Mazda vs TVS Motor: Revenue, Profit and Business Model
Mazda had ~$33B of annual revenue in FY2026 and ~$235.1M of net income. TVS Motor had ~$6.5B of annual revenue in FY2026 and ~$350.1M of net income.
Latest financial snapshot
Financial summary
Mazda
Mazda grew net sales from ~$20.9 billion (¥3.12 trillion) in FY March 2022 to a peak of ~$33.6 billion (¥5.02 trillion) in FY March 2025, helped by a weak yen and higher-priced Large Product Group SUVs such as the CX-90. FY March 2026 reversed that trend: sales slipped 2.0% to ~$33 billion (¥4.92 trillion), operating income fell 72% to ~$346 million (¥51.6 billion) and net income dropped to ~$235 million (¥35.1 billion), mainly because US tariffs hit vehicles exported from Japan and Mexico (Mazda builds only the CX-50 in the US). The company posted an operating loss of ~$309 million (¥46.1 billion) in the April-June 2025 quarter before returning to profit later in the year. For FY March 2027, Mazda forecasts 1,324,000 global sales, ~$36.9 billion (¥5.5 trillion) in net sales, ~$1 billion (¥150 billion) operating income and ~$603 million (¥90 billion) net income, and opened the year with record first-quarter sales of ~$8.61 billion (¥1,285.7 billion). Mazda Motor Corporation is a highly respected Japanese multinational automaker renowned for its engineering, sustaining a market valuation typically over $7 billion.
TVS Motor
In FY2026 TVS Motor posted consolidated revenue of ~$6.5 billion (₹56,028 crore) (up from ~$5.12 billion (₹44,134 crore)) and profit attributable to owners of ~$350 million (₹3,018 crore), up 35%. Standalone revenue rose 30% to ~$5.48 billion (₹47,270 crore), operating EBITDA grew 37% to ~$705 million (₹6,079 crore) (12.9% margin) and operating PBT rose 40% to ~$577 million (₹4,975 crore). Momentum continued in Q1 FY2027 (April-June 2026): consolidated revenue rose 33.5% to ~$1.89 billion (₹16,296 crore) and consolidated net profit jumped 67% to ~$118 million (₹1,019 crore), with standalone EBITDA margin at 12.8%.
Revenue and profit by year
Mazda
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$33B | ~$235.1M | 0.7% | -2.0% | Source |
| FY2025 | ~$33.6B | ~$764.3M | 2.3% | +4.0% | Source |
| FY2024 | ~$32.3B | ~$1.4B | 4.3% | +26.2% | Source |
| FY2023 | ~$25.6B | ~$956.9M | 3.7% | +22.6% | Source |
| FY2022 | ~$20.9B | ~$546.4M | 2.6% | — | Source |
TVS Motor
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$6.5B | ~$350.1M | 5.4% | +26.9% | Source |
| FY2025 | ~$5.1B | ~$259.3M | 5.1% | +13.6% | Source |
| FY2024 | ~$4.5B | ~$195.6M | 4.3% | +21.1% | Source |
| FY2023 | ~$3.7B | ~$154.1M | 4.1% | +31.7% | Source |
| FY2022 | ~$2.8B | ~$87.8M | 3.1% | — | Source |
Where the revenue comes from
Mazda
- New Vehicle Sales (Crossovers and SUVs)
Majority (not disclosed)
CX-30, CX-5, CX-50, CX-60, CX-70, CX-80 and CX-90 crossovers sold through dealers worldwide.
- Passenger Cars and Sports Cars
Not disclosed
Mazda2, Mazda3, MX-5 Miata and electric models such as the Mazda6e.
- Parts, Accessories and Service
Not disclosed
Genuine replacement parts, accessories and after-sales service.
- Other (Financing and Related Businesses)
Not disclosed
Vehicle financing through regional finance arms and other related businesses.
TVS Motor
- Domestic Motorcycle Sales38
Sales of commuter and performance motorcycles across India, powered by the flagship Apache RTR and RR performance series and commuter models such as the Raider 125 and Radeon.
- Scooter Portfolio (ICE & Electric)30
Market-leading scooter lineup headlined by the TVS Jupiter family, sporty TVS Ntorq 125, and the rapidly growing TVS iQube electric scooter ecosystem.
