TVS Holdings Limited (TVSHLTD)
₹11,507.00 -0.70% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, TVS Holdings' net interest income was ₹16,368 Cr, and net profit ₹1,174 Cr (+73.8% year on year).
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Net interest income | ₹16,368 | — | — |
| Operating profit | ₹1,707 | +65.8% | — |
| Net profit | ₹1,174 | +73.8% | — |
| EPS (₹) | 301.62 | +81.9% | — |
TVSHLTD delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 61.31% of the TVSHLTD shares traded on NSE were taken to delivery, against the stock's own 20-session average of 52.55%. That is close to its usual level.
Delivery in the last 5 sessions: 57.9% · 66.7% · 53.1% · 70.8% · 61.3%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
TVS Holdings Limited has issued a Postal Ballot notice seeking shareholder approval via special resolution for the appointment of Ms. Revathy Iyer as a Non-Executive Independent Director for a 5-year term starting September 23, 2026. The resolution also approves her continuation on the board beyond the age of 75 years under Regulation 17(1A) of SEBI LODR. E-voting starts on October 7, 2026, and concludes on November 5, 2026, with the cut-off date set as October 2, 2026. Scrutinizer results are scheduled to be declared on or before November 9, 2026.
- Appointment of Ms. Revathy Iyer as Non-Executive Independent Director for a 5-year consecutive term effective September 23, 2026
- Shareholder approval sought via special resolution under Regulation 17(1A) as she attains age 75 during tenure
- E-voting period runs from October 7, 2026 (9:00 AM IST) to November 5, 2026 (5:00 PM IST)
- Cut-off date for eligibility to vote fixed as Friday, October 2, 2026
- Results of the postal ballot to be announced on or before Monday, November 9, 2026
TVS Holdings Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended September 30, 2026. The certificate was issued by the Registrar and Share Transfer Agent, Integrated Registry Management Services Private Limited, on October 3, 2026. It confirms that all securities received for dematerialisation during the quarter were processed, confirmed to depositories and stock exchanges, and physical certificates were cancelled within the stipulated timelines. This is a standard procedural compliance filing with no impact on operations or financials.
- Compliance certificate pertains to the quarter ended September 30, 2026
- Issued by RTA Integrated Registry Management Services Private Limited on October 03, 2026
- Submitted to BSE and NSE on October 5, 2026
- Confirms timely dematerialisation, mutilation, and cancellation of security certificates
TVS Holdings Limited has announced a proposal to seek shareholder approval via postal ballot for the appointment of Ms. Revathy Iyer as a Non-Executive Independent Director. The proposed tenure is for five consecutive years, effective from September 23, 2026. The postal ballot will be conducted under Section 110 of the Companies Act, 2013, with the detailed notice to be disseminated upon dispatch to shareholders.
- Appointment of Ms. Revathy Iyer as Non-Executive Independent Director
- Tenure proposed for 5 consecutive years starting September 23, 2026
- Shareholder approval to be sought via Postal Ballot under Section 110 of the Companies Act, 2013
TVS Holdings Limited has approved the allotment of 93,06,76,784 Bonus 6% Cumulative Non-Convertible Redeemable Preference Shares (NCRPS) of face value Rs 10 each fully paid up. The bonus shares are issued in the ratio of 46 NCRPS for every 1 equity share of Rs 5 held as of the record date, 8th September 2026. The total face value of the NCRPS issued aggregates to approximately Rs 930.68 Cr, representing ~53% of the company's net worth of Rs 1,754 Cr. The preference shares carry a 6% annual coupon and will mature on 9th December 2027 (15 months from allotment), with board discretion to redeem after 12 months.
- Allotment of 93,06,76,784 Bonus 6% Cumulative Non-Convertible Redeemable Preference Shares (face value Rs 10 each)
- Bonus ratio of 46 NCRPS for every 1 equity share of Rs 5 held as of record date 8th September 2026
- Carries a 6% coupon rate per annum with maturity date set for 09-12-2027 (15 months)
- Early redemption option available at board discretion anytime after 12 months from allotment
CARE Ratings has assigned a 'CARE AA+; Stable' rating to TVS Holdings Limited's proposed long-term Cumulative Non-Convertible Redeemable Preference Shares (NCRPS) issue of Rs 930.68 crore. Additionally, CARE reaffirmed the 'CARE AA+; Stable' rating for its existing Non-Convertible Debentures (NCDs) aggregating Rs 950 crore (Rs 750 crore and Rs 200 crore tranches). The high-grade rating highlights the company's strong credit profile, underpinned by significant holding value in TVS Motor Company. The proposed preference share issuance of Rs 930.68 crore represents ~53% of TVSHL's standalone net worth of Rs 1,754 crore.
