TVS Motor Company financials and balance sheet

NSE: TVSMOTORBSE: 532343AutomobilesLarge Cap

Formerly TVS Suzuki

₹3,980.20₹6.20 (0.16%)BSE ₹3,977.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹3,974.00.

52-week range of traded prices to 23 Oct 2026

₹3,228.00Low, 19 May 2026₹4,484.50High, 26 Aug 2026

Next results date: the board meets on 28 Oct 2026 to consider: financial results.

Market cap: ₹1,89,094 Cr49th largest listed
P/E: 55.2
P/B: 19.8
Dividend yield: 0.30%
ROE: 37.9%
ROCE: 18.0%
Debt to equity: 2.95
Volume, NSE: 7,47,86052.3% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.TVS Motor Company annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 2.3% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue56,070
Materials and goods−34,880
Employee costs−4,392
Other expenses−8,405
Operating profit8,393
Depreciation−1,273
Other income+22
One-off items−50
Finance costs−2,230
Profit before tax4,863
Tax−1,635
Joint ventures−41
Net profit3,186

What the company owns

Plant, investments and other assets₹46,366 Cr
Cash and bank₹4,501 Cr
Receivables₹2,654 Cr
Inventory₹2,459 Cr
Current investments₹520 Cr

What pays for it: net worth and liabilities

Borrowings₹31,624 Cr
Net worth₹10,713 Cr
Owed to suppliers₹9,834 Cr
Other liabilities₹4,330 Cr

TVS Motor Company business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.TVS Motor Company segment results by quarter

Revenue by segment

₹56,109 CrTotal

Automotive Vehicles & Parts₹48,907 Cr87.2% of total
Financial services₹7,202 Cr12.8% of total

