TVS Srichakra is fundamentally a tyre maker - but not the kind that equips cars and trucks. It is one of India’s largest manufacturers of two-wheeler, three-wheeler and off-highway tyres, built on a simple idea: design a tyre once for global standards, make it in India, and sell it to bike and tractor owners everywhere from Madurai to Milan. The company was incorporated in 1982 in Madurai, Tamil Nadu, and grew up inside the century-old TVS Group, supplying tyres to the group’s own motorcycle company and then to every major two-wheeler maker in the country. Its recurring approach has been to treat the replacement market - the millions of riders who eventually need a new set of tyres - as the real prize, building a distribution network deep enough to reach a customer in the remotest district, while using original-equipment supply deals as the entry ticket that puts its brand on new bikes straight from the showroom. # Business segments Three engines at different stages - a two-wheeler and three-wheeler tyre cash cow that supplies factories and corner shops alike, an off-highway tyre export bet built on top of it, and a small trading stream that fills gaps in the catalogue - each feeding the same manufacturing backbone. ## 1. Two-wheeler and three-wheeler tyres: the factory-to-street engine **This is the business the company stands on - it makes tyres for motorcycles, scooters and three-wheelers, sells them to vehicle manufacturers for new bikes and to distributors for the replacement market, and exports them to more than 90 countries.** - **OEM supply as the entry ticket** - the company is a leading supplier to domestic original equipment manufacturers, including Bajaj, Hero MotoCorp, Honda, TVS Motor, Royal Enfield, Suzuki, Yamaha and Piaggio, and delivers tyres on a just-in-time basis across the country so that assembly lines never wait for rubber. It has also been cleared for supply by most of the new electric two-wheeler makers and holds significant share in the growing e-rickshaw segment, with a tyre called E-Torq designed specifically for electric scooters. - **Branded retail, owned and operated** - the company is opening exclusive signature stores that carry the full range of two-wheeler tyres and offer fitment, puncture repair, air-pressure checks and even engine-oil changes; by mid-2026 there were 16 such stores, making the brand a physical destination rather than just a product on a shelf. - **Capacity that is still expanding** - the Madurai plant can make roughly 210 to 235 lakh tyres a year at 80-85% utilisation, and the Rudrapur plant about 92 to 95 lakh tyres a year at similar utilisation. A further ₹210 crore investment at Rudrapur will add 40-45% more capacity by the first half of FY 2027-28, and a ₹220 crore investment at Madurai will add about 5% more by the first half of FY 2028-29. ## 2. Off-highway tyres: the global export bet **This is the company’s growth engine - it makes tyres for tractors, harvesters, construction equipment and off-road bikes, sells them almost entirely to global markets, and is scaling both its factory and its product range at speed.** - **Built on a dedicated new factory** - the company recently established an off-highway tyre plant at Madurai and completed a brownfield expansion that doubled its capacity, with the existing plant now capable of roughly 75 to 85 metric tons per annum at 75-80% utilisation. A further ₹220 crore investment will add about 25% more capacity by the first half of FY 2027-28. - **A product range that is expanding by the month** - the company is developing roughly 20 new off-highway tyre variants every month, and launched over 114 new products in FY25 alone, including steel radial tractor tyres, flotation tyres, row-crop tyres and harvester radials. It has also introduced VF (Very High Flexion) tractor radials, a technology that lets a tyre carry the same load at lower pressure, reducing soil compaction for farmers. - **America, bought not just built** - in November 2023 the company acquired Super Grip Corporation, a Tennessee-based industrial tyre business founded in 1984, through a newly formed US subsidiary. The Super Grip brand is well recognised in North American off-highway segments, giving TVS Srichakra an established name and customer base rather than starting from scratch, and a 99-year global trademark licence now lets the parent company use the Super Grip name worldwide. ## 3. Trading: filling the catalogue **A small stream that rounds out the product offering - the company buys and resells tyres and related products it does not manufacture itself, so that distributors and export customers can source a fuller range from a single supplier.** - **Catalogue filler, not a separate business** - trading accounts for roughly 6% of segment revenue and exists to complement the manufactured range, ensuring that gaps in the company’s own production lineup do not send a customer to a competitor (segment mix line). # Technology and R&D: the design-and-test backbone **The company runs a global product-development engine - a design centre in Milan, a satellite off-highway tyre tech centre in Israel, a proving ground and characterisation lab in Madurai, and a pace of roughly 20 new products and variants every month - all aimed at making a tyre that can be designed once and sold anywhere.** - **Designed globally, tested locally** - the Milan design centre feeds the Madurai R&D facility, and tyres are tested in Indian, European and Japanese road conditions so that a single design can win approvals from OEMs on three continents. The company has been granted 19 patents cumulatively, with 5 granted in FY25 alone, and its research focus includes low rolling resistance tyres that improve the range of electric vehicles. - **First-time-right as a manufacturing discipline** - the company is committed to 100% first-time-right quality, meaning a new product is expected to be production-ready without rework, and it sustained zero customer complaints from OEMs during FY21. # Group structure and partners **TVS Srichakra sits inside the TVS Mobility group as a listed tyre vertical, with a wholly owned US subsidiary acquired in 2023, a legacy investment subsidiary that holds a sensors business, and a web of renewable-energy captive investments that power its factories.** - **The holding company is TVS Mobility** - following a group restructuring effective in early 2022, TVS Mobility Private Limited became the promoter, holding the tyre business alongside other mobility verticals. - **Super Grip Corporation, USA** - a wholly owned subsidiary acquired in November 2023 through a Michigan-registered entity, SG Acquisition Corporation, which assumed the assets and operations of the 1984-founded Tennessee industrial tyre company. The parent has extended unsecured loans totalling USD 11 million to the US entities to fund operations. - **TVS Srichakra Investments Limited** - a wholly owned subsidiary that in turn owns TVS Sensing Solutions Private Limited (formerly ZF Electronics TVS), which makes electrical switches and components for automotive and industrial customers, and Fiber Optic Sensing Solutions Private Limited, a small fibre-optic sensing venture, is a step-down subsidiary of TVS Sensing Solutions Private Limited. - **Captive renewable-energy stakes** - the company has acquired minority stakes in multiple special-purpose vehicles (Clean Max Genesis, Evincea Renewables, Navia Two Power) to purchase solar and wind power under India’s group-captive electricity rules, which helps it run factories on cheaper, cleaner power while meeting regulatory requirements.