PROTON vs TVS Motor: Revenue, Profit and Business Model
PROTON had $97.5M (unaudited) of annual revenue in FY2024. TVS Motor had ~$6.5B of annual revenue in FY2026 and ~$350.1M of net income.
Latest financial snapshot
Financial summary
PROTON
Proton is privately held, so it does not publish revenue or profit. The best public indicators are volume and share: 150,975 units in 2023, about 153,000 in 2024, 157,976 in 2025 and 141,421 in January-August 2026 (+40.2% year on year). Its results flow into DRB-HICOM's automotive segment; DRB-HICOM as a whole reported FY2025 revenue of about RM17.3 billion, which also includes banking, services, property and other car brands. Management targeted around 200,000 sales for 2026.
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
PROTON
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2024 (unaudited) | $97.5M | — | — | — | Source |
| FY2023 (unaudited) | $82M | — | — | — | Source |
| FY2022 (unaudited) | $70M | — | — | — | 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
PROTON
- Domestic vehicle sales (Proton Edar)
Not disclosed
Saga, S70, X50, X70 and X90 sales through 187 outlets in Malaysia.
- e.MAS electric vehicles (PRO-NET)
Not disclosed
EV and PHEV sales through 48 dedicated e.MAS dealerships.
- Exports and Geely contract assembly
Not disclosed
Exports via Proton International Corporation, plus Geely models built at Tanjong Malim for export.
- Parts and after-sales service
Not disclosed
Genuine parts, servicing and warranty work for the Proton car parc.
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
PROTON
How it makes money
Proton makes money by designing, assembling and selling passenger cars, mostly in Malaysia. Vehicles are built at Tanjong Malim, Perak, and sold through Proton Edar's network of 187 outlets (end-2025), plus a separate network of 48 e.MAS dealerships run by subsidiary PRO-NET.
Growth strategy
Proton's growth levers are electrification, exports and plant utilisation. It opened Malaysia's first dedicated EV assembly plant at Tanjong Malim in September 2025 (20,000 units a year initially, scalable to 45,000), formed Proton International Corporation in July 2025 to run exports, re-entered Singapore with the e.MAS 7 in 2025 and assembles Geely cars for export, which pushed January-August 2026 exports to 6,059…
Competitive advantage
Proton's edge comes from pairing local scale with Geely technology. It licenses proven Geely platforms, engines and software, which cut development cost and time, while keeping national-car brand loyalty, high local content (RM3.2 billion of parts bought from Malaysian suppliers in 2025) and the country's second-largest dealer network.
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 PROTON vs TVS Motor
Which company has higher revenue — PROTON Holdings Berhad or TVS Motor Company?
PROTON Holdings Berhad had $97.5M (unaudited) (FY2024), while TVS Motor Company had ~$6.5B (FY2026). By latest annual revenue, TVS Motor Company is the larger business, with PROTON Holdings Berhad showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of PROTON Holdings Berhad vs TVS Motor Company?
TVS Motor Company has a market capitalisation of $20.8B. A public market cap figure for PROTON Holdings Berhad was not available (it may be privately held).
How does revenue per employee compare for PROTON Holdings Berhad and TVS Motor Company?
TVS Motor Company generates $1.18M / employee in revenue per employee. A comparable figure for PROTON Holdings Berhad requires matching employee and revenue data from the same reporting period.
How do PROTON Holdings Berhad and TVS Motor Company make money?
PROTON Holdings Berhad and TVS Motor Company generate revenue in fundamentally different ways. PROTON Holdings Berhad: Proton makes money by designing, assembling and selling passenger cars, mostly in Malaysia. 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.
Is PROTON Holdings Berhad bigger than TVS Motor Company?
By last reported revenue, TVS Motor Company (~$6.5B (FY2026)) is the larger company compared to PROTON Holdings Berhad ($97.5M (unaudited) (FY2024)). 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 PROTON vs TVS Motor overview