NSE: TVSHLTD · BSE: 520056
TVS HOLDINGS LIMITED
Operates as a listed Core Investment Company (NBFC-CIC), consolidating the operations of its subsidiaries. Of FY26 consolidated revenue of Rs 58,154.5 cr, the Automotive Vehicles & Parts segment contributed 83.7% (Rs 48,909.7 cr, segment EBIT Rs 3,994.18 cr) and the Financial Services segment contributed 16.3% (Rs 9,518.69 cr, segment EBIT Rs 1,511.38 cr). The Financial Services revenue flows through subsidiary Home Credit India Finance, an RBI-registered NBFC offering consumer durable and cash loans. On a standalone basis the holding company has no manufacturing, 60 permanent employees and one Chennai office, with standalone turnover of Rs 516.34 cr. During FY26 the holding company invested Rs 526.79 cr into Home Credit India via a rights issue at Rs 26.78 per share and issued Rs 650 cr in NCDs; subsidiary Home Credit India separately signed a deal to acquire 100% of education-finance NBFC Varthana Finance for Rs 967 cr in cash, subject to RBI approval. The largest cost line is materials at 57.2% of consolidated revenue, consistent with the automotive vehicles and parts operations carried out through its subsidiaries. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Automotive Vehicles & Parts (84%), Financial Services (16%). Listed Core Investment Company consolidating automotive vehicles & parts and NBFC lending subsidiaries
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 25,591 | 33,564 | 40,248 | 44,993 | 58,155 |
| EBITDA (ex other income) | 2,976 | 4,337 | 5,869 | 6,918 | 9,113 |
| margin % | 11.6 | 12.9 | 14.6 | 15.4 | 15.7 |
| Owners' profit | 441 | 650 | 800 | 1,164 | 1,696 |
| EPS, as reported (₹) | 217.84 | 321.10 | 395.60 | 575.41 | 838.12 |
| ROE % · ROCE % | 11.3 · 13.6 | 22.1 · 20.4 | 25.5 · — | 23.7 · — | 26.3 · — |
| Debt / equity (x) | 2.20 | 4.14 | — | — | — |
| Cash from operations | (1,548) | (4,111) | (867) | 3,535 | 1,137 |
| Capex | (1,036) | (1,485) | (1,120) | (2,483) | (3,293) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11,554 | 11,459 | 11,800 | 12,742 | 14,549 | 15,276 | 15,588 | 17,076 |
| Profit before tax | 920 | 1,046 | 972 | 1,029 | 1,294 | 1,417 | 1,420 | 1,707 |
| Net profit | 599 | 685 | 644 | 675 | 880 | 969 | 865 | 1,174 |
| EPS (₹) | 137.54 | 190.81 | 139.87 | 165.85 | 218.89 | 243.75 | 209.62 | 301.62 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| a) Automotive Vehicles & Parts | 48,910 | 83.7 |
| b) Financial Services | 9,519 | 16.3 |
| Total, before eliminations | 58,428 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| JIO FIN SERVICES LTD | 1,35,496 | 63.7 | 1.01 | — | 1.2 | — | — | 70.7 |
| ADITYA BIRLA CAPITAL LTD. | 97,598 | 22.8 | 2.65 | — | 10.5 | — | 18.8 | 40.8 |
| L&T FINANCE LIMITED | 61,858 | 19.4 | 2.21 | — | 10.6 | — | 5.5 | 62.3 |
| TATA INVESTMENT CORP LTD | 28,442 | 66.0 | 0.97 | — | 1.5 | — | 19.5 | 92.6 |
| CHOLAMANDALAM FIN HOL LTD | 24,545 | 9.2 | 0.72 | — | 16.2 | — | 23.0 | 58.4 |
| TVS HOLDINGS LIMITED ◆ | 23,883 | 12.1 | 1.85 | — | 26.3 | — | 23.4 | 16.4 |
| MAHARASHTRA SCOOTERS LTD | 13,373 | 48.0 | 0.48 | — | 1.1 | — | — | 84.1 |
| JSW HOLDINGS LIMITED | 12,440 | 90.6 | 0.38 | — | 0.4 | — | 14.1 | 84.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.1 | 19.9 | 18 of 51 | 66% |
| P/B | 1.9 | 0.6 | 47 of 63 | 26% |
| ROE | 26.3 | 1.3 | 2 of 65 | 98% |
| EBITDA margin | 16.4 | 61.6 | 47 of 62 | 25% |
| Revenue growth | 34.0 | 13.6 | 20 of 56 | 66% |
| Profit growth | 73.8 | 10.7 | 21 of 66 | 69% |
| Market cap | 23883 | 273 | 6 of 68 | 93% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · TVS Motor approves consumer finance demerger and group consolidation | compliance | minimal | — | — |
| 28 Oct 2026 · Revenue up 39%, profit up 38% in September 2026 quarter | results | high | — | — |
| 23 Oct 2026 · Independent Director Sasikala Varadachari completes her tenure | management changes | medium | — | — |
| 16 Oct 2026 · Board meeting on 28 Oct 2026 to consider Q2 FY27 results | results | low | — | — |
| 7 Oct 2026 · TVS Holdings Postal Ballot for Independent Director Appointment | compliance | minimal | — | — |
| 6 Oct 2026 · Postal ballot to appoint Ms Revathy Iyer as Independent Director for 5 years | board shareholder meetings | low | — | — |
| 5 Oct 2026 · Quarterly compliance certificate for dematerialisation of securities | compliance | minimal | — | — |
| 30 Sept 2026 · Special Window for Physical Share Transfer and Demat | compliance | minimal | — | — |
| 30 Sept 2026 · Trading Window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 23 Sept 2026 · Postal ballot to appoint Ms Revathy Iyer as Independent Director | management changes | medium | — | — |
How to read this document
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|---|---|---|
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.