India’s Best CEOs 2025: Growth at Full Throttle as Sudarshan Venu Takes TVS Motor Global

FOR SUDARSHAN VENU, becoming an automobile enthusiast wasn’t hard. He grew up amidst the roar of the engines in India’s oldest factory racing team and has ridden a motorbike on four continents. Today, the 36-year-old alumnus of the hallowed Wharton School, the business school in the Ivy League University of Pennsylvania, helms one of the largest manufacturers of two- and three-wheelers in India. In August, the board of TVS Motor Company unanimously approved a generational transition at the helm: Sudarshan, the fourth-generation scion of the T.V. Sundaram family, was appointed chairman of the storied manufacturer of motorcycles such as the Apache and the Jupiter scooter. Singapore-based Sudarshan, who has been the MD of TVS Motor, has been widely credited with accelerating the company’s global ambitions, pushing for international talent, and investing in future-ready products and technologies. His elevation comes at a time when TVS is expanding its footprint in both traditional and electric mobility segments. Sudarshan credits his father, Venu Srinivasan, for the success he has achieved with TVS. He explains that it is a testament to the values on which his father built TVS. “The values are a focus on customers and quality, and a focus on investment in products and technology. I believe this is the fundamental basis of what TVS is, and it also serves as our guiding principle as we move into the future,” he says. He adds that TVS must apply these values with a greater sense of agility and embrace new technologies both in terms of EVs and premiumisation, and also in terms of digitalisation and AI. “I think this is the focus for us across our businesses.” And the company has posted strong numbers for the second consecutive quarter. In Q2FY26, TVS Motor’s consolidated net profit rose 42% year-on-year to ₹833 crore, while revenue grew 25% to ₹11,905 crore from ₹9,228 crore a year ago. Ebitda increased 40% to ₹1,508 crore as against ₹1,080 crore, while margins improved to 12.7% from 11.7%. Volumes rose 23% YoY and 18% QoQ, while average selling price (ASP) was up 5% YoY and remained flat sequentially. These come on the back of a phenomenal performance in the first quarter, when TVS outpaced its peers. While most two-wheeler OEMs struggled for volumes in a period marred by regulatory disruptions and the early onset of the southwest monsoon disrupting rural activity and taking a toll on demand, TVS recorded its highest-ever quarterly sales of 1,277,000 units, representing a 17% increase YoY. According to Sudarshan, the premium segment of the two-wheeler industry — with an engine size of more than 150cc and less than 200cc and an ex-showroom price of less than ₹1.5 lakh — has recorded a CAGR of 12%. During the same period, the TVS Apache, a premium motorcycle, reported a CAGR of 19%, outpacing the segment. The market share of TVS Apache has grown from 24.3% in FY24 to 31.9% in FY26 in the premium segment. “What we are seeing is the growth of the premium segment. If you see the increased consumption of 125cc scooters and motorcycles, you see that the customers are upgrading and premiumising. Even within the premium segments, we are seeing movement of one or two segments,” says Sudarshan, who considers the German side of The Alps as his favourite riding destination. Concurrently, there is a growth in demand for motorcycles above 150cc, as well as those in the 200-250cc range. “The middle-class spending power has been unleashed, which is not only going to lead to more consumption, but will also lead to an increase in premiumisation or upgraded consumption across society,” he says. This has led to TVS launching more products in the premium segments. “I think as people go towards premium segments, there is also a 10% self-expression in different product formats or segments — whether it is sporting premiums, scooters, adventure bikes, or even retro bikes. So many other premium segments are also growing. You will see the growth of these categories and new subcategories within them.” To tap into these segments, TVS plans to create a different format and retail experience to cater to these customers. Sudarshan says that India has had an excellent recovery from the Covid-19 pandemic, in terms of demand, and some of the international markets to which TVS exports have also seen a robust recovery. The main international markets that TVS serves are emerging economies. “We are seeing a recovery of demand across Africa, parts of Latin America, and also some newer markets in the Middle East… We are also expanding our presence in Europe in a much bigger way with the relaunch of the Norton brand. We are hoping that younger people looking for differentiated products will be able to make a mark with Norton, which will be in line with the Norton brand values of design, dynamism, and detail, and it will be done in a very modern