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
Dunkin’ Donuts to exit India as Jubilant FoodWorks ends 15-year franchise deal
The quick service restaurant giant is ending a 15-year franchise partnership with the American doughnut chain, even as it renews its Domino’s agreement for another 15 years
NOIDA: Dunkin’ is done in India. Jubilant FoodWorks Ltd, the country’s leading quick service restaurant operator, has decided not to renew its franchise agreement with the American coffee and doughnut chain, and will wind down its Indian stores in a phased manner before December 31, 2026, bringing a 15-year partnership to a quiet, loss-laden close.
The decision, approved by JFL’s board on March 30, 2026, ends a relationship that began with a Multiple Unit Development Franchise Agreement signed on February 24, 2011. JFL will now evaluate and undertake what it described in a regulatory filing as the “rationalisation and/or cessation of certain operations and/or sale, transfer or disposal of assets and/or assignment or transfer of franchise rights,” all in consultation with Dunkin’s brand owners and strictly within the terms of the original agreement.
The numbers tell the story bluntly. In the financial year 2024-25, Dunkin’ India posted a revenue of Rs 37 crore against a loss of Rs 19 crore — a haemorrhage that was always going to test the patience of a parent company recording revenues of Rs 6,104 crore and a profit of Rs 194 crore in the same period. Doughnuts, it turns out, were never going to move the needle.
The contrast with JFL’s handling of its other marquee franchise could hardly be sharper. Even as it walks away from Dunkin’, the company has just doubled down on Domino’s, signing a fresh Master Franchise Agreement on March 31, 2026, granting it exclusive rights to develop and operate Domino’s Pizza stores in India for 15 years, with an option to renew for a further 10.
JFL, incorporated in 1995 and promoted by the Bharatia family, operates a network of more than 3,500 stores across six markets — India, Turkey, Bangladesh, Sri Lanka, Azerbaijan and Georgia. Its portfolio includes Domino’s and Popeyes on the global side, and two home-grown brands: Hong’s Kitchen and COFFY, a café brand in Turkey.
For Dunkin’, India was always a stretch. The brand never quite cracked the cultural code in a market where filter coffee and chai command fierce loyalty and where the doughnut remains, at best, an occasional indulgence rather than a daily habit. Fifteen years, mounting losses and a parent with better things to spend its capital on was always going to be a difficult equation to solve.
The doughnut has had its last day. The pizza, however, is staying.
