TVS Holdings

VS Trust, a promoter group entity of TVS Holdings, has pledged 4,20,400 equity shares, representing 2.08% of the company’s total share capital, in favour of Aditya Birla Capital Limited. The pledge was created on 7 July 2026 to secure a ₹250 crore facility, and takes the total encumbered promoter shares to 12.96% of equity. The disclosure was made under SEBI Takeover Regulations.

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** Automaker TVS Motor Company's TVSM.NS shares up 2.2% at 3,570 rupees

** TVSM posts 47% y-o-y growth in June two-wheeler sales

** Reports EV sales more than triple to 48,537 units in June

** Rival Bajaj Auto BAJA.NS also posts 30% jump in June two-wheeler sales

** YTD, TVSM down 4% vs Nifty auto index's .NIFTYAUTO 4.5% drop

(Reporting by Kashish Tandon in Bengaluru)

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Rewrites paragraph 1, adds stock closing level in the last bullet

May 18 (Reuters) - India's Jana Small Finance Bank JANA.NS said on Monday that industrialist Venu Srinivasan-led TVS Venu group will acquire a 9.9% stake in the lender through a mix of a primary issuance of equity warrants and a secondary share purchase.

• GWC Family Fund Investments, part of the TVS Venu group, will subscribe to warrants representing a 5.64% stake via a preferential issue priced at 464.82 rupees per warrant, amounting to 3.17 billion rupees ($32.90 million).

• The warrant issue is at a 5.3% discount to Jana's closing price on Friday.

• Separately, TVS Motor TVSM.NS will acquire a 4.9% stake in Jana from its promoters for 1.93 billion rupees.

• Together, these transactions will take TVS’s total holding to 9.9% on a fully diluted basis, Jana said.

• Jana has also approved additional warrant issuances to investors including Capri Global Ventures, Singularity Large Value Fund, and ICM Finance, taking the total issue size to 7.29 billion rupees for a 12.94% stake.

• Shares of Jana Small Finance Bank ended 5.9% lower, while TVS Motor declined 5.1%.

($1 = 96.3000 Indian rupees)

(Reporting by Kashish Tandon and Nishit Navin in Bengaluru; Editing by Eileen Soreng)

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** Shares of TVS Motor TVSM.NS fall to 3,438.6 rupees, their lowest level in more than one week

** TVS sees slower sales growth as Middle East tensions weigh

EARNINGS PLEASE STREET, BUT CAPEX SURGE AND COMMODITY COSTS TEMPER CHEER

** BofA ("Neutral" PT: 3,920) flags that the margin expansion story is running into turbulence; cuts its FY27 profit estimates by 5% to reflect margin pressures

** Says could see a meaningful pause as investors face a year of heavy spending before the payoff arrives.

** CLSA ("Outperform" PT: 3,900) trims TVS's volume growth ambitions; warns that commodity cost inflation could hit EBITDA margins in the first half of FY27 and that

** Says pace of market share gains could slow as competition intensifies and the base catch-up effect fades

** Citi ("Sell" PT: 3,000) trims earnings estimates marginally due to elevated capital costs; sees company caught between strong volumes and a deteriorating cost and capital structure.

** Warns further escalation in capital costs could squeeze earnings even if volumes hold up, a scenario where better revenue growth fails to translate into better profits. The risk-reward unfavourable at current levels.

(Reporting by Pranav Kashyap in Bengaluru)

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** Shares of TVS Motor TVSM.NS trade between -0.5% and +0.5% since Q4 results; last up 0.3% at 3,572 rupees

** Nifty Auto .NIFTYAUTO down 0.4%

** Two-wheeler maker Q4 profit rises to 9.98 billion rupees, slightly missing analyst estimates of 10 billion rupees

** Operating margins at 13.1%, lower than the year-ago's 14%; raw material costs surged to 89.26 billion rupees from 67.91 billion rupees

