TVS Motor Company

Sept 23 (Reuters) - India's Ultraviolette brought on Intel INTC.O CEO Lip-Bu Tan as an adviser, the electric motorcycle manufacturer said on Wednesday, as it plans to expand internationally.

Tan also participated in an $85 million funding round, along with deep-tech venture capital firms, with the Indian firm aiming to increase production and expand its product line.

Here are some more details:

• TVS Motor-backed TVSM.NS Ultraviolette, which has a presence in Europe and India, is targeting a US entry in 2027, along with expansion across key markets in Latin America and Southeast Asia.

• Yali Capital, where Tan serves as an adviser, and TDK Ventures participated in the funding round, along with other investors.

• Ultraviolette will use the newly raised funds to scale production for its current products, launch upcoming models Tesseract and Shockwave, and develop its next generation of EV platforms.

• Reuters earlier reported that the EV startup is looking to invest 7.79 billion rupees ($81.37 million) in a new plant to expand its manufacturing capacity and support its entry into the mass-market segment.

• Ultraviolette registrations have nearly tripled year-to-date compared to the previous year, according to data from the national vehicle registry, as Indians increasingly adopt electric vehicles due to their lower operating costs, fuel-price volatility and regulatory support.

($1 = 95.7400 Indian rupees)

(Reporting by Saikeerthi in Bengaluru; Editing by Harikrishnan Nair)

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Sept 15 (Reuters) -

• SIAM - INDIA'S AUG 3-WHEELER SALES 93,764 UNITS

• SIAM - INDIA FESTIVE DEMAND SEASON EXPECTED TO PROVIDE ADDITIONAL BOOST, RESULTING IN HEALTHY Q2 NUMBERS

• INDIA AUTO INDUSTRY BODY SIAM - INDIA'S AUG TOTAL DOMESTIC PASSENGER VEHICLE SALES 4,39,309 UNITS

• INDIA'S AUG 2-WHEELER SALES 2.03 MLN UNITS

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By Akash Sriram

BENGALURU, Sept 10 (Reuters) - Indian electric motorcycle maker Ultraviolette Automotive plans to invest 7.79 billion rupees ($81.93 million) in a new plant in the southern part of the country to expand manufacturing capacity and support its entry into the mass-market segment.

Concerns over the compatibility of older petrol vehicles with E20 fuel are helping drive demand for electric two-wheelers in India, where their sales, according to government data, topped 1.03 million units in the first eight months of 2026.

The facility in Hosur, Tamil Nadu will begin with an annual capacity of 250,000 vehicles and can be expanded to 500,000 units as demand rises, founders of the company, backed by Qualcomm QCOM.O and TVS Motor TVSM.NS, told Reuters.

The plant will complement the startup's existing facility near Bengaluru, which can produce up to 50,000 units annually.

Consulting firm McKinsey estimates electric two-wheeler adoption to reach 40% to 45% by fiscal year 2030. Their share of overall two-wheeler sales crossed 10% for the first time in August 2026.

"The demand we have for our products, including what is coming up next with the Tesseract and the Shockwave, is far more than the current facility can cater to," Ultraviolette co-founder and CEO Narayan Subramaniam told Reuters.

Known for premium electric motorcycles such as the F77 and X47, Ultraviolette plans to launch its Shockwave motorcycle for under 200,000 rupees and the Tesseract scooter for below 150,000 rupees.

The company expects underlying domestic demand for its scooters of at least 10,000 units a month, Subramaniam said, a level that could put it in contention with larger electric two-wheeler makers, including Ola Electric OLAE.NS and Ather Energy ATHR.NS.

The investment, to be made over the next five years, will be funded through internal reserves, equity and future cash flows, with limited use of debt, CTO Niraj Rajmohan said.

Hosur was selected partly for its proximity to Ultraviolette's Bengaluru research and development centre and its access to an automotive supply chain, Rajmohan said.

Ultraviolette sold more than 3,000 electric motorcycles globally in the first half of the year, compared with about 1,756 units for Zero Motorcycles and about 300 for Harley-Davidson's LiveWire LVWR.N, it said.

Exports to Europe and Latin America, according to Subramaniam, account for about 15% of sales and could rise to 25% within five years.

