TVS Holdings Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Automotive Components: 83.7% • Financial Services: 16.3%
AI Sector View
AI GENERATEDFinancial Services
Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.
PROS
- Company has delivered good profit growth of 41.8% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 60.6%
- Solid return on assets for a lender - ROA of 10.6%
- Asset quality is healthy - gross NPA of just 0.0%
- Company has consistently been profitable over the last 5 years
- Latest quarter profit grew 73.8% YoY, showing strong momentum
CONS
- Thin net interest margin of 0.0%
- Recurring exceptional / one-off items are inflating headline profit
- Though reporting repeated profits, the company pays out little dividend (10.3%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BAJAJFINSV | 1924.00 | 30.39 | 308236.60 | 0.08 | 62966.70 | 1081.55 | 420369.00 | 1091.26 | 11.88 | 40.79 |
| AIIL | 512.35 | 20.74 | 43510.07 | 0.00 | 11082.20 | 1075.19 | 14695.40 | 1109.37 | 13.85 | 88.91 |
| CHOLAHLDNG | 1525.85 | 10.74 | 28652.02 | 0.09 | 1788.99 | 42.04 | 11113.57 | 42.92 | 10.52 | 57.53 |
| TVSHLTD | 13146.60 | 13.50 | 26598.34 | 0.65 | 1173.58 | 73.77 | 17076.18 | 40.01 | 19.39 | 16.25 |
| CGCL | 272.25 | 23.23 | 26194.64 | 0.07 | 353.38 | 102.04 | 1576.47 | 62.12 | 11.68 | 68.54 |
| MAHSCOOTER | 13098.50 | 53.75 | 14969.71 | 1.68 | 3.32 | -90.61 | 5.41 | -81.52 | 1.06 | 84.10 |
| JSWHL | 11436.55 | 92.41 | 12694.14 | 0.00 | 24.54 | -92.74 | 34.58 | 14.97 | 0.58 | 92.45 |
| JMFINANCIL | 127.35 | 11.72 | 12186.88 | 2.55 | 368.57 | -19.66 | 1200.53 | 9.69 | 11.91 | 58.30 |
| TSFINV | 441.15 | 20.13 | 9798.11 | 2.53 | 124.95 | -92.11 | 305.57 | 102.23 | 3.47 | 53.35 |
| RELIGARE | 258.30 | 162.10 | 8904.47 | 0.00 | -46.98 | -674.86 | 2353.40 | 1051.76 | 4.71 | -2.08 |
| KAMAHOLD | 2288.70 | 7.89 | 7344.57 | 1.81 | 584.02 | 10.80 | 4657.56 | 7.07 | 20.86 | 22.01 |
| PILANIINVS | 4326.95 | 145.21 | 4790.91 | 0.21 | -47.26 | -17.55 | 14.44 | -70.70 | 1.41 | -9.33 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 9,584 | 10,607 | 10,014 | 9,810 | 10,119 | 11,124 | 11,032 | 11,259 | 12,197 | 13,946 | 14,583 | 14,854 | 17,076 | |
| 8,222 | 9,113 | 8,461 | 8,498 | 8,889 | 9,772 | 9,522 | 9,892 | 10,730 | 12,276 | 12,812 | 13,173 | 15,376 | |
| Operating Profit | 1,362 | 1,494 | 1,553 | 1,312 | 1,230 | 1,352 | 1,510 | 1,368 | 1,467 | 1,669 | 1,771 | 1,680 | 1,700 |
| OPM % | 14.21% | 14.08% | 15.51% | 13.37% | 12.15% | 12.15% | 13.69% | 12.15% | 12.03% | 11.97% | 12.15% | 11.31% | 9.95% |
| 1 | 11 | 7 | 9 | 7 | 8 | 18 | 7 | 11 | 13 | -35 | 30 | 7 | |
| Interest | 477 | 517 | 516 | 532 | 517 | 520 | 551 | 635 | 663 | 651 | 651 | 653 | 708 |
| Depreciation | 265 | 252 | 244 | 264 | 242 | 255 | 260 | 309 | 332 | 341 | 361 | 372 | 381 |
| Profit before Tax | 621 | 736 | 800 | 740 | 742 | 910 | 1,043 | 972 | 1,029 | 1,294 | 1,417 | 1,420 | 1,693 |
| Tax % | 32.41% | 36.48% | 31.85% | 37.29% | 33.77% | 33.01% | 32.62% | 33.20% | 33.34% | 31.04% | 31.39% | 37.97% | 30.66% |
| Net Profit | 0 | 0 | 0 | 0 | 481 | 599 | 685 | 644 | 675 | 880 | 969 | 865 | 1,174 |
| 97.09 | 112.65 | 110.86 | 110.01 | 103.47 | 134.00 | 190.81 | 134.52 | 165.85 | 218.89 | 243.75 | 209.62 | 301.62 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 13,498 | 17,512 | 21,548 | 19,859 | 20,299 | 25,591 | 33,662 | 39,882 | 44,993 | 58,154 | 60,458 | |
| 12,497 | 16,002 | 19,209 | 17,448 | 17,910 | 22,603 | 29,316 | 34,073 | 38,075 | 48,991 | 53,638 | |
| Operating Profit | 1,001 | 1,510 | 2,339 | 2,411 | 2,388 | 2,988 | 4,346 | 5,809 | 6,918 | 9,163 | 6,821 |
| OPM % | 7.42% | 8.62% | 10.85% | 12.14% | 11.77% | 11.68% | 12.91% | 14.56% | 15.38% | 15.76% | 11.28% |
| 174 | 148 | 28 | -5 | 41 | 23 | 118 | 29 | 40 | 20 | 15 | |
| Interest | 88 | 372 | 719 | 910 | 929 | 985 | 1,424 | 2,032 | 2,223 | 2,617 | 2,663 |
| Depreciation | 377 | 447 | 534 | 649 | 643 | 845 | 986 | 1,011 | 1,067 | 1,406 | 1,455 |
| Profit before Tax | 710 | 841 | 1,118 | 845 | 854 | 1,184 | 2,013 | 2,751 | 3,594 | 5,119 | 5,823 |
