TVS Motor Company Limited has successfully completed its postal ballot process, with shareholders overwhelmingly approving the appointment of Ms Kalpana Unadkat as an Independent Director. The company announced the results on 22nd January 2026 at 08:27 PM (IST), marking the conclusion of a month-long e-voting process that demonstrated strong shareholder confidence in the proposed appointment.

Appointment Details and Resolution Outcome

The special resolution sought approval for appointing Ms Kalpana Unadkat (DIN: 02490816) as a Non-Executive Independent Director for a period of five consecutive years, effective 15th December 2025. The appointment received substantial support from shareholders across all categories.

Category-wise Voting Pattern

The voting results revealed varying levels of support across different shareholder categories. Promoter and promoter group shareholders demonstrated unanimous support, while institutional and non-institutional public shareholders showed mixed responses.

Promoter and Promoter Group

• Shares Held: 238,812,786
• Votes Polled: 238,782,786 (99.99% participation)
• Support: 100.00% in favour
• Opposition: 0.00%

Public Institutions

• Shares Held: 195,959,543
• Votes Polled: 167,589,293 (85.52% participation)
• Support: 112,311,481 votes (67.02%)
• Opposition: 55,277,812 votes (32.98%)

Public Non-Institutions

• Shares Held: 40,314,785
• Votes Polled: 2,960,091 (7.34% participation)
• Support: 2,953,754 votes (99.79%)
• Opposition: 6,337 votes (0.21%)

E-Voting Process and Timeline

The postal ballot process was conducted entirely through electronic voting, utilizing the NSDL platform. The company initiated the process on 23rd December 2025 by sending notices to shareholders whose names appeared on the register as of the record date of 15th December 2025.

Regulatory Compliance and Scrutinizer Report

B. Chandra & Associates, practicing Company Secretaries, served as scrutinizers for the postal ballot process. The scrutinizer confirmed compliance with Section 110 of the Companies Act 2013 and the Companies (Management and Administration) Rules 2014, along with SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015.

The company published public advertisements on 24th December 2025 in English newspaper "Business Standard" and Tamil newspaper "Makkal Kural" to inform shareholders about the voting process. The scrutinizer reported that 15,937 emails had bounced during the notification process, and votes from corporate members without proper board resolutions were invalidated.

Resolution Approval and Next Steps

The special resolution was deemed passed with the requisite majority, as the number of votes in favour exceeded three times the number of votes against. The appointment of Ms Kalpana Unadkat as Non-Executive Independent Director became effective from 15th December 2025, as specified in the resolution.

The company has fulfilled its disclosure obligations under Regulation 44 and Regulation 30 of SEBI (LODR) 2015 by announcing the results to BSE Limited and National Stock Exchange of India Limited. All e-voting data and connected records remain under the scrutinizer's custody and will be transferred to the company after the Chairman signs the minutes.

Kotak Institutional Equities has retained its 'Add' rating on TVS Motor , citing multiple demand and execution levers expected to sustain the company's growth momentum over the medium term. The brokerage has revised its fair value to ₹3,950.00, rolling forward its valuation to March 2028.

Kotak expects TVS Motor to continue outperforming the broader two-wheeler industry, driven by a combination of domestic recovery, electric vehicle leadership, network expansion, and strong export momentum. Reflecting higher volume assumptions, the brokerage has raised its FY2026–28 EBITDA estimates by 4–6%.

Domestic Two-Wheeler Market Recovery

The domestic two-wheeler segment has shown strong recovery momentum, with retail volumes growing 9% year-on-year in FY26 to date. This growth has been supported by strong momentum in ICE scooters and motorcycles above 125cc, while improved vehicle financing conditions and GST rate cuts post-September have further aided demand.

TVS Motor has significantly outperformed the domestic ICE market, registering 18% year-on-year growth in FY26 to date. This outperformance has been driven by continued market share gains in scooters and premium motorcycles—segments that are growing faster than the industry average and carry a higher mix for TVS Motor.

Electric Vehicle Leadership and Market Expansion

TVS Motor continues to maintain its leadership position in the electric two-wheeler space, with market share consistently above 20%. The company has sustained momentum through new launches such as the Orbiter, along with continued traction in the iQube portfolio, despite some moderation following GST changes.

The brokerage highlighted TVS Motor's successful entry into the EV three-wheeler segment, where it has already achieved around 20,000 unit sales in FY26 to date and captured over 10% market share in the sub-5 tonne category within months of launch.

Strong Export Performance

Export operations remain a significant growth pillar for TVS Motor, with the company demonstrating exceptional performance in international markets. Export volumes rose 34% year-on-year in FY26 to date, significantly outperforming the industry growth of 24%.

Kotak believes export demand remains robust, driven by a favourable base in Africa, steady performance in Latin America, and expansion into Sri Lanka, Nepal, and Bangladesh, though growth is expected to moderate beyond FY27.

Analyst Consensus and Outlook

While input cost inflation remains a key risk to monitor, Kotak believes the balance of drivers supports sustained growth, justifying its continued 'Add' stance on the stock. The brokerage expects the company to maintain its outperformance, supported by a strong brand presence in scooters and premium motorcycles, along with efforts to address gaps in the premium 125cc motorcycle segment.

Of the 43 analysts covering the stock tracked by Bloomberg, 26 have a 'buy' rating, 10 have a 'hold' call, and seven have a 'sell' rating, indicating predominantly positive sentiment among the analyst community.