Suzuki vs TVS Motor: Revenue, Profit and Business Model
Suzuki reported ~$42.2B of revenue in FY2026 and ~$2.9B of net income. TVS Motor reported ~$6.5B of revenue in FY2026 and ~$350.1M of net income.
Latest financial snapshot
Financial summary
Suzuki
Suzuki Motor Corporation (TYO: 7269) reported FY2025 (year ended March 31, 2026) revenue of ~$42.2 billion (¥6,293.0 billion), up 8.0% from ~$39 billion (¥5,825.2 billion), helped by stronger Indian demand after GST cuts. Operating profit fell 3.1% to ~$4.17 billion (¥622.9 billion) (9.9% margin) on yen strength and raw-material costs, while net profit attributable to owners rose to ~$2.94 billion (¥439.3 billion). In Q1 FY2026 (April-June 2026) revenue rose 22% to ~$11.4 billion (¥1,705.8 billion) and operating profit 11% to ~$1.06 billion (¥158.0 billion); Suzuki raised its full-year revenue forecast to ~$46.2 billion (¥6,900 billion) but cut its operating profit forecast to ~$3.62 billion (¥540 billion), citing Middle East instability and higher material costs.
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
Suzuki
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$42.2B | ~$2.9B | 7.0% | +8.0% | Source |
| FY2025 | ~$39B | ~$2.8B | 7.1% | +8.4% | Source |
| FY2024 | ~$36B | ~$1.8B | 5.0% | +15.8% | Source |
| FY2023 | ~$31.1B | ~$1.5B | 4.8% | +30.1% | Source |
| FY2022 | ~$23.9B | ~$1.1B | 4.5% | — | 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
Suzuki
- Passenger Automobile Manufacturing & Sales~88%
Engineering and mass-producing compact hatchbacks, sedans, and SUVs (Swift, Baleno, Brezza, Grand Vitara, Jimny, Wagon R) sold across India, Japan, Europe, and Latin America.
- Motorcycles & ATVs~8%
Producing commuter scooters (Access 125, Burgman) and high-performance sportbikes (Hayabusa, V-Strom, GSX-R series).
- Marine Outboard Engines & Power Equipment~4%
Manufacturing high-horsepower four-stroke outboard motors for commercial fishing and recreational marine vessels.
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
Suzuki
How it makes money
Suzuki Motor Corporation operates a diversified multinational automotive, motorcycle, and marine manufacturing model. Its primary revenue streams comprise: First, Passenger Automobile Manufacturing & Sales (~88% of revenue), engineering and mass-producing compact hatchbacks, sedans, and SUVs (Swift, Baleno, Brezza, Grand Vitara, Jimny, Wagon R) sold across India, Japan, Europe, and Latin America.
Growth strategy
Suzuki Motor Corporation's growth strategy centers on its 'Growth Strategy for FY2030', focused on dominating emerging markets (especially India via Maruti Suzuki), scaling global small-car manufacturing, and executing a pragmatic multi-pathway electrification approach.
Competitive advantage
Suzuki's core competitive advantage lies in its high-quality mastery of lightweight, fuel-efficient compact car engineering and its unassailable market dominance in India via Maruti Suzuki.
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 Suzuki vs TVS Motor
Which company has higher revenue — Suzuki Motor Corporation or TVS Motor Company?
Suzuki Motor Corporation reported ~$42.2B (FY2026), while TVS Motor Company reported ~$6.5B (FY2026). By last reported revenue, Suzuki Motor Corporation is the larger business, with TVS Motor Company reporting a smaller revenue base.
What is the market cap of Suzuki Motor Corporation vs TVS Motor Company?
Suzuki Motor Corporation's market capitalisation stands at $26.0B, while TVS Motor Company's is $20.8B. Suzuki Motor Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to TVS Motor Company.
Which is more financially efficient — Suzuki Motor Corporation or TVS Motor Company?
Suzuki Motor Corporation generates $602k / employee in revenue per employee, while TVS Motor Company generates $1.18M / employee. TVS Motor Company shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Suzuki Motor Corporation and TVS Motor Company make money?
Suzuki Motor Corporation and TVS Motor Company generate revenue in fundamentally different ways. Suzuki Motor Corporation: Suzuki Motor Corporation operates a diversified multinational automotive, motorcycle, and marine manufacturing model. 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 — Suzuki Motor Corporation or TVS Motor Company?
On a price-to-sales (P/S) basis, Suzuki Motor Corporation trades at 0.6x 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 Suzuki Motor Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Suzuki Motor Corporation bigger than TVS Motor Company?
By last reported revenue, Suzuki Motor Corporation (~$42.2B (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 Suzuki vs TVS Motor overview