TVS Holdings is an RBI-registered core investment company whose consolidated numbers flow mainly through its ~50.26%-held stake in TVS Motor Company, alongside a fast-growing financial-services arm spanning TVS Credit Services and Home Credit India. This quarter's print will speak to whether record two-wheeler industry volumes carried through to the Automotive segment result, and to funding costs and asset quality in the financial-services book after the approved Home Credit India–TVS Credit Services merger.
| Results date | October 28, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 17,076.18 Cr (consolidated, Q1 FY27) |
| Previous quarter PAT | Rs. 1,173.58 Cr (consolidated, Q1 FY27) |
| Market cap | Rs. 22,413.12 Cr |
| CMP | Rs. 11,078.0 |
As intimated on 16 October 2026, the Board is scheduled to meet on Wednesday, 28 October 2026, to approve the unaudited (limited-reviewed) standalone and consolidated financial results for the quarter ended 30 September 2026 (Q2 FY27). The trading window for designated persons remained closed from 1 to 30 October 2026 under the SEBI (PIT) Regulations.
The quarter's direction rests on the Automotive segment, which contributed Rs. 14,399.17 Cr of Q1 FY27's Rs. 17,076.18 Cr consolidated revenue via the ~50.26%-held TVS Motor, against a backdrop of record two-wheeler industry volumes — SIAM Q2 FY27 2W wholesales totalled 6.43 million units, up 15.2% YoY, with FADA retail registrations up 28-33% YoY in each month of the quarter. Pricing is the swing factor rather than demand: the GST 2.0 cut on two-wheelers up to 350cc (28% to 18%) supported affordability, but the PM E-DRIVE revision notified 11 August 2026 halved the e-two-wheeler incentive to Rs. 2,500/kWh with a Rs. 5,000 per-vehicle cap, narrowing the effective price gap in the moped/scooter segments the company already flags as EV-competitive. In financial services (Q1 segment result Rs. 563.45 Cr), the repo rate was held at 5.25% at the August MPC meeting, but CD/CP spreads over repo widened to 135 bps and 155 bps in H1 FY27 and 90+ dpd vehicle-finance delinquencies are flagged to stay elevated — making the credit-cost line, not the spread line, the potential surprise area. A watch item on volume quality: the SIAM-minus-FADA 2W gap widened from about 1.05 lakh units in July to about 6.7 lakh in September, pointing to festive-season dealer stocking, so the wholesale-versus-retail bridge is a likely call question alongside updates on pending RBI, CCI, SEBI, NSE and NCLT approvals for the Home Credit India–TVS Credit Services merger.
Earnings trajectory and standalone line: The core comparisons for the quarter, per the pre-call note.
Capital structure: NCRPS and NCD obligations
NBFC consolidation and Home Credit funding
Board composition changes
Risks and headwinds to monitor: Management-flagged monitorables from the annual report and market backdrop.
Yes — Q1 FY27 consolidated revenue was Rs. 17,076.18 Cr, up 34.01% YoY, with the Automotive Vehicles & Parts segment contributing Rs. 14,399.17 Cr through the ~50.26%-held TVS Motor Company. FY26 consolidated revenue was Rs. 58,154.50 Cr, up 29.25% YoY.
Following NCLT Chennai's sanction on 18 August 2026, the company allotted 93,06,76,784 bonus 6% Cumulative Non-Convertible Redeemable Preference Shares of Rs. 10 face value on 9 September 2026, at 46 NCRPS per 1 equity share of Rs. 5. The NCRPS mature on 9 December 2027, with Board discretion to redeem after 12 months.
Boards approved a Composite Scheme on 5 August 2026 to merge STPL Trading & Services, Home Credit India Finance (assets Rs. 8,367.07 Cr) and TVS Housing Finance into TVS Credit Services, creating an entity with combined assets of Rs. 35,683.36 Cr. The merger, driven by the RBI's NBFC consolidation direction, is subject to RBI, CCI, SEBI, NSE and NCLT approvals, and TVS Holdings is not a party to the scheme.
TVS Holdings acquired an 80.74% stake in Home Credit India Finance for Rs. 554.06 Cr in February 2025 plus Rs. 44.61 Cr in March 2025, and infused a further Rs. 737.50 Cr during FY26, taking its holding to 80.39% as of 31 March 2026. An additional Rs. 176.38 Cr was invested in Q1 FY27.