TVS Holdings

MUMBAI, Sept 17 (Reuters) - India's TVS Credit Services plans to raise 10 billion rupees ($104.30 million), including a greenshoe option of 2.50 billion rupees, through the sale of bonds maturing in three years, three bankers said on Thursday.

It will pay an annual coupon of 7.29% and has invited bids for the issue on Friday, 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 = 95.8775 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sherry Jacob-Phillips)

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** Shares of Pricol PRCO.NS up 1.8% at 779.1 rupees

** Axis Securities initiates automotive tech co with "Buy" and PT of 935 rupees

** Brokerage cites strong positioning in premium automotive components, robust order inflows and business diversification

** Notes co strengthened portfolio through acquisition of Sundaram Auto Components' injection moulding business, expanding into precision plastic components

** Believes demerger of driver-information and connected vehicle solutions business will create focused platforms with sharper strategic focus and enhanced value visibility

** Key growth drivers in the medium term are premiumisation, technology adoption, expanding exports, margin improvement and healthy cash flows - brokerage

** Expects revenue to grow at 19% CAGR over FY26-29E, and for PAT to grow at 24% CAGR over the same period

** YTD, stock up 18.1%

(Reporting by Mridula Kumar in Bengaluru)

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Aug 28 (Reuters) - India's TVS Motor Company TVSM.NS on Friday named Peyman Kargar as its chief executive officer effective January 27, 2027.

Kargar will take over the role from K N Radhakrishnan, who will continue in the position until then, the automaker said.

(Reporting by Kashish Tandon in Bengaluru; Editing by Mrigank Dhaniwala)

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TVS Holdings secured approval from the Chennai bench of the National Company Law Tribunal for a scheme of arrangement with its shareholders, in an order pronounced on 18 August. The scheme provided for 46 fully paid, 6% cumulative non-convertible redeemable preference shares of ₹10 each for every ₹5 equity share held on the record date. The preference shares were to be listed and redeemed after 15 months, using the company's general reserves or retained earnings, and the valuation report put the issue at 93.06 crore shares. The company said it would take further steps to implement the scheme after receiving the certified order. TVS Holdings held 50.26% of TVS Motor and 74.45% of Home Credit India. Its standalone income came primarily from dividends from TVS Motor, received mainly in the fourth quarter.

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MUMBAI, Aug 6 (Reuters) - India's TVS Motor Company TVSM.NS plans to raise up to 10 billion rupees ($105.08 million) through a sale of bonds maturing in three years and three months, three bankers said on Thursday.

It will pay a coupon of 7.28% and has invited commitment bids for the issue on Friday, they said.

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

Here is the list of deals reported so far on August 6:

*Size includes base plus greenshoe for some issues

($1 = 95.1650 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Janane Venkatraman)

(([email protected], Khushi.malhotra))

Adds details paragraph 3 onwards

July 21 (Reuters) - TVS Motor TVSM.NS, India's third-largest two-wheeler maker, reported a 51.4% jump in quarterly profit on Tuesday as robust demand for higher-margin motorcycles helped cushion the impact of a surge in raw material costs triggered by the Iran war.

The Jupiter scooter maker's profit rose to 11.74 billion rupees ($122 million) for the quarter ended June 30, from 7.76 billion rupees a year ago.

Shares of the two-wheeler maker climbed 5.6% after the results.

India's tax cut on two-wheelers last year has been helping demand, while a growing contribution from sales of premium motorcycles and electric scooters was seen helping TVS Motor protect its bottom line from elevated commodity costs.

As the company scales up EV production, the richer product mix should partly offset pressure from rising input costs, analysts have said.

TVS Motor's two-wheeler sales rose 27% year-on-year to about 1.6 million units in the June quarter, driven by strong domestic sales and an increase in exports.

Exports surged 33% during the quarter, while EV two-wheeler sales jumped 86%.

Revenue from operations jumped about 38% to 138.96 billion rupees while total expenses rose 37.4%.

Larger rival Bajaj Auto BAJA.NS, which also posted its June quarter results on Tuesday, saw a 42.3% jump in its quarterly profit on strong domestic and overseas demand.

