TI Cycles of India Franchise
Hercules, BSA and Montra maker (est. 1949, Murugappa Group) franchising Track & Trail cycle stores; 200+ stores; terms unpublished, est. ₹25–55 L.
TI Cycles of India franchise at a glance (terms checked Sept 2026)
Investment
₹25 L - ₹55 L*
Estimate — not published by the brand · incl. fit-out, stock, working capital · excl. rent deposit, land, GST
Ongoing take
Not published
Franchise fee
Not published
Payback
Not published
* Not verified — the brand doesn't publish this; the figure comes from other published sources or FranchiseChuno's estimate (see "Reported elsewhere" and "Our estimates" below). Real numbers can differ.
- Claims 200 outlets; its own locator lists 52
- Disputes with franchisees: None found (records checked Sep 2026)
- Revenue trend: +17% revenue FY25→FY26
- Company standing: Active and up to date with the registrar
Franchisor strength isn't franchisee profit — check real outlet numbers.
Outlets
52 verified
Brand claims 200
What we couldn't verify
- • Outlet closures
- • Franchisee satisfaction
- • Profit or loss
- • Ongoing take
Ask before you sign
- Speak to at least 3 franchisees who have run an outlet for 2+ years and see their actual monthly sales and profit — a franchisor making money doesn't mean its franchisees do.
- Get a written, itemised cost breakdown — the brand hasn't published one.
- Ask for the one-time franchise fee in writing, and whether any part is refundable.
Franchise terms checked against Track & Trail's official franchise enquiry page (TI Cycles of India) on 27 Sept 2026. Figures marked * aren't published by the brand — they come from other published sources or our own estimate, and aren't verified.
Ways to Partner with TI Cycles of India
2 partner models published by the brand. Figures it doesn't publish are left blank.
Track & Trail store (franchise)
- Investment
- ₹25 L – ₹55 L
- Royalty / margin
- Not published
Investment is a FranchiseChuno estimate; TI publishes only an enquiry form. Many stores double as authorised service centres.
TI Cycles dealer (trade partner)
- Investment
- —
- Royalty / margin
- Not published
TI invites trade partners as well as franchisees; the dealer base is about 11,500 primary and secondary dealers (brochure, 2026).
Our Estimates
FranchiseChuno estimateTI Cycles of India doesn't publish these, so here is our best read of the market and how we got there. They are our estimates, not the brand's figures — use them to plan, then confirm the real numbers in writing.
Set-up cost of a Track & Trail store
₹25–55 L (excluding the property deposit and GST)*
TI publishes no figure or store size. We assume an 800–1,200 sq ft store. A 2026 Indian fit-out cost guide (Sparrow PMC) puts a basic shop at ₹1,500–2,500 per sq ft, so fit-out, fixtures, service bay and signage come to about ₹12–30 L (the earlier ₹1,000–1,800 per sq ft assumption sat below even the basic band). Add opening stock of bicycles, e-bikes, fitness equipment and spares worth ₹10–20 L and ₹2–3 L of other opening costs: about ₹24–53 L, rounded to ₹25–55 L before GST. Stock is the biggest swing — e-bikes and treadmills cost far more per unit than standard cycles.
Unit-economics model · Sep 2026
Retail margin on bicycles and fitness products
About 10–18% of the selling price*
TI publishes no margin. In our assessment, branded bicycle and home-fitness retail in India typically leaves the store roughly 10–18% of the selling price, with higher margins on accessories and service. Track & Trail stores also earn from repairs as authorised service centres.
Category benchmark · Sep 2026
Reputation & News
What the press, courts and real franchisees or customers have said about TI Cycles of India — summarised by us, with every source linked.
- In the news· May 2026
Cycles and fitness revenue grows to ₹783 Cr in FY26
Tube Investments of India reported full-year revenue of ₹783 Cr for its Mobility business (bicycles and fitness), against ₹671 Cr a year earlier; profit before interest and tax was ₹19 Cr against ₹5 Cr.
Source: TII Q4 FY26 press release (the brand's own site) - In the news· Aug 2024
TII licenses BSA name for motorcycles through a JV with Classic Legends
Tube Investments agreed to form an equal joint venture with Classic Legends to license the BSA trademark for motorcycles, parts and accessories in India. The BSA name continues on TI Cycles' bicycles.
Source: The Hindu - Award· 2012
Retail awards for the exclusive-store network
TI Cycles says it received the ET Retail Award for excellence in rural retailing when its 200th exclusive store opened in 2012, and CMO Asia's 'Emerging Market Retailer of the Year' the same year.
