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TVS Motor hits top gear with 37 per cent revenue jump in December quarter
MUMBAI: When the throttle twists, TVS Motor Company is clearly not easing off. The two- and three-wheeler major delivered a turbocharged performance in the December 2025 quarter, with operating revenue climbing 37 per cent year on year to Rs. 12,476 crore, compared with Rs. 9,097 crore in the same period last year.
Profitability revved up even faster. Operating EBITDA surged 51 per cent to Rs. 1,634 crore in Q3 FY26, up from Rs. 1,081 crore a year ago, while margins expanded to a record 13.1 per cent, ahead of the normalised 12.4 per cent reported in Q3 FY25. Profit before tax, excluding exceptional items, rose 57 per cent to Rs. 1,315 crore, underlining the company’s strong operating leverage.
Volumes told an equally upbeat story. Total two- and three-wheeler sales, including international operations, jumped 27 per cent to an all-time quarterly high of 15.44 lakh units, compared with 12.12 lakh units a year earlier. Motorcycle sales grew 31 per cent to 7.26 lakh units, while scooter sales rose 25 per cent to 6.14 lakh units. International two-wheeler sales accelerated 35 per cent to 3.66 lakh units, and three-wheeler volumes more than doubled, climbing 106 per cent to 0.60 lakh units.
Electric vehicles added extra spark to the quarter. EV sales grew 40 per cent year on year, with TVS recording its highest-ever quarterly EV volumes of 1.06 lakh units, up from 0.76 lakh units in the December 2024 quarter.
The momentum carried through the nine-month period ended December 2025. Operating revenue rose 29 per cent to Rs. 34,463 crore, while operating EBITDA increased 41 per cent to Rs. 4,406 crore. Profit before tax grew 43 per cent to Rs. 3,594 crore, and profit after tax stood at Rs. 2,625 crore, compared with Rs. 1,858 crore in the corresponding period last year.
For the nine months, total two- and three-wheeler sales climbed 23 per cent to 43.28 lakh units. Motorcycles grew 24 per cent to 20.19 lakh units, scooters expanded 25 per cent to 17.52 lakh units, and international two-wheeler volumes rose 35 per cent to 10.47 lakh units. Three-wheeler sales reached 1.59 lakh units, while cumulative EV sales increased 26 per cent to 2.56 lakh units.
With record volumes, expanding margins and a steadily accelerating EV portfolio, TVS Motor appears firmly in cruise mode as it rides demand across domestic and global markets.
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Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI:Â Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