- CARE assigned 'CARE AA+; Stable' rating to proposed Rs 930.68 crore Non-Convertible Redeemable Preference Shares (NCRPS).
- Reaffirmed 'CARE AA+; Stable' rating on Rs 750 crore Non-Convertible Debentures (NCDs - Tranche I).
- Reaffirmed 'CARE AA+; Stable' rating on Rs 200 crore Non-Convertible Debentures (NCDs - Tranche II).
- The validity for placing the proposed Rs 930.68 crore NCRPS issue under this rating is 6 months from September 4, 2026.
TVS Holdings Limited has announced that its Scheme of Arrangement became effective on August 27, 2026, following the filing of Form INC 28. Under the scheme, eligible shareholders will receive 46 bonus 6% cumulative non-convertible redeemable preference shares (face value Rs 10 each) for every 1 fully paid equity share (face value Rs 5 each) held. The company has fixed September 8, 2026, as the record date to determine eligible shareholders, with the issuance funded through retained earnings.
- Allotment of 46 bonus preference shares of Rs 10 face value for every 1 equity share of Rs 5 held
- Preference shares carry a 6% cumulative dividend rate and are non-convertible and redeemable
- Record date fixed as 8th September 2026 to determine shareholder eligibility
- Scheme of Arrangement became effective on 27th August 2026 upon filing Form INC 28 with ROC
TVS Holdings Limited has received the certified copy of the NCLT Chennai order dated August 18, 2026, sanctioning its Scheme of Arrangement. Under the approved scheme, the company will distribute surplus retained earnings to equity shareholders by issuing listed 6% Cumulative Non-Convertible Redeemable Preference Shares (face value ₹10) by way of bonus. The preference shares will be listed on stock exchanges and redeemed at par within 15 months from allotment (with redemption discretion after 12 months). The scheme received overwhelming shareholder backing, with 99% of votes cast in favor (272 out of 273 shareholders).
- NCLT Chennai Bench sanctioned the Scheme of Arrangement vide order dated 18th August 2026 (received 27th August 2026)
- Petitioner to issue 6% Cumulative Non-Convertible Redeemable Preference Shares of face value INR 10 via bonus
- Preference shares tenure is 15 months from allotment, with Board discretion to redeem after 12 months at par (INR 10)
- Shareholder resolution received 99% approval with 272 out of 273 voting shareholders in favor
The NCLT Chennai Bench has sanctioned the Scheme of Arrangement between TVS Holdings Limited and its shareholders. Under the approved scheme, the company will issue and allot 46 fully paid-up 6% cumulative non-convertible redeemable preference shares of face value INR 10 each as a bonus for every 1 equity share of INR 5 held. The bonus preference shares will utilize accumulated general reserves/retained earnings and will be listed on BSE and NSE to provide liquidity to shareholders. A certified copy of the order must be filed with the RoC and RBI within 30 days, after which the Board will declare the Record Date.
- NCLT Chennai sanctioned the Scheme of Arrangement via order pronounced on 18th August 2026
- Shareholders to receive 46 bonus preference shares of face value INR 10 each for every 1 equity share of INR 5 held (INR 460 face value per equity share)
- Preference shares carry a 6% cumulative coupon and will be listed on NSE and BSE
- Company directed to file certified copies of the order with the RoC and RBI within 30 days
TVS Holdings has announced a composite scheme of amalgamation to consolidate its financial services subsidiaries into TVS Credit Services Limited. The merger involves STPL Trading, Home Credit India Finance (Assets: ₹8,367 Cr), and TVS Housing Finance merging into TVS Credit Services (Assets: ₹35,683 Cr). The share swap ratio is set at 9.94 shares of TVS Credit for every 180 shares of Home Credit India. This restructuring aims to simplify the group corporate structure and align with RBI directions for NBFC consolidation.
