BSE Auto Sector Regulatory Filings — May 14, 2026

India BSE AUTO

By Gunpowder Editorial ·

18 medium priority 18 total filings analysed

Executive Summary

The India BSE AUTO sector shows mixed FY26 results with robust growth in select Indian passenger vehicle and tyre segments offsetting weakness in OEMs like JLR and global auto (e.g., Tata Motors FY26 revenue -8.3% YoY, Suzuki OP -3.1% YoY forecast -8.5%), while Apollo Tyres delivered standout PAT +194% YoY to ₹18,518 Mn on +9% revenue.

Dividend payouts remain resilient across leaders (Apollo total ₹6/share, Tata ₹3/share, Balkrishna ₹4 final +₹12 prior), signaling capital return focus amid margin pressures (Balkrishna EBITDA -10% YoY to 22.7%). No notable insider selling or pledges detected; ESOP exercises and director appointments indicate stability. Upcoming catalysts cluster in late May (earnings calls, analyst meets) with AGMs/record dates into July/August. Portfolio-level trends: 4/18 filings report YoY revenue growth >7% (Apollo +9%, Tata PV Q4 +49.4%), but 3 show EBITDA/PAT declines; tyre/OEM subsector outperforms ancillaries. Positive funding (M&M Fin ₹3,000 Cr NCDs) and divestments (M&M CIE stake sale €126 Mn) bolster balance sheets.

Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →

Filing types in this digest: Corporate governance · Corporate action · Company update · Debt securities

Tracking the trend? Catch up on the prior BSE Auto Sector Regulatory Filings digest from May 13, 2026.

Investment Signals (11)

  • FY26 revenue +9% YoY to ₹198,162 Mn, PAT +194% YoY to ₹18,518 Mn driven by deferred tax credit and ops strength, total borrowings -20% YoY to ₹23,257 Mn, final div ₹2.50 (total ₹6/share)

  • Tata Motors PV (BULLISH)

    Q4 FY26 Tata PV revenue +49.4% YoY to ₹18,742 Cr, consolidated Q4 revenue +7.2% YoY to ₹105,447 Cr with healthy FCF ₹11.4K Cr, final div ₹3/share despite JLR weakness

  • TVS Motor (BULLISH)

    Induction of AI/digital expert Mr. Ravindran Shanmugam as Independent Director effective May 13, 2026, enhancing strategic governance for growth

  • Approved ₹3,000 Cr NCD issuance (base ₹2,000 Cr + green shoe), secured 100% on receivables, floating coupon 3MTBILL+2.10%, signals strong funding access

  • Record FY26 OHT volumes 317,356 MT (+implied growth), Q4 +5% YoY to 85,820 MT, final div ₹4/share (+₹12 prior), ₹2,000 Cr capex announced despite EBITDA dip

  • Confirmed record date Aug 7, 2026 for final div ₹1.50/share, underscoring steady capital allocation

  • Wholly-owned sub sold remaining 3.58% CIE Automotive stake for €126 Mn, fully exiting to nil holding, monetizing non-core assets

  • Postal ballot approved re-appointment of key executives Mr. B.P. Kalyani (99.29% favor) and Mr. S.E. Tandale for 5 years from May 23, 2026, ensuring leadership continuity

  • Apollo Tyres (outperformer) (BULLISH)

    Q4 revenue +14% YoY to ₹52,370 Mn (vs Tata Q4 +7.2%), cash from ops ₹25,368 Mn FY26, unmodified audit, total equity +11.5% YoY to ₹118,966 Mn

  • ESOP transfer of 68,019 shares to grantees on May 14, 2026, aligning employee incentives with shareholder value

  • Tata Motors PV (BULLISH)

    #2 H2 FY26 Vahan market share position, unmodified audit opinion, AGM July 8 with div payout by July 14

Risk Flags (7)

  • Tata Motors PV/Revenue Decline [HIGH RISK]

    FY26 consolidated revenue -8.3% YoY to ₹335,582 Cr, JLR -20.9% YoY to £22,911 Mn and Q4 -11.1% YoY to £6,870 Mn due to cyber incident/tariffs, net debt ₹30.7K Cr

  • Tata Motors PV/Profitability [MEDIUM RISK]

    FY26 PBT (bei) ₹2,519 Cr pressured by JLR headwinds, JLR FCF -£2.2 Bn, closing net debt £2.6 Bn despite Q4 resilience

  • FY26 EBITDA -10% YoY to ₹2,423 Cr (22.7% margin), Q4 ₹663 Cr impacted by ₹164 Cr FX losses, raw mat upticks, supply chain issues

