TVS Motors Races Ahead, Biggest Share Gainer in FY26

TVS Motor Company has emerged as FY26's biggest share gainer among India's top five two-wheeler manufacturers, climbing to 18.89 per cent retail market share from 17.49 per cent a year earlier — a 140-basis-point jump that translates into 40,46,666 units retailed, up from 33,03,633 in FY25, a 22.5 per cent growth rate that significantly outpaced the industry's 13.40 per cent.

In March 2026, TVS retailed 3,74,602 units at a 19.20 per cent share — the highest monthly reading in recent years — up from 2,76,276 units (18.22 per cent) a year earlier, a 35.6 per cent YoY surge.

The growth has been remarkably broad-based, spanning scooters, motorcycles, mopeds and electric vehicles — an unusual breadth that sets TVS apart from rivals who tend to dominate in one or two sub-segments.

The scooter portfolio has been the primary engine. The Jupiter, India's second-best-selling scooter, consistently crossed the 1-lakh-unit monthly mark in the second half of FY26, with January recording 1,29,744 units and February 1,27,089 units. 

The Ntorq continued its strong run in the sporty-commuter scooter space, posting over 50 per cent YoY growth in several months through the year, while the iQube electric scooter emerged as one of TVS's fastest-growing products — February saw 38,054 units at 61 per cent YoY growth.

By February 2026, scooters accounted for 56.43 per cent of TVS's domestic volumes, underscoring a scooter-led growth strategy that has been reinforced by the Orbiter EV addition to the electric portfolio.

On the motorcycle side, the Apache range sustained double-digit growth through the year, while the Raider — TVS's entry-sport commuter — delivered consistent 25-30 per cent YoY gains. The Ronin, positioned as a modern-classic, saw explosive growth, more than doubling volumes in several months. The recently launched RTX300 adds a premium layer to the portfolio.

The XL moped, often overlooked in urban-focused analysis, remained a steady 12 per cent contributor to volumes, with YoY growth turning positive in the second half as rural demand picked up post-GST 2.0.

What's arguably most significant is TVS's three-wheeler breakout. FADA data shows TVS retailed 55,488 three-wheelers in FY26, more than double the 25,882 units sold in FY25 — a 114 per cent jump that lifted its three-wheeler market share to 4.07 per cent from 2.12 per cent. This makes TVS the fastest-growing three-wheeler OEM by share gain, and signals a serious intent to establish a presence in the commercial mobility space.

TVS's FY26 trajectory raises an interesting strategic question. The company is now clearly the number-three two-wheeler player and is widening its lead over fourth-placed Bajaj Auto (10.50 per cent share, down from 11.41 per cent). The gap to second-placed Honda (25.03 per cent) remains large, but TVS's multi-segment, multi-powertrain approach — covering ICE scooters, ICE motorcycles, electric scooters and now three-wheelers gives it an optionality that few rivals can match.