Within exports:

• International two-wheeler sales increased 27% to 165,744 units.

• Demand remained healthy across Asia, Africa, Latin America and several emerging markets.

The company's expanding overseas footprint has become an increasingly important contributor to long-term growth, reducing dependence on domestic market cycles.

Three-Wheeler Sales Register Strong Growth

The commercial mobility segment also delivered an outstanding performance.

Three-wheeler sales rose 51% year-on-year to a record 26,537 units, driven by strong demand in both passenger and cargo transportation.

The continued recovery in urban mobility, higher commercial activity and improving economic conditions have supported demand for three-wheelers across domestic and export markets.

The segment remains an important pillar of TVS Motor's diversified business strategy.

Broad-Based Growth Across Every Segment

One of the defining features of July's performance was the balanced contribution from all major business divisions.

The company achieved record monthly sales across:

• Total vehicle volumes.

• Electric two-wheelers.

• International business.

• Three-wheelers.

Such broad-based growth indicates that the company's performance is being driven by multiple demand drivers rather than a single product category.

This diversified growth profile enhances resilience against fluctuations in individual market segments.

India's EV Revolution Continues to Gather Pace

TVS Motor's exceptional EV growth mirrors the broader transformation taking place in India's automobile industry.

Electric two-wheelers have emerged as one of the fastest-growing mobility segments due to:

• Lower operating costs.

• Attractive government subsidies.

• Improved battery technology.

• Wider charging infrastructure.

• Increasing environmental awareness.

• Rising urban commuting demand.

Industry experts expect EV penetration within the two-wheeler market to continue increasing over the coming years, creating significant opportunities for established manufacturers.

Manufacturing Strength Supports Expansion

TVS Motor has continued investing in manufacturing capacity to support rising demand.

The company currently operates manufacturing facilities in India and Indonesia, while selling its products in more than 90 countries worldwide.

Its global manufacturing and distribution network provides operational flexibility while enabling the company to serve both domestic and international customers efficiently.

As production volumes continue rising, economies of scale could also contribute to improved operating margins over the medium term.

What Investors Should Watch

Following the strong July sales performance, investors are likely to focus on several key factors over the coming quarters.

These include:

• Sustained growth in EV sales.

• Domestic festive season demand.

• Export momentum.

• Raw material cost trends.

• Operating margin recovery.

• New product launches.

• Capacity expansion.

• Market share gains across motorcycles, scooters and EVs.

The company's ability to maintain volume growth while protecting profitability will remain an important driver of future stock performance.

Industry Outlook

India's automobile industry continues to benefit from improving consumer sentiment, rising disposable incomes and supportive government policies promoting manufacturing and electric mobility.

The upcoming festive season is expected to provide another boost to vehicle demand, while increasing exports and infrastructure spending are likely to support commercial vehicle growth.

With electric mobility becoming a central focus of the industry's future, companies with diversified product portfolios and strong manufacturing capabilities are expected to remain well-positioned.

Outlook

TVS Motor's record-breaking July sales highlight the company's strong execution across both conventional and electric mobility segments. Robust domestic demand, accelerating EV adoption, record international sales and impressive growth in the three-wheeler business have collectively driven the company's best-ever monthly performance.

Looking ahead, the combination of rising electric vehicle penetration, expanding export markets, new product launches and favourable industry trends provides a solid foundation for sustained growth. Investors will closely monitor margin trends, festive season demand and the pace of EV expansion, as these factors are expected to play a crucial role in shaping TVS Motor's financial performance and competitive positioning in the evolving global mobility landscape.