($1 = 95.0800 Indian rupees)

(Reporting by Akash Sriram in Bengaluru; Editing by Shilpi Majumdar)

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Corrects paragraph 3 in September 7 story to identify Sai Giridhar as FADA President, not Vice President

By Abhinav Parmar

Sept 7 (Reuters) - Sales of alternative-fuel passenger vehicles outpaced petrol-powered cars in India in August for the first time, an auto dealers' body said on Monday, as the Middle East war raised oil prices and a public backlash against higher-ethanol-content fuel simmered.

Alternative-fuel models, including compressed natural gas, hybrid and electric models, accounted for nearly 42% of passenger-vehicle sales, while petrol vehicles stood at about 41%, according to the Federation of Automobile Dealers Associations (FADA), which represents dealers of major car and two-wheeler makers.

"This shift was bound to happen," FADA President Sai Giridhar told Reuters.

While E20-related concerns may have initially accelerated buyers' move away from petrol, the trend was being sustained by a wider choice of alternative-fuel models, improved EV range and a gradual expansion of charging infrastructure, he said.

The world's third-largest car market's transition to E20 petrol, which contains 20% ethanol, from E10 is aimed at reducing reliance on imported crude but has drawn criticism from owners of older vehicles, who are concerned that the blend could reduce fuel economy.

The government earlier dismissed the backlash, calling it "wild claims" and asking people to not "fall for the rage bait".

RECORD AUGUST SALES

India's automobile retail sales rose 17.5% year-on-year in August to 2.4 million, a record for the month.

This was despite leading auto companies rolling out price hikes this year to cope with elevated input costs.

Giridhar, however, warned that further price hikes risked eroding gains from last year's tax reforms introduced to fuel consumption.

The country's largest carmaker, Maruti Suzuki India MRTI.NS on Monday said it will raise prices of select models by up to 20,000 rupees ($211.80) from September, its third hike since May.

India is heading into its annual festive season, a period that typically spurs big-ticket purchases.

Giridhar said despite inflationary pressures and price increases, dealers remain optimistic about sales.

Passenger-vehicle inventory increased by five days from end-July levels to about 38–40 days, FADA said.

(Reporting by Abhinav Parmar in Bengaluru; Editing by Sherry Jacob-Phillips and Harikrishnan Nair)

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TVS Motor approved the appointment of Peyman Kargar as director and chief executive officer for five years from 27 January 2027. K N Radhakrishnan was to remain director and CEO until then, before serving as a non-executive director until the annual meeting in July 2027. Kargar had been serving as the company's President, International Business, which accounted for 29% of sales volume and had been growing at 33%. TVS Motor reported FY26 revenue of ₹47,270 crore, with automotive vehicles and parts contributing about 88% of revenue.

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Adds analyst comment in paragraphs 5-6 and 7-8

By Kashish Tandon and Bharath Rajeswaran

Aug 28 (Reuters) - India's TVS Motor Company TVSM.NS on Friday named international business head Peyman Kargar as its next chief executive officer, replacing K N Radhakrishnan, who has held the role since 2008.

Kargar's appointment will take effect on January 27, 2027, and Radhakrishnan will remain at the helm of TVS until then, the company said.

The move comes as India's third-largest two-wheeler maker consolidates its position through international expansion and investments in an intensely competitive market, helped by gains in the premium motorcycle segment and a growing EV portfolio.

Shares of the company fell 4.4% to 4,218 rupees as of 12:19 p.m. IST. However, two analysts said the fall was due to profit-booking in the stock.

TVS shares have gained more than 13% so far this year, outperforming the auto index's .NIFTYAUTO 1.9% climb.

"The fall in shares cannot be directly attributed to the news as there has been some profit-booking in the market as well," said Kranthi Bathini, director of equity strategy at WealthMills Securities.

"Naming an insider for the top role is a positive as company insiders are always the better choice for these roles since they are aware of the culture and business model," Bathini said.

Kargar joined TVS Motor in March 2025 to head its international business from Dubai, where he helped drive overseas growth strategy.

He has over three decades of experience across Europe, Asia and the Middle East, and has held senior leadership positions at Nissan's luxury brand Infiniti and at Datsun.

"Yes it is a positive development. But stock is not reflecting it as it has played out successfully already. While other 2-wheeler majors trade in the range of 20 to 38 in terms of trailing PE, TVS Motors trades around 58. So it seems like profit-booking," said G Chokkalingam, founder and head of research at Equinomics Research.

