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TVSMOTOR - TVS Motor Co.

📊 NSE: TVSMOTOR 🏢 Automobiles - Motorcycles / Mopeds 📅 Last Updated: 12/14/2025 14:36

📢 Recent Corporate Announcements

TVS Motor Launches Orbiter V1 at ₹49,999; Introduces Battery-As-A-Service (BaaS)

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 12 Mar 2026, 12:30 PM

TVS Motor has launched the Orbiter V1, its most accessible electric scooter, starting at ₹49,999 under a new Battery-As-A-Service (BaaS) model. The BaaS program is being rolled out across the entire EV portfolio, with monthly subscription plans starting as low as ₹862. The Orbiter V1 features a 1.8 kWh battery providing an 86 km IDC range and includes a 5-year or 70,000 km warranty under the BaaS plan. This strategic move aims to lower the entry barrier for EV adoption and compete more aggressively in the mass-market segment.

Launched TVS Orbiter V1 with 1.8 kWh battery at an entry price of ₹49,999 with BaaS.
Introduced BaaS across all EV models with monthly subscription fees starting at ₹862.
Orbiter V1 delivers 86 km IDC range and supports 0-80% charging in 2 hours 20 minutes.
BaaS model includes extended warranty up to 5 years/70,000 km and unlimited mileage.
The scooter features 34-litre storage and advanced tech like OTA updates and Hill Hold Assist.

💡 Monitor the impact of the BaaS model on sales volumes and market share in the competitive EV two-wheeler space. This move positions TVS to capture the budget-conscious segment, potentially boosting long-term recurring revenue.

TVS Motor Receives Approval to List 190 Crore 6% Preference Shares on NSE and BSE

🟡 NEUTRAL ⭐ 6/10

REGULATORY 📅 06 Mar 2026, 09:39 PM

TVS Motor Company has received final listing and trading approvals from NSE and BSE for 190,03,48,456 6% Cumulative Non-Convertible Redeemable Preference Shares (NCRPS). These shares, with a face value of INR 10 each, were issued following an NCLT-sanctioned Scheme of Arrangement with shareholders. Trading for these securities is scheduled to commence on March 10, 2026, under the symbol TVSMNCRPS. This move provides liquidity to shareholders who were allotted these preference shares as part of the company's capital restructuring.

Listing of 190,03,48,456 NCRPS with a face value of INR 10 each
Fixed 6% cumulative dividend rate for the preference shares
Trading to commence on both NSE and BSE effective March 10, 2026
Issued pursuant to a Scheme of Arrangement sanctioned by NCLT Chennai
ISIN for the new securities is INE494B04019

💡 Shareholders who received these preference shares can now trade them for liquidity starting March 10, 2026. Long-term investors may choose to hold them for the steady 6% cumulative dividend yield.

India Ratings Assigns 'IND AAA/Stable' to TVS Motor's Proposed Rs 500 Cr NCDs

🟢 POSITIVE ⭐ 7/10

ROUTINE 📅 05 Mar 2026, 01:05 PM

India Ratings has assigned its highest 'IND AAA/Stable' rating to TVS Motor's upcoming Rs 500 crore NCD issue, reflecting superior creditworthiness. The company has demonstrated strong market gains, with its domestic scooter share rising to 28.5% and maintaining a leadership position in the e-scooter segment with a 23% share. Financial health remains robust with standalone EBITDA margins improving to 12.8% and net leverage staying below 1.0x. While overseas subsidiaries currently impact consolidated margins, the rating agency expects losses to narrow by FY27.

Assigned 'IND AAA/Stable' rating for proposed Rs 500 crore Non-Convertible Debentures.
Domestic scooter market share increased to 28.5% in 10MFY26 from 18% in FY20.
Market leader in the e-scooter segment with over 23% market share as of 9MFY26.
Standalone EBITDA margins improved to 12.8% in 9MFY26 compared to 11% in FY24.
Net adjusted leverage remained healthy at below 1.0x for both FY24 and FY25.

💡 The AAA rating reaffirms TVS Motor's financial strength and its successful transition toward premium and electric vehicles. Investors should view this as a strong indicator of the company's ability to access low-cost capital for future expansions.

