TVS Motor Company has started FY 2027 with moderate growth, registering total sales of 4,73,970 units in April 2026, up 6.82% compared to 4,43,716 units last year. Although the overall numbers have increased, the underlying trend shows clear changes in demand across sectors. Scooters have now overtaken motorcycles as the company’s biggest volume driver – a remarkable turnaround for TVS.
Scooters, EV momentum offset motorcycle decline
Scooter sales increased to 2,11,158 units, registering a strong growth of 24% YoY and accounting for the largest share in the total volume. This growth has been supported by increasing urban demand as well as the continued attraction to Jupiter and Ntorch.
Electric scooters also continued their progress with sales of 37,771 units (+36% YoY), indicating continued expansion in TVS’s EV portfolio. In contrast, motorcycle sales witnessed a decline by 9% year-on-year to 2,00,039 units. This shows that there will be demand pressure in the commuter and premium bike segments during the month.
Domestic market stable, exports stable
TVS’s domestic business remained stable at 3,53,962 units sold (+8% YoY). Growth here was mainly driven by scooters and EVs. However, exports remained almost flat at 1,20,008 units (+2.8% YoY). On a monthly basis, a sharp decline in export volumes was observed, reflecting global logistics and demand challenges.
Strong growth is being seen in 3W segment
One of the best performers for TVS in April was its three-wheeler business, which grew 37% year-on-year to 18,637 units. Both domestic and export markets contributed to this growth, indicating recovery in demand in last-mile mobility and cargo transportation.
Supply constraints prevent full capacity
Interestingly, TVS highlighted that retail demand remains strong, but dispatches have been affected due to supply chain disruptions. Issues such as raw material shortage, workforce shortage and container availability affected production and shipments. The company expects these challenges to reduce going forward and production is likely to stabilize from May 2026.
The April figures underline the broader changes in the dynamics of TVS’s portfolio. Scooters and EVs are growing rapidly, while motorcycles – traditionally the core segment – are seeing some slowdown. If supply issues ease and EV momentum continues, TVS could see a strong growth trajectory in the coming months, especially with buyers’ changing preferences towards scooters and electrification.