Profit by segment

Automotive Vehicles & Parts₹3,958 Cr76.0% of total
Financial services₹1,250 Cr24.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Automotive Vehicles & Parts
Revenue, ₹ crore
18,333
16,601
16,956
21,250
27,368
32,997
37,702
48,907
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
957
811
884
1,140
1,679
2,222
2,850
3,958
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Financial services
Revenue, ₹ crore
1,602
1,990
2,239
2,747
4,156
5,791
6,559
7,202
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
759
901
105
148
509
758
960
1,250
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	20,534	19,120	19,660	24,673	32,355	39,555	44,261	56,109
Company revenue, as in its results	20,160	18,849	19,421	24,355	31,974	39,145	44,089	56,070
Revenue	18,333	16,601	16,956	21,250	27,368	32,997	37,702	48,907
Revenue growth	–	−9.4%	2.1%	25.3%	28.8%	20.6%	14.3%	29.7%
Profit	957	811	884	1,140	1,679	2,222	2,850	3,958
Profit growth	–	−15.3%	9.0%	28.9%	47.4%	32.3%	28.3%	38.9%
Margin	5.2%	4.9%	5.2%	5.4%	6.1%	6.7%	7.6%	8.1%
Return on capital	–	55.1%	48.4%	52.7%	63.2%	75.1%	73.1%	92.6%
Assets	–	7,619	8,258	9,953	11,694	13,135	16,262	21,049
Liabilities	–	6,149	6,431	7,792	9,036	10,175	12,362	16,777
Capital employed	–	1,470	1,828	2,161	2,659	2,960	3,900	4,272
Revenue	1,602	1,990	2,239	2,747	4,156	5,791	6,559	7,202
Revenue growth	–	24.2%	12.5%	22.7%	51.3%	39.3%	13.3%	9.8%
Profit	759	901	105	148	509	758	960	1,250
Profit growth	–	18.7%	−88.4%	41.8%	243.4%	48.9%	26.6%	30.3%
Margin	47.4%	45.3%	4.7%	5.4%	12.2%	13.1%	14.6%	17.4%
Return on capital	–	57.0%	5.9%	6.9%	16.4%	17.2%	17.3%	19.4%
Assets	–	10,460	12,493	15,765	23,102	28,684	31,675	35,451
Liabilities	–	8,879	10,731	13,609	20,002	24,277	26,133	29,011
Capital employed	–	1,581	1,762	2,156	3,100	4,406	5,542	6,441
Revenue	0	1	2	17	4	4	0	–
Profit	0	0	0	−2	3	0	0	–
Margin	0.0%	3.2%	6.3%	−12.5%	86.4%	9.6%	–	–
Return on capital	–	2.4%	0.5%	−9.6%	366.7%	8.9%	–	–
Assets	–	4	32	36	2	6	0	–
Liabilities	–	3	8	13	1	2	0	–
Capital employed	–	1	25	22	1	4	0	–
Revenue	600	529	463	659	826	764	–	–
Revenue growth	–	−11.9%	−12.4%	42.4%	25.4%	−7.6%	–	–
Profit	28	17	−7	−63	−15	40	–	–
Profit growth	–	−40.0%	–	–	–	–	–	–
Margin	4.7%	3.2%	−1.5%	−9.6%	−1.9%	5.2%	–	–
Return on capital	–	3.1%	−1.2%	−8.9%	−10.3%	28.6%	–	–
Assets	–	1,197	1,209	1,318	434	395	–	–
Liabilities	–	645	608	605	284	255	–	–
Capital employed	–	552	601	713	150	140	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.TVS Motor Company quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 30 Apr	Mar 2020Filed 29 May	Mar 2021Filed 28 Apr	Mar 2022Filed 6 May	Mar 2023Filed 8 May	Mar 2024Filed 9 May	Mar 2025Filed 10 Jun	Mar 2026Filed 13 May
Revenue from operations	13,574	16,656	20,160	18,849	19,421	24,355	31,974	39,145	44,089	56,070
	12,705	15,159	17,999	16,576	17,183	21,601	27,907	33,601	37,440	47,676
Materials and goods bought	8,936	11,292	13,954	12,317	12,925	16,257	20,843	24,405	26,724	34,880
Employee costs	–	–	1,432	1,539	1,689	2,124	2,890	3,385	3,581	4,392
Other expenses	–	–	2,613	2,720	2,568	3,219	4,173	5,811	7,136	8,405
Operating profit before depreciation	869	1,497	2,161	2,273	2,238	2,755	4,067	5,543	6,649	8,393
Operating margin	6.4%	9.0%	10.7%	12.1%	11.5%	11.3%	12.7%	14.2%	15.1%	15.0%
Materials, % of revenue	–	–	69.2%	65.3%	66.6%	66.8%	65.2%	62.3%	60.6%	62.2%
Employee costs, % of revenue	–	–	7.1%	8.2%	8.7%	8.7%	9.0%	8.6%	8.1%	7.8%
Other expenses, % of revenue	–	–	13.0%	14.4%	13.2%	13.2%	13.1%	14.8%	16.2%	15.0%
Depreciation and amortisation	317	374	442	556	565	743	859	975	1,046	1,273
Operating profit after depreciation	552	1,123	1,719	1,717	1,673	2,012	3,209	4,568	5,603	7,121
Other income	165	145	25	52	47	33	138	106	70	22
Finance costs	60	338	663	855	881	940	1,368	1,928	2,093	2,230
Profit before one-off items and tax	658	930	1,081	914	839	1,104	1,979	2,746	3,579	4,913
One-off items	0	0	0	−40	−9	−40	−2	0	0	−50
Profit before tax	658	930	1,081	874	829	1,064	1,977	2,746	3,579	4,863
	149	266	357	219	214	336	627	924	1,155	1,635
Current tax	–	248	363	295	250	365	703	1,013	1,190	1,620
Deferred tax	–	18	−6	−76	−36	−29	−77	−88	−35	15
Share of profit of joint ventures and associates	–	1	2	−9	−8	2	−41	−43	−74	−41
Profit from discontinued businesses	–	–	–	–	–	–	–	–	30	–
	509	665	725	647	608	731	1,309	1,779	2,380	3,186
Belonging to the company's shareholders	509	665	705	625	594	757	1,329	1,686	2,236	3,018
Belonging to outside owners of subsidiaries	–	–	21	22	13	−26	−19	92	144	168
Other comprehensive income	–	–	6	−110	116	3	59	−53	47	507
Total comprehensive income	–	–	732	537	723	734	1,369	1,725	2,427	3,693
Net margin	3.8%	4.0%	3.6%	3.4%	3.1%	3.0%	4.1%	4.5%	5.4%	5.7%
Net margin without joint ventures and associates	–	4.0%	3.6%	3.5%	3.2%	3.0%	4.2%	4.7%	5.6%	5.8%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 30 Apr	Mar 2020Filed 29 May	Mar 2021Filed 28 Apr	Mar 2022Filed 6 May	Mar 2023Filed 8 May	Mar 2024Filed 9 May	Mar 2025Filed 10 Jun	Mar 2026Filed 13 May
	3,416	3,603	4,215	5,053	5,910	7,511	9,442	10,713
	3,170	3,282	3,827	4,399	5,505	6,784	8,503	9,564
Share capital	48	48	48	48	48	48	48	48
Reserves	3,123	3,235	3,779	4,352	5,457	6,736	8,456	9,517
Belonging to outside owners of subsidiaries	246	321	388	654	405	728	939	1,149
	8,163	9,002	9,350	15,297	21,626	25,287	27,616	31,624
Repayable after a year	4,909	5,221	6,280	7,306	9,064	12,629	13,933	12,486
Repayable within a year	3,254	3,781	3,069	7,992	12,562	12,657	13,683	19,138
	8,185	10,042	10,909	13,852	19,219	21,078	23,174	32,068
Trade payables	3,160	3,187	4,299	4,625	5,097	6,638	7,561	9,834
Other financial liabilities	1,316	2,586	2,968	453	541	675	642	1,590
Other liabilities	390	389	488	675	887	906	1,030	1,119
Provisions	65	100	85	107	116	167	218	242
Tax owed	–	–	–	–	16	35	40	146
	5,096	5,635	6,869	8,167	10,104	13,631	15,321	13,720
Other financial liabilities	–	204	211	413	564	504	752	499
Other liabilities	–	–	–	45	37	32	28	25
Provisions	90	122	159	196	231	270	323	355
Deferred tax	97	87	219	208	208	196	286	355
	16,696	19,280	21,993	27,072	35,233	42,220	47,937	56,501
Held for sale or for a demerger	–	–	–	–	–	–	–	467
	8,365	9,533	11,456	14,224	18,226	20,700	21,953	25,031
Plant in use, after depreciation	2,979	3,302	3,367	4,378	4,177	4,294	5,489	6,050
Plant being built	604	847	874	320	316	338	664	974
Intangible assets	62	183	528	889	836	862	1,283	1,707
Goodwill	188	188	188	569	597	597	731	731
Intangible assets being developed	141	159	167	231	428	695	802	1,099
Property held to earn rent	138	138	138	138	138	138	141	146
Investments	310	211	180	110	364	483	565	519
Stakes in joint ventures and associates	130	160	288	365	411	477	167	107
Loans given	3,625	4,148	5,362	6,716	10,321	12,055	11,207	12,299
Other financial assets	17	37	15	124	193	196	160	124
Deferred tax	–	0	128	218	306	394	496	574
Other assets	172	160	222	165	139	172	248	701
	8,332	9,747	10,537	12,848	17,007	21,520	25,984	31,002
Inventories	1,292	1,188	1,367	1,642	1,922	2,248	2,417	2,459
Trade receivables	1,546	1,454	1,036	1,155	1,232	1,839	1,717	2,654
Cash and cash equivalents	163	1,080	1,574	1,446	1,851	2,356	4,115	3,926
Other bank balances	43	28	83	90	28	70	271	575
Current investments	0	0	0	130	192	163	515	520
Loans given	4,600	5,307	5,794	7,299	10,225	13,417	15,093	17,988
Other financial assets	102	93	86	132	224	203	326	507
Tax paid in advance	22	2	5	1	5	24	0	–
Other assets	565	594	592	952	1,329	1,199	1,530	2,372
Net debt	7,957	7,894	7,693	13,631	19,555	22,698	22,714	26,603

