TVS Holdings Q2 FY27 Results: Consolidated Net Profit ₹1,286 Crore on Total Income of ₹20,257 Crore

Earnings
Automotive and consumer finance

Blacklitt Research28 October 20262 min read

TVS Holdings (NSE: TVSHLTD) reported consolidated total income of ₹20,256.81 crore and consolidated net profit of ₹1,285.68 crore for the quarter ended 30 Sep 2026, it said in a filing on 28 Oct 2026. Standalone total income was ₹112.49 crore and standalone net profit ₹930.70 crore, which includes an exceptional gain of ₹1,012.44 crore.

Key highlights

Consolidated

Including its subsidiaries

Total income: ₹20,256.81 crore, up 39.1% YoY and 18.6% QoQ
Net profit and EPS: Net profit ₹1,285.68 crore, up 46.1% YoY; basic EPS ₹313.75
Finance costs: ₹762.75 crore, up 17.1% YoY and 7.7% QoQ

Standalone

The company on its own, without its subsidiaries

Total income: ₹112.49 crore, up 97.4% YoY and 20.7% QoQ
Net profit and EPS: Net profit ₹930.70 crore; basic EPS ₹460.01
Exceptional gain: ₹1,012.44 crore on redemption of preference shares from a subsidiary, including ₹57.31 crore interest

Summary

Consolidated ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	20,256.81	14,562.03	+39.1%	17,082.92	+18.6%
Revenue from operations	20,182.53	14,549.15	+38.7%	17,076.18	+18.2%
Other income	74.28	12.88	+476.7%	6.74	n/a
	1,285.68	880.08	+46.1%	1,173.58	+9.6%
Profit before tax	1,992.19	1,281.73	+55.4%	1,692.52	+17.7%
Finance costs	762.75	651.35	+17.1%	708.42	+7.7%
Depreciation	372.62	340.78	+9.3%	381.12	-2.2%
Tax expense	706.51	401.65	+75.9%	518.94	+36.1%
Net profit margin	6.35%	6.04%	+0.30 pp	6.87%	-0.52 pp
EPS, basic (₹)	313.75	218.89	+43.3%	301.62	+4.0%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

The company issued 93,06,76,784 6% bonus non-convertible redeemable preference shares worth ₹930.68 crore, excluding interest, to existing equity shareholders under a Scheme of Arrangement approved by the NCLT Chennai Bench on 18 Aug 2026. No funds were raised from them, according to the filing.

Standalone ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	112.49	56.98	+97.4%	93.20	+20.7%
Revenue from operations	112.12	56.91	+97.0%	93.04	+20.5%
Other income	0.37	0.07	+428.6%	0.16	+131.3%
	930.70	19.30	n/a	9.45	n/a
Profit before tax	1,029.38	22.25	n/a	10.02	n/a
Finance costs	44.24	20.95	+111.2%	39.46	+12.1%
Depreciation	0.51	0.57	-10.5%	0.52	-1.9%
Tax expense	98.68	2.95	n/a	0.57	n/a
Net profit margin	827.36%	33.87%	+793.49 pp	10.14%	+817.22 pp
EPS, basic (₹)	460.01	9.54	n/a	4.67	n/a

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

The notes say the company recognised a gain of ₹1,012.44 crore, including interest of ₹57.31 crore, on redemption of 6% cumulative non-convertible redeemable preference shares received from a subsidiary. Profit before tax of ₹1,029.38 crore compares with ₹22.25 crore a year earlier, and before the exceptional gain the standalone result was ₹16.94 crore.

Standalone revenue from operations of ₹112.12 crore rose 97.0% year on year, while finance costs of ₹44.24 crore are 39.3% of total income and rose 111.2%. Tax expense of ₹98.68 crore is 9.6% of profit before tax. Standalone net debt to equity rose to 1.37 times from 0.90 times at 31 Mar 2026. The filing does not say whether the preference share redemption was received in cash.

Inference

The filing reports listed unsecured NCDs of ₹1,593.08 crore outstanding at 30 Sep 2026, including interest accrued but not due of ₹52.60 crore, and rated CRISIL AA+/Stable and CARE AA+/Stable. The next NCD interest due date is 22 Jan 2027, after 24 Jun 2026. Outstanding NCRPS of ₹930.68 crore are unsecured, and the filing says no security cover is required against them.

The statutory auditors' limited review reported nothing that causes them to believe the results are misstated. The consolidated review notes that some subsidiaries were not reviewed by their auditors.

Reference: Original filing (PDF)

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TVS Holdings Q2 FY27 Results: Consolidated Net Profit ₹1,286 Crore on Total Income of ₹20,257 Crore

Key highlights

Consolidated

Standalone

Summary

Inference

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