  • Maruti Suzuki (Suzuki Parent)/Profit Forecast [HIGH RISK]

    FY26 OP forecast -8.5% to ¥570 Bn after FY25 -3.1% YoY to ¥622.9 Bn due to raw mat/fixed costs, despite India auto rev +9.3% implied

  • US volumes ~10% FY26 targeting FY27 but facing 10% tariffs, price hikes 3-5% taken +2% planned end-May

  • Tata Motors PV/JLR Headwinds [MEDIUM RISK]

    Ongoing cyber incident and tariffs persisting into FY26, EBIT Q4 down to ₹8.9K Cr despite rev growth

  • Q4 revenue +1.9-2% QoQ from ₹51,390 Mn, reliant on one-off ₹5,041 Mn deferred tax credit for PAT surge

Opportunities (8)

  • PAT +194% YoY outlier vs sector (e.g., Tata -ve, Balkrishna EBITDA -10%), total div ₹6/share yield potential, borrowings -20% YoY positions for reinvestment

  • Tata Motors PV/India PV Strength (OPPORTUNITY)

    Tata PV FY26 +20.7% to ₹58,465 Cr and Q4 +49.4%, #2 market share, FCF ₹11.4K Cr Q4 supports debt reduction post-JLR weakness

  • Record OHT volumes, completed ₹750 Cr CVR Phase 1 + ₹2,000 Cr new capex, US targeting 10% FY27, price hikes for margin recovery

  • €126 Mn from CIE exit boosts liquidity, no-associate overhang removed for focus on core auto

  • ₹3,000 Cr NCDs at attractive floating rate, 100% secured, enables AUM growth in auto financing amid sector recovery

  • New tech/AI director for digital transformation, leverages Deming Prize/JD Power leadership in 2W for growth acceleration

  • Record date Aug 7 for ₹1.50/share, steady return policy in auto ancillary chain

  • Parent India auto rev +9.3% YoY to ¥2,516 Bn, motorcycle prod +16.6% to 1,318K units, offsets OP weakness

Sector Themes (6)

  • Robust Dividend Capital Allocation

    5/18 filings announce/enhance dividends (Apollo total ₹6/share +194% PAT, Tata ₹3/share, Balkrishna ₹16 total, Tube ₹1.50), avg payout steady vs FY25, prioritizing shareholder returns amid mixed earnings [IMPLICATION: Attractive for income strategies, signals balance sheet strength]

  • Mixed Revenue Trends with PV Outperformance

    4 cos show +7-49% YoY rev (Apollo +9%, Tata PV Q4 +49%, Suzuki +8%), but 3 declines (Tata cons -8.3%, JLR -21%), Indian PV/tyres > OEMs [IMPLICATION: Rotate to domestic PV/tyre plays over export-exposed]

  • Margin Pressures from Costs/FX

    EBITDA declines in 2/ key cos (Balkrishna -10% YoY to 22.7%, Suzuki OP -3%), raw mat/FX/supply chain hits, but Apollo resilient [IMPLICATION: Watch Q1 FY27 for cost pass-through via hikes]

  • Upcoming Earnings Catalyst Cluster

    4 events in May 19-22 (Motherson call May 20, Eicher board May 22, Tata meet May 19), plus AGMs July [IMPLICATION: High volatility window, position pre-results]

  • Capex & Funding Momentum

    Balkrishna ₹2,750 Cr total capex, M&M Fin ₹3,000 Cr NCDs, stake sales €126 Mn, supports capacity amid volume records [IMPLICATION: Growth setups in tyres/ancillaries]

  • Governance Stability

    Director additions/re-appointments (TVS, Apollo, Bharat Forge 99% approval), ESOP aligns incentives, no pledges/sales [IMPLICATION: Low execution risk, mgmt conviction]

Watch List (8)

Filing Analyses (18)
Apollo Tyres Limited Corporate Governance positive materiality 9/10

14-05-2026

The Board of Apollo Tyres Ltd approved audited standalone financial results for FY26, showing revenue from operations up 9% YoY to ₹198,162.28 million and profit after tax surging 194% YoY to ₹18,517.69 million, though Q4 revenue grew only 1.9% QoQ from ₹51,389.93 million. Recommended final dividend of ₹2.50 per equity share (250% on ₹1 face value), bringing total FY26 dividend to ₹6.00 per share after interim of ₹3.50, subject to AGM approval. Additional approvals include appointment of M/s. BBS Associates as Cost Auditor for FY27 and seeking shareholder approval for re-appointment of Ms. Lakshmi Puri as Independent Director for second 5-year term from October 29, 2026.