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 28 Apr	Mar 2022Filed 6 May	Mar 2023Filed 8 May	Mar 2024Filed 9 May	Mar 2025Filed 10 Jun	Mar 2026Filed 13 May
	1,151	−1,560	−4,405	−1,253	3,503	1,867
	1,402	−1,194	−3,797	−293	4,650	3,492
	−131	−3,139	−6,712	−4,206	−217	−2,935
Receivables	−1,302	−121	−71	−590	111	−875
Inventories	−179	−275	−314	−327	−168	−43
Payables	1,114	328	517	1,538	924	2,274
Other working capital	237	−3,071	−6,844	−4,827	−1,083	−4,291
Tax paid	−251	−366	−608	−959	−1,147	−1,626
Capital spending	928	985	1,341	1,145	2,478	3,235
Free cash flow	223	−2,545	−5,746	−2,398	1,025	−1,368
	−882	−1,486	−1,308	−1,001	−2,899	−2,964
Plant and property sold	3	0	22	35	19	0
Companies bought	−53	−620	−122	−388	−98	0
Interest received	29	8	13	24	26	42
Dividends received	0	4	0	0	0	0
	253	2,918	6,118	2,759	1,155	909
Borrowings raised	1,271	3,353	6,588	3,844	2,328	3,556
Borrowings repaid	−684	0	0	−182	0	−1,448
Interest paid	−127	−156	−112	−284	−407	−249
Lease payments	−52	−82	−128	−196	−238	−414
Dividends paid	100	190	292	380	475	570
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	522	−128	406	505	1,759	−189