Under Kargar's leadership, the international business has become an increasingly important contributor to global expansion, accounting for 29% of sales volume, TVS said.

"As President, International Business, he has already made a meaningful contribution to our business, and I am confident he is the right person to lead TVS Motor Company and further strengthen our position among the world's leading mobility companies," Chairman Sudarshan Venu said in a statement.

(Reporting by Kashish Tandon and Bharath Rajeswaran in Bengaluru; Editing by Mrigank Dhaniwala, Sonia Cheema and Devika Syamnath)

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Aug 25 (Reuters) - TVS Motor Company Limited TVSM.NS:

• TVS MOTOR COMPANY APPOINTS MARCEL DRIESSEN AS DIVISION HEAD – EUROPE TO DRIVE NEXT PHASE OF GROWTH

Source text: ID:nBw9glfsda

Further company coverage: TVSM.NS

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Aug 13 (Reuters) -

• INDIA AUTO INDUSTRY BODY SIAM - INDIA'S JULY TOTAL DOMESTIC PASSENGER VEHICLE SALES 4,57,810 UNITS

• SIAM - INDIA'S JULY 3-WHEELER SALES 92,560 UNITS

• SIAM - INDIA'S JULY 2-WHEELER SALES 19,23,483 UNITS

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MUMBAI, Aug 6 (Reuters) - India's TVS Motor Company TVSM.NS plans to raise up to 10 billion rupees ($105.08 million) through a sale of bonds maturing in three years and three months, three bankers said on Thursday.

It will pay a coupon of 7.28% and has invited commitment bids for the issue on Friday, they said.

The company did not immediately respond to a Reuters email seeking comment.

Here is the list of deals reported so far on August 6:

*Size includes base plus greenshoe for some issues

($1 = 95.1650 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Janane Venkatraman)

(([email protected], Khushi.malhotra))

By Aditi Shah, Arpan Chaturvedi and Sarita Chaganti Singh

NEW DELHI, Aug 5 (Reuters) - India's auto industry said it would revamp numbers furnished to the government as it withdrew its first warning of damage to vehicle parts caused by contaminated ethanol-blended fuel, stoking consumer anger over the contentious policy.

Tuesday's move came hours after media reported the group's warning, sparking public uproar and forcing the petroleum ministry to issue a clarification.

"The referred numbers reported in the media need authentication," the Society of Indian Automobile Manufacturers said in a statement, "... and therefore SIAM is withdrawing its earlier communication."

SIAM, which sent its warning on July 28, and the recipient, India's petroleum ministry, did not immediately respond to requests for comment.

With their letter, seen by Reuters, India's automakers accept for the first time issues stemming from a mandatory policy that sparked street protests, legal cases and consumer anger after the government rolled it out at 90,000 fuel pumps.

The lobby group did not deny the issue of contamination in its statement, but said some numbers quoted "need authentication through collection of elaborate data ... across the country followed by a comprehensive consultation".

The group, whose members include Maruti Suzuki, Tata Motors, Toyota Motor Corp and Mercedes Benz, did not say when the efforts would be completed, however.

QUESTIONS FROM VEHICLE OWNERS

Vehicle owners are at best sceptical about the U-turn.

"​Did the science change overnight, or did the ministry call?" Nachiket Deshpande, one of dozens of angry social media users, asked on X.

The policy of blending 20% ethanol in petrol to yield a product called E20 replaced E10 nationwide in 2025.

That was well ahead of a 2030 deadline as Prime Minister Narendra Modi's government sought to cut costly petroleum imports, although E20-compliant cars had only begun hitting the roads in 2023.

The rollout provoked uproar instead among consumers who blame the fuel for mileage drops and vehicle damage, with many demanding a choice of lower ethanol blends, particularly for vehicles that cannot use E20.

The government sought to soothe the concerns with press statements and social media campaigns, drafting in executives from leading carmakers such as Maruti and Hyundai to defend the roll-out at a July press conference.

WARNINGS OF CORROSION OR WEAR

In its missive to the ministry, the group warned of elevated chloride and moisture levels in E20 fuel sold at retail outlets nationwide.

"Members are observing a huge increase in the issues in customer vehicle parts and replacement. Investigations ... reveal the failure is due to corrosion or wear caused by high chloride presence which is traced to the fuel used," it said.

