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TVSSRICHAK - TVS Srichakra

📊 NSE: TVSSRICHAK 🏢 Tyres 📅 Last Updated: 12/14/2025 14:36

📢 Recent Corporate Announcements

TVS Srichakra Seeks Shareholder Approval to Re-appoint R Naresh as MD for 3 Years

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 25 Feb 2026, 05:55 PM

TVS Srichakra has initiated a postal ballot to seek shareholder approval for the re-appointment of Mr. R Naresh as Managing Director (Executive Vice-Chairman) for a three-year term starting June 16, 2026. As Mr. Naresh will attain the age of 70 during this tenure, a special resolution is required under the Companies Act. The proposed remuneration is capped at 5% of the company's net profits, with provisions for minimum remuneration in case of inadequate profits. Shareholders can participate in the electronic voting process between February 28 and March 29, 2026.

Proposed re-appointment of Mr. R Naresh for a 3-year term effective from June 16, 2026.
Remuneration is set at a maximum of 5% of net profits as per Section 197 of the Companies Act.
Special resolution is necessitated by the appointee reaching 70 years of age during the term.
E-voting period for shareholders starts on February 28, 2026, and ends on March 29, 2026.
Mr. R Naresh has been associated with the company board since June 1982, providing over 40 years of leadership.

💡 Investors should consider this a routine move to ensure leadership continuity; no immediate portfolio changes are recommended based on this administrative update.

TVS Srichakra Q3 Results: Revenue Up 14% to ₹916.5 Cr; Returns to Profitability with ₹11.2 Cr PAT

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 12 Feb 2026, 12:47 PM

TVS Srichakra Limited (TVS Eurogrip) reported a strong turnaround in Q3 FY26, with consolidated revenue growing 14.2% YoY to ₹916.51 crore. The company posted a net profit of ₹11.18 crore, a significant recovery from the ₹6.02 crore loss reported in the same period last year. Results were influenced by a net exceptional gain of ₹13.88 crore, which included a ₹18.81 crore government subsidy offset by ₹11.67 crore in new labour code obligations. The board also approved the re-appointment of Mr. R Naresh as Managing Director for a three-year term starting June 2026.

Consolidated Revenue from Operations grew 14.2% YoY to ₹916.51 crore from ₹802.73 crore.
Consolidated Net Profit stood at ₹11.18 crore for Q3 FY26 versus a loss of ₹6.02 crore in Q3 FY25.
Exceptional items include a ₹18.81 crore investment promotion subsidy and a ₹11.67 crore provision for New Labour Code obligations.
Standalone EPS improved significantly to ₹18.49 for the quarter from a negative ₹4.02 in the prior year period.
Nine-month consolidated revenue reached ₹2,662.41 crore, up from ₹2,435.45 crore in the previous year.

💡 The company's return to profitability and steady revenue growth are positive indicators for long-term investors. Shareholders should monitor how the company manages the transition to the New Labour Codes and the sustainability of operating margins without one-time subsidy gains.

TVS Srichakra Q3 Results: Consolidated Net Profit at ₹11.18 Cr; Revenue Grows 14% YoY

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 12 Feb 2026, 12:40 PM

TVS Srichakra reported a consolidated revenue of ₹916.51 crore for Q3 FY26, marking a 14.2% increase compared to ₹802.73 crore in the same quarter last year. The company successfully turned profitable with a net profit of ₹11.18 crore, recovering from a loss of ₹6.02 crore in Q3 FY25. The bottom line was significantly impacted by net exceptional gains of ₹13.88 crore, which included an ₹18.81 crore government subsidy offset by ₹11.67 crore in new labor code obligations. Additionally, the board has approved the re-appointment of Mr. R Naresh as Managing Director for a three-year term.

Consolidated Revenue from Operations grew 14.2% YoY to ₹916.51 crore from ₹802.73 crore.
Turned around to a Consolidated Net Profit of ₹11.18 crore vs a loss of ₹6.02 crore in Q3 FY25.
Exceptional items included a ₹18.81 crore capital subsidy and a ₹11.67 crore provision for new labor codes.
Nine-month consolidated profit stands at ₹34.97 crore compared to ₹10.87 crore in the previous year.
Re-appointed Mr. R Naresh as Managing Director (Executive Vice-Chairman) for 3 years effective June 2026.

