TVS Motor Company Limited — Credit Ratings, 06-09-2025: Credit Rating

CARE Ratings reaffirmed TVS Motor's long-term bank facilities and NCDs at CARE AA+; Stable, and short-term facilities/CP at CARE A1+. It assigned CARE A1+ to ₹1,900 Cr Non-convertible redeemable preference shares. Ratings reflect strong market position in 2W/3W and robust financials. Outlook is Stable. However, planned NCRPS will delay deleveraging and limit near-term liquidity build-up.