TVS Motor February 2026 Sales Surge 31% YoY to 5.29 Lakh Units; EV Sales Up 60%

🟢 POSITIVE ⭐ 7/10

ROUTINE 📅 01 Mar 2026, 12:58 PM

TVS Motor Company reported a robust 31% YoY growth in total sales for February 2026, reaching 529,308 units. The company achieved its highest-ever international business sales of 1.58 lakh units, marking a 27% growth. The Electric Vehicle (EV) segment showed significant momentum with a 60% increase, while the three-wheeler segment surged by 77%. Domestic two-wheeler sales also remained strong, growing 32% to 3.65 lakh units.

Total monthly sales grew 31% YoY to 529,308 units in February 2026.
International business recorded highest-ever sales of 1.58 lakh units, up 27% YoY.
Electric Vehicle (EV) sales jumped 60% to 38,386 units compared to 24,017 units last year.
Three-wheeler segment witnessed a massive 77% growth, reaching 21,446 units.
Domestic two-wheeler sales grew by 32% to 365,471 units from 276,072 units.

💡 Investors should view this as a strong performance indicator, particularly the record exports and high EV growth. The stock remains a strong play in the two-wheeler segment given its balanced growth across domestic and international markets.

TVS Motor Expands in South Africa with 7 New Models and Strategic Bidvest Partnership

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 26 Feb 2026, 12:23 PM

TVS Motor has announced its strategic re-entry into the South African market through a partnership with The Nexus Collective, backed by the Bidvest Group. The company is launching seven high-performance models across the sport, commuter, and urban mobility segments to capture diverse market needs. This expansion leverages TVS's existing international strength, where global business accounts for 25% of total sales. Africa remains a critical growth driver, contributing over 50% of the company's global operational revenue and nearly 70% of its export unit volumes.

Launched 7 diverse models including Apache RR 310, Raider 125, and the HLX series for utility.
Strategic partnership formed with The Nexus Collective, a specialized distributor backed by Bidvest Group.
International business currently contributes 25% of total sales as of 2025 data.
Africa accounts for over 50% of global operational revenue and 70% of export unit volumes.
Becomes the only two-wheeler brand in South Africa to operate across multiple product segments simultaneously.

💡 Investors should monitor the sales traction in South Africa as it reinforces TVS's high-margin export strategy. The partnership with a major local distributor like Bidvest reduces execution risk in a key geography.

TVS Motor Completes Sale of 11,997 CCPS in Roppen Transportation (Rapido)

🟡 NEUTRAL ⭐ 6/10

M&A 📅 25 Feb 2026, 06:37 PM

TVS Motor Company has successfully completed the divestment of its stake in Roppen Transportation Services Private Limited, the parent company of Rapido. The transaction involved the sale of 11,997 Series D Compulsory Convertible Preference Shares (CCPS) to Accel Leaders 5 Holdings and Accel India VIII. This completion follows previous regulatory intimations made in November 2025 and February 2026. The move indicates a strategic exit or value unlocking from a non-core startup investment.

Sold 11,997 Series D Compulsory Convertible Preference Shares (CCPS) in Roppen Transportation Services.
Purchasers include Accel Leaders 5 Holdings (Mauritius) Limited and Accel India VIII (Mauritius) Limited.
Transaction was finalized on February 25, 2026, following earlier board approvals.
The divestment marks the conclusion of a process initiated in late 2025.

💡 Investors should monitor the upcoming quarterly results for the financial impact of this sale and any potential capital gains. This divestment suggests a focus on core business operations or reallocation of capital toward EV initiatives.

TVS Motor Updates Buyer Structure for Divestment of 11,997 CCPS in Roppen Transportation

🟡 NEUTRAL ⭐ 4/10

M&A 📅 19 Feb 2026, 04:51 PM

TVS Motor Company has announced a technical update regarding its divestment of 11,997 Series D Compulsory Convertible Preference Shares (CCPS) in Roppen Transportation Services (Rapido). The original purchaser, Accel India VIII (Mauritius) Limited, will now split the acquisition with its affiliate, Accel Leaders 5 Holdings (Mauritius) Limited. Specifically, Accel India will buy 1,800 shares while the affiliate will buy 10,197 shares. The company confirmed that the total consideration and the aggregate number of securities being divested remain unchanged from the original November 2025 agreement.

