TVS Motor Co has raced into FY2027 on a really powerful note. The Hosur-based manufacturer sold a record 4.24 million two-wheelers in FY2026, up 21 percent (FY2025: 3.51 million units). This comprises 2.30 million scooters (up 18 percent YoY), 1.41 million motorcycles (up 7 percent YoY) and 5,23,240 mopeds (up 4 percent YoY).
With this stellar performance, FY2026 is now the new fiscal-year benchmark for TVS, beating the previous best of 3.51 million units in FY2025. Similar to FY2025, the strong 27 percent growth in scooters has powered overall numbers.
Scooters the big growth driver for TVS
TVS, which has the Jupiter, NTorq and Zest in its ICE scooter stable, along with the iQube and Orbiter EVs, sold a record 2.30 million scooters, up 27 percent YoY (FY2025: 1.81 million units). Year-on-year, TVS sold an additional 4,89,958 units, which has helped increase its scooter share to 28 percent from the 26 percent it had in FY2025.
While the three petrol-engined scooters have together sold 19.35 lakh units, up 26 percent YoY, the two TVS electric scooters (3,67,501 units) have clocked 35 percent YoY growth (FY2025: 2,73,063 iQubes). This gives TVS an e-2W penetration level of 16 percent, up from 15 percent in FY2025.
With a 24 percent retail market share in FY2026, TVS is the new leader in the electric two-wheeler market, having unseated Ola Electric.
Bikes also posted best-ever fiscal year sales
Like its scooters, TVS’ motorcycle portfolio also achieved its highest-ever sales in FY2026. The 1.41 million units are an 18 percent YoY increase (FY2025: 1.20 million units), which translates into an additional 2,13,274 units YoY. FY2026’s 14.17 lakh motorcycles beat the previous best of FY2024 (12.23 lakh units).
In the entry-level 110cc segment, combined sales of the Radeon, Sport and Star City Plus at 3,29,094 units were up 3 percent YoY. In the 125cc bike category, the Raider saw sales of 4,26,877 units, up 7 percent YoY, and had a 12 percent share of this segment’s total sales of 3.61 million units. The Raider’s best-ever sales were in FY2024 (4,78,443 units).
The boost for TVS bike sales has come from its Apache series in the 150-200cc segment, where it continues to lead the market. With total wholesales of 5,71,376 units and robust 28 percent YoY growth (FY2025: 4,46,218 units), the Apache models had a segment-leading 38 percent share in FY2026.
Another sales accelerator came in the form of the premium 225cc Ronin – sales jumped 137 percent YoY to 80,518 units (FY2025: 33,977 units). Demand for the 310cc bikes also soared by 128 percent YoY to 9,718 units from 4,262 units in FY2025.
Mopeds continue to form a good chunk of TVS’ sales
TVS continues to witness a good contribution to its overall two-wheeler sales from the humble XL100 moped. In FY2026, sales of the XL100 were 5,23,240 units – 21,427 units more than in FY2025 (5,01,813 units).
Moped sales in India, and for TVS, had hit their highest level in FY2017 (8,90,518 units) and in FY2019 (8,80,234 units). However, with consumers shifting to gearless scooters, the decline in moped sales had begun.
What keeps the moped mantra ticking for TVS is the small two-wheeler’s affordability quotient, great fuel efficiency and high level of reliability as a carrier of household goods, dairy and agricultural produce for small traders, particularly in rural India. Most of the moped demand is understood to be generated from South India, Gujarat and regions of Madhya Pradesh.
FY2027 should see TVS, which overtook Yamaha in global 2W sales in 2025 to become the world’s No 3 manufacturer after Honda and Hero, further up the ante. The past three years have seen the Hosur-based company substantially increase both its domestic and export market share. While its domestic 2W share has risen to 20 percent from 16 percent in FY2023, TVS is the second-ranked 2W exporter after Bajaj Auto with a market share of 28 percent versus 25 percent in FY2023.
Suraj Viswanathan
Sergius Barretto
Hormazd Sorabjee
Ketan Thakkar
Viraaj Bhatnagar