  • · Auditors M/s. S. R. Batliboi & Co. LLP issued unmodified opinion on standalone and consolidated financials.
  • · Standalone total assets increased to ₹205,323.59 million from ₹203,099.29 million YoY.
  • · Standalone total equity rose to ₹118,965.60 million from ₹106,720.53 million.
  • · Non-current borrowings reduced to ₹14,809.42 million from ₹18,089.23 million.
  • · EPS basic FY26 ₹29.22 vs ₹9.91 FY25.
  • · Board meeting held May 14, 2026 from 1:00 PM to 3:35 PM.
  • · Cost auditor change due to completion of prior firm's tenure.
Tata Motors Passenger Vehicles Limited Corporate Action mixed materiality 9/10

14-05-2026

Tata Motors Passenger Vehicles Limited approved audited Q4 and FY26 financial results, with consolidated Q4 FY26 revenue at ₹105,447 Cr (+7.2% YoY) driven by Tata PV's strong ₹18,742 Cr (+49.4% YoY), though JLR revenue fell £6,870m (-11.1% YoY); FY26 consolidated revenue declined 8.3% YoY to ₹335,582 Cr amid JLR's 20.9% drop to £22,911m, offset by Tata PV growth of 20.7% to ₹58,465 Cr. EBITDA margins showed resilience in Q4 (consolidated implied from ₹13.9K Cr), but FY26 profitability was pressured by JLR headwinds including cyber incident and tariffs, resulting in net debt of ₹30.7K Cr. The Board recommended a ₹3.00 per equity share final dividend (@150% on ₹2 face value) and fixed July 8, 2026, as the AGM date.

  • · Board meeting held on May 14, 2026, from 11:30 a.m. to 4:05 p.m. IST.
  • · Final dividend payable on or before July 14, 2026, if approved at AGM.
  • · Statutory auditors BSR & Co. LLP issued unmodified audit opinion.
  • · Tata PV Vahan market share 14.2% in Q4 FY26 (#2 position in H2 FY26); overall 13.6%, EV 40.2%.
  • · Alternative powertrains mix: EV penetration 14%, CNG 27% in FY26.
  • · JLR closing cash £2.8bn, net debt £2.6bn, total liquidity £6.9bn.
  • · JLR FY26 loss after tax £(244)mn vs profit £1.8bn prior year.
Mahindra & Mahindra Limited Company Update neutral materiality 3/10

14-05-2026

Mahindra & Mahindra Employees’ Stock Option Trust transferred a total of 68019 equity shares to 88 stock option grantees on 14th May 2026, pursuant to the exercise of options under the Company’s Employees’ Stock Option Scheme. This action complies with undertakings given to stock exchanges at the time of listing. No other financial metrics or performance changes were reported.

  • · Filing reference: M&M/SEC/2026-27/030
  • · Scrip Codes: NSE - M&M, BSE - 500520
  • · ISIN: USY541641194
TVS Motor Company Limited Company Update positive materiality 6/10

14-05-2026

TVS Motor Company announced the induction of Mr. Ravindran Shanmugam as an Independent Director for a five-year term effective May 13, 2026, subject to shareholder approval. Mr. Shanmugam, a seasoned technology entrepreneur, Co-founder and Executive Chairman of Mablle, ex-McKinsey consultant, and Oxford alumnus, brings expertise in AI, digital transformation, and scaling consumer businesses. Chairman Sudarshan Venu highlighted the addition's value to the board's strategic governance and growth ambitions.

  • · Event occurred on May 14, 2026 at 2:13 P.M. (IST)
  • · TVS Motor is the only two-wheeler company to win the Deming Prize
  • · Ranked No. 1 in J.D. Power Customer Service Satisfaction Survey for four consecutive years
  • · Leads in J.D. Power IQS and APEAL surveys for respective product categories
Mahindra & Mahindra Financial Services Limited Debt Securities positive materiality 9/10

14-05-2026

Mahindra & Mahindra Financial Services Limited's Debenture Issuance Committee approved the private placement of up to 300,000 Secured, Rated, Floating, Listed, Redeemable Non-Convertible Debentures with a total size of up to ₹3,000 Crore (base ₹2,000 Crore plus green shoe of ₹1,000 Crore), each with a face value of ₹1,00,000. The debentures have a tenure of 2 years & 364 days (1095 days), with allotment on 19th May 2026 and maturity on 18th May 2029, carrying a floating coupon of (3MTBILL+2.10% Spread) p.a. payable annually. They will be listed on the Wholesale Debt Market Segment of BSE Limited and secured by an exclusive charge on receivables to 100% of outstanding.