Divestment involves 11,997 Series D Compulsory Convertible Preference Shares (CCPS) in Roppen Transportation Services.
Accel India VIII (Mauritius) Limited to purchase 1,800 Series D CCPS.
Accel Leaders 5 Holdings (Mauritius) Limited to purchase 10,197 Series D CCPS.
Total consideration receivable by TVS Motor remains unchanged from the original Share Purchase Agreement dated November 6, 2025.

💡 Investors should view this as a procedural update with no impact on the company's financial realization from the deal. No immediate action is required as the core terms of the divestment remain intact.

TVS Motor Hits 1 Million Production Milestone in Indonesia; Reinforces Global Export Hub

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 18 Feb 2026, 04:10 PM

TVS Motor Company has achieved a significant milestone by producing 1 million units at its Indonesian manufacturing facility since starting operations 19 years ago. The production mix is heavily weighted toward two-wheelers (95%), with the remaining 5% being three-wheelers. This facility now serves as a critical global export hub, shipping vehicles to over 30 countries across Southeast Asia, the Middle East, and Africa. With an annual capacity of 300,000 units, the Indonesian operations are central to TVS's strategy of diversifying its manufacturing base outside India.

Reached 1,000,000 units total production in Indonesia since starting operations in 2006
Product mix consists of approximately 95% two-wheelers and 5% three-wheelers
The Indonesian facility maintains a total annual production capacity of 300,000 units
Exports from the Indonesia hub reach over 30 countries across ASEAN, Middle East, and South America
Operates a network of 49 dealerships and after-sales support covering 4,882 districts in Indonesia

💡 Investors should view this as a validation of TVS Motor's successful international expansion and its ability to build a self-sustaining global manufacturing hub. Monitor the growth in export volumes from Indonesia as a key driver for non-domestic revenue growth and margin improvement.

TVS Motor Completes Sale of Stake in Roppen Transportation (Rapido) to MIH Investments

🟡 NEUTRAL ⭐ 6/10

M&A 📅 17 Feb 2026, 06:55 PM

TVS Motor Company Limited has successfully completed the sale of its holding in Roppen Transportation Services Private Limited, commonly known as Rapido. The transaction involved the transfer of 10 equity shares and 11,988 Series D Compulsorily Convertible Preference Shares (CCPS) to MIH Investments One B.V. This announcement follows a previous disclosure made on November 6, 2025, marking the finalization of this divestment. The move represents a strategic exit or partial exit from the ride-sharing platform operator.

Completed sale of 10 Equity Shares in Roppen Transportation Services Private Limited.
Transferred 11,988 Series D Compulsorily Convertible Preference Shares (CCPS) to the buyer.
The buyer for the stake is MIH Investments One B.V., an entity under the Prosus group.
The transaction was finalized on February 17, 2026, as per SEBI Regulation 30 compliance.
This follows the initial divestment agreement announced by the company in November 2025.

💡 Investors should view this as a routine portfolio cleanup of non-core startup investments. No immediate action is required as the financial impact on TVS Motor's large-cap balance sheet is expected to be minimal.

TVS Motor Expands Experiential Tourism at Rann Utsav with 100+ Riders and Custom Motorcycles

🟢 POSITIVE ⭐ 4/10

OTHER 📅 13 Feb 2026, 06:44 PM

TVS Motor Company has concluded its second year at Gujarat's Rann Utsav, focusing on brand building through experiential tourism. The event saw participation from over 100 riders, including international enthusiasts from Italy and Mexico, representing the Apache and Ronin communities. The company showcased five bespoke custom motorcycles and hosted various motorsports activities like the Women’s Drift-R Championship. This initiative aims to strengthen the lifestyle and premium positioning of its motorcycle brands, which is critical for long-term margin expansion in the premium segment.

Over 100 riders from TVS Apache Owners Group and TVS Ronin CuLT participated in the West Chapter ride to Rann of Kutch.
Unveiled 5 bespoke custom motorcycles based on TVS Ronin, Apache RTR 200, RTR 310, and RR 310 models.
International participation from riders representing Italy and Mexico, highlighting global brand reach.
Hosted specialized motorsports events including the Women’s Drift-R Championship and TVS Racing FMX showcases.

