Performance
• Record quarter across revenue, EBITDA, PAT.
• Q2: Revenue +29%, EBITDA +40% (12.7% margin), PAT +37%.
• H1: Revenue +25%, PAT +36%.
• Management confident of further margin gains.
Segments
• Domestic ICE 2W: +21% vs industry +8%; scooters & premium strong.
• Exports: Highest ever, >4 lakh units; broad recovery across Africa/LatAm/Asia.
EV Business
• EV 2W: 80k units (+7%); iQube >7 lakh cumulative.
• New Orbiter EV launched (₹99,900).
• EV 3W growth strong; share >11%.
• EVs: contribution-positive but not EBITDA-positive standalone.
Products & Strategy
• New launches: Orbiter EV, King Kargo HD EV, Ntorq 150, Apache RTX.
• Continued heavy investment in R&D, software and premiumisation.
Subsidiaries
• TVS Credit: Strong growth; H1 AUM ₹27,807 cr; PBT +28%.
• Other subsidiaries improving.
Outlook
• GST cut bullish for demand; 2W industry expected to grow ~8% in H2.
• Rural improving; exports expected to outperform industry.
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