** Company flags regulatory uncertainties that could cloud outlook

** TVSM forward 12-month price-to-earnings ratio of 38.79 vs industry average at 24.68 - LSEG-compiled data

** YTD, stock down 2.4% vs 7.1% fall in sub-index

(Reporting by Pranav Kashyap in Bengaluru)

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May 5 (Reuters) - TVS Holdings Ltd TVSH.NS:

• TO CONSIDER RAISING OF FUNDS THROUGH NCDS UPTO 12.50 BILLION RUPEES

Source text: ID:nnAZN4SUBF6

Further company coverage: TVSH.NS

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March 25 (Reuters) - TVS Holdings Ltd TVSH.NS:

• DECLARES INTERIM DIVIDEND OF 86 RUPEES PER SHARE

Source text: ID:nBSE2Xf41k

Further company coverage: TVSH.NS

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MUMBAI, March 23 (Reuters) - India's TVS Holdings TVSH.NS has accepted bids worth 6.50 billion rupees ($69.23 million) for bonds maturing in three years and three months, three bankers said on Monday.

It will pay an annual coupon of 8.10% on this issue, and had invited coupon and commitment bids earlier in the day, they said.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on March 23:

*Size includes base plus greenshoe for some issues

($1 = 93.8900 Indian rupees)

(Reporting by Dharamraj Dhutia)

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** Indian auto stocks .NIFTYAUTO fall 2.83% to 25,192, hitting seven-month low; biggest loser among major sectors

** Higher oil prices, LNG supply disruptions amid Iran war affect automakers, suppliers, brokerages say

** Oil trading around $100 a barrel; Brent futures hit $100 briefly

** Nomura says ~48% of India's LNG import volumes at risk after supplies curtailed

** Notes high utilisation OEMs, suppliers - Maruti Suzuki MRTI.NS, TVS Motors TVSM.NS, Bajaj Auto BAJA.NS, Balkrishna Industries BLKI.NS, Apollo Tyres APLO.NS, Uno Minda UNOI.NS, Bharat Forge BFRG.NS - likely more exposed to gas shortages, higher spot prices

** Goldman Sachs says auto OEMs use LNG as process fuel in paint shops, auto suppliers use gas extensively in manufacturing

** YTD, NIFTYAUTO down ~10.7%; benchmark Nifty 50 .NSEI falls ~9.3%

(Reporting by Abhirami G in Bengaluru)

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By Bharath Rajeswaran

MUMBAI, March 11 (Reuters) - Financial institutions, including insurers and pension funds, are likely to play a bigger role in India's private equity market as policy support for long-term domestic capital gathers pace, a top executive at TVS Capital Funds said.

Domestic investors accounted for 52.7% of capital in India's Category I and II alternative investment funds as of March 2025, the closest proxy for private equity and venture capital fundraising, industry estimates show.

High net worth individuals, family offices and public and private institutions drove most inflows, while contributions from insurers and pension funds remained limited.

"The government itself is investing 1 trillion rupees ($10.88 billion) via the RDI (Research, Development and Innovation) fund," Krishna Ramachandran, a managing partner at TVS Capital Funds told Reuters on the sidelines of the Indian Venture and Alternate Capital Association conclave in Mumbai.

"Such sovereign backing could strengthen confidence among institutions considering commitments to private equity and other forms of long-term capital," Ramachandran added.

TVS Capital, which has commitments of about 70 billion rupees through its investments in funds, has historically raised rupee capital, backed domestic businesses and attracted investments from more than 10 financial institutions, including banks.

Insurers have used less than 1% of their permitted AIF limit, analysts say. EPFO and NPS investments remain negligible, meaning broader participation could bring a large pool of long-term rupee capital into the market and reduce reliance on offshore funds.

Insurance companies in particular have room to increase allocations, Ramachandran said, noting the current Insurance Regulatory and Development Authority of India limit for such investments has not yet been fully used.

Under IRDAI rules, life insurers can invest up to 3% of their controlled fund and general insurers up to 5% of investment assets in AIFs, although the industry has used less than 1% so far.