Car parts in direct contact with the fuel or engine emissions suffered the most, "specifically after E20 implementation", it added.

It also flagged high moisture levels in the fuel that it said could immobilise the vehicle immediately after fuelling, calling on the ministry for tougher quality checks against contamination.

Fuel quality is monitored on a regular basis by oil marketing companies and only two cases of chloride contamination were found in a sample of 2,000 tests, the ministry had said on social media on Tuesday.

Speaking to Reuters on condition of anonymity on Wednesday, a senior government official called the fuel concerns a "misinformation campaign" against E20, playing out mainly on social media with no real evidence in cars on the road.

(Reporting by Aditi Shah, Arpan Chaturvedi and Sarita Chaganti Singh; Additional reporting by Aditya Kalra; Editing by Clarence Fernandez)

(([email protected]; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))

Aug 3 (Reuters) - Indian electric scooter maker Ather Energy ATHR.NS posted a narrower quarterly loss on Monday, as strong sales helped offset the impact of higher expenses.

It reported a net loss of 508.7 million rupees ($5.34 million) for the quarter ended June 30, compared with a loss of 1.78 billion rupees a year earlier.

($1 = 95.3375 Indian rupees)

(Reporting by Urvi Dugar in Bengaluru; Editing by Rashmi Aich)

(([email protected]; +91 9558725583;))

July 27 (Reuters) - TVS Motor Company Ltd TVSM.NS:

• TVS MOTOR - ACQUIRED 4.39% OF TVS CREDIT SERVICES FOR 7.11 BILLION RUPEES

Source text: [ID:]

Further company coverage: TVSM.NS

(([email protected];;))

Adds details paragraph 3 onwards

July 21 (Reuters) - TVS Motor TVSM.NS, India's third-largest two-wheeler maker, reported a 51.4% jump in quarterly profit on Tuesday as robust demand for higher-margin motorcycles helped cushion the impact of a surge in raw material costs triggered by the Iran war.

The Jupiter scooter maker's profit rose to 11.74 billion rupees ($122 million) for the quarter ended June 30, from 7.76 billion rupees a year ago.

Shares of the two-wheeler maker climbed 5.6% after the results.

India's tax cut on two-wheelers last year has been helping demand, while a growing contribution from sales of premium motorcycles and electric scooters was seen helping TVS Motor protect its bottom line from elevated commodity costs.

As the company scales up EV production, the richer product mix should partly offset pressure from rising input costs, analysts have said.

TVS Motor's two-wheeler sales rose 27% year-on-year to about 1.6 million units in the June quarter, driven by strong domestic sales and an increase in exports.

Exports surged 33% during the quarter, while EV two-wheeler sales jumped 86%.

Revenue from operations jumped about 38% to 138.96 billion rupees while total expenses rose 37.4%.

Larger rival Bajaj Auto BAJA.NS, which also posted its June quarter results on Tuesday, saw a 42.3% jump in its quarterly profit on strong domestic and overseas demand.

($1 = 96.2075 Indian rupees)

(Reporting by Kashish Tandon in Bengaluru; Editing by Mrigank Dhaniwala and Harikrishnan Nair)

(([email protected]; 8800437922;))

MUMBAI, July 16 (Reuters) - India's TVS Motor Company TVSM.NS has accepted bids worth 5 billion rupees ($51.99 million) for bonds maturing in three years, three bankers said on Thursday.

It will pay a coupon of 7.30% and has invited commitment bids for the issue earlier in the day, they said.

The company did not immediately respond to a Reuters email seeking comment.

Here is the list of deals reported so far on July 16:

*Size includes base plus greenshoe for some issues

(Reporting by Dharamraj Dhutia; Editing by Nivedita Bhattacharjee)

(([email protected]))

July 15 (Reuters) -

• INDIA AUTO INDUSTRY BODY SIAM - INDIA'S JUNE TOTAL DOMESTIC PASSENGER VEHICLE SALES 3,88,144 UNITS

• SIAM - INDIA'S JUNE 2-WHEELER SALES 18,51,400 UNITS

• SIAM - INDIA'S JUNE 3-WHEELER SALES 77,951 UNITS

• SIAM - OVERALL CONSUMER SENTIMENT AND DEMAND REMAIN STEADY AT PRESENT

• SIAM: INDUSTRY CONTINUES TO CLOSELY MONITOR GEOPOLITICAL DEVELOPMENTS AND PROGRESS OF MONSOON

Further company coverage: ASOK.NS

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July 6 (Reuters) - India's retail car sales rose 28.6% in June, with compressed natural gas and other alternative-fuel-powered vehicles accounting for a record 40.35% of total sales, after fuel prices jumped following the war in Iran, the Federation of Automobile Dealers Associations (FADA) said on Monday.