  • · Event occurred on 14th May 2026 at 4:00 p.m. (IST)
  • · Coupon rate: Floating (3MTBILL+2.10% Spread) p.a., quarterly reset, payable annually
  • · Security: Exclusive charge on present/future receivables, loan contracts, hire purchase/lease, owned assets, and book debts to 100% coverage
  • · Default interest: Additional 2% p.a. over coupon for delays
  • · Redemption: ₹1,00,000 per debenture on 18th May 2029
Apollo Tyres Limited Corporate Governance positive materiality 10/10

14-05-2026

Apollo Tyres Ltd's Board approved audited standalone financial results for FY26 ended March 31, 2026, with revenue from operations at ₹198,162.28 million, up 9.0% YoY from ₹181,736.12 million, and profit for the year at ₹18,517.69 million, up 194.2% YoY from ₹6,294.28 million, driven by strong operational performance and a deferred tax benefit. The Board recommended a final dividend of ₹2.50 per equity share (250% on face value of Re. 1), bringing total FY26 dividend to ₹6.00 per share (600%) including interim of ₹3.50. Additional approvals include appointment of M/s. BBS Associates as Cost Auditor for FY27 and seeking shareholder approval for re-appointment of Ms. Lakshmi Puri as Independent Director for a second 5-year term from October 29, 2026.

  • · Auditors M/s. S. R. Batliboi & Co. LLP issued unmodified opinion on standalone and consolidated financial statements.
  • · Standalone total borrowings reduced to ₹23,257.22 million from ₹28,927.67 million YoY.
  • · Cash flow from operating activities: ₹25,367.87 million for FY26.
  • · Cost auditor M/s. BBS Associates appointed for FY27 replacing M/s. N.P. Gopalakrishnan & Co post tenure completion.
  • · Board meeting held on May 14, 2026 from 1:00 PM to 3:35 PM.
Apollo Tyres Limited Corporate Governance positive materiality 10/10

14-05-2026

Apollo Tyres Ltd's Board approved audited standalone FY26 financial results (year ended March 31, 2026), showing revenue from operations up 9% YoY to ₹198,162.28 Million from ₹181,736.12 Million, PBT up 96% to ₹18,841.08 Million, and PAT surging 194% to ₹18,517.69 Million driven by a ₹2,989 Million deferred tax credit. The Board recommended a final dividend of ₹2.50 per equity share (250% on ₹1 FV), bringing total FY26 dividend to ₹6.00 per share after ₹3.50 interim. Q4 FY26 revenue grew 14% YoY to ₹52,369.69 Million but was up only 2% QoQ from ₹51,389.93 Million.

  • · Auditors issued unmodified opinion on standalone and consolidated FY26 financials.
  • · Appointment of M/s. BBS Associates as Cost Auditor for FY27 replacing N.P. Gopalakrishnan & Co.
  • · Re-appointment of Ms. Lakshmi Puri as Independent Director for second 5-year term effective October 29, 2026, subject to shareholder approval.
  • · Standalone total assets up to ₹205,323.59 Million from ₹203,099.29 Million; net debt reduced.
  • · Cash generated from operations FY26: ₹25,367.87 Million vs ₹13,229.00 Million prior year.
Tata Motors Passenger Vehicles Limited Corporate Governance mixed materiality 9/10

14-05-2026

Tata Motors Passenger Vehicles Limited reported Q4 FY26 consolidated revenue of ₹105447 Cr, up 7.2% YoY, driven by Tata PV revenue growth of 49% to ₹18742 Cr and healthy FCF of ₹11.4K Cr, though EBIT declined to ₹8.9K Cr. However, FY26 consolidated revenue fell 8.3% YoY to ₹335582 Cr, with JLR revenue down 20.9% to £22911 mn amid headwinds like cyber incident and tariffs, resulting in net debt of ₹30.7K Cr. The Board approved audited results, recommended ₹3 final dividend per ₹2 share, and fixed AGM on July 8, 2026.