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.TVS Motor Company dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 30 Apr	Mar 2020Filed 29 May	Mar 2021Filed 28 Apr	Mar 2022Filed 6 May	Mar 2023Filed 8 May	Mar 2024Filed 9 May	Mar 2025Filed 10 Jun	Mar 2026Filed 13 May
Earnings per share	₹10.76	₹13.73	₹14.83	₹13.15	₹12.51	₹15.93	₹27.97	₹35.50	₹47.05	₹63.53
Diluted earnings per share	₹10.76	₹13.73	₹14.83	₹13.15	₹12.51	₹15.93	₹27.97	₹35.50	₹47.05	₹63.53
Dividend per share	₹2.50	₹3.30	₹3.50	₹3.50	₹3.50	₹3.75	₹5.00	₹8.00	₹10.00	₹12.00
Book value per share	–	–	₹66.73	₹69.08	₹80.54	₹92.60	₹115.87	₹142.78	₹178.98	₹201.31
Dividend payout	23.3%	23.6%	23.6%	26.6%	28.0%	23.5%	17.9%	22.5%	21.3%	18.9%
Shareholder yield	–	–	–	–	0.4%	0.6%	0.6%	0.4%	0.4%	0.4%
Market cap at the year end (₹ crore)	20,467	29,422	22,372	14,136	27,795	29,724	51,176	1,02,232	1,14,964	1,59,810

Ratios

Consolidated, years to March.TVS Motor Company PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 30 Apr	Mar 2020Filed 29 May	Mar 2021Filed 28 Apr	Mar 2022Filed 6 May	Mar 2023Filed 8 May	Mar 2024Filed 9 May	Mar 2025Filed 10 Jun	Mar 2026Filed 13 May
Revenue growth	17.9%	–	–	−6.5%	3.0%	25.4%	31.3%	22.4%	12.6%	27.2%
Operating profit growth	14.7%	72.3%	44.4%	5.2%	−1.5%	23.1%	47.7%	36.3%	19.9%	26.2%
Net profit growth	37.9%	30.5%	9.1%	−10.8%	−6.1%	20.3%	79.2%	35.8%	33.8%	33.9%
Earnings per share growth	–	27.6%	8.0%	−11.3%	−4.9%	27.3%	75.6%	26.9%	32.5%	35.0%
	–	–	22.2%	19.4%	16.7%	18.4%	26.8%	27.4%	29.2%	33.4%
	–	–	–	−2.9 pts	−2.6 pts	1.7 pts	8.4 pts	0.6 pts	1.8 pts	4.2 pts
From the net margin	–	–	–	−1.2 pts	−1.5 pts	0.3 pts	6.2 pts	1.0 pts	4.9 pts	1.8 pts
From asset turnover	–	–	–	−2.8 pts	−1.8 pts	0.9 pts	0.8 pts	−0.4 pts	−1.0 pts	3.0 pts
From borrowing	–	–	–	1.1 pts	0.7 pts	0.5 pts	1.4 pts	0.1 pts	−2.0 pts	−0.7 pts
Return on capital employed	–	–	14.8%	13.6%	12.3%	9.9%	11.7%	13.9%	15.1%	16.8%
Cash conversion	–	–	–	–	189.5%	−213.5%	−336.4%	−70.4%	147.2%	58.6%
Interest cover	9.3	3.3	2.6	2.0	1.9	2.1	2.3	2.4	2.7	3.2
Debt to equity	–	–	2.39	2.50	2.22	3.03	3.66	3.37	2.92	2.95
Receivable days	–	–	28	28	19	17	14	17	14	17
Inventory days	–	–	34	35	39	37	34	34	33	26
Payable days	–	–	83	94	121	104	89	99	103	103
Cash conversion cycle, days	–	–	−21	−31	−63	−50	−42	−49	−56	−60
Working capital days	–	–	58	46	20	80	95	98	96	85
Asset turnover	–	–	1.21	1.05	0.94	0.99	1.03	1.01	0.98	1.07
Assets per rupee of net worth	–	–	5.27	5.58	5.81	5.96	6.29	6.30	5.90	5.78
Sales per rupee of plant	–	–	6.77	5.71	5.77	5.56	7.65	9.12	8.03	9.27
Capital spending to depreciation	–	–	–	–	1.64	1.33	1.56	1.17	2.37	2.54
Plant being built, % of plant in use	–	–	20.3%	25.7%	26.0%	7.3%	7.6%	7.9%	12.1%	16.1%

