TVS Srichakra turned rubber into gold this quarter.
The Madurai-headquartered tyre manufacturer posted a staggering 305.4% jump in consolidated net profit to ₹44.43 crore for the second quarter ended September 30, 2026, blowing past the ₹10.96 crore recorded during the same period last year. Revenue from operations climbed 37.4% to ₹1,272.63 crore from ₹926.49 crore, while total income crossed ₹1,275.03 crore.
Volumes surged. Operating leverage kicked in.
Earnings per share mirrored the bottom-line explosion, quadrupling to ₹58.02 from ₹14.52 twelve months ago. Profit attributable to owners of the group stood at ₹44.43 crore—a 299.9% climb over the ₹11.11 crore booked in the corresponding quarter. Total comprehensive income swung sharply into the black at ₹43.97 crore, reversing a negative ₹2.92 crore balance logged in the previous year.
Sequential gains confirmed that the momentum is accelerating rather than flattening out. Revenue climbed 19.2% over the ₹1,067.61 crore reported in the June quarter, while net profit advanced 30.6% from ₹34.02 crore.
Market Context: The domestic two-wheeler market is firing on all cylinders. Primary automaker volumes have surged—exemplified by TVS Motor Company posting a 52% jump in quarterly profit to ₹1,377 crore on a 44% revenue surge—and component makers are reaping the direct dividend of high assembly-line throughput.
Input costs bit hard, but sales volumes bit harder.
Total consolidated expenses climbed 33.9% to ₹1,217.07 crore against ₹908.65 crore a year earlier. That expansion remained safely beneath the company's 37.4% top-line growth rate, preserving operational margins. Raw material consumption accounted for the bulk of the inflation, surging 58.7% to ₹773.31 crore. Other operational expenses increased 34.6% to ₹269.98 crore, while employee benefits expanded by a measured 10.0% to ₹119.57 crore.
Yet TVS Srichakra shaved overheads where it counted. Finance charges fell 8.9% to ₹11.32 crore from ₹12.42 crore, reflecting tighter debt servicing terms even as operational working capital needs swelled. Depreciation and amortisation charges moved up 6.0% to ₹37.71 crore.
Profit before exceptional items and tax leaped 179% to ₹57.96 crore from ₹20.77 crore. Profit before tax ended at ₹57.27 crore, up 214.5% compared to ₹18.21 crore a year ago.
| TVS Srichakra Financial Performance | Q2 FY27 (₹ Cr) | Q2 FY26 (₹ Cr) | YoY Change (%) | H1 FY27 (₹ Cr) | H1 FY26 (₹ Cr) | YoY Change (%) |
|---|---|---|---|---|---|---|
| Revenue from Operations | 1,272.63 | 926.49 | +37.4% | 2,340.24 | 1,745.90 | +34.0% |
| Cost of Materials Consumed | 773.31 | 487.28 | +58.7% | — |
Performance at the standalone manufacturing level mirrored the consolidated surge. Standalone Q2 revenue rose 35.9% to ₹1,175.91 crore from ₹865.04 crore, while net profit jumped 118.5% to ₹34.55 crore compared to ₹15.81 crore. Standalone profit before tax closed at ₹46.00 crore, up 116.8%, driving standalone EPS to ₹45.12 from ₹20.65.
For the six-month half year, consolidated revenue expanded 34.0% to ₹2,340.24 crore against ₹1,745.90 crore. Net profit for the half year touched ₹78.45 crore—up 229.8% from ₹23.79 crore—delivering an EPS of ₹102.45.
Crucially, this half-year profitability absorbed a net exceptional charge of ₹1.69 crore. By contrast, the prior year's first-half bottom line had been artificially cushioned by a net exceptional gain of ₹15 crore. Stripping out exceptional items, pre-tax profit skyrocketed 350.5% to ₹104.20 crore from ₹23.13 crore.
Management did not let the cash sit idle.
Capital expenditure payments for acquiring physical assets jumped 79.2% to ₹127.19 crore during the first half, up from ₹70.97 crore spent in the year-ago period. Total consolidated assets grew to ₹3,265.06 crore as of September 30, up from ₹3,042.88 crore at the close of March 2026. Total equity increased to ₹1,239.97 crore from ₹1,190.18 crore.
Working capital shifts told a clear story of high delivery throughput. Trade receivables leaped 41.4% to ₹580.51 crore from ₹410.46 crore at the end of March, tracking the delivery surge to original equipment makers and dealer networks. Finished inventories dropped to ₹634.86 crore from ₹742.21 crore, demonstrating that factory warehouses cleared tyre batches as fast as curing presses vulcanized them.
Non-current borrowings contracted to ₹237.99 crore from ₹269.91 crore, while short-term obligations rose to ₹540.83 crore from ₹492.60 crore. Consolidated operating cash flow for the half year came in at ₹181.01 crore, down from ₹206.38 crore, pulled lower by the expansion in receivables.
TVS Srichakra heads into the second half of the fiscal year backed by an unyielding order book, heightened factory capacity, and broad-based demand across replacement and original equipment tyre channels.
| — |
| — |
| Total Expenses | 1,217.07 | 908.65 | +33.9% | — | — | — |
| Profit Before Exceptional Items & Tax | 57.96 | 20.77 | +179.0% | 104.20 | 23.13 | +350.5% |
| Profit Before Tax | 57.27 | 18.21 | +214.5% | 102.51 | 38.13 | +168.8% |
| Net Profit (Consolidated) | 44.43 | 10.96 | +305.4% | 78.45 | 23.79 | +229.8% |
| Basic & Diluted EPS (₹) | 58.02 | 14.52 | +299.6% | 102.45 | 31.34 | +226.9% |
| Standalone Revenue | 1,175.91 | 865.04 | +35.9% | 2,173.27 | 1,626.78 | +33.6% |
| Standalone Net Profit | 34.55 | 15.81 | +118.5% | 63.77 | 33.93 | +87.9% |