Brands
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.
Brands
YES Bank hands the keys to SBI veteran Vinay Tonse as it bets on a new era
Former SBI managing director appointed as YES Bank’s new MD and CEO
MUMBAI: YES Bank is done rebuilding. Now it wants to grow. The private sector lender has appointed Vinay Muralidhar Tonse as managing director and chief executive officer-designate, with RBI approval secured and a start date of April 6, 2026 confirmed. The three-year term signals the bank’s intent to shift gears from crisis recovery to full-throttle expansion.
Tonse, 60, is no stranger to scale. Most recently managing director at State Bank of India, he oversaw a retail book of roughly $800bn in deposits and advances, one of the largest in the country. Before that, he ran SBI Mutual Fund from August 2020 to December 2022, a stint that saw assets under management surge from Rs 4.32 lakh crore to Rs 7.32 lakh crore across market cycles. Add stints in Singapore and four years leading SBI’s overseas operations in Osaka, and the incoming chief arrives with a genuinely global CV.
His academic grounding is equally solid: a commerce degree from St Joseph’s College of Commerce, Bengaluru, and a master’s in commerce from Bangalore University.
The appointment follows an extensive search and evaluation process by the bank’s Nomination and Remuneration Committee. NRC chairperson Nandita Gurjar said the committee unanimously backed Tonse, citing his leadership track record, governance credentials and ability to drive the bank’s next phase of transformation.
Non-executive chairman Rama Subramaniam Gandhi was unequivocal. “I am certain that Vinay Tonse, with his vast experience as a senior banker, will propel YES Bank to its next phase of growth,” Gandhi said, adding that the bank remains focused on strengthening its retail and corporate banking franchises and expanding its branch network.
Rajeev Kannan, non-executive director and senior executive at Sumitomo Mitsui Banking Corporation, the bank’s largest shareholder, said Tonse’s experience across retail, corporate banking, global markets and asset management positioned him well to lead the lender. SMBC said it looks forward to working with Tonse and the board as YES Bank pursues its ambition of becoming a top-tier private sector lender anchored in strong governance and sustainable growth.
Tonse succeeds Prashant Kumar, who took the helm in March 2020 when YES Bank was in freefall following a severe financial crisis, and spent six years painstakingly stabilising the institution, rebuilding governance and restoring operational scale. Gandhi was generous: “The bank remains indebted to Prashant Kumar, who is responsible for much of what a strong financial powerhouse YES Bank is today.”
Tonse, for his part, struck a purposeful note. “Together with the board and my colleagues, I remain deeply committed to creating long-term value for all our stakeholders,” he said, pledging to build on Kumar’s foundation guided by his personal motto: Make A Difference.
Beyond the balance sheet, Tonse played cricket at college and club level and represented Karnataka in archery at the national championships — sports he credits with teaching him teamwork, situational leadership, discipline and focus. In quieter moments, he reaches for retro Kannada music, classic Hindi songs, and the crooning of Engelbert Humperdinck, Mukesh and Kishore Kumar.
YES Bank has its steady-handed rebuilder in Kumar to thank for survival. Now it has a scale-obsessed growth banker at the wheel. The next chapter starts April 6.
