TVS Srichakra Limited (TVSSRICHAK)
₹4,313.10 +1.25% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, TVS Srichakra's revenue was ₹1,068 Cr (+30.3% year on year, +8.8% on the previous quarter), and net profit ₹34.0 Cr (+165.2% year on year); the operating margin was 7.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,068 | +30.3% | +8.8% |
| Operating profit | ₹80.8 | +68.4% | -7.1% |
| Net profit | ₹34.0 | +165.2% | -5.5% |
| EPS (₹) | 44.43 | +164.1% | -5.7% |
| Operating margin | 7.6% | — | — |
TVSSRICHAK delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 56.49% of the TVSSRICHAK shares traded on NSE were taken to delivery, against the stock's own 20-session average of 46.55%. That is higher than usual for this stock. Turnover was only ₹91 lakh, so a handful of trades can move this figure. Volume was 0.3 times its average, well below normal.
Delivery in the last 5 sessions: 51.9% · 45.2% · 46.6% · 59.7% · 56.5%
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 Srichakra has realized ₹34.44 crore in cash following a selective capital reduction by promoter group entity TASL Automobile Solutions Private Limited. The exit was executed at ₹377.70 per share for the company's entire 7.58% stake (9,11,741 equity shares), which has now been extinguished. The NCLT Chennai-approved scheme became effective on October 7, 2026. The received cash represents approximately 37% of TVS Srichakra's TTM PAT of ₹92 crore.
- Received total cash consideration of ₹34.44 crore on capital reduction exit
- Exit price determined at ₹377.70 per equity share
- Extinguished entire holding of 9,11,741 shares representing 7.58% stake in TASL Automobile
- NCLT Division Bench, Court - II, Chennai sanctioned scheme effective October 7, 2026
TVS Srichakra Limited received an order on October 5, 2026, from the State Tax Officer, Rudrapur, Uttarakhand, imposing a penalty of Rs 10.71 lakh. The penalty arose from the detention of a transport vehicle moving goods where an e-Way Bill was inadvertently rejected/cancelled by the recipient. The financial impact is negligible, representing less than 0.01% of TTM revenue of Rs 3,892 crore. The company is evaluating legal remedies, including filing an appeal, and reports no material impact on operations.
- Penalty of Rs 10.71 lakh imposed by State Tax Officer, Rudrapur, Uttarakhand
- Order received on October 5, 2026, at 8:47 P.M.
- Issue pertains to vehicle transit without a valid e-Way Bill after an inadvertent cancellation
- Penalty equals less than 0.01% of TTM revenue (Rs 3,892 crore) and TTM PAT (Rs 92 crore)
TVS Srichakra 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, issued by Registrar & Share Transfer Agent Integrated Registry Management Services Private Limited on October 3, 2026, confirms that securities received for dematerialisation were duly processed, confirmed to depositories, and mutilated/cancelled within 15 days. This is a purely statutory compliance filing with no impact on corporate financials or operations.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018 for the quarter ended September 30, 2026
- RTA Integrated Registry Management Services confirmed security certificates were cancelled and substituted in records within 15 days
- Certificate issued by RTA on October 3, 2026 and filed with exchanges on October 6, 2026
TVS Srichakra has received a Show Cause Notice dated September 28, 2026, from the Deputy Commissioner of State Tax, Bhiwandi, Mumbai. The notice alleges excess availment of Input Tax Credit (ITC) in GSTR-3B versus GSTR-2B for FY 2022-23. The total proposed demand is ₹17.53 crore, comprising ₹8.05 crore in tax, ₹7.78 crore in interest, and ₹1.70 crore in penalty. The proposed demand represents ~19% of the company's TTM PAT of ₹92 crore. The company is evaluating the notice and preparing a detailed response, stating that prior representations were not considered.
