TVS Motors Vs Hero Motocorp: Which auto stock performed the best in Q3 sales?

Synopsis: TVS Motor and Hero MotoCorp posted excellent performance in Q3, but differ greatly in how they achieved this success. One company has produced broad-based growth while the other has seen a sharp increase in one segment. 

The Third Quarter of FY26 (Q3FY26) saw significant growth for both TVS Motor and Hero MotoCorp as a result of demand during the festive season, a strengthening of the rural economy and market conditions, and increased exports from India to other countries around the world. 

While the two companies experienced robust growth, the types of growth were distinctly different from each other. TVS Motor grew across a variety of segments within its motorcycle business, while Hero MotoCorp’s growth was primarily volume-related, with most sales coming from scooters and a large spurt of dispatching month-to-month.

Quarterly Volume Growth

During Q3 FY26, TVS reported its highest-ever quarterly sales of 15.44 lakh units, an increase of 27 percent YoY. Two-wheeler sales rose by 25 percent YoY to 14.84 lakh units from 11.83 lakh units, while three-wheeler sales more than doubled (106 percent)  YoY to 0.60 lakh units from 0.29 lakh units.

Hero Motocorp reported quarterly sales of 16.97 lakh units, an increase of 16 percent YoY from 14.64 lakh units. During the period, motorcycle sales rose by 11 percent YoY to 15.12 lakh units from 13.60 lakh units, while scooter sales increased by a staggering 78 percent YoY to 1.84 lakh units from 1.04 lakh units.

Monthly Volume Growth

TVS Motor achieved a monthly sales volume of 4.81 lakh units in December 2025, which is a 50 percent increase over the 3.22 lakh units sold last year. The company reported 50 percent growth in motorcycles segment, reaching 2.17 lakh units; the two-wheeler (total) sales grew by 48 percent with 4.61 lakh units sold compared to 3.12 lakh units last year. Meanwhile, electric vehicle sales jumped by 77 percent to 35,605 units from 20,171 units. 

On the other hand, Hero MotoCorp reported December 2025’s dispatches at 4.56 lakh units, a 40 percent increase from December 2024’s YoY dispatches of 3.25 lakh units. The company benefited from high demand for scooters and from export performance in December, making December appear strong, although not indicating a strong volume performance for the full quarter.

Additionally, Hero MotoCorp Electric Vehicle Division (VIDA) reported 10,701 VAHAN registrations in December 2025, representing an 11 percent market share and showing traction in improvement.

Hero MotoCorp also performed strongly during December; however, TVS stood out as it showed simultaneous growth across all segments (motorcycles, scooters, electric vehicles (EVs), three-wheelers, and more rather than relying solely on one segment to grow.

Exports Volume

TVS Motor Company’s International sales increased by 40 percent YoY to 4.10 lakh units during the third quarter of fiscal year 2026 (Q3 FY26). In December 2025, TVS’s total exports were 1.46 lakh units compared to 1.04 lakh units in December 2024 and represented an increase of 40 percent. On the other hand, the company’s two-wheeler exports increased by 35 percent YoY to reach 1.31 lakh units compared to 96,927 units in December 2024.

Unlike TVS, Hero Motocorp International exports increased by an astonishing 41 percent YoY to 1.02 lakh units during Q3 FY26. Furthermore, the December 2025 export figure for Hero Motocorp is also up 21 percent when compared to (YoY) its December 2024 number of 30,754 units to 37,236 units.

Overall Verdict: Who Performed Better?

TVS Motor and Hero MotoCorp both performed well during Q3 FY26 with increased demand during festivals, better rural sentiment, and the rise in exports driving the performance of both companies.

However, TVS was the more successful performer overall during the quarter. The company posted a 27 percent YoY increase over the previous year and achieved record sales levels while seeing strong growth for two-wheelers, three-wheelers, Electric Vehicles (EVs), and exports at the same time.

Despite having a strong recovery from prior quarters, Hero MotoCorp was able to do so based on a large YoY increase (78 percent) in its scooter segment, further improvement in exports, and improved traction of its EV business (VIDA). However, Hero MotoCorp’s performance was more specific to particular segments as it is more reliant on scooters and had an excellent December dispatch (the time when many people are purchasing scooters) than TVS, which had broad-based growth across different vehicle segments.

In conclusion, TVS Motor had a stronger Q3 FY26 compared to Hero MotoCorp. TVS produced a stronger overall growth quality and wider participation across all three segments (domestic, export, and Electric Vehicle) as well as a better balance between those three segments.

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