💡 This event is a positive brand-building exercise that reinforces TVS's presence in the high-margin premium and lifestyle motorcycling segments. Investors should view this as a long-term strategy to build customer loyalty and brand equity rather than a short-term financial driver.

TVS Motor Delivers Two iQube Electric Scooters to Vatican City State

🟢 POSITIVE ⭐ 3/10

EXPANSION 📅 11 Feb 2026, 02:46 PM

TVS Motor Company has delivered two TVS iQube electric scooters to the Governorate of Vatican City State, marking a prestigious brand endorsement for its EV portfolio. The delivery was facilitated through TVS Motor Italia and its partner Exelentia as part of the Vatican's ecological transition toward zero-emission mobility. The TVS iQube features a range of up to 100 km in eco mode and includes advanced SmartXonnect technology. While the unit volume is minimal, the association with a high-profile global entity enhances TVS's brand visibility and credibility in the European electric vehicle market.

Delivery of 2 TVS iQube electric scooters to the Governorate of Vatican City State.
Collaboration involves TVS Motor Italia and Exelentia to provide sustainable mobility solutions.
The TVS iQube model provides a range of up to 100 km in eco mode with silent performance.
TVS Motor Company currently maintains a global presence in over 90 countries.
The initiative aligns with the Vatican's goal for zero-emission urban mobility.

💡 Investors should view this as a positive brand-building milestone that validates TVS's EV technology in international markets. No immediate financial impact is expected, but it reinforces the company's premium positioning in the global two-wheeler EV segment.

TVS Motor to Host Group Institutional Investor Meet on February 16, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 09 Feb 2026, 12:16 PM

TVS Motor Company has scheduled a physical group meeting with over 20 major institutional investors and analysts on February 16, 2026. The meeting is set to take place at the company's factory premises in Hosur at 02:30 PM IST. High-profile participants include representatives from Capital International, SBI Mutual Fund, HDFC Mutual Fund, and ICICI Prudential Life Insurance. While the company stated no unpublished price sensitive information will be shared, factory visits often allow analysts to gauge operational efficiency and production scale.

Group meeting scheduled for February 16, 2026, at the Hosur factory premises.
Participation from over 20 prominent domestic and international fund houses including UTI, DSP, and Invesco.
The meeting is organized as a physical factory visit and group interaction.
Company explicitly stated that no Unpublished Price Sensitive Information (UPSI) will be disclosed during the session.

💡 Investors should monitor for any subsequent analyst notes or research reports that may provide qualitative insights into the company's manufacturing capabilities. No immediate portfolio action is required based on this routine disclosure.

TVS Motor Strengthens Egypt Presence with TVS Ronin and TVS Ntorq Launch

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 07 Feb 2026, 11:02 PM

TVS Motor Company has expanded its product portfolio in Egypt by launching the TVS Ronin Top and TVS Ntorq Race Edition. This move is part of a long-term strategy to deepen its presence in the Egyptian market, supported by a 6-year partnership with distributor Ezz LCV. To support this growth, Ezz LCV has established a state-of-the-art assembly line in Giza to boost local manufacturing and delivery efficiency. TVS Motor currently operates in over 90 countries, and this launch targets the premium and performance segments of the two-wheeler market.

Launched TVS Ronin Top and TVS Ntorq Race Edition in Egypt to target premium and urban segments.
Leveraging a 6-year strategic partnership with local distributor Ezz LCV.
New assembly line established in Giza, Egypt, to enhance local manufacturing capabilities.
TVS Motor continues to expand its global footprint across 90+ countries.

💡 Investors should monitor the growth in export volumes as TVS continues to diversify its revenue streams geographically. The focus on local assembly in Egypt could lead to better margins and competitive pricing in the North African region.

TVS Motor Appoints Madhu Manral Srivastava as President & Group Head of Human Resources

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 06 Feb 2026, 03:30 PM

TVS Motor Company has appointed Madhu Manral Srivastava as President & Group Head – Human Resources, effective February 6, 2026. She joins from Vedanta Resources, where she served as Global CHRO for the $25 billion multinational with a 100,000-strong workforce. The appointment follows the departure of R. Anandakrishnan, who served the company for 38 years. This leadership transition is aimed at supporting TVS Motor's global expansion across mobility, financial services, and real estate.