💡 The company shows a strong YoY recovery in profitability and steady revenue growth, though exceptional items skewed the current quarter's bottom line. Investors should monitor the impact of rising raw material costs and the finalization of labor code rules on future margins.

TVS Srichakra Launches 12th Exclusive Retail Outlet in Alappuzha to Boost Retail Presence

🟢 POSITIVE ⭐ 4/10

EXPANSION 📅 09 Feb 2026, 01:19 PM

TVS Srichakra Limited has opened its 12th exclusive signature store in Alappuzha, Kerala, under the Eurogrip Tyres brand. This expansion aims to tap into Kerala's strong two-wheeler market and enhance the company's automotive aftermarket presence. The company currently operates with a production capacity of over 3 million tyres per month and exports to 85+ countries. This retail strategy focuses on providing expert services like tyre fitment and care alongside product sales.

Opened 12th exclusive signature retail outlet in Alappuzha, Kerala
Total production capacity exceeds 3 million tyres per month across two facilities
Global footprint spans over 85 countries with R&D centers in India and Italy
Part of the USD 3 Billion TVS Mobility group

💡 This expansion reinforces the company's focus on the high-margin replacement market; investors should monitor the growth of the retail network.

TVS Srichakra Expands Retail Footprint with 11th Signature Store in New Delhi

🟢 POSITIVE ⭐ 4/10

EXPANSION 📅 03 Feb 2026, 01:26 PM

TVS Srichakra Limited, under its Eurogrip Tyres brand, has inaugurated its 11th exclusive signature retail outlet in New Delhi. This expansion is part of a strategic move to strengthen its presence in high-potential automotive markets like the national capital. The store will offer the full range of two-wheeler tyres and tubes along with value-added services such as tyre fitment and engine oil changes. With a monthly production capacity of over 3 million tyres, the company is focusing on increasing its direct-to-consumer reach in the replacement market.

Inaugurated the 11th branded signature store in India, located in West Delhi
Company maintains a production capacity of over 3 million tyres per month across two facilities
TVS Srichakra is part of the USD 3 Billion TVS Mobility group and exports to over 85 countries
The new outlet provides comprehensive services including tyre care, puncture repair, and lubricant changes
Retail stores are now operational in major cities including Chennai, Ahmedabad, Hyderabad, and Patna

💡 Investors should monitor the company's retail expansion as it strengthens the high-margin replacement market segment. The stock remains a steady play on the growing two-wheeler demand and export potential.

TVS Srichakra Approves Rs 210 Cr Investment for 40-45% Capacity Expansion

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 17 Jan 2026, 02:34 PM

TVS Srichakra's Board has approved a capital investment of up to Rs 210 crore to expand manufacturing capacity at its Rudrapur facility in Uttarakhand. The company aims to increase its current capacity of 92-95 lakh tyres per annum by approximately 40-45% to meet growing demand in the 2/3-wheeler segment. The expansion project is slated for completion by the first half of FY 2027-28 and will be funded through a mix of internal accruals and debt. This move comes as current capacity utilization has reached a high level of 80-85%.

Capital investment of up to Rs 210.00 crore approved for the Rudrapur manufacturing unit.
Proposed capacity addition of 40-45% to the existing 92-95 lakh tyres per annum.
Current capacity utilization is high at approximately 80-85%.
Project completion targeted for the first half of FY 2027-28.
Funding strategy involves a combination of internal accruals and debt.

💡 Investors should monitor the execution timeline and the impact of additional debt on the balance sheet, though the expansion signals strong demand visibility. The high current utilization suggests this capacity is necessary for long-term revenue growth.

TVS Srichakra Reports Status of Physical Share Transfer Re-lodgement Requests

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 16 Jan 2026, 05:45 PM

TVS Srichakra Limited has filed a report regarding the re-lodgement of transfer requests for physical shares for the period July 7, 2025, to January 6, 2026. This filing is in compliance with a specific SEBI circular providing a special window for such transfers. The company reported receiving two requests during this period, both of which were processed within an average of nine days. However, both requests were ultimately rejected by the Registrar and Share Transfer Agent.

