What TVS Group does

TVS Group is a privately held Indian conglomerate founded in 1911 by T.V. Sundaram Iyengar in Madurai, Tamil Nadu, now comprising more than 29 operating companies across automotive, logistics, mobility services, electronics, and - newly - financial services. Its flagship automotive arm, TVS Motor Company, manufactures motorcycles (Apache RTR 160 4V, Ronin, XL), scooters (NTorq, Jupiter), and electric two-wheelers (iQube and related models), leading Indian electric two-wheeler registrations in April 2026 and posting 30% year-on-year growth in XL volumes. The group also co-manufactures the BMW F 450 GS premium motorcycle at its Hosur plant under a long-standing BMW OEM partnership.

Revenue mechanics span four distinct streams: (1) hardware sales of two-wheelers via an authorized dealer network across India, with the NTorq among India's top three export scooters; (2) OEM/white-label manufacturing for international brands like BMW; (3) freight and logistics services through Southern Roadways (305+ trucks, 465+ booking points, 580+ offices across South India) and TVS ILP logistics-park development; and (4) asset management and financial services following the announced April 2026 acquisition of PGIM India Asset Management from Prudential Financial, bringing Rs 30,000+ crore of AUM into the TVS Venu Group. The group's go-to-market combines a sales-led dealer/distributor motion (two-wheelers, financial products) with OEM-embedded manufacturing (BMW) and direct enterprise sales (logistics, mobility services via TVS SCS/ASL/Smart Mobility).

Name

TVS Group

Legal name

TVS Group (Trade name - Full legal entity name not disclosed in available sources)

Website

https://southernroadways.com

Company type

Private

Founded year

1911

Operating status

Operating

Headcount range

51–100 employees

Short description

TVS Group is an Indian conglomerate of 29+ companies, founded 1911, manufacturing motorcycles, scooters, and EVs via TVS Motor, co-producing the BMW F 450 GS, running freight/logistics through Southern Roadways and TVS ILP, and entering asset management via its PGIM India acquisition.

Ownership category

akta.pro rank

Headquarters

HQ city

Madurai

HQ country

India

HQ region

Asia

Offices7 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Two-Wheeler Sales: TVS Group generates primary revenue through the manufacture and sale of motorcycles, scooters, and electric two-wheelers under the TVS Motor Company brand. Products range from entry-level commuters to performance motorcycles like the Apache RTR series and electric vehicles like iQube.
2. Exports: TVS exports scooters internationally, with the TVS NTorq climbing to become the third-ranked export model in FY2026, contributing significantly to foreign exchange revenue through international distribution channels.
3. Asset Management Services: Following the acquisition of PGIM India Asset Management (managing over Rs 30,000 crore), TVS Venu Group will generate revenue through management fees, performance fees, and advisory services across mutual funds, alternative investment funds, and portfolio management services.
4. Logistics and Supply Chain Services: TVS ILP provides logistics park development and supply chain management services, operating across key industrial and logistics hubs in India with MoUs with state governments for infrastructure development.
5. Freight and Transport Services: Southern Roadways Limited provides road freight services with over 305 trucks, operating across 465 booking and delivery points including nine full-fledged branches and three depots. Revenue generated from parcel service booking and delivery across South India.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels2 records

Core offering

TVS Group is a diversified Indian conglomerate of over 29 companies that manufactures and sells two-wheelers (motorcycles, scooters, electric vehicles) under TVS Motor Company, produces automotive components, provides road freight and logistics services through Southern Roadways and TVS ILP, and offers financial services including asset management via its acquired PGIM India business. The group also co-manufactures premium motorcycles for international brands such as BMW at its Hosur plant.

Product overview

TVS Group is a diversified Indian conglomerate with over 29 companies operating in automotive manufacturing, logistics, financial services, and mobility solutions. The core automotive business through TVS Motor Company produces motorcycles (Apache RTR, Ronin, XL) and scooters (NTorq, Jupiter) including electric two-wheelers. TVS Group has expanded into financial services via the PGIM India acquisition, operates logistics through Southern Roadways and TVS ILP logistics parks, and provides mobility services through TVS Mobility Group (TVS SCS, TVS ASL, TVS Smart Mobility). Manufacturing partnerships include BMW F 450 GS co-manufactured at the Hosur plant. The group is expanding in Sriperumbudur industrial corridor and Siliguri for EV localization and East India logistics respectively.