| Tax % | 22.93% | 25.21% | 32.92% | 25.87% | 30.69% | 30.38% | 33.78% | 36.12% | 33.79% | 33.77% | 32.70% |
| Net Profit | 547 | 629 | 750 | 627 | 592 | 824 | 1,333 | 1,757 | 2,379 | 3,390 | 3,918 |
| EPS | 163.21 | 167.12 | 213.59 | 166.63 | 159.98 | 217.84 | 321.10 | 395.45 | 575.19 | 837.79 | — |
| Dividend Payout % | 19.31% | 8.98% | 16.86% | 18.61% | 16.26% | 20.21% | 18.38% | 23.77% | 16.17% | 10.27% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 17%
- 5 Years:
- 23%
- 3 Years:
- 20%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 19%
- 5 Years:
- 39%
- 3 Years:
- 38%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 32%
- 1 Year:
- 0%
RETURN ON EQUITY
- 10 Years:
- 38%
- 5 Years:
- 47%
- 3 Years:
- 61%
- Last Year:
- 61%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 |
| Minority Interest | 928 | 1,191 | 1,426 | 1,516 | 1,759 | 2,203 | 2,804 | 4,152 | 5,469 | 6,426 |
| 1,857 | 2,141 | 2,464 | 2,453 | 2,894 | 5,069 | 3,231 | 2,830 | 4,677 | 6,455 | |
| 1,669 | 7,596 | 10,030 | 12,271 | 12,807 | 16,507 | 25,061 | 26,232 | 32,639 | 36,350 | |
| Trade Payables | 2,107 | 3,014 | 3,343 | 3,334 | 4,536 | 4,910 | 5,474 | 6,697 | 7,666 | 9,965 |
| 746 | 809 | 897 | 1,027 | 1,303 | 1,636 | 2,464 | 4,371 | 2,863 | 3,825 | |
| Total Liabilities | 7,317 | 14,761 | 18,170 | 20,612 | 23,309 | 30,334 | 39,044 | 44,292 | 53,324 | 63,031 |
| 2,819 | 3,489 | 3,892 | 4,322 | 4,713 | 6,202 | 6,794 | 5,489 | 7,378 | 8,797 | |
| Capital Work in Progress | 101 | 356 | 615 | 858 | 883 | 329 | 394 | 334 | 668 | 976 |
| 1,333 | 607 | 618 | 472 | 673 | 644 | 1,022 | 1,204 | 1,320 | 1,217 | |
| 1,397 | 1,417 | 1,623 | 1,459 | 1,668 | 2,013 | 2,332 | 4,035 | 2,417 | 2,459 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,855 | 1,750 | 2,685 | |
| Cash & Bank | 53 | 175 | 210 | 1,160 | 1,706 | 3,934 | 3,929 | 3,170 | 5,135 | 5,403 |
| 1,615 | 8,716 | 11,212 | 12,340 | 13,666 | 17,212 | 24,574 | 28,204 | 34,658 | 41,495 | |
| Total Assets | 7,317 | 14,761 | 18,170 | 20,612 | 23,309 | 30,334 | 39,044 | 44,292 | 53,324 | 63,031 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 986 | 665 | -385 | 700 | 1,474 | -1,153 | -3,388 | -867 | 3,535 | 1,137 | |
| Cash from Investing | -818 | -1,379 | -1,324 | -1,055 | -979 | -1,705 | -1,439 | 961 | -3,227 | -3,015 |
| Cash from Financing | -61 | 1,198 | 2,085 | 1,795 | 261 | 3,116 | 5,979 | 847 | 1,209 | 1,792 |
| -40 | 143 | 51 | 1,199 | 496 | -137 | 429 | 941 | 1,516 | -86 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - TVS Holdings Limited has informed the Exchange regarding allotment of 93,06,76,784 Bonus 6% Cumulative Non-Convertible Redeemable Preference Shares pursuant to Scheme of Arrangement
2026-09-05 - TVS Holdings Limited has informed the Exchange about Credit Rating
2026-08-27 - TVS Holdings Limited has informed the Exchange that Record date for the purpose of determining eligible shareholders of the Company who will be entitled to receive the 6% cumulative non-convertible redeemable preference shares by way of bonus has been fixed as 8th September 2026.
2026-08-27 - TVS Holdings Limited has informed the Exchange about receipt of the certified copy of the Order dated 18th August 2026 passed by the Hon'ble National Company Law Tribunal, Chennai Bench, sanctioning the Scheme along with the certified copy of the Scheme
2026-08-19 - TVS Holdings Limited has informed the Exchange about approval of the Scheme of Arrangement between TVS Holdings Limited and its shareholders
2026-08-05 - TVS Holdings Limited has informed the Exchange about Amalgamation/Merger
2026-07-31 - TVS Holdings Limited has informed the Exchange about Copy of Newspaper Publication
2026-07-22 - TVS Holdings Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on July 22, 2026. Further, the company has informed the Exchange regarding voting results.
2026-07-22 - TVS Holdings Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on July 22, 2026
News
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