way,” he explains. TVS Motor’s exports grew 32% YoY in Q2, outperforming industry exports of 26%. While its presence in the LatAm market is small, it is outperforming market growth in the region. It also continues to witness strong traction in its key Asian markets. Norton is a marquee British motorcycle brand that will imminently launch its first homologated motorcycle under complete TVS ownership. “Norton will unveil its first bike at the EICMA in Milan, Italy, with the India launch scheduled for April 2026. The brand’s entry strategy for India will be distinct from that of TVS, reflecting a more targeted approach for this premium brand,” reads a note from Motilal Oswal. TVS has invested over ₹2,000 crore in its resurgence, following the acquisition of Norton in 2020 for ₹153 crore. Ever since Norton came into the TVS fold, the two-wheeler manufacturer has overhauled its headquarters into a global R&D and manufacturing centre, with an annual capacity of around 8,000 units. Norton also expanded its workforce by 25% and plans to increase its manufacturing capacity even further, which is on the anvil. The disruptions seen over the past few years have prompted Sudarshan to de-risk the manufacturing supply chain. “We have to find different vendors, new sources, but I think for a country as large as India, it is important that we build our own resilient supply chain... [India] is the largest two-wheeler market in the world,” he says. The supply crunch of the rare-earth magnets is the latest jolt that the automobile industry was hit with and TVS Motor was no different. “We have taken all actions to de-risk, and you have seen that we are able to produce some good volumes of electric two-wheelers, even if it’s not the full capacity,” he says. According to Sudarshan, the newest changes are still being studied, and the two-wheeler manufacturer is working on a resilient supply chain in the short- to medium term. In Q2, TVS Motor flagged that rare-earth magnets crisis a challenge in the short- to medium-term. “For Q4 and beyond, positive momentum is likely to be maintained, while EV challenges are likely to persist due to magnet unavailability in short/medium-term. TVS Motor is confident about iQube and Orbiter models in the electric two-wheeler space and King/Cargo in the electric three-wheeler segment,” reads a note from InCred Equities. Sudarshan believes that the current geopolitical uncertainty has presented an opportunity for India. “In many of the traditional components, India has strengthened the local supply chain and the capability of suppliers. In certain areas like battery electric two-wheelers, as we go forward to a time when it will become the largest share of the industry, it is important to do it in a way where we are resilient. Even if these shocks emerge in the future, we have an indigenous and resilient supply chain that helps to cater for demand in India and also in key international markets,” he explains. While demand in India has seen a good revival from the Covid-19 pandemic — and has taken all the supply-chain disruptions in its stride — a lot has happened, according to Sudarshan, in terms of domestic reforms. “There was a huge relief given to the middle class in the Budget. Then we had GST 2.0. The next 6-10 months look really optimistic. The reforms are bringing back growth to the industry in a big way,” he says. According to Motilal Oswal, TVS posted a 32% YoY growth in retail volumes on a like-for-like basis, outperforming the industry’s 24% growth. Industry growth was supported by strong demand in both rural (up 24%) and urban markets (up 26%). The industry has grown since the Covid-19 pandemic, but given all the global uncertainty, questions were raised about whether the growth will continue. However, Sudarshan believes that the continued growth is underpinned by the number of reforms that the government has ushered in, including the creation of infrastructure in India, which has a spillover effect on the economy. “All this has created buoyant demand during the festive season,” he adds. The last five years have taught Sudarshan that it is the team — be it the veterans, insiders, or those who have joined recently — who are propelling TVS forward. “This idea will only be furthered as we go forward,” he adds. The period of uncertainty has also taught the importance of being nimble and grabbing opportunities, along with building more resilient supply chains and looking at de-risking other areas for TVS. Going forward, the TVS values of trust, quality, and the focus on the customer and investment in R&D, will be the guiding principles for Sudarshan. “We have to do it all by embracing new technology and creating a great pool of talent. This combination is something that TVS is committed to, as we go into the future,” he says.

India’s Best CEOs 2025: Growth at Full Throttle as Sudarshan Venu Takes TVS Motor Global

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