Report covers the six-month period from July 7, 2025, to January 6, 2026
Total of 2 requests for re-lodgement of physical share transfers were received
100% of the received requests (2 out of 2) were rejected after processing
The average processing time for these requests was 9 days

💡 No action is required as this is a routine administrative disclosure. Investors holding physical shares are encouraged to dematerialize them for easier liquidity and compliance.

TVS Srichakra Submits SEBI Regulation 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Jan 2026, 12:21 PM

TVS Srichakra Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the period ended December 31, 2025. The certificate, issued by Integrated Registry Management Services Private Limited, confirms that all securities received for dematerialization were processed and confirmed within the mandatory 15-day timeframe. It also verifies that physical share certificates were mutilated and cancelled after verification, with the depositories' names updated in the register of members. This is a standard procedural filing required of all listed companies to ensure the integrity of electronic shareholding records.

Compliance certificate issued for the quarter ended December 31, 2025.
Dematerialization requests were confirmed or rejected within the stipulated 15-day period.
Physical certificates were mutilated and cancelled after due verification by the RTA.
Integrated Registry Management Services Private Limited served as the Registrar and Share Transfer Agent.

💡 This is a routine regulatory filing with no impact on the company's financial performance or business operations. No action is required from investors.

TVS Srichakra Receives GST Tax Demand and Penalty Order of ₹55.11 Crore

🔴 NEGATIVE ⭐ 7/10

LEGAL 📅 29 Dec 2025, 06:05 PM

TVS Srichakra Limited has received an order from the Joint Commissioner of CGST, Dehradun, confirming a total demand of ₹55.11 crore. The demand includes a tax component of ₹27.56 crore and an equivalent penalty of ₹27.56 crore for the period FY 2018-19 to 2020-21. The dispute stems from alleged mismatches between GSTR-3B returns and e-way bills. The company has stated its intention to file an appeal against this order within the 90-day statutory period.

Total demand confirmed at ₹55,11,34,121 comprising tax and penalty.
Tax demand of ₹27,55,67,074 and penalty of ₹27,55,67,047.
Issue pertains to GSTR-3B and e-way bill mismatches for FY 2018-19, 2019-20, and 2020-21.
Company to file an appeal within 90 days; no immediate impact on operations reported.

💡 Investors should monitor the outcome of the upcoming appeal as the demand represents a significant contingent liability. While operations are unaffected, a final adverse ruling would impact the company's cash flows and profitability.

TVS Srichakra to Close Trading Window from Jan 1, 2026 for Q3 FY26 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 20 Dec 2025, 04:43 PM

TVS Srichakra Limited has announced the closure of its trading window for designated persons starting January 1, 2026. This move is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the Q3 FY26 financial results. The window will remain closed until 48 hours after the declaration of the unaudited financial results for the quarter and nine months ending December 31, 2025. This is a standard regulatory procedure and does not impact the company's business fundamentals.

Trading window closure begins on January 1, 2026
Applies to the quarter and nine months ending December 31, 2025
Window reopens 48 hours after the financial results are declared
Complies with SEBI (Prohibition of Insider Trading) Regulations, 2015

💡 No action is required as this is a routine regulatory filing. Investors should look out for the upcoming earnings announcement date.

TVS Srichakra Showcases Eurogrip Tyres at Automechanika Dubai 2025

🟡 NEUTRAL ⭐ 5/10

EXPANSION 📅 09 Dec 2025, 10:41 AM

TVS Srichakra Limited, through its Eurogrip brand, participated in Automechanika Dubai 2025, showcasing its premium range of two- and three-wheeler tyres. This marks Eurogrip’s third participation in the global event. The company displayed its new product line, including the Trailhound series and prototypes like Protorq Max. Mr. T. K. Ravi, Chief Operating Officer, highlighted the expo as a significant platform to strengthen Eurogrip’s global presence and engage with partners, particularly in West Asia, Africa, and key Gulf countries. TVS Srichakra has a production capacity of over 3 million tyres a month.

Eurogrip participated in Automechanika Dubai 2025 for the third time.
The company displayed its new product line, including the Trailhound series.
TVS Srichakra has a production capacity of over 3 million tyres a month.
TVS Srichakra's products are available in over 85 countries across the world.

💡 Investors should monitor TVS Srichakra's performance in expanding its global presence and its impact on future revenue growth. Keep an eye on the company's ability to leverage its R&D and design center in Milan to introduce innovative products.

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💰 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.