TVS Motor Company has initiated a postal ballot process to seek shareholder approval for the appointment of Mr. Ravindran Shanmugam as a Non-Executive Independent Director. The appointment is proposed for a tenure of five consecutive years, effective May 13, 2026. The company has engaged National Securities Depository Limited (NSDL) to facilitate the electronic voting process.

Director Profile and Expertise

Mr. Ravindran Shanmugam is a technology entrepreneur and business leader with over a decade of experience in digital transformation and AI-led platforms. He currently serves as the Co-founder and Executive Chairman of Mable, an AI-enabled interior design platform based in Singapore. Previously, he was the Chief Executive Officer of Livspace Southeast Asia and held senior leadership roles at Grab and McKinsey & Company. He holds a Bachelor's Degree in Philosophy, Politics, and Economics from the University of Oxford.

Appointment Details

The Board of Directors, based on the recommendation of the Nomination and Remuneration Committee, has appointed Mr. Shanmugam subject to shareholder approval. The key details of the proposed appointment are as follows:

Postal Ballot and Voting Schedule

Shareholders are requested to cast their votes through the electronic voting (e-Voting) system. The voting period commences on May 22, 2026, and concludes on June 20, 2026. The results of the postal ballot will be announced on or before June 22, 2026. The resolution requires approval by way of a special resolution.

Mr. Shanmugam is entitled to receive remuneration by way of profit-related commission, subject to regulatory limits, along with sitting fees and reimbursement of expenses for board and committee meetings. The company confirmed that he is not related to any other director or key managerial personnel.

Morgan Stanley has reaffirmed its Overweight rating on TVS Motor , setting a target price of ₹4,327. The global investment bank expects the two-wheeler manufacturer to deliver near-term outperformance relative to its peers, citing a combination of strong volume momentum and improving fundamentals.

Key Rating Details

The following table summarises the key parameters of Morgan Stanley's rating on TVS Motor:

Volume Growth and Industry Outperformance

Morgan Stanley highlights that TVS Motor's May volume growth has tracked ahead of broader industry trends, a factor the brokerage views as a key indicator of the company's competitive positioning. This volume momentum is seen as a significant driver supporting the Overweight stance and the expectation of near-term outperformance.

Recent Correction and Subsidiary Investment Concerns

The brokerage acknowledges that TVS Motor's stock has witnessed a recent correction, attributing it primarily to investor concerns surrounding subsidiary investments. However, Morgan Stanley does not view these concerns as a fundamental threat to the company's core business outlook, maintaining its constructive view on the stock despite the pullback.

Premium Valuation Supported by Market Share and Margins

Morgan Stanley's confidence in TVS Motor's premium valuation is anchored by two key factors:

• Market share gains: The company's ability to consistently expand its share in the competitive two-wheeler segment.
• Margin expansion potential: The scope for improving profitability metrics, which the brokerage sees as a medium-term positive.

These factors collectively underpin the brokerage's view that the current valuation premium is justified and sustainable, reinforcing the Overweight rating with a target price of ₹4,327.