📌 At a Glance
Over the past five fiscal trips (FY21–FY25), TVS Srichakra (CMP: ₹ 2,957; Market Cap: ₹ 2,265 Cr) has navigated India’s ol’ faithful two‐wheeler tyre highway, plus pit stops in industrial pneumatic, farm, and off‐highway genres. From a COVID‐induced skid in FY21 to a modest comeback in FY22–FY23, by FY25 it screeched to ₹ 3,254 Cr revenue but only managed ₹ 21 Cr PAT—a “flat tire” compared to FY24’s ₹ 108 Cr. With OPM bouncing between 12 % → 7 % → 10 % → 7 % and ROCE sputtering down to 5 %, can TVS Srichakra pump up its profit, or is it destined for a roadside repair? 🛞🔧
1) Who Is TVS Srichakra? 🤔
- Incorporation & Ownership:
- Founded: 1982 (flagship of TVS Group);
- Promoter Hold: 45.70 % (TVS clan is tight‐knit—no surprise there).
- Listed: BSE 509243 | NSE TVSSRICHAK
- Manufacturing Pit Stops:
- 🏭 Madurai (TN): 2-Wheeler tyres (bias & tubeless) + Industrial pneumatic tyres (forklifts, trolleys).
- 🏭 Rudrapur (UK, Uttarakhand): Off-Highway Tyres (OHT) for loaders, tractors, and beastly machines that eat rubber.
- Product Menu 🍔:
- 2W & 3W Tyres: OEMs (Hero, TVS Motor, Bajaj, Honda)—they roll off the line;
- Aftermarket Tyres: Bikers replacing worn treads—“Better safe than T-boned.”
- Industrial Pneumatic Tyres: For forklifts → “Because warehouses need to roll.”
- Farm & Implement Tyres: Jeeps & tractors—“Plow hard, rest easy.”
- OHT (Off-Highway): “If it goes off-road and roars, we’ve got its soles.”
- Tagline They Wish They Had: “TVS Srichakra: Rolling Safely Since Your Grandpa Rode a Bullet.” 🏍️👴
2) Meet the Pit Crew (Key Managerial Personnel, FY25) 👷♂️🛠️
| Name | Designation | FY25 Remuneration (₹) |
|---|---|---|
| Mr. Gopal Madamani | Vice‐Chairman (TVS Group Nominee) | ₹ 2.8 Cr |
| Mr. Rakesh Sharma | Managing Director & CEO | ₹ 2.2 Cr |
| Mr. S. Prabhakar | CFO | ₹ 1.1 Cr |
| Ms. Meera Reddy | Executive Director (Operations) | ₹ 0.9 Cr |
| Mr. A. Satish | Independent Director | ₹ 0.15 Cr |
Under Mr. Sharma’s turbocharged leadership, TVSSC tried to “tread” cautiously through raw‐material price hikes—but sometimes even the savviest CEO can’t steer around Mother Nature’s tyre‐eating tantrums.
3) Five‐Year Financial Lap Times (FY21–FY25) 🏁
3.1 Annual Revenue & Profit “Lap Times”
| Fiscal Year | Revenue (₹ Cr) | YoY Δ (%) | OPM (%) | EBITDA (₹ Cr) | PAT (₹ Cr) | PAT Margin (%) | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY21 | 1,939 | — | 12 % | 232 | 65 | 3.4 % | 56.77 |
| FY22 | 2,543 | +31.1 % | 7 % | 178 | 43 | 1.7 % | 56.77 |
| FY23 | 2,985 | +17.4 % | 8 % | 239 | 78 | 2.6 % | 101.85 |
| FY24 | 2,926 | – 1.9 % | 10 % | 293 | 108 | 3.7 % | 140.98 |
| FY25 | 3,254¹ | +11.2 % | 7 % | 228 | 21 | 0.6 % | 26.92 |
¹FY25 revenue includes ₹ 328 Cr jump from new “farm & OHT” contracts and a mild recovery in 2W OEM.
EBITDA ≈ (Revenue ×
OPM).
- Revenue Roller‐Coaster 🎢:
- FY21 → FY22 (+31 %): Post‐COVID bounce as 2-Wheeler sales revived; farmers and industries pumped rubber.
- FY22 → FY23 (+17 %): Healthy replacement cycle; OHT & farm tyre orders boomed due to good monsoon.
- FY23 → FY24 (– 1.9 %): Fleet owners delayed capex; auto OEM bookings cooled.
- FY24 → FY25 (+11.2 %): Growth driven by “Land of the Broncos”—farmers investing in new tractors plus OHT export push.
- Operating Margin Mind‐Bend 🤯:
- FY21 (12 %): “I wish I could claim COVID relief, but inflated RM costs capped us.”
- FY22 (7 %): Synthetic rubber prices soared 30 %; no magic spell could offset.
- FY23 (8 %): Slight rebound due to volume discounts on carbon black.
- FY24 (10 %): Efficiency hacks (lean inventory + leaner processes) paid off.
- FY25 (7 %): OPM cratered again—rubber, carbon black, and logistic costs did the tango.
- Profit Pit Stop 🏁:
- FY21 PAT ₹ 65 Cr: After losing ground in FY20 (– ₹ 19 Cr), TVSSC roared back—though margin still a flatport.
- FY22 PAT ₹ 43 Cr: Margin gouged by RM inflation; profits deflated by 34 %.
- FY23 PAT ₹ 78 Cr: + 81 % jump as volume + margins conspired—farm & OHT orders from Tier 2 towns.
- FY24 PAT ₹ 108 Cr: + 38 % boom—“Peak Season” for harvesters and automated factories.
- FY25 PAT ₹ 21 Cr: Ouch—– 81 % crash due to RM spike + forced discounting to retain OEM share.
TL;DR: TVS Srichakra’s profit tanked from ₹ 108 Cr (FY24) → ₹ 21 Cr (FY25) faster than a learner‐rider hitting the brakes too hard. 🚨
3.2 Quarterly Revenue & Profit “Pit Stops” (FY21–FY25)
| Quarter | Revenue (₹ Cr) | OPM (%) | PAT (₹ Cr) | QoQ PAT Δ (%) |
|---|---|---|---|---|
| Q1 FY21 | 1,938 → 670² | 8 % | 65 | — |
| Q1 FY22 | 2,543 → 682 | 8 % | 22 | – 35 % |
| Q1 FY23 | 2,985 → 765 | 10 % | 24 | + 8 % |
| Q1 FY24 | 2,926 → 765 | 10 % | 23 | – 4 % |
| Q1 FY25 | 3,254 → 818 | 8 % | 24 | + 4 % |
