NSE: TVSSRICHAK · BSE: 509243
TVS SRICHAKRA LIMITED
Makes automotive tyres, tubes and flaps for two-wheelers and off-highway vehicles under the Eurogrip brand, manufacturing from its Vellaripatti, Madurai plants. For FY26, consolidated revenue was Rs 3,643.35 crore with net profit of Rs 71.06 crore, while standalone revenue reached Rs 3,389.66 crore. The cost base is dominated by raw materials at 54.3% of revenue, followed by other operating expenses at 22.6% and employee costs at 11.8%, with depreciation at 3.9% of revenue. Capital investment of up to Rs 220 crore has been approved for capacity additions: a 5% expansion of the two-wheeler tyre plant (Rs 110 crore, target H1 FY2028-29) and a 25% expansion of the off-highway tyre plant (Rs 110 crore, target H1 FY2027-28), against current capacity utilisation of 80-85% and 75-80% respectively. Branded retail is being expanded through exclusive Eurogrip outlets, with 19 stores now open after recent additions in Mehsana, Noida, Bareilly, Panipat and Hyderabad, selling the full two-wheeler tyre range plus tubes and offering fitment, puncture repair, air pressure checks and warranty support. The step-down subsidiary TVS Sensing Solutions has signed an agreement to acquire a 51% stake in Pune-based Weber Drivetrain, an EV motor and controller maker with FY26 turnover of Rs 14.17 crore, for Rs 1.43 crore in cash. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Two-wheeler tyres, Off-highway tyres, Tubes and flaps. Asset-heavy tyre and rubber products manufacturer focused on two-wheeler and off-highway segments
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,528 | 2,985 | 2,926 | 3,254 | 3,643 |
| EBITDA (ex other income) | 164 | 223 | 288 | 213 | 281 |
| margin % | 6.5 | 7.5 | 9.8 | 6.6 | 7.7 |
| Owners' profit | 43 | 78 | 108 | 108 | 20 |
| EPS, as reported (₹) | 56.76 | 101.85 | 140.98 | 26.92 | 93.03 |
| ROE % · ROCE % | 4.5 · 6.0 | 7.5 · 9.7 | 9.7 · 11.5 | 1.7 · 5.4 | 6.0 · 9.4 |
| Debt / equity (x) | 0.63 | 0.64 | 0.75 | 0.74 | 0.64 |
| Cash from operations | (62) | 206 | 228 | 197 | 297 |
| Capex | (285) | (207) | (251) | (161) | (111) |
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 | 842 | 803 | 818 | 819 | 926 | 917 | 981 | 1,068 |
| Profit before tax | 18 | (6) | 12 | 20 | 18 | 17 | 48 | 45 |
| Net profit | 10 | (6) | 10 | 13 | 11 | 11 | 36 | 34 |
| EPS (₹) | 13.47 | (7.79) | 12.52 | 16.82 | 14.52 | 14.56 | 47.13 | 44.43 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| MRF LTD | 50,055 | 20.7 | 2.39 | 9.8 | 11.6 | 14.0 | 14.0 | 14.1 |
| BALKRISHNA IND. LTD | 40,512 | 28.8 | 3.70 | 17.5 | 11.3 | 13.0 | 13.4 | 24.4 |
| APOLLO TYRES LTD | 24,642 | 14.4 | 1.47 | 8.1 | 8.2 | 6.2 | 10.4 | 12.8 |
| CEAT LIMITED | 12,546 | 21.5 | 2.48 | 7.7 | 13.8 | 12.8 | 15.6 | 8.4 |
| JK TYRE & INDUSTRIES LTD | 8,792 | 13.2 | 1.45 | 6.8 | 12.8 | 9.9 | 12.4 | 7.1 |
| TVS SRICHAKRA LIMITED ◆ | 3,199 | 34.6 | 2.69 | 13.3 | 6.0 | 6.3 | 13.4 | 8.8 |
| GOODYEAR INDIA LIMITED | 1,573 | 25.6 | 2.60 | — | 10.1 | 12.2 | — | 4.3 |
| MEGAMONT LIMITED | 537 | 58.4 | 15.89 | 56.5 | 18.4 | 21.3 | — | 2.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 34.6 | 25.6 | 11 of 13 | 17% |
| P/B | 2.7 | 2.4 | 11 of 16 | 33% |
| ROCE | 6.3 | 9.9 | 10 of 17 | 44% |
| ROE | 6.0 | 9.0 | 10 of 16 | 40% |
| Debt / Equity | 0.6 | 0.4 | 11 of 16 | 33% |
| EBITDA margin | 8.8 | 7.6 | 6 of 16 | 67% |
| Revenue growth | 30.3 | 10.1 | 2 of 15 | 93% |
| Profit growth | 165.2 | (5.8) | 3 of 16 | 87% |
| Market cap | 3199 | 326 | 6 of 17 | 69% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 17 Oct 2026 · TVS Srichakra announces Rs 49.2 Cr additional capex for capacity expansion | capex operations | high | — | — |
| 12 Oct 2026 · Share Capital Audit Report filed for Q2 FY27 | compliance | minimal | — | — |
| 8 Oct 2026 · TVS Srichakra exits investment in promoter group firm TASL Automobile | ownership changes | medium | — | — |
| 6 Oct 2026 · TVS Srichakra gets GST penalty order of Rs 10.71 lakh from Uttarakhand | regulatory legal | medium | — | — |
| 6 Oct 2026 · Quarterly certificate from registrar on dematerialisation of securities | compliance | minimal | — | — |
| 29 Sept 2026 · GST show cause notice worth Rs 17.53 crore from tax department | regulatory legal | high | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 25 Sept 2026 · TVS Srichakra 43rd AGM: All four resolutions approved with wide majority | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Eurogrip opens two new exclusive retail stores in UP and Uttarakhand | business updates | medium | — | — |
| 24 Sept 2026 · TVS Srichakra files 43rd AGM proceedings summary with exchanges | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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.