Guidance ledger · Q4 FY26

TVS Motor Company TVSMOTOR

4 revisions on record · 1 lowered · 2 raised — the strikethrough is what management used to say

mixed guidance posture · shifted across quarters

Holding view → · latest concall · The pulse

→ narrowed FY27 industry 2W growth Q3 FY26 → Q4 FY26

~~8% to 9% CAGR long-term basis (Q3FY26)~~ → good single-digit growth on the industry this year (Q4FY26)

“we are expecting a good single-digit growth on the industry this year”

↑ raised FY26 capex / FY27 capex Q1 FY26 → Q4 FY26

~~INR 1,600 crores to INR 1,700 crores (Q1FY26)~~ → around INR3,500 crores FY27 (Q4FY26)

“the capex for next year for TVS Motor will be likely to be around INR3,500 crores”

↑ raised Capacity ceiling (manufacturing) Q1 FY26 → Q4 FY26

~~12 weeks max for any capacity expansion (Q1FY26)~~ → increase to 8.3 million units (+1.5M) in next 12 months (Q4FY26)

“we are looking at increasing the capacity by another 1.5 million, to go to somewhere around 8.3 million because the demand is good”

↓ lowered FY27 investments in subsidiaries Q3 FY26 → Q4 FY26

~~INR 2,400 crores FY26 actual~~ → INR500-600 crores lower (~70% of current year)

“It will be maybe another INR500 crores, INR600 crores lower than this INR 2,400”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.