($1 = 96.2075 Indian rupees)

(Reporting by Kashish Tandon in Bengaluru; Editing by Mrigank Dhaniwala and Harikrishnan Nair)

(([email protected]; 8800437922;))

** Shares of India's Emmvee Photovoltaic Power EMMV.NS surge as much as 10% to hit record high of 371.55 rupees; stock last up 7.3% at 362.55

** Solar module maker reports record quarterly consol revenue up 51% Y/Y, and consol net profit up 103% Y/Y

** Says performance was driven by higher production volumes, increased integration of in-house solar cells and operating leverage across its expanded manufacturing base

** More than 17 mln shares change hands, about 5.3x the 30-day average volume

** All 5 analysts covering the stock rate it "buy"; median PT is 345 rupees - LSEG compiled data

** Stock up 91.2% YTD

(Reporting by Payel Das in Bengaluru)

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Home Credit India, a subsidiary of TVS Holdings, has agreed to acquire 100% of education‑focused NBFC Varthana Finance Private Limited in an all‑cash transaction valued at ₹967 crore. The share purchase agreement was executed on 15 July 2026, and the acquisition is subject to Reserve Bank of India approval and other closing conditions. Varthana, which provides loans to private schools, reported turnover of ₹398 crore and a net profit of ₹18.65 crore in the fiscal year 2025‑26. TVS VENU, the group's institutional platform, described the deal as a step to broaden its presence into secured and longer‑tenure lending, complementing the consumer and commercial finance operations of TVS Credit Services and Home Credit India. The transaction is expected to close within nine months from the date of the agreement.

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MUMBAI, July 15 (Reuters) - India's TVS Motor Company TVSM.NS plans to raise up to 5 billion rupees ($51.99 million) through the sale of bonds maturing in three years, three bankers said on Wednesday.

It will pay a coupon of 7.3% and has invited commitment bids for the issue on Thursday, they said.

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

Here is the list of deals reported so far on July 15:

* Size includes base plus greenshoe for some issues

($1 = 96.1750 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra)

(([email protected], [email protected]))

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)

(([email protected]))

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)

(([email protected]; 8800437922;))

** 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)

(([email protected]; +919886482111;))

May 13 (Reuters) - TVS Holdings Ltd TVSH.NS:

• TVS HOLDINGS LTD MARCH-QUARTER CONSOL NET PROFIT 4.24 BILLION RUPEES

• TVS HOLDINGS LTD MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 155.88 BILLION RUPEES

• TVS HOLDINGS LTD - BOARD APPROVES FUNDRAISING UP TO 11 BLN RUPEES VIA NCDS, COMMERCIAL PAPERS, OR OTHER BORROWINGS

Source text: [ID:]

Further company coverage: TVSH.NS

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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)

(([email protected]))

** 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)

(([email protected]))

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)

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

** 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)

(([email protected];))

Jan 28 (Reuters) - TVS Motor TVSM.NS reported a lower-than-expected quarterly profit on Wednesday after taking a one-time charge linked to India's new labour codes, although strong two-wheeler demand and export growth boosted sales.

Profit jumped 52% to 9.4 billion rupees ($102.47 million) for the quarter ending December 31, from 6.18 billion rupees a year earlier. However, it came in below analysts' expectations of 9.8 billion rupees, per data compiled by LSEG.

The company booked a 413.7‑million‑rupee charge due to India’s new labour codes implemented in November last year, denting its profit.

The Jupiter scooter maker's revenue rose 37% to 124.76 billion rupees ($1.36 billion) in the quarter, beating analysts' estimate of 122.89 billion rupees, sending shares up as much as 3.4%.

TVS Motor's shares were down 1.4% ahead of the results.

The rollout of new tax reforms last year improved affordability and boosted disposable income, fuelling demand for two‑wheeler sales in the country.

India slashed taxes on two-wheelers with engine capacities of up to 350cc to 18% from 28%, which covers most of TVS’ lineup.

The tax cuts, coupled with festive buying, propelled domestic two-wheeler sales to around 5.7 million units, a record figure for the third-quarter.

TVS' overall two‑wheeler and three-wheeler sales rose 27% in the quarter, while two-wheeler sales in international business grew 35%, the company said in a press release.

The company's domestic two-wheeler sales alone grew almost 23%, ahead of the industry's 16.9% expansion.

The Apache maker's operating earnings before interest, taxes, depreciation and amortization margin rose to 13.1% from 11.9%, which analysts said was driven by sale of more profitable vehicles and favourable forex.

Rivals Bajaj Auto BAJA.NS and Hero MotoCorp HROM.NS will report quarterly results on January 30 and February 5, respectively.

($1 = 91.7350 Indian rupees)

(Reporting by Meenakshi Maidas, Nandan Mandayam and Surbhi Misra in Bengaluru; Editing by Eileen Soreng)

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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

(([email protected];))

** 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)

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

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)

(([email protected]; [email protected]))

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

(([email protected];;))

** 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)

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

** 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)

(([email protected]))

** 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)

(([email protected];))