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TVS Srichakra Shareholders Approve Re-appointment of R Naresh as MD with 96.35% Majority
TVS Srichakra Limited has announced the results of a postal ballot where shareholders approved the re-appointment of Mr. R Naresh as Managing Director (Executive Vice-Chairman). The new term is for three years, effective from June 16, 2026. The special resolution passed with a significant majority of 96.35% of the total votes polled. However, there was notable dissent from public institutions, with 25.18% of their votes cast against the resolution.
Key Highlights
Special resolution passed for re-appointment of Mr. R Naresh as MD for a 3-year term starting June 2026.
Total voter turnout was 46.48%, with 3,559,105 votes polled out of 7,657,050 shares.
Overall approval stood at 96.35% (3,429,181 votes) in favor versus 3.65% against.
Public institutional investors showed resistance, with 25.18% of their votes (128,673 shares) cast against the proposal.
Promoter and Promoter Group voted 100% in favor of the resolution.
💼 Action for Investors
Investors should note the continuity in leadership as a positive for operational stability, though the institutional dissent may signal underlying concerns regarding executive compensation or governance that should be monitored in future filings.
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TVS Srichakra Receives ₹29.47 Crore Income Tax Demand Notice
TVS Srichakra Limited has been served an Income Tax demand notice totaling ₹29.47 crores, which includes both tax and interest for the Assessment Year 2018-19. The demand stems from a disallowance under Section 14A of the Income Tax Act, 1961, and includes proposed penalty proceedings for alleged under-reporting of income. The company maintains that the demand lacks merit and intends to file an appeal with the Commissioner of Income Tax (Appeals) within 30 days. While the company does not expect a material financial impact, the outcome of the litigation remains a point of interest for stakeholders.
Key Highlights
Total tax demand of ₹29,47,06,740 (including interest) raised by the Income Tax Department.
The dispute relates to disallowance under Section 14A for FY 2017-18 (AY 2018-19).
Penalty proceedings under Section 270A have been proposed for under-reporting of income.
The company will contest the order by filing an appeal with CIT (Appeals) within 30 days.
Management believes the demand notice does not consider previously submitted case laws and responses.
💼 Action for Investors
Investors should monitor the progress of the appeal process as the demand represents a significant contingent liability. No immediate action is required as the company is pursuing standard legal remedies to contest the claim.
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TVS Srichakra Seeks Shareholder Approval to Re-appoint R Naresh as MD for 3 Years
TVS Srichakra has initiated a postal ballot to seek shareholder approval for the re-appointment of Mr. R Naresh as Managing Director (Executive Vice-Chairman) for a three-year term starting June 16, 2026. As Mr. Naresh will attain the age of 70 during this tenure, a special resolution is required under the Companies Act. The proposed remuneration is capped at 5% of the company's net profits, with provisions for minimum remuneration in case of inadequate profits. Shareholders can participate in the electronic voting process between February 28 and March 29, 2026.
Key Highlights
Proposed re-appointment of Mr. R Naresh for a 3-year term effective from June 16, 2026.
Remuneration is set at a maximum of 5% of net profits as per Section 197 of the Companies Act.
Special resolution is necessitated by the appointee reaching 70 years of age during the term.
E-voting period for shareholders starts on February 28, 2026, and ends on March 29, 2026.
Mr. R Naresh has been associated with the company board since June 1982, providing over 40 years of leadership.
💼 Action for Investors
Investors should consider this a routine move to ensure leadership continuity; no immediate portfolio changes are recommended based on this administrative update.
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TVS Srichakra Q3 Results: Revenue Up 14% to ₹916.5 Cr; Returns to Profitability with ₹11.2 Cr PAT
TVS Srichakra Limited (TVS Eurogrip) reported a strong turnaround in Q3 FY26, with consolidated revenue growing 14.2% YoY to ₹916.51 crore. The company posted a net profit of ₹11.18 crore, a significant recovery from the ₹6.02 crore loss reported in the same period last year. Results were influenced by a net exceptional gain of ₹13.88 crore, which included a ₹18.81 crore government subsidy offset by ₹11.67 crore in new labour code obligations. The board also approved the re-appointment of Mr. R Naresh as Managing Director for a three-year term starting June 2026.
Key Highlights
Consolidated Revenue from Operations grew 14.2% YoY to ₹916.51 crore from ₹802.73 crore.