Revenue growth is left blank for the years to Mar 2018 and Mar 2019: between the two periods excise duty was taken out of revenue when GST replaced it, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 5.8%
Cash from operations against operating profit: 22.2%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	17.1%	23.6%	20.6%
Profit growth, yearly rate	23.4%	38.4%	31.5%
Return on equity, average	–	27.1%	30.0%
Return on capital employed, average	–	13.5%	15.3%
Operating margin, average	11.8%	13.6%	14.7%
Net margin, average	4.1%	4.5%	5.2%
Asset turnover, average	–	1.02	1.02
Cash conversion cycle, days, average	–	−51	−55
Interest cover, average	3.2	2.5	2.7
Debt to equity, average	–	3.19	3.08

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	−1,848	4,117	1,867
Cash from investing	−9,658	−6,865	−2,964
Cash from financing	13,859	4,823	909
Capital spending	9,184	6,858	3,235
Dividends paid	1,907	1,425	570
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	19,668	9,727	3,556
Borrowings repaid	1,630	1,630	1,448

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	4	5	6	5	8	6
Altman Z-scorePublished threshold 1.81	–	–	2.84	2.03	2.30	2.13	2.41	3.30	3.42	3.71
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.74	−2.01	−1.64	−1.79	−2.68	−1.92
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	1.64	15.40	22.54	10.41	3.94	8.20
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	−1.82	−1.89	−0.39	0.56
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	0.57	−31.80	−13.90	−24.62	26.85	−19.30	27.43
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	3.75	10.12	−5.67	−11.21	−0.08	−2.02	−28.76
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.01	−0.04	1.65	1.48	−0.34	0.98	1.83
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.96	1.39	0.18	0.48	0.31	0.30	0.53
Effective tax ratePublished threshold 17.16 per cent	22.60	28.60	33.06	25.01	25.82	31.56	31.70	33.66	32.28	33.63
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−2.84	0.95	−1.28	0.25	0.20

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
23 Jul 2026	CARE Ratings Limited (opens in a new tab)	Commercial Paper	CARE A1+Review, Re-affirm		500
23 Jul 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-BG/LC	CARE A1+Review, Re-affirm		450
23 Jul 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term Loan	CARE AAAReview, Re-affirm	Stable	2,100
23 Jul 2026	CARE Ratings Limited (opens in a new tab)	Debentures-Non Convertible Debentures	CARE AAAReview, Re-affirm	Stable	125
23 Jul 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based-Short Term	CARE A1+Review, Re-affirm		158
23 Jul 2026	CARE Ratings Limited (opens in a new tab)	Short Term Instruments-Non Convertible Redeemable Preference Shares	CARE A1+Review, Re-affirm		1,900.35
23 Jul 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT/ ST-Packing Credit in Foreign Currency	CARE AAA / CARE A1+Review, Re-affirm	Stable	950
3 Jul 2026	CARE Ratings Limited (opens in a new tab)	Preference Shares - Non-convertible redeemable preference shares	CARE A1+Review, Re-affirm		1,900.35

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.