(Reporting by Kashish Tandon in Bengaluru; Editing by Rashmi Aich)

(([email protected]; 8800437922;))

July 2 (Reuters) - TVS Motor Company Ltd TVSM.NS:

• TVS MOTOR - 2-WHEELERS SALES GROWS 47% IN JUNE YOY

Source text: [ID:]

Further company coverage: TVSM.NS

(([email protected];))

By Aditi Shah

NEW DELHI, June 29 (Reuters) - India's capital New Delhi will offer a cash incentive of over$1,000 to car owners willing to scrap their old vehicle for an EV, according to a new policy finalised by the government on Monday in a move aimed at reducing high levels of air pollution.

New Delhi is one of the world's most polluted cities with air quality worsening in the winters when dense, stagnant air traps emissions from crops burning in neighbouring states, vehicle exhaust and construction dust.

Here are some details:

• The local government in New Delhi finalises new electric vehicle policy with an outlay of 150 billion rupees ($1.59 billion) over four years to incentivise buyers of electric two-wheelers, cars and small trucks, as well as setting up EV chargers.

• To offer $1,060 as scrapping incentive to those who trade in cars bought before April 1, 2020 for an EV.

• Those buying a battery EV priced at up to 3 million rupees will be exempt from paying road tax and registration fees, which typically amount to 4%-10% of the car's price.

• Buyers of electric scooters and motorbikes will get a cash incentive of 30,000 rupees in the policy's first year, reducing to 10,000 rupees by year three.

• Delhi government will only register electric two-wheelers from April 1, 2028, forcing buyers to move away from gasoline and other powertrains.

• Will also incentivise setting up 32,000 EV charging points across Delhi.

• Hybrid vehicles have not been included in the policy which is expected to come into effect from July 1.

• Policy will provide a big boost to EV players like Tata Motors TAMO.NS and Mahindra & Mahindra MAHM.NS as well as electric two-wheeler makers TVS Motor TVSM.NS, Bajaj Auto BAJA.NS and Ather Energy.

(Reporting by Aditi Shah; Editing by Susan Fenton)

(([email protected]; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))

June 15 (Reuters) -

• INDIA AUTO INDUSTRY BODY SIAM - INDIA'S MAY TOTAL DOMESTIC PASSENGER VEHICLE SALES 4,38,854 UNITS

• SIAM - INDIA'S MAY 3-WHEELER SALES 70,720 UNITS

• SIAM - INDIA'S MAY 2-WHEELER SALES 19,02,209 UNITS

• SIAM - LOWER BASE EFFECT OF PREVIOUS MAY, DEMAND CREATED DUE TO REDUCED GST RATES GETTING REFLECTED IN HIGHER OFF-TAKE THIS MONTH

Further company coverage: ASOK.NS

(([email protected];;))

June 8 (Reuters) - Ashok Leyland Ltd ASOK.NS:

• INDIA AUTODEALERS BODY FADA: MAY OVERALL AUTO RETAIL SALES ROSE 9.55% Y/Y

• INDIA’S FADA:MAY PASSENGER VEHICLE RETAIL SALES ROSE 23.25% Y/Y

• INDIA’S FADA:MAY COMMERICAL VEHICLE RETAIL SALES ROSE 5.29% Y/Y

• INDIA’S FADA: MAY TWO-WHEELERS RETAIL SALES ROSE 7.54% Y/Y

Source text: [ID:]

Further company coverage: ASOK.NS

(([email protected];;))

June 5 (Reuters) - TVS Motor Company Ltd TVSM.NS:

• TVS MOTOR - TVS HLX SERIES CROSSES FIVE MILLION SALES GLOBALLY

Source text: ID:nBSE9SKkY7

Further company coverage: TVSM.NS

(([email protected];))

June 1 (Reuters) - TVS Motor Company Ltd TVSM.NS:

• TVS MOTOR - REGISTERS HIGHEST EVER SALES AT 567,000 UNITS IN MAY 2026

• TVS MOTOR - REPORTS 31% SALES GROWTH IN MAY 2026

Source text: ID:nNSE3gFM5T

Further company coverage: TVSM.NS

(([email protected];))

Adds details from paragraph 3 onwards

May 22 (Reuters) - Indian automaker Eicher Motors EICH.NS beat quarterly profit estimates on Friday, as last year's tax cuts boosted demand for its high-margin 350-cc motorcycles.