- Consolidation of TVS Credit Services (Assets: ₹35,683.36 Cr) and Home Credit India (Assets: ₹8,367.07 Cr) into a single entity.
- Share swap ratio of 9.94 equity shares of TVS Credit for every 180 shares of Home Credit India Finance.
- STPL Trading and Services (Net worth: ₹279.37 Cr) to first merge into Home Credit India Finance.
- TVS Credit Services reported a turnover of ₹1,918.11 Cr for the quarter ended June 30, 2026.
- The merger is subject to approvals from RBI, CCI, SEBI, NCLT, and shareholders.
TVS Holdings Limited (TVSHLTD) concluded its 64th Annual General Meeting on July 22, 2026, with shareholders approving all three proposed resolutions. The adoption of FY26 audited financial statements passed with near-unanimous support (99.99%). A special resolution for the continuation of Mr. Venu Srinivasan as a Non-Executive Director beyond the age of 75 was also approved with 97.91% of the total votes in favor, despite 17.64% of institutional votes being cast against the proposal.
- Total of 1,76,20,940 valid votes were cast across the resolutions presented at the AGM.
- Resolution for adoption of FY26 financial statements passed with 99.9999% approval (only 10 votes against).
- Special resolution for Mr. Venu Srinivasan's continuation beyond age 75 received 97.91% total approval.
- Institutional shareholders showed notable dissent on director re-appointment, with 18.01% of their votes cast against Resolution 2.
- The company had 31,098 shareholders on the record date of July 16, 2026.
TVS Holdings Limited conducted its 64th Annual General Meeting (AGM) on July 22, 2026, via video conferencing. The meeting focused on three primary resolutions: the adoption of FY26 audited financial statements, the re-appointment of Mr. Venu Srinivasan as a Director, and approval for his continuation as a Non-Executive Director under SEBI Regulation 17(1A). The proceedings were completed in 33 minutes, and final voting results are expected by July 24, 2026. This is a standard procedural event for the Rs 55,781 Cr market cap company.
- 64th Annual General Meeting held on July 22, 2026, through Video Conferencing
- Meeting commenced at 2:00 P.M. and concluded at 2:33 P.M. IST
- Voting results for the three resolutions to be announced on or before July 24, 2026
- Resolutions included adoption of Standalone and Consolidated Financial Statements for the year ended March 31, 2026
- Approval sought for continuation of Mr. Venu Srinivasan as Non-Executive Director under SEBI Regulation 17(1A)
TVS Holdings reported a standalone PAT of ₹9.45 Cr for Q1 FY27, a 26.7% decline from ₹12.90 Cr in the year-ago period. While standalone revenue from operations grew 69% YoY to ₹93.04 Cr, profitability was weighed down by finance costs which surged 87% to ₹39.46 Cr. A key strategic highlight is the fresh investment of ₹176.38 Cr into Home Credit India Finance during the quarter. Leverage has increased, with the standalone net debt-to-equity ratio rising to 1.18x from 0.90x in March 2026.
- Standalone Revenue from Operations rose to ₹93.04 Cr in Q1 FY27 from ₹55.07 Cr in Q1 FY26.
- Standalone Profit After Tax (PAT) declined to ₹9.45 Cr compared to ₹12.90 Cr in the same quarter last year.
- Deployed ₹176.38 Cr as a fresh investment in Home Credit India Finance Private Limited during the quarter.
- Finance costs increased significantly to ₹39.46 Cr from ₹21.07 Cr YoY, reflecting higher borrowing for investments.
- Net Debt to Equity ratio deteriorated to 1.18x as of June 30, 2026, compared to 0.90x as of March 31, 2026.
TVS Holdings Limited (TVSHLTD) has reported a reduction in its shareholding in its subsidiary, Home Credit India Finance Private Limited, from 80.17% to 74.45%. This 5.72% dilution is the result of Home Credit issuing new shares to external investors, effectively raising capital at the subsidiary level. While TVSHLTD remains the majority shareholder, this move introduces third-party capital to support the subsidiary's growth in the consumer finance sector. The specific valuation and the identity of the new investors were not disclosed in this filing.