Private equity can generate stronger returns than treasury portfolios, especially for life insurers with long-term liabilities, he said.

"Pension and NPS capital could be the next major pool to open up," he said, a significant development because it would bring in a large base of patient, long-duration capital.

Ramachandran said a framework being developed by the Pension Fund Regulatory and Development Authority to invest in AIFs could unlock part of India's roughly 70 trillion rupees ($762 billion) pension pool.

But even as the institutional base broadens, some segments remain under pressure.

"The lending space is taking a big hit," Ramachandran said, referring to stress across private and listed financial services firms, though he added that TVS Capital remained positive on lending and financial services over the long term.

The firm continues to focus on financial services, enterprise technology and manufacturing, while taking a cautious approach to artificial intelligence, he added.

Ramachandran said TVS Capital recently invested in AI cloud platform startup Neysa along with Blackstone.

($1 = 91.9010 Indian rupees)

(Reporting by Bharath Rajeswaran; Editing by Nivedita Bhattacharjee)

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** Shares of TVS Motor TVSM.NS fall as much as 1.9% to 3,657.30 rupees

** Co missed Q3 profit view due to a one-time charge linked to new labour codes, although strong two-wheeler demand and export growth boosted sales

** Profit jumped 52% to 9.4 billion rupees vs analysts' estimates of 9.8 billion rupees, per data compiled by LSEG

** Jefferies remains positive on two-wheeler demand, and like TVSM's rising domestic and export franchise but sees the recent metal price rally posing some margin pressure over next few quarters

** ICICI Securities expects TVS' outperformance to continue led by ramp-up in EV volumes, new product launches and premiumisation

** Analysts have a "buy" rating on avg; median PT is 4,100 rupees - data compiled by LSEG

** TVSM down 1.7% so far in January

(Reporting by Urvi Dugar in Bengaluru)

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Jan 28 (Reuters) - TVS Holdings Ltd TVSH.NS:

• APPROVES RAISING FUNDS UP TO 5 BILLION RUPEES VIA DEBT INSTRUMENTS

• DEC-QUARTER CONSOL NET PROFIT 4.93 BILLION RUPEES

• DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 152.76 BILLION RUPEES

Source text: ID:nNSE7BJDf4

Further company coverage: TVSH.NS

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Jan 22 (Reuters) - TVS Holdings Ltd TVSH.NS:

• TO CONSIDER RAISING OF FUNDS BY WAY OF ISSUANCE OF NON-CONVERTIBLE DEBENTURES

Source text: [ID:]

Further company coverage: TVSH.NS

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** Expectations for sales growth during the festive season has improved across segments in the auto sector, supported by channel checks - Nuvama Institutional Equities

** Analysts expect the goods and services tax cuts, effective Monday, to lift customer sentiment

** Brokerage raises revenue estimates for original equipment makers by up to 5%

** Says, better affordability is seen boosting entry-level vehicles, benefiting Maruti Suzuki MRTI.NS, Hyundai Motor India HYUN.NS and Hero MotoCorp HROM.NS

** Names Maruti, TVS Motor TVSM.NS, Mahindra & Mahindra MAHM.NS and Hero as its top picks

** Downgrades Eicher Motors EICH.NS and Bajaj Auto BAJA.NS to "hold," citing limited upside

** On Monday, Maruti, TVS, Mahindra, Eicher and Bajaj gain between 0.1% and 2.5%; Hyundai slips 0.4%

** Auto index .NIFTYAUTO adds 0.5%

** Since August 15, when Prime Minister Narendra Modi signaled tax cuts, the index has surged 13.3% against a 2.7% rise in the Nifty .NSEI

(Reporting by Bharath Rajeswaran in Bengaluru)

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MUMBAI, Sept 17 (Reuters) - India's TVS Credit Services plans to raise as much as 7 billion rupees ($79.71 million), including a greenshoe option of 2 billion rupees, through the sale of bonds maturing in three years, three bankers said on Wednesday.