- Total proposed GST demand aggregates to approximately ₹17.53 crore
- Breakdown includes tax of ₹8.05 crore, interest of ₹7.78 crore, and proposed penalty of ₹1.70 crore
- Pertains to alleged excess Input Tax Credit (ITC) claims for Assessment Year / FY 2022-23
- Matter is at the notice stage; no final penalty, restriction, or order has been passed
TVS Srichakra Limited reported the voting results and Scrutinizer's Report for its 43rd Annual General Meeting held on September 24, 2026. Shareholders approved all four ordinary resolutions, including the adoption of FY26 financial statements and declaration of a final dividend, with over 99.99% votes in favour. Out of 76,57,050 total shares, 40,81,387 votes were polled, representing a 53.30% voter turnout. Additionally, the re-appointment of retiring director S. Ravichandran was approved with 98.56% votes in favour.
- All 4 ordinary resolutions passed with requisite majority at the 43rd AGM held on September 24, 2026
- Adoption of FY26 financials and declaration of final dividend passed with 99.99% votes in favour
- Overall shareholder voting turnout stood at 53.30% (40,81,387 votes polled on 76,57,050 total shares)
- Re-appointment of retiring director S. Ravichandran approved with 98.56% votes in favour (58,968 votes against)
TVS Srichakra Limited has expanded its branded retail presence by opening its 20th and 21st exclusive retail outlets in Bhowali (Uttarakhand) and Aligarh (Uttar Pradesh). The stores retail Eurogrip tyres and tubes while offering services such as tyre fitment, care, puncture repair, and air checks. Relative to TVS Srichakra's TTM revenue of ₹3,892 crore and overall manufacturing scale of over 3 million tyres a month, opening two retail stores is routine network expansion and immaterial financially.
- Inaugurated 21st exclusive retail store in Aligarh, Uttar Pradesh
- Inaugurated 20th exclusive retail store in Bhowali, Nainital, Uttarakhand
- Company maintains overall manufacturing capacity exceeding 3 million tyres a month across Madurai and Rudrapur
- Products reach over 85 countries globally under TVS Mobility
TVS Srichakra Limited announced that its step-down wholly owned subsidiary, TVS Sensing Solutions Private Limited, has completed the acquisition of a 51% stake (5,100 equity shares) in Weber Drivetrain Private Limited on August 31, 2026. The final consideration paid for the acquisition is Rs 10,00,000, modified downwards from the previously disclosed figure of Rs 1,43,00,000. Consequent to the transaction, Weber Drivetrain has become a step-down subsidiary of TVS Srichakra. Given the deal size of Rs 10 lakh against TVS Srichakra's TTM revenue of Rs 3,892 crore, the transaction is financially immaterial.
- Completed acquisition of 51% stake (5,100 shares) in Weber Drivetrain Private Limited
- Final acquisition consideration paid is Rs 10,00,000 (revised from earlier estimated Rs 1,43,00,000)
- Transaction successfully completed on August 31, 2026
- Weber Drivetrain is now a step-down subsidiary of TVS Srichakra Limited
TVS Srichakra Limited has issued a communication pursuant to Regulation 36(1)(b) of SEBI LODR to provide web-links for its FY 2025-26 Annual Report and Notice of the 43rd Annual General Meeting (AGM). The AGM is scheduled for Thursday, September 24, 2026, at 10:30 AM IST via Video Conferencing / Other Audio Visual Means. This filing is a procedural compliance update directed at shareholders whose email addresses are not registered with the company or depositories.
- 43rd Annual General Meeting scheduled for September 24, 2026, at 10:30 AM IST via VC/OAVM
- Notice and FY 2025-26 Annual Report access links dispatched to shareholders with unregistered email IDs
- Filing submitted in compliance with SEBI LODR Regulation 36(1)(b)
TVS Srichakra Limited has issued the notice for its 43rd Annual General Meeting (AGM) scheduled for September 24, 2026, via video conferencing. The company has proposed a final dividend of ₹37.80 per equity share (378% on ₹10 face value) on 76,57,050 shares for FY26, resulting in an aggregate payout of approximately ₹28.94 crore. The record date for determining shareholder entitlement to the dividend is September 10, 2026. Other agenda items include adoption of FY26 financial statements, director reappointment, and ratification of the cost auditor's remuneration.