Consolidated Net Profit stood at ₹11.18 crore for Q3 FY26 versus a loss of ₹6.02 crore in Q3 FY25.
Exceptional items include a ₹18.81 crore investment promotion subsidy and a ₹11.67 crore provision for New Labour Code obligations.
Standalone EPS improved significantly to ₹18.49 for the quarter from a negative ₹4.02 in the prior year period.
Nine-month consolidated revenue reached ₹2,662.41 crore, up from ₹2,435.45 crore in the previous year.
💼 Action for Investors
The company's return to profitability and steady revenue growth are positive indicators for long-term investors. Shareholders should monitor how the company manages the transition to the New Labour Codes and the sustainability of operating margins without one-time subsidy gains.
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TVS Srichakra Q3 Results: Consolidated Net Profit at ₹11.18 Cr; Revenue Grows 14% YoY
TVS Srichakra reported a consolidated revenue of ₹916.51 crore for Q3 FY26, marking a 14.2% increase compared to ₹802.73 crore in the same quarter last year. The company successfully turned profitable with a net profit of ₹11.18 crore, recovering from a loss of ₹6.02 crore in Q3 FY25. The bottom line was significantly impacted by net exceptional gains of ₹13.88 crore, which included an ₹18.81 crore government subsidy offset by ₹11.67 crore in new labor code obligations. Additionally, the board has approved the re-appointment of Mr. R Naresh as Managing Director for a three-year term.
Key Highlights
Consolidated Revenue from Operations grew 14.2% YoY to ₹916.51 crore from ₹802.73 crore.
Turned around to a Consolidated Net Profit of ₹11.18 crore vs a loss of ₹6.02 crore in Q3 FY25.
Exceptional items included a ₹18.81 crore capital subsidy and a ₹11.67 crore provision for new labor codes.
Nine-month consolidated profit stands at ₹34.97 crore compared to ₹10.87 crore in the previous year.
Re-appointed Mr. R Naresh as Managing Director (Executive Vice-Chairman) for 3 years effective June 2026.
💼 Action for Investors
The company shows a strong YoY recovery in profitability and steady revenue growth, though exceptional items skewed the current quarter's bottom line. Investors should monitor the impact of rising raw material costs and the finalization of labor code rules on future margins.
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TVS Srichakra Approves Rs 210 Cr Investment for 40-45% Capacity Expansion
TVS Srichakra's Board has approved a capital investment of up to Rs 210 crore to expand manufacturing capacity at its Rudrapur facility in Uttarakhand. The company aims to increase its current capacity of 92-95 lakh tyres per annum by approximately 40-45% to meet growing demand in the 2/3-wheeler segment. The expansion project is slated for completion by the first half of FY 2027-28 and will be funded through a mix of internal accruals and debt. This move comes as current capacity utilization has reached a high level of 80-85%.
Key Highlights
Capital investment of up to Rs 210.00 crore approved for the Rudrapur manufacturing unit.
Proposed capacity addition of 40-45% to the existing 92-95 lakh tyres per annum.
Current capacity utilization is high at approximately 80-85%.
Project completion targeted for the first half of FY 2027-28.
Funding strategy involves a combination of internal accruals and debt.
💼 Action for Investors
Investors should monitor the execution timeline and the impact of additional debt on the balance sheet, though the expansion signals strong demand visibility. The high current utilization suggests this capacity is necessary for long-term revenue growth.
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TVS Srichakra Receives GST Tax Demand and Penalty Order of ₹55.11 Crore
TVS Srichakra Limited has received an order from the Joint Commissioner of CGST, Dehradun, confirming a total demand of ₹55.11 crore. The demand includes a tax component of ₹27.56 crore and an equivalent penalty of ₹27.56 crore for the period FY 2018-19 to 2020-21. The dispute stems from alleged mismatches between GSTR-3B returns and e-way bills. The company has stated its intention to file an appeal against this order within the 90-day statutory period.
Key Highlights
Total demand confirmed at ₹55,11,34,121 comprising tax and penalty.
Tax demand of ₹27,55,67,074 and penalty of ₹27,55,67,047.
Issue pertains to GSTR-3B and e-way bill mismatches for FY 2018-19, 2019-20, and 2020-21.
Company to file an appeal within 90 days; no immediate impact on operations reported.
💼 Action for Investors
Investors should monitor the outcome of the upcoming appeal as the demand represents a significant contingent liability. While operations are unaffected, a final adverse ruling would impact the company's cash flows and profitability.