It invited coupon and commitment bids for the issue due on Thursday, they said.

The company did not respond to a Reuters email seeking comment.

Here is the list of deals reported so far on September 17:

* Size includes base plus greenshoe for some issues

($1 = 87.8200 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra)

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Sept 16 (Reuters) - TVS Holdings Ltd TVSH.NS:

• TO CONSIDER ISSUANCE OF PREFERENCE SHARES BY WAY OF BONUS

Source text: ID:nBSE7qv9Wm

Further company coverage: TVSH.NS

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** Indian auto stocks .NIFTYAUTO gain most among sub-indexes this week, up 5%

** Fifteen-member Nifty Auto .NIFTYAUTO index rose to its highest level since October 2024 earlier this week, driven by government proposal to cut goods and services tax

** Maruti Suzuki MRTI.NS top gainer, up ~11% for the week; two-wheeler maker TVS Motor TVSM.NS up 9%

** Twelve of 15 stocks in the green this week

** Analysts ratings on stocks evenly split between "buy" and "hold", Balkrishna Industries BLKI.NS rated "sell" - data compiled by LSEG

** Nifty auto index up 11% so far this year, outperforming blue-chip Nifty 50's .NSEI 5.4% climb

(Reporting by Nandan Mandayam in Bengaluru)

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** Sundaram Clayton SUNM.NS falls 6% to 1,775 rupees, lowest since September 2024

** Dye castings maker's Q1 consol net loss widens 3.4% y/y, hurt by volatility and softness in the north American market; rev slips 11.6%

** More than 79,000 shares traded, ~11x the 30-day avg

** YTD, SUNM loses 31%

(Reporting by Aleef Jahan in Bengaluru)

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** Indian auto stocks .NIFTYAUTO gain 1.6%, among top-performing sub-indexes

** Two-wheeler makers Hero MotoCorp HROM.NS and TVS Motor TVSM.NS among biggest pct gainers, up 3.5% and 3.2%, respectively

** HROM's July sales to dealers jumped 21%, led by strong demand for its motorcycles and e-scooters; stock top gainer on Nifty 50 index .NSEI

** TVSM's two-wheeler sales grew 29%, led by a surge in exports

** Auto index's top-weight Mahindra & Mahindra MAHM.NS up 1.7% after industry-leading growth in July SUV sales

** Eight stocks on 15-member autos index rated "buy", five "hold" and two "sell" - data compiled by LSEG

** Nifty auto index up ~4% this year, just shy of Nifty 50's 4.2% YTD rise

(Reporting by Nandan Mandayam in Bengaluru)

(([email protected]; Mobile: +91 9591011727;))

** Shares of 2W makers TVS Motor TVSM.NS and Eicher Motors EICH.NS rise as much as 2.9% to 2,884.1 rupees and 3.7% to 5,670 rupees, respectively

** Both beat Q1 profit view on higher demand

** Jefferies says TVSM market share at 22-yr high; marks as preferred stock

** Adds, EICH's marketing and product push drove volume growth and eased margin concerns

** Premiumisation drives TVS growth, expect 7% volume CAGR during FY25-27 - Asian Market Securities

** Morgan Stanley likes EICH's "growth-focused strategy" as it pursues volume over margins

** Investec says TVSM's strong ICE franchise, margin expansion offsets EV margin drag, projecting 18% EPS CAGR over FY25–28

** Adds, EICH's EBITDA to grow in FY27, but cuts rev estimate ~1% for FY26–28 on slightly lower volume growth

** Average rating for EICH is "hold", TVSM is "buy"; median PT for EICH is 5,703 rupees, TVSM is 2,907.5 rupees - data compiled by LSEG

(Reporting by Meenakshi Maidas in Bengaluru)

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Rewrites paragraph 1, adds CEO comment in paragraph 2

By Meenakshi Maidas and Chandini Monnappa

July 31 (Reuters) - TVS Motor TVSM.NS, India's top electric two-wheeler maker by sales, beat quarterly profit estimates on Thursday on strong local sales and exports, and said it plans to seek alternative sources for rare-earth magnets in light of China's export ban.