- 43rd AGM to be held virtually on September 24, 2026 at 10:30 AM IST.
- Final dividend of ₹37.80 per share (378%) proposed on 76,57,050 equity shares for FY26.
- Record date for final dividend eligibility set as September 10, 2026.
- Remote e-voting window open from September 21 to September 23, 2026, with cut-off date on September 17, 2026.
- Cost auditor remuneration proposed at ₹1,50,000 plus taxes and out-of-pocket expenses for FY27.
TVS Srichakra Limited has responded to an inquiry from the National Stock Exchange dated August 26, 2026, regarding a significant spurt in share trading volume. The company stated that the volume movement is purely market-driven and that it has no undisclosed material information. It reiterated compliance with all disclosure requirements under Regulation 30 of SEBI LODR Regulations.
- Response submitted to NSE letter reference NSE/CM/Surveillance/17419 dated August 26, 2026.
- Stated that volume increase appears purely market-driven with no undisclosed company events.
- Confirmed full compliance with disclosure mandates under SEBI LODR Regulation 30.
TVS Srichakra Limited has scheduled its 43rd Annual General Meeting (AGM) for Thursday, September 24, 2026, via video conferencing. The company has fixed September 10, 2026, as the record date to determine shareholder entitlement for the final dividend. The remote e-voting period will be open from September 21 to September 23, 2026, with the voting cut-off date set for September 17, 2026.
- Record date for final dividend entitlement fixed as September 10, 2026
- 43rd Annual General Meeting scheduled for September 24, 2026 at 10:30 A.M. IST
- Cut-off date for e-voting eligibility set as September 17, 2026
- Remote e-voting window runs from September 21, 2026 (9:00 AM) to September 23, 2026 (5:00 PM)
TVS Srichakra has announced the introduction of its new slick racing tyre range, 'PROTORQ RACING', at the PETRONAS TVS India One Make Championship 2026. This marks the company's eighth consecutive year as technical partner for the championship, with the tyres fitted onto TVS Apache RR 310 and TVS Apache RTR 200 racing bikes. While financially modest in immediate revenue contribution, the showcase enhances technical R&D capabilities and brand positioning for the premium TVS Eurogrip brand.
- Eurogrip serves as technical partner to the PETRONAS TVS India One Make Championship for the 8th consecutive year
- New 'Protorq Racing' slick tyres deployed on TVS Apache RR 310 and TVS Apache RTR 200 motorcycles
- Championship commenced on August 14, 2026, and is scheduled across 5 distinct phases
- Overall corporate manufacturing capacity stands at over 3 million tyres per month across Madurai and Rudrapur units
TVS Srichakra reported a strong performance for Q1 FY27, with standalone revenue from operations growing 30.9% YoY to ₹997.36 Cr. Standalone Net Profit surged 61.3% YoY to ₹29.22 Cr, supported by a ₹7.21 Cr one-time gain from US tariff refunds recognized in other income. While raw material costs rose 24% YoY to ₹543.46 Cr, the company maintained growth momentum. The quarterly EPS improved significantly to ₹38.15 from ₹23.66 in the corresponding quarter last year.
- Standalone Revenue from Operations increased to ₹997.36 Cr, up 30.9% from ₹761.74 Cr in Q1 FY26.
- Net Profit after tax rose to ₹29.22 Cr, a 61.3% increase compared to ₹18.12 Cr in the same period last year.
- Recognized a ₹7.21 Cr receivable (net) following a U.S. Supreme Court ruling invalidating certain tariffs.
- Raw material consumption costs increased to ₹543.46 Cr from ₹438.12 Cr YoY, reflecting pricing pressures.
- Exceptional items included a ₹1.00 Cr expenditure related to a Voluntary Retirement Scheme (VRS).