Differentiator

Problem solved

Functional benefit

Brands

• TVS Motor: Two-wheelers and electric vehicles manufacturer, the flagship listed subsidiary of TVS Group known for Apache, XL, and NTorq brands
• TVS Racing
• Southern Roadways
• Sundaram Finance
• Harita Finance

Products and services

• TVS Apache RTR 160 4V 160cc performance motorcycle priced at Rs 1.25 lakh, featuring 17.55 PS power, 42 kmpl mileage, 5-inch TFT display, and smartphone connectivity, available in three variants. Targeted at performance-oriented commuter riders.
• TVS Electric Two-Wheelers (iQube) Electric two-wheelers including the iQube, leading electric two-wheeler registrations in India with 47% month-on-month growth. Part of top four OEMs holding 76% market share in e-2W segment.
• TVS NTorq Scooter model that became the third-ranked export model from India in FY2026, with strong international demand reaching 682,931 units.
• BMW F 450 GS (Manufactured by TVS) 420-cc twin-cylinder motorcycle producing 48 hp and 43 Nm torque, developed by BMW and manufactured by TVS at Hosur plant, starting at Rs 4.7 lakh for Indian market and exports.
• TVS Ronin Retro-styled cruiser motorcycle in 220-349cc segment, priced under Rs 2.5 lakh, targeting riders seeking classic styling with comfortable urban and highway riding.
• TVS XL TVS XL motorcycle line that posted 30% year-on-year growth with 348,115 units sold in May 2026, maintaining strong performance in the Indian market.
• Southern Roadways Freight Services Largest goods transporter by road in South India, offering parcel service booking and delivery with 305+ fully-owned trucks, 465 booking and delivery points, 580+ offices, computerized operations, and insured cargo.
• TVS ILP Logistics Parks Logistics park development and supply chain management services operated across key industrial and logistics hubs in India, with MoUs with state governments for infrastructure development.
• TVS Mobility Group Services Nationwide market access, supply chain, dealership, and aftermarket support services across TVS SCS, TVS ASL, and TVS Smart Mobility operations.
• PGIM India Asset Management Asset management services managing over Rs 30,000 crore across equity, fixed income, and multi-asset solutions through 25 open-ended mutual funds, alternative investment funds, and portfolio management services.

Quantifiable outcome

• 30% year-on-year growth in TVS XL sales in May 2026
• +3 more outcomes

Named customers1 record

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered major, core and minor.

• Ram Niwas GroupmajorStrategic or Co-development Partner · 6 May 2026TVS ILP signed MoU with Ram Niwas Group to develop a Logistics Park in Siliguri, West Bengal. This development marks TVS ILP's second major investment in West Bengal and strengthens its presence in East India, with Siliguri serving as a critical gateway to Northeast India and neighbouring international markets.
• BMWcoreOEM/ Whitelabel/ Licensing Partner · 1 May 2026TVS manufactures the BMW F 450 GS motorcycle at its Hosur plant for the Indian market. Developed by BMW in Germany, the 420-cc twin-cylinder motorcycle produces 48 hp and 43 Nm torque, priced starting at Rs 4.7 lakh, with customer deliveries beginning June 2026.
• PALFINGERcoreStrategic or Co-development Partner · 22 February 2026PALFINGER entered a no-equity MoU with TVS Mobility Group for nationwide market access, supply chain, dealership, and aftermarket support across TVS SCS, TVS ASL, and TVS Smart Mobility. The partnership targets up to 30% cost reductions through localisation for manufacturing truck-mounted loader cranes, hook lifts, and aerial work platforms.
• Telangana GovernmentminorStrategic or Co-development PartnerTVS ILP has earlier MoUs with Telangana government for expansion across key industrial and logistics hubs in India.
• Karnataka GovernmentminorStrategic or Co-development PartnerTVS ILP has earlier MoUs with Karnataka government for expansion across key industrial and logistics hubs in India.

Scale indicators13 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Ather Energy: Bengaluru-based EV two-wheeler startup with a software-led product; competes with TVS's electric portfolio in urban premium electric scooters.
• Honda Motorcycle & Scooter India: Joint venture of Honda; competes with TVS in scooters (Activa) and motorcycles in India with similar mass-market positioning.
• Eicher Motors (Royal Enfield): Premium Indian motorcycle maker; competes with TVS Ronin and the Apache RTR in the upper-mid and premium motorcycle segment.
• Ola Electric: Pure-play Indian EV two-wheeler manufacturer; competes directly with TVS iQube in the electric scooter segment and is ramping manufacturing at scale.
• Hero MotoCorp: India's largest two-wheeler manufacturer by volume, competing head-on with TVS across commuter motorcycles and scooters in the same mass-market segment.
• Bajaj Auto: Direct rival in Indian motorcycles (Pulsar, Platina) and three-wheelers; competes with TVS in entry-level and commuter segments and exports.

Broad incumbents

• Ashok Leyland: India's largest commercial vehicle maker; relevant comparable for the Southern Roadways and TVS Mobility B2B logistics/mobility portfolio and supply chain scale.
• Tata Motors: India's largest automotive OEM and part of the Tata Group; overlaps with TVS in Indian automotive manufacturing scale and conglomerate-style operations.
• Mahindra & Mahindra: Large Indian conglomerate with automotive, farm equipment and financial services; broadly comparable diversified structure and Indian-market footprint.

Regional players

• Piaggio Vehicles: Italian-headquartered scooter and three-wheeler maker with India operations; comparable product overlap with TVS's scooter and small commercial vehicle offerings.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/tvs-southern-roadwa-s-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries31 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TVS Group