The company, which also makes three-wheelers, had earlier flagged short- to medium-term challenges in securing magnets, which are key for electric motors and components.

China, which produces about 90% of the world's rare earth magnets, imposed export curbs in April. While some shipments to the U.S. and Europe have resumed, Indian firms are still awaiting Beijing's nod.

TVS is looking at "HRA-free, cerite-based, magnet-free" alternatives - which do not include heavy rare earth elements - and also at alternate countries, chief executive officer K N Radhakrishnan said in a post earnings conference call.

On Wednesday automakers Mahindra and Mahindra MAHM.NS and Hyundai India HYUN.NS shrugged off medium-term issues from the export ban, with Mahindra saying it was using alternatives such as light rare-earths and ferrites.

TVS Motor's overall two-wheeler sales rose 17% to about 1.2 million units in the quarter ending June 30, fuelled by a rising share of premium models, such as the Apache series, which account for roughly 25% of total revenues.

Its electric vehicle sales surged 35% in the June quarter, while exports, which make up nearly a fourth of the company's overall revenue, grew 39%.

The Jupiter scooter maker's profit jumped 34.9% from a year earlier to 7.79 billion rupees ($88.92 million) in the June quarter, beating analysts' estimate of 7.63 billion rupees, per data compiled by LSEG.

Revenue from operations rose 20.4% to 100.81 billion rupees, above analysts' estimate of 99.36 billion rupees.

Analysts said TVS is moving to a "richer product mix," where high-margin offerings like high engine capacity bikes and scooters are gaining traction over entry-level models.

This shift helped push its core earnings higher, with operating EBITDA margin expanding to 12.5% in the first quarter, up from 11.5% a year earlier.

($1 = 87.6060 Indian rupees)

(Reporting by Meenakshi Maidas and Chandini Monnappa in Bengaluru; Editing by Nivedita Bhattacharjee, Janane Venkatraman and Mrigank Dhaniwala)

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MUMBAI, June 25 (Reuters) - India's TVS Credit Services plans to raise 8 billion rupees ($93.2 million), including a greenshoe option of 6 billion rupees, through the sale of staggered redemption bonds maturing in three years, three bankers said on Tuesday.

It will pay an annual coupon of 7.50% on this issue and has invited commitment bids for the issue on Thursday, they said.

TVS Credit Services did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on June 25:

*Size includes base plus greenshoe for some issues

($1 = 85.8750 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra)

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April 22 - ** Two-wheeler makers Bajaj Auto BAJA.NS and Hero MotoCorp HROM.NS down 1.5% and 2.2%, respectively; TVS Motor TVSM.NS up 0.3%

** Jefferies cuts BAJA to 'hold' from 'buy' and HROM to 'underperform' from 'buy'; keeps 'buy' on TVS

** Says TVS's TVSM.NS market share is at 18-year high, Hero's at 20-year low and Bajaj has stagnated from 2019-2025

** Says demand has softened from post-pandemic spike, with checks suggesting high inventories and weak inquiries

** Cuts PT for Bajaj and Hero, implying downsides of 7.5% and ~16%, respectively

** Analysts on avg rate TVS and Bajaj the equivalent of 'buy', and Hero 'hold', per LSEG data

** Hero's shares have fallen 7.6% in last 12 months, while Bajaj has dropped ~11%; TVS, on the other hand, has surged 41%

(Reporting by Ananta Agarwal in Bengaluru)

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** HSBC identifies five Indian stocks — Reliance Industries RELI.NS, ICICI Bank ICBK.NS, TVS Motor TVSM.NS, Shriram Finance SHMF.NS, and Adani Ports APSE.NS — as its top picks offering profit visibility

** Says, impact of U.S. tariffs on Indian markets likely limited on lower or limited domestic macro risks, lower export dependence to U.S. compared to other Asian peers