The Royal Enfield Himalayan 450 adventure bike manufacturer posted a near 12% rise in consolidated net profit to 15.2 billion rupees ($158.85 million) for the March quarter from a year ago.

Analysts had estimated a quarterly profit of 14.87 billion rupees, according to data compiled by LSEG.

India's top premium motorcycle maker was the biggest beneficiary of the September tax cuts that lowered duties from 28% to 18% on the 350-cc category, which occupies a large chunk of the company's portfolio.

Its total revenue jumped 16% to 60.80 billion rupees, beating analysts' average estimate of 59.98 billion rupees.

After posting higher quarterly profits, peers Bajaj Auto BAJA.NS, TVS Motor TVSM.NS and Hero MotoCorp HROM.NS are relying on a premium product mix, export expansion and cost controls to cushion higher shipping expenses and commodity prices stemming from the closure of the Strait of Hormuz.

(Reporting by Kashish Tandon and Urvi Dugar in Bengaluru; Editing by Harikrishnan Nair and Shreya Biswas)

(([email protected]; 8800437922;))

May 18 (Reuters) - TVS Motor Company Ltd TVSM.NS:

• TVS MOTOR - TO BUY 4.90% OF JANA SMALL FINANCE BANK

• TVS MOTOR - DEAL FOR 1.93 BILLION RUPEES

Source text: ID:nNSE8fNJXn

Further company coverage: TVSM.NS

(([email protected];))

Adds details and background throughout

May 15 (Reuters) - India's Ola Electric OLAE.NS will invest $208.5 million in its core vehicle and cell units as the EV bike and scooter maker aims to step up cost cuts and localize manufacturing to achieve profitability amid rising competition.

The SoftBank-backed firm has been grappling with higher operating costs and is seeking to bring them down through automation, job cuts and increasing in-house production of EV cells. The firm also plans to launch a new cost-efficient line of EV two-wheeler models.

The investment is expected to be completed by May 14, 2027, Ola Electric said in a statement.

Last year, the company started manufacturing its own battery cells instead of importing them, a move that it previously said is key to achieving profitability.

In February, it projected lower operating costs by as much as 50% in the coming quarters, after posting a narrower third-quarter loss as it sets its sights on turning profitable. Ola is yet to report its March-quarter results.

Its EV unit posted a revenue of 47.17 billion rupees for the year ended March 31, 2026, while its cell unit posted a revenue of 730 million rupees.

The company, which once commanded half of India's e-scooter market, has lost ground to legacy players such as Bajaj Auto BAJA.NS and TVS Motor TVSM.NS, which widened distribution and rolled out competing models, as well as to rival Ather Energy ATHR.NS.

($1 = 95.9387 Indian rupees)

(Reporting by Urvi Dugar in Bengaluru; Editing by Sonia Cheema)

(([email protected]; +91 9558725583;))

** Shares of TVS Motor TVSM.NS fall to 3,438.6 rupees, their lowest level in more than one week

** TVS sees slower sales growth as Middle East tensions weigh

EARNINGS PLEASE STREET, BUT CAPEX SURGE AND COMMODITY COSTS TEMPER CHEER

** BofA ("Neutral" PT: 3,920) flags that the margin expansion story is running into turbulence; cuts its FY27 profit estimates by 5% to reflect margin pressures

** Says could see a meaningful pause as investors face a year of heavy spending before the payoff arrives.

** CLSA ("Outperform" PT: 3,900) trims TVS's volume growth ambitions; warns that commodity cost inflation could hit EBITDA margins in the first half of FY27 and that

** Says pace of market share gains could slow as competition intensifies and the base catch-up effect fades

** Citi ("Sell" PT: 3,000) trims earnings estimates marginally due to elevated capital costs; sees company caught between strong volumes and a deteriorating cost and capital structure.