Madhu Manral Srivastava appointed as President & Group Head – Human Resources effective Feb 6, 2026
Previously served as Global CHRO at Vedanta Resources, managing a $25 billion enterprise
Brings extensive experience from Citibank, Genpact, Reliance, and Godrej with an MBA from IIM Ahmedabad
Succeeds R. Anandakrishnan who is leaving after a long-standing 38-year tenure
Appointment aligns with TVS Motor's strategy for global growth and organizational transformation

💡 This is a routine senior management transition involving a highly qualified professional; no immediate impact on stock performance is expected. Investors should view this as a positive step toward strengthening global leadership depth.

TVS Motor Launches King Kargo HD CNG at Rs 2.71 Lakh for Last-Mile Logistics

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 05 Feb 2026, 02:01 PM

TVS Motor Company has launched the TVS King Kargo HD CNG, targeting the growing last-mile cargo delivery segment with an introductory price of Rs 2,70,648. The vehicle features a 301.1 cc engine delivering 9.1 kW power and a segment-leading 6.6 ft load deck. The rollout will occur in phases across key states including Delhi NCR, Gujarat, and Maharashtra. This move strengthens TVS's presence in the commercial mobility space, backed by a 3-year warranty and a network of over 470 service touchpoints.

Introductory price set at Rs 2,70,648 (Ex-showroom, Delhi) for the new CNG cargo variant
Powered by a 301.1 cc liquid-cooled engine producing 9.1 kW power and 22.4 Nm torque
Features a best-in-segment 6.6 ft load deck and a high ground clearance of 235 mm
Phased rollout across major Indian states supported by 470+ service touchpoints
Comes with a 3-year or 1.5 lakh km warranty and 3 years of roadside assistance

💡 Investors should monitor the sales volume of this new variant as it competes in the competitive CNG cargo three-wheeler market. The expansion into the high-demand last-mile logistics sector could provide a steady revenue stream and improve market share in the commercial vehicle segment.

View All TVSMOTOR Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total operating revenue grew 29% YoY to INR 11,905 Cr in Q2 FY26. The EV segment registered a 46% volume growth in November 2025 (38,307 units). International business revenue grew 58% in November 2025, while two-wheeler sales specifically grew 52% to 132,233 units. Three-wheeler sales saw a significant 147% growth in November 2025 to 21,667 units.

Geographic Revenue Split

Export revenue for Q2 FY26 was reported at INR 2,885 Cr, contributing approximately 24.2% of the total quarterly revenue of INR 11,905 Cr. The company operates in 80 countries, with major export markets including Nigeria, Bangladesh, Ethiopia, Guinea, UAE, Kenya, and Congo.

Profitability Margins

Profit After Tax (PAT) grew 37% YoY to INR 906 Cr in Q2 FY26, maintaining a net margin of approximately 7.6%. Profit Before Tax (PBT) for H1 FY26 grew 36% to INR 2,279 Cr. Profitability is driven by premiumization and cost optimization, which offset notional losses from fair valuation of investments like TVS Supply Chain shares.

EBITDA Margin

Operating EBITDA margin improved to 12.7% in Q2 FY26, up 100 basis points from 11.7% in Q2 FY25. On a normalized basis (adjusting for PLI benefits), the improvement was 50 basis points. This expansion is attributed to a better product mix and favorable operating leverage from a 29% increase in top-line revenue.

Capital Expenditure

In FY25, the company invested INR 2,128 Cr in subsidiaries and associates, including INR 1,618 Cr in TVS Motor (Singapore) and INR 283 Cr in TVS Credit. For Q1 FY26, incremental investments in subsidiaries totaled INR 478 Cr to support loss funding and global expansion.

Credit Rating & Borrowing

CARE reaffirmed 'CARE AA+; Stable' for long-term facilities and 'CARE A1+' for short-term facilities. The company was assigned a rating for INR 1,900.35 Cr of Non-convertible redeemable preference shares (NCRPS) at CARE A1+. Net automobile debt/PBILDT improved to 1.03x in FY24 from 1.30x in FY23.

⚙️ Operational Drivers

Raw Materials

Key raw materials include steel, iron, and aluminium. While specific percentage splits are not disclosed, the company noted that material cost reductions and price increases were implemented to manage commodity inflation and protect the 12.7% EBITDA margin.

