Equity Snap: TVS Motor (TVSL IN) FY26 annual report

Research evidence excerpt

Equity Snap: TVS Motor (TVSL IN) FY26 annual report

29 June 2026

Equity Snap: TVS Motor (TVSL IN) Equities Automobiles

FY26 annual report India

◆ Subsidiary losses (ex-TVS Credit) were equivalent to c40% Yogesh Aggarwal*

of consolidated company profit in FY26 HeadHSBCofSecuritiesResearch,andIndiaCapital Markets (India) Private

Limited

yogeshaggarwal@hsbc.co.in

TVS Motor (TVSL IN, INR3456.80, Hold, TP INR4000.00) +91 22 2268 1246

(Priced as of 29 Jun 2026) Vipul Agrawal*, CFA

Analyst, India Automotive

Key takeaways from TVS FY26 annual report: HSBC Securities and Capital Markets (India) Private

Contribution of subsidiaries to TVS’s consolidated profit: vipul.agrawal@hsbc.co.in

+91 97690 51842

◆ Norton Motorcycles incurred an INR7.2bn loss forming c23% loss in the Ayush Jhunjhunwala*

Company’s profit. TVS has invested more than GBP250m until FY26 in Norton Analyst, Autos and Auto Ancillary

HSBC Securities and Capital Markets (India) Private

Motorcycles. Norton has recently unveiled Manx (1,200cc Superbike) and Atlas Limited

(600cc adventure motorcycle) marking its first launch post-acquisition and is due ayush.jhunjhunwala@hsbc.co.in

+91 22 40891378

to launch these two models with two variants each by the end of FY27. The

investment phase for Norton is largely completed, and the subsidiary is expected * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

to start generating revenue from FY28 onwards. The company is gearing up for not registered/ qualified pursuant to FINRA regulations

its commercial launch in the United States.

◆ Swiss E-Mobility Group and The Go Corporation merged with TVS E-Bike

Company AG, Switzerland, in FY26. It accounts for 1.1% of the company’s

revenue but leads to c13% loss in the consolidated profit of TVS. In FY25 it