TVS Motor Company sold 519,400 units in March 2026, a 25% increase from the same month a year earlier, according to figures released by the company. The result came in line with analyst estimates of 520,000 units and brought the curtain down on a fiscal year in which the company shipped 5.9 million units — a 24% rise over FY25 — marking one of the stronger annual performances in the company's recent history.
Domestic two-wheeler sales for March reached 372,400 units, up 25% year-on-year, marginally short of estimates of 375,000 units. Export two-wheeler volumes came in at 125,800 units, a 23% rise, matching the forecast of 125,000 units. In aggregate, total domestic sales stood at 377,900 units, up 25% year-on-year, while total exports reached 141,400 units, also up 25% — both figures landing close to analyst expectations.
The iQube electric scooter continued to be a standout, selling 38,900 units in March, representing a 44% increase year-on-year and a 1% sequential rise from February 2026. The iQube has been a key pillar of TVS's electric vehicle ambitions, competing in a segment that has grown considerably more crowded over the past two years. Rivals including Ola Electric, Ather Energy, and Bajaj's Chetak brand have all expanded capacity and distribution aggressively, making the iQube's consistent volume growth notable in that context.
Three-wheeler volumes also recorded growth across both domestic and export markets. Domestic three-wheeler sales rose 54% year-on-year to 5,500 units, ahead of the estimate of 5,000 units, while export three-wheelers grew 43% to 15,700 units, also exceeding the 15,000-unit forecast. The three-wheeler segment, which includes both passenger and cargo variants, has been an area where TVS has steadily expanded its footprint in international markets, particularly across Africa and South Asia.
The March figures build on a period of sustained momentum for TVS. In February 2026, the company reported 31% year-on-year growth with total sales of 529,308 units. That month also included a record monthly export volume of 158,268 units, underscoring the company's growing international presence. TVS Motor operates manufacturing facilities in India and Indonesia, sells across more than 80 countries, and counts Norton Motorcycles in the United Kingdom among its group companies. It also has a presence in the European e-mobility market through TVS Ebike Company AG.
For FY26 as a whole, the 5.9 million unit tally at 24% growth reflects a broader recovery in two-wheeler demand in India that gained pace from FY24 onwards, driven by rural consumption, rising incomes, and a revival in entry-level motorcycle demand. TVS, which competes primarily with Hero MotoCorp, Bajaj Auto, and Honda Motorcycle & Scooter India, has been among the beneficiaries of this upcycle, gaining share in both the scooter and executive motorcycle segments.
Looking ahead, analysts expect the pace of growth to moderate. The company has guided for high single-digit volume growth in FY27, alongside continued market share gains. The more measured outlook reflects a higher base from FY26, as well as a broader industry expectation that the post-pandemic demand recovery has largely played out. The electric vehicle segment, however, remains a variable that could add to or detract from that trajectory depending on how quickly adoption accelerates and how competitive pricing evolves in the coming quarters.