TVS Srichakra has announced the opening of three new exclusive retail stores in Mehsana (Gujarat), Noida, and Bareilly (Uttar Pradesh). This expansion brings the company's total exclusive store count to 19, reinforcing its 'Eurogrip' brand presence in the domestic replacement market. While the addition of three stores is small relative to the company's TTM revenue of ₹3,643 Cr, it aligns with the strategic focus on high-margin 2-wheeler and 3-wheeler replacement segments. The stores will provide a full range of tyres and professional services like fitment and puncture repair.
- Opened 3 new exclusive retail stores in Mehsana, Noida, and Bareilly.
- Total number of exclusive retail outlets increased to 19 across India.
- Company maintains a production capacity of over 3 million tyres per month.
- Products are currently available in over 85 countries globally.
- Expansion targets the high-margin replacement market for 2-wheelers and 3-wheelers.
TVS Srichakra's step-down subsidiary, TVS Sensing Solutions, is acquiring a 51% controlling stake in Weber Drivetrain Private Limited for ₹1.43 crore. Weber is a Pune-based EV technology company specializing in electric motors and controllers, with an FY26 turnover of ₹14.17 crore. While the acquisition cost is negligible at ~0.04% of TVS Srichakra's TTM revenue of ₹3,643 crore, it represents a strategic move into EV electronics capability building. The transaction is expected to be completed within six months.
- Acquisition of 5,100 equity shares representing 51% stake for ₹1.43 crore in cash
- Target company Weber Drivetrain reported a turnover of ₹14.17 crore in FY26, up from ₹11.65 crore in FY25
- The acquisition is expected to close within 6 months from the agreement date of July 19, 2026
- Weber Drivetrain specializes in designing and manufacturing electric motors and controllers for EV OEMs
- Acquisition cost represents approximately 0.12% of TVS Srichakra's net worth of ₹1,231 crore
Financial Performance
Revenue Growth by Segment
Total revenue from operations increased 9.8% YoY to INR 3,022.90 Cr in FY25 from INR 2,754.03 Cr in FY24. The replacement segment, specifically Off-Highway Tyres (OHT), contributed approximately INR 780 Cr during the first nine months of fiscal 2024, though it faced headwinds due to a slowdown in export demand.
Geographic Revenue Split
The company expanded its geographic footprint in the USA through the acquisition of Super Grip Corporation (SG Corp) in Tennessee in November 2023. While domestic OEM and replacement markets are primary, the OHT segment is heavily export-oriented, though it witnessed a demand slowdown in fiscal 2024.
Profitability Margins
Net profit margin was reported at 3.76% for FY25, up from 1.22% in FY24. However, Profit Before Tax (PBT) decreased significantly by 65.0% YoY to INR 48.61 Cr in FY25 from INR 138.95 Cr in FY24, primarily due to higher finance costs and raw material pressures.
EBITDA Margin
Operating margins were projected to improve to 9-10% in fiscal 2024 due to moderating rubber prices. Standalone EBITDA margin for Q1 FY23 was 4.2%, impacted by front-loaded advertising spends (5.9% of sales) related to IPL sponsorship.
Capital Expenditure
The company maintains a prudently funded capex spend to support its manufacturing units in Vellaripatti (Madurai) and Uttarakhand. Specific planned capex for FY26 is not disclosed, but historical spend has focused on capacity for 2-wheeler and 3-wheeler tyres.
Credit Rating & Borrowing
CRISIL Ratings recently withdrew the A1+ rating for the INR 300 Cr Commercial Paper programme at the company's request. Total borrowings stood at INR 812.20 Cr as of March 31, 2025, with a Debt-Equity ratio of 0.73.
Operational Drivers
Raw Materials
Rubber is the primary raw material, with raw material costs accounting for 61.4% of total income in Q1 FY23. Other inputs include chemicals and fabric used in tyre manufacturing.
Import Sources
Not disclosed in available documents; however, the company is sensitive to global rubber price fluctuations.
Capacity Expansion
The company operates major manufacturing units in Madurai and Uttarakhand. While specific MTPA figures are not disclosed, the acquisition of SG Corp in the USA adds specialized capacity for solid industrial and all-terrain vehicle tyres.