** However, does not expect a strong earnings rebound in FY26 as it sees capex yet to pick up, urban consumption remaining soft

** Expects Reliance to benefit from retail turnaround, digital growth, new energy momentum

** ICICI Bank offers strong growth with stable asset quality; TVS could gain from rural demand recovery

** Shriram Finance stands out for its superior asset quality; Adani Ports is a proxy for India's trade and infra growth, says HSBC

** On the day, TVSM rises 1.4%, RELI and ICBK edge up

** SHMF falls 2.1%, APSE slips 0.3%

** Benchmark Nifty 50 index .NSEI drops 0.6%

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

** Shares of Sandhar Technologies SNTL.NS up 3.5% to 397.6 rupees
** Automotive parts maker's unit to acquire high-pressure and low-pressure aluminium die casting business of Sundaram Clayton SUNM.NS for 1.63 bln rupees ($19.1 mln)
** Shares of Sundaram Clayton up 1%
** SNTL down ~22% YTD, after gaining 3.1% in 2024

($1 = 85.5700 Indian rupees)

(Reporting by Anuran Sadhu in Bengaluru)

(([email protected]; +91 8697274436;))

** Shares of India's TVS Motor Company TVSM.NS turn positive, last up ~1%

** Stock was down 0.6% before reporting March sales numbers

** Motorcycle maker reports 14% Y/Y jump in total 2-wheeler sales for March

** Royal Enfield-maker Eicher Motors EICH.NS also reported a 34% Y/Y jump in total motorcycle sales in March

** Rivals Bajaj Auto BAJA.NS and Hero MotoCorp HROM.NS yet to report monthly sales numbers

** Analysts rate TVSM, BAJA and HROM at "buy", EICH rated "hold" - data compiled by LSEG

** TVSM, EICH only bike makers to record YTD gains, up 2.3% and 9.5%, respectively

** Both BAJA and HROM down 9.5% YTD

(Reporting by Kashish Tandon in Bengaluru)

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March 24 (Reuters) - TVS Holdings Ltd TVSH.NS:

• TVS HOLDINGS LTD - DECLARES INTERIM DIVIDEND OF 93 RUPEES PER SHARE

• TVS HOLDINGS LTD - INTERIM DIVIDEND ABSORBS 1.88 BILLION RUPEES FOR FY ENDING MARCH 2025

Source text: ID:nBSE3JKrh6

Further company coverage: TVSH.NS

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** Indian auto stocks .NIFTYAUTO rise as much as 1.8%

** Gains led by two-wheeler maker TVS Motor Co TVSM.NS, Royal Enfield motorcycle maker Eicher Motors EICH.NS and index heavyweight Mahindra & Mahindra MAHM.NS

** Both MAHM and EICH up 1.7%; TVSM 1.4% higher

** EICH February total motorcycle sales rose 23% y/y, MAHM total sales grew 15% driven by a sale of its sports utility vehicles, while TVS' sales grew 10%

** Jefferies says, modest month for passenger vehicles (PV); MAHM outperforms, but 2W industry weak; brokerage's top buys are MAHM, EICH, TVSM

** In PVs, MAHM gained most market share led by lag effect from new launches, believe this trend will continue - CLSA

** Auto index last up 0.1%

** Average rating of analysts on MAHM, TVSM, is 'buy', EICH is 'hold'- data compiled by LSEG

** Auto index down 9.9% this year so far vs 6.5% drop in Nifty 50 .NSEI

(Reporting by Meenakshi Maidas in Bengaluru)

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MUMBAI, Feb 25 (Reuters) - India's TVS Credit Services plans to raise 10 billion rupees ($115.3 million), including a greenshoe option of 5 billion rupees, through the sale of bonds maturing in three years, three bankers said on Tuesday.

It will pay an annual coupon of 8.25% on this issue and has invited commitment bids for the issue on Friday, they said.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on February 25:

*Size includes base plus greenshoe for some issues

($1 = 86.7450 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)

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