- Shareholding in Home Credit India reduced from 80.17% to 74.45%
- Total equity dilution of 5.72% in the subsidiary
- Dilution caused by further allotment of shares to other investors on July 20, 2026
- TVS Holdings remains the majority owner of the consumer finance entity
TVS Holdings' subsidiary, Home Credit India, has entered into a Share Purchase Agreement to acquire 100% of Varthana Finance for Rs 967 Cr. Varthana is a specialized NBFC focused on the education sector, reporting a turnover of Rs 398.31 Cr and a PAT of Rs 18.65 Cr for FY26. The acquisition, representing approximately 1.75% of TVS Holdings' market cap, aims to diversify the group's financial services into secured, longer-tenure lending. The transaction is subject to RBI approval and is expected to close within 9 months.
- Acquisition of 100% stake in Varthana Finance for a cash consideration of Rs 967 Cr
- Target company reported FY26 turnover of Rs 398.31 Cr, up from Rs 284.27 Cr in FY24
- Varthana Finance holds a net worth of Rs 574.23 Cr as of the end of FY26
- Transaction expected to be completed within 9 months, pending RBI and regulatory approvals
- Acquisition adds a specialized education-finance franchise to the TVS financial services platform
TVS Holdings Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that the Registrar and Share Transfer Agent (RTA), Integrated Registry Management Services Private Limited, processed all dematerialization requests for the quarter ended June 30, 2026. This involves the mutilation and cancellation of physical share certificates and updating the register of members within stipulated timelines. This is a standard administrative procedure for all listed companies in India.
- Compliance certificate issued for the quarter ended June 30, 2026
- Confirmation provided by Integrated Registry Management Services Private Limited
- Certificate confirms mutilation and cancellation of physical share certificates after dematerialization
- Filing submitted to BSE and NSE on July 07, 2026
Financial Performance
Revenue Growth by Segment
Standalone revenue for FY25 was INR 638 Cr, a significant decrease from INR 1,608 Cr in FY24 due to the demerger of the die-casting business. However, dividend income from TVSM grew 25.13% YoY from INR 191 Cr in FY24 to INR 239 Cr in FY25. TVSM (main subsidiary) revenue grew 20% in FY24 and is expected to grow 14-15% in FY25.
Geographic Revenue Split
TVSM registered a 16% volume growth in exports during H1 FY25 due to demand recovery in key markets. Domestic moped volumes increased by 16.5% in H1 FY25. Specific geographic percentage splits for the holding company are not disclosed as income is primarily domestic dividends and royalties.
Profitability Margins
Standalone PAT margin improved significantly from 21.10% in FY24 to 55.17% in FY25 following the transition to a Core Investment Company (CIC). Consolidated operating margins (excluding TVS Credit) are estimated at 10-10.5%, constrained by losses in overseas subsidiaries like Norton.
EBITDA Margin
TVSM standalone operating profitability increased to 12.3% in FY25 from 11.1% in FY24, driven by a 1.2% improvement from premiumization and cost control. Standalone TVSHL EBITDA is not explicitly separated from total income due to its nature as a holding company.
Capital Expenditure
TVSHL invested INR 554 Cr to acquire an 80.74% stake in Home Credit India Finance Pvt Ltd (HCIFPL) in FY25. TVSM continues to invest in EV development and new product launches, though specific consolidated CAPEX figures for the current period were not disclosed.
Credit Rating & Borrowing
TVSHL maintains a strong credit profile with a 'CARE AA+; Stable' rating. Borrowing costs are linked to INR 944 Cr of Non-Convertible Debentures (NCDs) which have a 5-year tenure and bullet repayment. Interest coverage ratio improved from 4.57x in FY24 to 6.56x in FY25.
Operational Drivers
Raw Materials
As a holding company, TVSHL has no direct raw material costs. Its subsidiary TVSM utilizes aluminum, steel, and battery components for EVs. Raw material costs for TVSM are managed through price hikes and cost optimization to maintain margins.
Import Sources
Not directly applicable to TVSHL. TVSM sources components globally, with a focus on domestic sourcing for the moped and scooter segments in India.
Key Suppliers
Not disclosed for the holding company. TVSM manages a vast network of automotive component suppliers.
Capacity Expansion
TVSM is the 3rd largest 2W manufacturer in India. Expansion is focused on the EV segment with new launches planned across product categories to increase the current electric scooter market share of ~20.9%.
Raw Material Costs
Not applicable to TVSHL standalone. For TVSM, input cost increases were passed on to consumers through price hikes, helping standalone operating margins reach 11.6% in H1 FY25.