** Warns further escalation in capital costs could squeeze earnings even if volumes hold up, a scenario where better revenue growth fails to translate into better profits. The risk-reward unfavourable at current levels.

(Reporting by Pranav Kashyap in Bengaluru)

(([email protected]; +919886482111;))

May 13 (Reuters) - TVS Motor TVSM.NS, India's third-largest two-wheeler maker, reported a 31% rise in its fourth-quarter profit on Wednesday, as soaring raw material costs offset strong local demand for its scooters and motorbikes.

The Jupiter scooter maker reported a profit of 9.98 billion rupees ($104.28 million) for the March quarter, missing analysts' estimate of 10.09 billion rupees, according to data compiled by LSEG.

($1 = 95.7050 Indian rupees)

(Reporting by Urvi Dugar in Bengaluru; Editing by Subhranshu Sahu)

(([email protected]; +91 9558725583;))

Rewrites throughout with industry executive's comments, background

By Kashish Tandon

BENGALURU, May 5 (Reuters) - India's auto dealerships are bracing for potential ripple effects from the ongoing Middle East conflict on fuel prices and supply chains, a senior industry official said on Tuesday, after retail vehicle sales hit a record for April.

Disruptions linked to the conflict have been limited so far in the world's third-largest car market, but could start affecting auto part supplies over the coming months if the instability persists, Sai Giridhar, vice president of the Federation of Automobile Dealers Associations, said in an interview.

"There have been some instances of supply getting disrupted, particularly in parts shipments coming from Europe, mainly in the after-market and service side," Giridhar said.

While the impact is not broad‑based, the repercussions could last for a few months even if the conflict were to end, he said.

The comments reflect wider concerns about a prolonged Iran war and the consequent energy shock hitting growth and raising inflation in the world's most populous country. Industry leader Maruti Suzuki MRTI.NS has warned it could raise prices as the war pushes up commodity costs.

India's auto sector has been in a good spot over the last few months, as last September's tax cuts have made cars more affordable, with easier financing conditions and strong demand from towns and rural areas.

However, margins are likely to come under pressure, analysts have said, as rising steel, aluminium and freight costs tied to the war hit the bottomline.

For now, a potential sharp rise in fuel prices remains a key risk for consumer sentiment, Giridhar said.

Indian state refiners have raised prices of liquefied petroleum gas for industrial customers and jet fuel sold to foreign carriers, but prices of gasoline, diesel and cooking gas have not been raised for domestic customers.

Overall retail vehicle sales in April rose 12.9% year-over-year to a record high of 2.6 million units for that month, data released by the auto body showed.

Car sales in rural India jumped 20.4%, nearly three times the urban growth of 7.1%, driven in part by a revival in small-car sales.

(Reporting by Kashish Tandon in Bengaluru; Editing by Mrigank Dhaniwala and Dhanya Skariachan)

(([email protected]; 8800437922;))

Adds details throughout

May 4 (Reuters) - India's Ather Energy ATHR.NS posted a significantly narrower quarterly loss on Monday, supported by strong demand for its e-scooters, particularly its best-selling "Rizta" model.

The Bengaluru-based EV maker reported a loss of 1 billion rupees ($10.54 million) for the quarter ended March 31, down from a loss of 2.34 billion rupees last year.

Here are a few key details:

• The company's sales momentum remained strong, with fourth-quarter volumes surging 76% to a record 83,418 units. This pushed revenue up 73.8% to 11.75 billion rupees.

• Ather has been expanding its presence in northern and central India, banking on the Rizta, a family-focused scooter, to capture a larger share of the market.

• Although an early entrant in India's electric two-wheeler market, launching its 450 series of scooters in 2018, Ather faced intense competition from larger rivals such as TVS Motor TVSM.NS and Bajaj Auto BAJA.NS, which benefit from stronger financial resources and wider distribution networks.

• The company also highlighted challenges, noting that the past fiscal year was affected by multiple supply chain crises. It also expects commodity prices to remain volatile and elevated in the near term due to ongoing geopolitical uncertainties.

• Hero MotoCorp HROM.NS, India's largest two-wheeler maker, continues to hold a 30.14% stake in Ather Energy.

($1 = 94.8737 Indian rupees)

(Reporting by Mridula Kumar in Bengaluru; Editing by Sherry Jacob-Phillips)

(([email protected]))