TVS Motor vs XPeng: Revenue, Profit and Business Model
TVS Motor had ~$6.5B of annual revenue in FY2026 and ~$350.1M of net income. XPeng had ~$10.7B (unaudited) of annual revenue in FY2025 and a net loss of ~$158.4M.
Latest financial snapshot
Financial summary
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%.
XPeng
FY2025 revenue was ~$10.7 billion (RMB76.72 billion) (+87.7%), with a net loss of ~$158 million (RMB1.14 billion) and a first quarterly profit in Q4. In Q2 2026, revenue was ~$2.74 billion (RMB19.74 billion), gross margin 20.7% and net loss ~$186 million (RMB1.34 billion). Cash was ~$5.63 billion (RMB40.48 billion) at June 30, 2026.
Revenue and profit by year
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 |
XPeng
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 (unaudited) | ~$10.7B | ~-$158.4M | -1.5% | — | Source |
| FY2024 | ~$5.7B | ~-$804.8M | -14.2% | +33.2% | Source |
| FY2023 | ~$4.3B | ~-$1.4B | -33.8% | +14.2% | Source |
| FY2022 | ~$3.7B | ~-$1.3B | -34.0% | +28.0% | Source |
| FY2021 | ~$2.9B | ~-$676M | -23.2% | +259.1% | Source |
| FY2020 | ~$812.4M | ~-$379.7M | -46.7% | +151.8% | Source |
| FY2019 | ~$322.6M | ~-$513.1M | -159.0% | +23815.3% | Source |
| FY2018 | ~$1.3M | — | — | — | Source |
Where the revenue comes from
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.
XPeng
- Vehicle Sales86
Sales of XPENG and MONA electric vehicles; ~$2.37 billion (RMB17.05 billion) in Q2 2026.
- Services and Others14
Technical R&D services for a car manufacturer, parts and accessories, and other services; ~$375 million (RMB2.70 billion) in Q2 2026.
Business model and strategy
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.
XPeng
How it makes money
XPeng earns most of its revenue by designing, building and selling smart electric vehicles under the XPENG and MONA brands. In Q2 2026, vehicle sales brought in ~$2.37 billion (RMB17.05 billion) of ~$2.74 billion (RMB19.74 billion) in total revenue. The rest comes from services and other revenue (~$375 million (RMB2.70 billion) in Q2 2026).
Growth strategy
XPeng's growth plan has three parts: a wider vehicle lineup (new models such as the GX and MONA L03), more overseas sales (MONA L03 had its global launch in Munich in July 2026), and turning its in-house AI work into new businesses. That AI work covers Turing chips, driving models, robotaxis and the IRON humanoid robot, now housed in the separately financed Dogotix subsidiary.
Competitive advantage
XPeng develops its driver-assistance software and AI chips in-house and earns high-margin technical service revenue from Volkswagen. Its services and other segment posted a 75.1% margin in Q2 2026.
Questions about TVS Motor vs XPeng
Which company has higher revenue — TVS Motor Company or XPeng?
TVS Motor Company had ~$6.5B (FY2026), while XPeng had ~$10.7B (unaudited) (FY2025). By latest annual revenue, XPeng is the larger business, with TVS Motor Company 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 TVS Motor Company vs XPeng?
TVS Motor Company's market capitalisation stands at $20.8B, while XPeng's is $10.6B. TVS Motor Company carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to XPeng.
How does revenue per employee compare for TVS Motor Company and XPeng?
TVS Motor Company has $1.18M / employee in revenue per employee, while XPeng has $536k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do TVS Motor Company and XPeng make money?
TVS Motor Company and XPeng generate revenue in fundamentally different ways. 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. XPeng: XPeng earns most of its revenue by designing, building and selling smart electric vehicles under the XPENG and MONA brands.
Which company is valued higher relative to revenue — TVS Motor Company or XPeng?
On a price-to-sales (P/S) basis, TVS Motor Company trades at 3.2x P/S and XPeng at 1.0x P/S. TVS Motor Company commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to XPeng. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is TVS Motor Company bigger than XPeng?
By last reported revenue, XPeng (~$10.7B (unaudited) (FY2025)) 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 TVS Motor vs XPeng overview