Toyota Industries shares reached a record high on Thursday following Toyota Motor's enhanced buyout proposal, with the stock trading above the revised tender price as investors anticipate potential further increases. The forklift manufacturer's shares demonstrated strong momentum amid renewed takeover speculation.

Enhanced Buyout Terms

Toyota Motor announced a 15% increase to its privatization offer on Wednesday, raising the bid to 18,800 yen per share. This adjustment addresses previous concerns raised by global investors who criticized the initial proposal's valuation framework as lacking transparency.

Market Response and Trading Activity

Toyota Industries shares closed at 19,110 yen, marking a 6% increase for the trading session. Significantly, the stock price exceeded the new tender offer by 1.8%, suggesting market participants expect Toyota Motor may need to present an even more attractive proposal to successfully complete the privatization.

The tender offer process commenced on Thursday and will remain open until February 12, providing shareholders with a defined timeframe to evaluate the enhanced terms. The premium trading above the offer price typically indicates investor sentiment that the current bid may not represent the final valuation.

Background and Market Context

The initial privatization attempt faced substantial criticism from international investors who questioned the deal's valuation methodology and transparency. Global shareholders expressed concerns about the pricing structure, prompting Toyota Motor to reconsider its approach and ultimately increase the offer substantially.

The current market dynamics reflect ongoing negotiations between the companies, with Toyota Industries' share performance serving as a barometer for investor expectations regarding potential further bid enhancements.

Toyota Kirloskar Motor Limited delivered impressive sales performance in December 2025, showcasing strong momentum across both domestic and export markets. The company's total sales reached 39,333 units during the month, marking a significant 33% increase compared to 29,529 units sold in December 2024.

December 2025 Performance Highlights

The December sales figures demonstrate robust growth across all segments. Domestic sales emerged as the primary growth driver, reaching 34,157 units compared to 24,887 units in December 2024, representing a substantial 37% increase. Export performance also contributed positively, with 5,176 units shipped compared to 4,642 units in the corresponding month of 2024, reflecting a 12% growth.

Annual Performance Overview

The strong December performance capped off a successful calendar year 2025 for Toyota Kirloskar Motor. Annual total sales reached 3,88,801 units, compared to 3,26,329 units in 2024, achieving a healthy 19% growth rate. Domestic sales for the full year stood at 3,51,580 units, up from 3,00,159 units in 2024, representing a 17% increase.

Export performance was particularly noteworthy for the annual period, with 37,221 units exported in 2025 compared to 26,170 units in 2024, delivering an impressive 42% growth rate.

Management Commentary

TKM Vice-President for Sales-Service-Used Car Business and Profit Enhancement, Varinder Wadhwa, characterized 2025 as a meaningful year for Toyota, highlighting stronger customer acceptance across the company's products and services in both domestic and export markets. He attributed the sustained performance to several key factors:

• Progressive GST reforms implemented by the Government of India
• Strategic product enhancements across the portfolio
• Introduction of new model variants

Future Outlook

Looking ahead, Wadhwa emphasized Toyota's continued commitment to decarbonisation through the company's multipath approach. This strategy involves offering a broad range of technologies specifically tailored to meet diverse customer needs and accommodate real-world usage scenarios, positioning the company for sustainable growth in the evolving automotive landscape.