TVS Srichakra Q2 Profit Surges to Rs 44.4 crore, Revenue Jumps 37%

TVS Srichakra Ltd, the maker of Eurogrip tyres, reported a 305.4% year-on-year jump in consolidated net profit to Rs 44.43 crore for the quarter ended September 30, 2026, against Rs 10.96 crore in the same quarter last year. Revenue from operations rose 37.4% to Rs 1,272.63 crore from Rs 926.49 crore. Total income grew 37.2% to Rs 1,275.03 crore.

Profit before exceptional items and tax rose 179% to Rs 57.96 crore from Rs 20.77 crore, while profit before tax climbed 214.5% to Rs 57.27 crore from Rs 18.21 crore. Profit attributable to owners of the group was Rs 44.43 crore, up 299.9% from Rs 11.11 crore. Earnings per share, basic and diluted, rose 299.6% to Rs 58.02 from Rs 14.52. Total comprehensive income was Rs 43.97 crore, compared with a negative Rs 2.92 crore a year earlier. Sequentially, revenue was up 19.2% from Rs 1,067.61 crore in the June quarter, and net profit rose 30.6% from Rs 34.02 crore.

For the half year ended September 30, 2026, consolidated revenue from operations grew 34.0% to Rs 2,340.24 crore from Rs 1,745.90 crore. Net profit stood at Rs 78.45 crore, up 229.8% from Rs 23.79 crore, and profit before tax rose 168.8% to Rs 102.51 crore from Rs 38.13 crore. Half-year EPS was Rs 102.45, up 226.9% from Rs 31.34. The company booked a net exceptional charge of Rs 1.69 crore in the half year, whereas the year-ago period carried a net exceptional gain of Rs 15 crore. Before exceptional items and tax, profit rose 350.5% to Rs 104.20 crore from Rs 23.13 crore.

Total consolidated expenses rose 33.9% to Rs 1,217.07 crore from Rs 908.65 crore, growing slower than revenue. Cost of materials consumed climbed 58.7% to Rs 773.31 crore, other expenses rose 34.6% to Rs 269.98 crore, and employee benefits expense grew 10.0% to Rs 119.57 crore. Depreciation and amortisation was up 6.0% at Rs 37.71 crore, while finance costs fell 8.9% to Rs 11.32 crore from Rs 12.42 crore. 

On a standalone basis, Q2 revenue from operations rose 35.9% to Rs 1,175.91 crore from Rs 865.04 crore, and net profit rose 118.5% to Rs 34.55 crore from Rs 15.81 crore. Standalone profit before tax was Rs 46.00 crore, up 116.8% from Rs 21.22 crore, and EPS rose to Rs 45.12 from Rs 20.65. For the half year, standalone revenue was Rs 2,173.27 crore, up 33.6% from Rs 1,626.78 crore, and net profit was Rs 63.77 crore, up 87.9% from Rs 33.93 crore. Half-year standalone EPS was Rs 83.28 against Rs 44.31.

Balance sheet and cash flow

Consolidated total assets stood at Rs 3,265.06 crore as of September 30, up from Rs 3,042.88 crore at March 31, 2026. Total equity rose to Rs 1,239.97 crore from Rs 1,190.18 crore.

• Trade receivables: Rs 580.51 crore, up 41.4% from Rs 410.46 crore at March-end, broadly in line with the surge in sales
• Inventories: Rs 634.86 crore, down from Rs 742.21 crore
• Borrowings: Rs 237.99 crore non-current and Rs 540.83 crore current, against Rs 269.91 crore and Rs 492.60 crore at March 31
• Cash flow from operations (H1): Rs 181.01 crore, down from Rs 206.38 crore a year earlier
• Capital spending (H1): Payments for acquisition of assets rose 79.2% to Rs 127.19 crore from Rs 70.97 crore