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TVS Starts FY26 Strong with 16% Growth, Bajaj Sales Dip 6% in April 2025: A Detailed Comparison

April 2025 marks the beginning of the new financial year, FY2025-26, and India's leading two-wheeler (2W) manufacturers, TVS Motor Company and Bajaj Auto, have unveiled their sales performance for the month. The results present a stark contrast: TVS kicked off the year with robust growth across segments, while Bajaj Auto navigated mixed results, primarily weighed down by sluggish domestic demand despite healthy export figures.

TVS Motor Company: Firing on All Cylinders

TVS Motor Company reported an impressive start to the financial year.

• Overall Performance: The company sold a grand total of 4,43,896 units (including 2W and 3W) in April 2025. This translates to a significant 15.71% year-on-year (YoY) growth compared to 3,83,615 units in April 2024 and a healthy 7.04% month-on-month (MoM) growth over March 2025.
• Domestic vs. Exports: Domestic sales were strong at 3,27,016 units, growing 7.89% YoY and 8.56% MoM. However, the export market showed exceptional performance, surging 45.18% YoY to 1,16,880 units. The domestic market constituted 73.67% of TVS's total sales.
• Two-Wheeler Segment: The 2W segment was the primary growth engine, with total sales reaching 4,30,330 units, marking a 14.88% YoY growth.
  • Domestic 2W: Sales stood at 3,23,647 units (+7.36% YoY).
  • Export 2W: Exports witnessed a massive 45.86% YoY jump to 1,06,683 units.
• Segment Breakdown (2W):
  • Motorcycles: Led the charge with 2,20,527 units sold (+17.23% YoY).
  • Scooters: Performed well with 1,69,741 units (+17.77% YoY). The TVS iQube electric scooter range continued its strong run, selling 27,684 units (+59.08% YoY).
  • Mopeds: The TVS XL saw a slight dip, selling 40,062 units (-5.42% YoY).
• Three-Wheeler Segment: TVS also saw substantial growth here, with 13,566 units sold (+50.35% YoY), largely driven by exports.

Bajaj Auto: Domestic Slowdown Hits Overall Numbers

Bajaj Auto faced a more challenging start to FY2025-26, primarily due to weakness in the domestic market.

• Overall Performance: Bajaj sold a total of 3,65,810 units (including 2W and Commercial Vehicles - CVs) in April 2025. This marked a 6% YoY decline compared to the 3,88,256 units sold in April 2024.
• Domestic vs. Exports: The divergence was clear here. Domestic sales (2W + CV) fell by 11% YoY to 2,20,615 units. In contrast, exports grew by 4% YoY to 1,45,195 units. Exports accounted for nearly 40% of Bajaj's total sales volume.
• Two-Wheeler Segment: Total 2W sales stood at 3,17,937 units, down 7% YoY.
  • Domestic 2W: This segment saw a significant 13% YoY decline, with sales dropping to 1,88,615 units.
  • Export 2W: Exports provided some relief, growing 4% YoY to 1,29,322 units. Models like the Pulsar range, Platina, and the Chetak electric scooter remain key products.
• Market Contribution: For Bajaj, the domestic market still accounted for the majority share (60.3% overall, 59.32% for 2W), making the slowdown here particularly impactful on the total figures.

Head-to-Head: TVS Outpaces Bajaj in April 2025

The April 2025 sales figures highlight distinct trajectories for the two auto giants:

1. Total Volume: TVS (4,43,896 units) significantly outsold Bajaj (3,65,810 units).
2. Growth: TVS achieved strong double-digit YoY growth (+15.71%), while Bajaj registered a decline (-6%).
3. Domestic Market: TVS saw positive domestic growth (+7.89% overall), whereas Bajaj faced a sharp domestic decline (-11% overall).
4. Exports: Both companies saw positive export growth, but TVS's export surge (+45.18% overall) was much stronger than Bajaj's (+4% overall).
5. Two-Wheeler Focus: TVS's 2W segment grew robustly (+14.88% YoY), driven by both domestic and export markets. Bajaj's 2W segment declined (-7% YoY) due to the significant drop in domestic 2W sales (-13% YoY), which overshadowed the modest export growth (+4% YoY).

Conclusion:

The first month of FY2025-26 has set a strong, positive tone for TVS Motor Company, demonstrating broad-based growth across domestic and export markets, powered by its diverse portfolio including motorcycles, scooters, and electric vehicles. For Bajaj Auto, while its export performance remains a pillar of strength, the significant dip in domestic demand presents a challenge early in the financial year. Reviving momentum in the home market will be crucial for Bajaj to improve its overall performance in the coming months, even as its popular brands like Pulsar continue to be volume drivers. The contrasting results underscore the dynamic and competitive nature of the Indian automotive market.