Capacity Expansion

The company is expanding its EV portfolio with the launch of the TVS Orbiter. While specific MTPA/unit capacity was not cited, the company expects to utilize internal accruals and available liquidity to meet capex requirements, with expected cash accruals of ~INR 3,300 Cr in FY26.

Raw Material Costs

Raw material costs are managed through sustained cost reduction initiatives and price hikes. Sequential revenue growth of 18% in some quarters has been used to offset overheads, though specific raw material cost as a % of revenue was not explicitly quantified.

Manufacturing Efficiency

Operating leverage improved as revenue grew 29% while EBITDA grew 40%, indicating that fixed costs are being spread over a larger volume of units, specifically the 1.46 lakh three-wheelers and growing 2W volumes.

Logistics & Distribution

The company maintains a PAN-India dealer network with significant presence in all regions, though it identifies scope for further improvement in the North and West regions to optimize distribution costs.

📈 Strategic Growth

Expected Growth Rate

25-29%

Growth Strategy

Growth is targeted through premiumization of the product mix, aggressive EV expansion (46% growth in Nov 2025), and scaling international business (58% growth). The company is also leveraging its NBFC arm, TVS Credit, which has a book size of INR 27,807 Cr, to drive retail sales through consumer financing.

Products & Services

Two-wheelers (Motorcycles, Scooters, Mopeds), Three-wheelers, Electric Vehicles (TVS iQube, TVS Orbiter), and Financial Services (Consumer and Retail financing via TVS Credit).

Brand Portfolio

TVS, TVS iQube, TVS Orbiter, Norton, TVS Credit, PT TVS.

New Products/Services

Launched TVS Orbiter, an urban EV commute vehicle. New product launches from the Norton brand are expected in the next financial year to target the premium global motorcycle segment.

Market Expansion

Targeting deeper penetration in the North and West regions of India and expanding the international footprint beyond the current 80 countries, specifically focusing on Latin America (Brazil, Mexico) and Southeast Asia.

Market Share & Ranking

Two-wheeler market share increased to 17.2% in Q1 FY26. In FY25, motorcycle market share stood at 13.8% and scooter market share at 25.6%.

Strategic Alliances

Strategic investments in TVS Motor (Singapore) and TVS Credit (NBFC arm). TVS Credit achieved a customer base of over 2.13 crores, supporting the parent company's sales growth.

🌍 External Factors

Industry Trends

The industry is shifting toward EVs and premiumization. TVS is positioning itself by growing EV sales 46% YoY and improving its 2W market share to 17.2% through technology-led products.

Competitive Landscape

Competes with major 2W and 3W OEMs. While the industry grew 10.4% in Q1 FY26, TVSM volumes increased 45.9%, significantly outperforming the market.

Competitive Moat

Moat is built on a strong R&D pipeline, a diversified global presence in 80 countries, and a captive financing arm (TVS Credit) that facilitates sales. This is sustainable due to high entry barriers in EV technology and established distribution networks.

Macro Economic Sensitivity

The 8th Pay Commission is expected to be a potential tailwind, as increased disposable income in consumers' hands typically boosts two-wheeler demand in Q3 and Q4.

Consumer Behavior

Shift toward 'smart' and 'sustainable' urban commutes among young urbanites, leading to the development of the TVS Orbiter EV.

Geopolitical Risks

Political instability in African and Middle Eastern export markets (e.g., Nigeria, Ethiopia) poses a risk to the three-wheeler export business, which saw a volume drop to 1.35 lakh units in FY25.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with PLI scheme requirements for EVs. The company recognized the entire FY24 PLI benefit in Q4 of that year, impacting YoY margin comparisons.

Environmental Compliance

The company is transitioning toward sustainable mobility with a focus on the PLI (Production Linked Incentive) scheme, which contributed to EBITDA margin improvements.

Taxation Policy Impact

The company benefits from GST 2.0 implementation, which has driven growth in consumer and retail financing for TVS Credit.

⚠️ Risk Analysis

Key Uncertainties

Significant exposure to subsidiaries (89% of net worth) is a key monitorable. Deteriorating performance in loss-making associates could weaken liquidity, which currently stands at INR 805 Cr in cash/liquid investments.