Source: TI Cycles — History & Milestones - Award· 2023
BSA and Hercules named Superbrands
TI Cycles lists BSA and Hercules as Superbrands 2023 on its parent company's business page.
Source: Tube Investments of India (the brand's own site)
Brands sold at Track & Trail
| Brand | Positioning |
|---|---|
| Hercules | Rugged bicycles incl. MTB and Roadeo; 'Standards' roadsters |
| BSA | Style and comfort; BSA Kids, Ladybird (girls), SLR |
| Montra | Premium performance bikes, incl. carbon frames |
| Mach City | Bicycles |
| Hercules Fitness | Home fitness equipment — treadmills, upright/recumbent/air bikes, ellipticals |
| E-bikes | Electric bicycles |
Source: TI Cycles of India (tiindia.com) and Track & Trail
What a Track & Trail store offers customers
- Bicycles across kids, girls, boys, MTB, hybrid and road categories
- E-bikes
- Spares and accessories
- Fitness equipment and massage chairs
- Authorised servicing at many stores, plus doorstep cycle service
- Rides, events and workshops
Source: Track & Trail corporate profile
Legal & Contract Summary
Key contract terms at a glance — read before you sign.
Agreement Type
Not specifiedContract Duration
—Renewal Available
—Territory Exclusivity
—Non-Compete Clause
—Exit Clause
—About the Brand
Brand USP
Retail format of the 1949-founded maker of Hercules and BSA, stocking Hercules, BSA, Montra and Mach City bikes, e-bikes and fitness gear.
Why invest in TI Cycles of India?
TI Cycles of India by the Numbers
Source marked on each figure1949 (Murugappa Group with Tube Investments, UK)
Established
Brand claim200+
Track & Trail stores · Sep 2026
Brand claimAbout 11,500 primary and secondary dealers
Dealer network · 2026
Brand claim₹783 Cr (cycles & fitness)
FY26 segment revenue · FY26
Company filingChennai and Rajpura (Punjab)
Plants
Brand claimTI Cycles of India Outlet Network
Outlet count over time
- 200780
2007 — BSA Zone outlets · bsahercules.com
- 2008244
2008 — Hercules BSA Zone (200) and BSA GO (44) outlets · bsahercules.com
- 2009425
2009 — TI retail outlets, all formats · bsahercules.com
- Apr 2012200
Apr 2012 — BSA Hercules exclusive stores · bsahercules.com
By channel · 2018
- Primary and secondary dealers (brochure)11,500
- Store-locator entries, all formats (52 named Track & Trail, 104 Star multi-brand, 7 BSA Go, 76 unlabelled)239
- Exclusive stores, urban (older corporate profile)200
- Exclusive stores, rural (older corporate profile)200
- Track & Trail stores (Track & Trail corporate profile)200
- Track & Trail stores (tiindia.com)175
By format · Sep 2026
Locator entries named as Track & Trail stores (our count): 52 outlets · Sep 2026 · trackandtrail.in
Cities with Outlets
Show all 34 citiesHide the city list
Company Financials
Brand-level, publicly reportedThe franchisor's own company health — separate from what a single franchise outlet earns.
Revenue (FY26)
₹783 Cr
A profitable franchisor doesn't mean profitable franchisees. These are the company's numbers, not an outlet's. A franchisor can grow on fees and supplies while outlets struggle — talk to existing franchisees and see their accounts before you decide.
Company Health Check
What TI Cycles of India's franchisor company has filed with the registrar and the courts — the checks a lawyer would run before you sign.
- Status with the registrar
- Active
- Annual filings
- Up to date
- Last AGM
- 1 Aug 2025
- Pending cases against it
- 0
- Pending cases it filed
- 0
- Paid-up capital
- ₹19.35 Cr
- Auditor
- S.R. Batliboi & Associates LLP
Group companies
- CG Power and Industrial Solutions LimitedSubsidiary · 57.98%
- Shanthi Gears LimitedSubsidiary · 70.46%
- TI Clean Mobility Private LimitedSubsidiary · 99.99%
- TI Medical Private LimitedSubsidiary · 67%
- 3xper Innoventure LimitedSubsidiary · 95%
Source: Tracxn (MCA filings for Tube Investments of India; compliance as of 25 Feb 2026) (checked Sep 2026)
Full company recordsFinancials year by year, registered details, leadership and timelineShowHide
TI Cycles of India Financials Over Time
Figures for the whole group / the brand, from filed or reported accounts.