Manufacturing Efficiency
TVSM's standalone operating margin improved to 11.6% in H1 FY25 from 10.8% in FY24, reflecting improved capacity utilization and a better product mix (premiumization).
Logistics & Distribution
TVSM's export volumes grew 16% in H1 FY25, indicating an efficient global distribution network despite sluggish demand in Europe.
Strategic Growth
Expected Growth Rate
14-15%
Growth Strategy
Growth will be achieved through TVSM's premiumization strategy, expansion of the EV portfolio (iQube and new launches), and the integration of HCIFPL (80.74% stake) to capture the consumer finance market. TVSM's revenue grew at a 24% CAGR between FY22-FY24.
Products & Services
Investment holding services, brand royalty, and management services. Indirectly: Motorcycles (Apache, Ronin), Scooters (Jupiter, Ntorq, iQube), Mopeds (XL100), and Consumer Finance (Home Credit).
Brand Portfolio
TVS Motor, TVS Apache, TVS Jupiter, TVS XL100, TVS iQube, Norton, Home Credit India.
New Products/Services
Acquisition of HCIFPL marks an entry into consumer finance. TVSM is launching new EV products across categories to sustain its 20.9% EV market share.
Market Expansion
TVSM is expanding its dealership network and export footprint, which saw a 16% volume increase in H1 FY25. HCIFPL acquisition expands the group's footprint in the financial services sector.
Market Share & Ranking
TVSM is the 3rd largest two-wheeler manufacturer in India. It is the only major player in the moped segment.
Strategic Alliances
Acquisition of 80.74% stake in HCIFPL from Home Credit India BV. Divestment of TVS Emerald to VEE ESS Trading Pvt Ltd (Promoter Group).
External Factors
Industry Trends
The industry is shifting toward EVs; TVSM holds a 20.9% share in electric scooters. The 2W segment is seeing a trend of premiumization, where TVSM's standalone margins improved to 12.3% in FY25.
Competitive Landscape
TVSM competes with major 2W OEMs. It maintains a unique position as the sole major player in the moped segment and a top-3 player in motorcycles and scooters.
Competitive Moat
The primary moat is the 50.26% controlling stake in TVSM, valued at INR 82,441 Cr, providing a massive 87x debt cover. Brand royalty and management fees provide stable, non-dividend recurring income.
Macro Economic Sensitivity
Highly sensitive to Indian consumer spending and rural demand, which drives 2W and moped volumes. Moped volumes grew 16.5% in H1 FY25, signaling rural recovery.
Consumer Behavior
Shift toward premium motorcycles and electric scooters is being met by TVSM's product launches, aiding a 20% revenue growth in FY24.
Geopolitical Risks
Muted demand in Europe and product development costs at Norton are currently impacting consolidated profitability.
Regulatory & Governance
Industry Regulations
TVSHL is regulated as a Core Investment Company (CIC) by the RBI as of March 14, 2024. It must maintain specific asset ratios and wound up its trading business in Oct 2024 to comply with RBI mandates.
Environmental Compliance
TVSM is heavily investing in EV technology to comply with tightening emission norms and transition away from internal combustion engines.
Taxation Policy Impact
Not specifically detailed, but standalone PAT grew 3.8% YoY despite the demerger, indicating stable tax management.
Legal Contingencies
No material pending court cases or legal disputes were disclosed in the provided documents.
Risk Analysis
Key Uncertainties
High dependence on TVSM for dividend income (INR 239 Cr in FY25). A significant decline in TVSM's credit profile or a market crash reducing the investment value below 10x debt cover would trigger a rating downgrade.
Geographic Concentration Risk
Revenue is primarily dependent on the Indian market through TVSM's domestic sales and HCIFPL's domestic finance operations.
Third Party Dependencies
High dependency on the promoter group; 74.45% of TVSHL is held by the promoter group (VS Trust holds 66.55%).
Technology Obsolescence Risk
TVSM faces technology risks in the transition to EVs, mitigated by its 20.9% market share in electric scooters and ongoing R&D investments.
Credit & Counterparty Risk
TVSHL has strong liquidity with INR 13 Cr cash balance and no negative ALM mismatches as of Sept 30, 2025. Debt cover of 87x provides substantial cushion.
