TVS Motor Company Limited has intimated the stock exchanges of a Composite Scheme of Amalgamation involving its subsidiaries TVS Credit Services Limited (TVS CS) and TVS Housing Finance Private Limited (TVS HF), pursuant to Regulation 30 of the SEBI (Listing Obligations & Disclosures Requirements) Regulations, 2015. The intimation was received by the company on 5th August 2026 at 3:01 PM (IST), following approval of the scheme by the respective boards of directors of all entities involved.

Structure of the Composite Scheme

The scheme is structured as a two-stage amalgamation under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013. In the first stage, STPL Trading and Services Private Limited (Transferor Company 1) will amalgamate into Home Credit India Finance Private Limited (Transferee Company 1 / Transferor Company 2). In the second stage, Home Credit India Finance Private Limited and TVS Housing Finance Private Limited (Transferor Company 3) will amalgamate into TVS Credit Services Limited (Transferee Company 2).

Financial Profiles of Entities Involved

The following table presents the key financial details of all entities participating in the scheme, as on 30 June 2026 (Rs. in Cr):

Business Areas of the Entities

The entities involved in the scheme operate across distinct business segments:

• STPL Trading and Services Private Limited: Incorporated with the main objects of carrying on the business of buying, selling, and dealing in all types of goods.
• Home Credit India Finance Private Limited: A Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India, primarily engaged in the business of retail financing.
• TVS Housing Finance Private Limited: Incorporated with the main objects of carrying on housing finance activities; however, the company is yet to commence operations.
• TVS Credit Services Limited: An NBFC registered with the Reserve Bank of India, primarily engaged in providing automobile finance, consumer durable loans, and small business loans.

Share Exchange Ratios

The consideration for the amalgamation has been determined by independent registered valuer M/s. Bansi S Mehta Valuers LLP (Registration No. IBBI/RV – E /06/2022/172) on an arm's length basis. The applicable share exchange ratios are as follows:

The share exchange ratio has been arrived at based on estimated values of shares of the parties as of 31 March 2027, and will be updated and revised by the registered valuer based on the fair value of shares determined as on the end of the financial quarter immediately preceding the Effective Date. A fairness opinion on the share exchange ratio has been issued by JM Financial Services Limited, an independent SEBI Registered Merchant Banker.

Rationale and Regulatory Approvals

The parties to the scheme are under common control, and the amalgamation is proposed to simplify the group structure and consolidate these entities. The stated rationale includes:

• Streamlining of the group corporate structure and consolidation of assets and liabilities, leading to synergies of operations and long-term sustainable growth
• Simplification of corporate structure by reducing the multiplicity of legal and regulatory compliances through rationalization
• Reduction of administrative responsibilities, multiplicity of records, cost savings, and elimination of duplicate expenses
• Optimal and efficient utilization of capital, and enhancement of operational and management efficiencies
• Consolidating the NBFCs within the group in terms of RBI directions

The scheme is subject to receipt of approvals from the Reserve Bank of India, the Competition Commission of India, the National Stock Exchange of India Limited, the Securities and Exchange Board of India, the jurisdictional National Company Law Tribunal, and the shareholders and creditors (as applicable) of the companies involved. TVS Motor Company Limited is not a party to the Composite Scheme of Amalgamation, and consequently, there will be no change in the shareholding pattern of TVS Motor Company Limited.

TVS Motor Company Limited delivered its highest-ever monthly sales performance in July 2026, moving 629,675 units globally. This figure represents a 38% year-on-year increase from the 456,350 units sold in July 2025 and significantly exceeds market estimates of 510,000 units. The robust demand was driven by strong growth across domestic two-wheelers, international exports, and a massive expansion in electric vehicle (EV) deliveries.

Record Sales Across Key Segments

The company’s total two-wheeler sales reached 603,138 units in July 2026, up 38% from 438,790 units in the same period last year. Domestic two-wheeler sales grew by 42%, rising to 437,394 units from 308,720 units in July 2025. This broad-based strength indicates sustained consumer confidence in the Indian market.

International business also posted record numbers, with total sales reaching 184,264 units, a 29% increase from 142,629 units in July 2025. Within this segment, two-wheeler exports grew 27% to 165,744 units from 130,070 units previously.

Electric Vehicle and Three-Wheeler Surge

The most dramatic growth occurred in the electric vehicle segment. TVS Motor sold 60,934 two-wheeler EVs in July 2026, marking an exponential 158% year-on-year increase from 23,605 units in July 2025. This surge highlights the accelerating adoption of electric mobility in India and positions the company as a leader in the transition to sustainable transport.

Three-wheeler sales also showed strong momentum, growing 51% to 26,537 units from 17,560 units in the prior year. This growth underscores the company’s expanding footprint in the commercial mobility sector.

What the Numbers Show

The data reveals a structural shift in TVS Motor’s revenue mix. While traditional internal combustion engine vehicles continue to grow steadily, the 158% surge in EV sales suggests that electrification is becoming a primary growth driver rather than a niche offering. Furthermore, the simultaneous growth in domestic and international markets demonstrates reduced dependency on any single geography, mitigating regional demand risks. The beat against estimates by over 119,000 units signals that current production capacity may need scaling to meet this accelerated demand trajectory.