Source: Tracxn — Tube Investments of India filings (consolidated group, incl. CG Power) · TII Q4 FY26 press release — Mobility segment (cycles & fitness)
A profitable franchisor doesn't mean profitable franchisees. These are the company's numbers, not an outlet's. A franchisor can grow on fees and supplies while outlets struggle — talk to existing franchisees and see their accounts before you decide.
Company Profile
The legal entity behind the brand, its leadership, and its official channels.
- Registered name
- Tube Investments of India Limited
- Company type
- Public Listed
- CIN
- L35100TN2008PLC069496
- Incorporated
- 6 Oct 2008
- Headquarters
- Ambattur, Chennai, Tamil Nadu
Social presence
Company details source: Tracxn — company filings
TI Cycles of India Timeline
1949
TI Cycles of India established
Set up by the Murugappa Group in collaboration with Tube Investments (UK).
Source1951
First Hercules bicycle
The first Hercules bicycle rolled out.
Source1964
BSA brand added
BSA joined the portfolio (Phillips in 1959).
Source1992
India's first MTB
Hercules MTB launched.
Source2006
First flagship store
BSA GO opened in Ahmedabad.
Source2008
Track & Trail launched
New retail format introduced alongside Hercules Express and BSA Workouts.
Source2011
₹1,000 Cr revenue; Montra launched
Crossed ₹1,000 Cr revenue and 4 million units in 2010–11; launched Montra with India's first carbon-frame bike.
SourceApr 2012
200th exclusive store
200th BSA Hercules exclusive store opened.
SourceAug 2024
BSA motorcycle trademark JV
TII and Classic Legends agree an equal JV to license the BSA trademark for motorcycles.
SourceFY26
Mobility revenue ₹783 Cr
Cycles and fitness segment revenue, up from ₹671 Cr in FY25.
FranchiseChuno Analysis
Our analysis of verified dataHow TI Cycles of India looks once the numbers are checked side by side.
- ✓Brand operating for 77 yearsFounded in 1949. The brand doesn't state when franchising began.
- !Outlet claim is well above its store locatorTI Cycles of India claims 200 outlets, but its own store locator lists 52 (Sep 2026). Ask for a current list of operating outlets.
Data completeness
45%
- ✓ Terms checked against the brand's own page
- ○ Published investment (not an estimate)
- ○ Franchise fee
- ○ Royalty
- ○ ROI or payback claim
- ○ Agreement term
- ○ Training details
- ✓ Outlet cities verified
- ✓ Company financials
- ✓ Legal entity
- ✓ News & public opinion checked
Ask Before You Sign
Questions tailored to what TI Cycles of India does and doesn't publish.
- 1Speak to at least 3 franchisees who have run an outlet for 2+ years and see their actual monthly sales and profit — a franchisor making money doesn't mean its franchisees do.
- 2Get a written, itemised cost breakdown — the brand hasn't published one.
- 3Ask for the one-time franchise fee in writing, and whether any part is refundable.
- 4Ask for the royalty and any marketing-fund fee, and how they're calculated (on sales or profit).
- 5Ask for the agreement term, renewal fee and exit or transfer terms.
- 6Ask whether you get an exclusive territory, and how large it is.
- 7Have a lawyer review the franchise agreement before paying anything.
- 8Visit 2–3 existing outlets and speak to their owners without the brand present.
Running the outletSpace, staff, launch steps, training, support and who does whatShowHide
Operations Required
What you'll need on the ground to run this franchise day-to-day.
Area Required
—
Staff Needed
—
Setup Time
—
Owner Involvement
—
Best Locations
Not published
Business Type
Not published
Training & Support
What the brand provides to help you launch and run your franchise.
Operations Manual
Step-by-step playbook for running the outlet
Supply Chain Support
Vendor sourcing, inventory & logistics
Technology / POS
Billing, inventory, and management software
Marketing Support
National & local marketing campaigns
Launch Support
Pre-opening setup and grand-opening assistance
Ongoing Field Support
Regular visits and operational coaching
What TI Cycles of India franchisees say
We haven't yet heard from enough TI Cycles of India franchisees to show anything. We publish totals once 3 or more people who run an outlet have answered and we've called each one to check.
I run a TI Cycles of India outlet — share how it wentFrequently Asked Questions
What is the total investment for a TI Cycles of India franchise?
What brands does a Track & Trail store sell?
How many Track & Trail stores are there?
Is there a way to sell TI Cycles products without a Track & Trail store?
Who is the franchisor?
Does TI Cycles publish the franchise fee or margin?
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