Raw Material Costs
Raw material costs remained elevated at 61.4% of income in Q1 FY23 compared to 55.1% in Q1 FY22. The company employs internal cost mitigation actions as high costs are not always fully passed on to OEM customers.
Manufacturing Efficiency
The company focuses on productivity through Kaizen competitions, winning awards for 'Productivity Improvement Kaizen' and 'Poka-Yoke' at national levels in FY25.
Strategic Growth
Expected Growth Rate
9.80%
Growth Strategy
Growth is driven by the acquisition of Super Grip Corporation (USA) to penetrate the solid industrial and mining vehicle tyre markets. The company is also focusing on the high-margin replacement market and expanding its 'TVS Eurogrip' brand presence through aggressive marketing, such as IPL sponsorships.
Products & Services
2-wheeler and 3-wheeler tyres, off-highway tyres (OHT), solid industrial tyres, all-terrain vehicle (ATV) tyres, mining vehicle tyres, and port equipment tyres.
Brand Portfolio
TVS Eurogrip, TVS Srichakra, and Super Grip (SG Corp).
New Products/Services
Expansion into solid industrial tyres and specialized tyres for all-terrain and port equipment vehicles following the SG Corp acquisition.
Market Expansion
Targeting the North American market through the Tennessee-based SG Corp and strengthening the domestic replacement market for two-wheelers.
Market Share & Ranking
Not disclosed in available documents, though it is a leading player in the Indian 2-wheeler tyre segment.
Strategic Alliances
The company is a key supplier to major OEMs like Bajaj, Yamaha, and others, as evidenced by supplier awards.
External Factors
Industry Trends
The industry is shifting toward specialized off-highway tyres and sustainable manufacturing. TVS Srichakra is positioning itself by achieving 80% renewable energy usage and expanding into niche industrial tyre segments.
Competitive Landscape
Competes with major Indian tyre manufacturers in the 2-wheeler segment and global players in the OHT/industrial segment.
Competitive Moat
The company's moat is built on its strong brand equity (TVS Eurogrip), deep relationships with major Indian OEMs, and a specialized product portfolio in the OHT and industrial segments which have higher entry barriers than standard tyres.
Macro Economic Sensitivity
Highly sensitive to global rubber prices and interest rate cycles. Finance costs increased 15.6% to INR 49.17 Cr in FY25 due to rising average interest rates.
Consumer Behavior
Increasing demand for premium 2-wheeler tyres and specialized all-terrain tyres in export markets.
Geopolitical Risks
Geopolitical uncertainties are cited as a factor that could materially impact operations, particularly affecting export volumes in the OHT segment.
Regulatory & Governance
Industry Regulations
Complies with SEBI (LODR) Regulations, 2015 and the Companies Act, 2013. Operations are subject to environmental pollution norms and industrial relations standards.
Environmental Compliance
Maintains an Internal Financial Control Framework and monitors material effluent or pollution problems. 80% of energy is now from renewable sources.
Taxation Policy Impact
The company accounts for current and deferred tax; tax expense was INR 1.89 Cr in Q4 FY22.
Legal Contingencies
The company instituted a Voluntary Retirement Scheme (VRS) for workmen at the Madurai plant, incurring an exceptional expense of INR 5.06 Cr in Q1 FY23.
Risk Analysis
Key Uncertainties
Volatility in raw material prices (rubber) and fluctuations in export demand are key risks that could impact margins by 2-3%.
Geographic Concentration Risk
While expanding globally, a significant portion of manufacturing and revenue remains concentrated in India, particularly the Madurai and Uttarakhand regions.
Third Party Dependencies
Dependency on OEM partners like Bajaj and Yamaha for primary volumes.
Technology Obsolescence Risk
The company mitigates technology risks through continuous R&D and participation in national technology competitions.
Credit & Counterparty Risk
Debtors turnover ratio of 13.02 indicates healthy receivables management and low credit risk from counterparties.