- International Exports20
Direct vehicle and CKD kit exports to more than 80 countries spanning Africa, Latin America, Southeast Asia, and the Middle East, alongside overseas assembly in Karawang, Indonesia.
- Mopeds, Commercial 3-Wheelers & Spare Parts12
High-margin genuine replacement parts, authorized dealer workshop services, TVS King passenger/cargo 3-wheelers, and the utilitarian TVS XL100 heavy-duty moped.
Business model and strategy
Mazda
How it makes money
Mazda makes and sells passenger cars to consumers. It has no separate luxury brand like Lexus and no commercial truck division, and its range is a small lineup of sedans and CX-series SUVs. Because it is small, it cannot afford many engine families, so it designs one efficient engine architecture, Skyactiv, and adapts it across the lineup, which keeps R&D costs down.
Growth strategy
Mazda's strategy combines a "multi-solution" powertrain roadmap (efficient combustion engines, hybrids, plug-in hybrids, the MX-30 R-EV rotary range extender and later dedicated EVs) with partnerships that spread costs: the 2017 capital alliance with Toyota, the Mazda Toyota Manufacturing USA plant in Huntsville, Alabama, Panasonic Energy battery supply, and Changan Mazda in China, which builds the EZ-6 and EZ-60.
Competitive advantage
Mazda's advantage is its reputation for design and driving dynamics and an engineering culture that keeps refining the internal combustion engine. Its Skyactiv technology reworked engine design to improve fuel efficiency and power without relying entirely on hybrid systems. That focus gives its cars a distinct character against larger rivals.
TVS Motor
How it makes money
TVS Motor Company operates a high-volume, integrated two-wheeler and three-wheeler manufacturing business model, generating revenue through the engineering, assembly, and global wholesale distribution of commuter motorcycles, premium performance bikes, scooters, and urban electric vehicles.
Growth strategy
TVS Motor Company's growth strategy centers on three strategic pillars: aggressive premiumization, multi-category electrification, and global market expansion.
Competitive advantage
TVS Motor Company's competitive advantage stems from its award-winning engineering excellence, being the only two-wheeler company to win the prestigious Deming Prize for total quality management, combined with strong brand equity in sporty performance motorcycles (Apache series) and early leadership in the electric vehicle transition with its best-selling iQube electric scooter family.
Questions about Mazda vs TVS Motor
Which company has higher revenue — Mazda Motor Corporation or TVS Motor Company?
Mazda Motor Corporation had ~$33B (FY2026), while TVS Motor Company had ~$6.5B (FY2026). By latest annual revenue, Mazda Motor Corporation is the larger business, with TVS Motor Company showing a smaller revenue base.
What is the market cap of Mazda Motor Corporation vs TVS Motor Company?
Mazda Motor Corporation's market capitalisation stands at $4.7B, while TVS Motor Company's is $20.8B. TVS Motor Company carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Mazda Motor Corporation.
How does revenue per employee compare for Mazda Motor Corporation and TVS Motor Company?
Mazda Motor Corporation has $686k / employee in revenue per employee, while TVS Motor Company has $1.18M / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Mazda Motor Corporation and TVS Motor Company make money?
Mazda Motor Corporation and TVS Motor Company generate revenue in fundamentally different ways. Mazda Motor Corporation: Mazda makes and sells passenger cars to consumers. TVS Motor Company: TVS Motor Company operates a high-volume, integrated two-wheeler and three-wheeler manufacturing business model, generating revenue through the engineering, assembly, and global wholesale distribution of commuter motorcycles, premium performance bikes, scooters, and urban electric vehicles.
Which company is valued higher relative to revenue — Mazda Motor Corporation or TVS Motor Company?
On a price-to-sales (P/S) basis, Mazda Motor Corporation trades at 0.1x P/S and TVS Motor Company at 3.2x P/S. TVS Motor Company commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Mazda Motor Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Mazda Motor Corporation bigger than TVS Motor Company?
By last reported revenue, Mazda Motor Corporation (~$33B (FY2026)) is the larger company compared to TVS Motor Company (~$6.5B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Mazda vs TVS Motor overview