  • · AGM fixed for July 8, 2026; dividend payable on or before July 14, 2026 if approved.
  • · JLR FY26 Free cash flow £(2.2)bn; closing net debt £2.6bn.
  • · Tata PV #2 position in H2 FY26 Vahan market share.
  • · Auditors BSR & Co. LLP issued unmodified opinion on financial results.
  • · Board meeting: May 14, 2026, 11:30 a.m. to 4:05 p.m. IST.
Tata Motors Passenger Vehicles Limited Corporate Governance mixed materiality 10/10

14-05-2026

Tata Motors Passenger Vehicles Limited approved audited standalone and consolidated financial results for Q4 and FY26 ended March 31, 2026, reporting consolidated Q4 revenue of ₹105447 Cr (+7.2% YoY) driven by Tata PV at ₹18742 Cr (+49.4%) but offset by JLR revenue down 11.1% to £6870 mn; however, FY26 consolidated revenue declined 8.3% to ₹335582 Cr with JLR down 20.9% to £22911 mn amid headwinds like cyber incident and tariffs. EBITDA Q4 was ₹13.9K Cr with PBT (bei) ₹7.2K Cr, FY26 PBT (bei) ₹2519 Cr, net debt ₹30.7K Cr; board recommended final dividend of ₹3.00 per equity share (@150%) subject to AGM approval on July 8, 2026.

  • · Board meeting held May 14, 2026, from 11:30 a.m. to 4:05 p.m. IST
  • · AGM fixed for July 8, 2026
  • · Dividend payable on or before July 14, 2026 if approved
  • · Tata PV Vahan market share 14.2% in Q4 FY26 (#2 position in H2 FY26); EV market share 40.2% FY26
  • · Alternative powertrains mix: EV 14%, CNG 27% in FY26
  • · JLR FY26 Free Cash Flow £(2.2)bn; closing net debt £2.6bn
  • · Tata PV domestic net cash ₹6.7K Cr
  • · Unmodified audit opinion from BSR & Co. LLP
Apollo Tyres Limited Corporate Action positive materiality 9/10

14-05-2026

Apollo Tyres Ltd's Board approved audited standalone financial results for FY26 (year ended March 31, 2026), showing revenue growth of 9.0% YoY to ₹198,162.28 million and profit surging 194% YoY to ₹18,517.69 million, driven by a large deferred tax credit of ₹5,040.57 million in Q4; Q4 revenue grew 14.3% YoY to ₹52,369.69 million but only 1.9% QoQ from ₹51,389.93 million. The Board recommended a final dividend of ₹2.50 per share (250% on ₹1 face value), bringing total FY26 dividend to ₹6.00 per share (600%) including interim of ₹3.50. Total borrowings declined 20% YoY to ₹23,257.22 million.

  • · Auditors M/s. S. R. Batliboi & Co. LLP issued unmodified opinion on standalone and consolidated financials.
  • · Appointment of M/s. BBS Associates as Cost Auditor for FY27 replacing M/s. N.P. Gopalakrishnan & Co.
  • · Re-appointment of Ms. Lakshmi Puri as Independent Director for second 5-year term from October 29, 2026, subject to AGM approval.
  • · Board meeting held May 14, 2026, from 1:00 PM to 3:35 PM.
  • · Cash generated from operations FY26: ₹25,367.87 million (up from ₹13,229 million FY25).
Balkrishna Industries Limited Analyst/Investor Meet mixed materiality 9/10

14-05-2026

Balkrishna Industries Limited reported record OHT volumes of 317,356 metric tons for FY26, with Q4 at 85,820 MT (+5% YoY), driving stand-alone revenue to ₹2,894 Cr in Q4 (+2% YoY) and ₹10,656 Cr for FY26 (flat YoY). However, EBITDA declined 10% YoY to ₹2,423 Cr (22.7% margin) for FY26 and ₹663 Cr (22.9%) in Q4, impacted by ₹164 Cr FY26 FX losses, raw material upticks, and supply chain disruptions; PAT was ₹1,222 Cr for FY26 and ₹295 Cr in Q4. The company completed key capex including ₹750 Cr for CVR Phase 1 and announced additional ₹2,000 Cr capex, while carbon black showed marginal revenue growth.

  • · US market contribution to FY26 volumes just short of 10%; targeting 10% in FY27 despite 10% tariffs.
  • · Price hikes of 3-5% already taken, additional ~2% planned end-May 2026.
  • · Final dividend recommended at INR4 per share (plus INR12 paid earlier).
  • · S&P Global CSA score improved to 58 in FY25.
  • · Board approved Deloitte as joint statutory auditor.
Samvardhana Motherson International Limited Analyst/Investor Meet neutral materiality 5/10

14-05-2026

Samvardhana Motherson International Limited announced an earnings conference call scheduled for Wednesday, May 20, 2026, at 1700 Hours IST to discuss the audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2026. The call will feature key management participants including Chairman Mr. Vivek Chaand Sehgal, Director Mr. Laksh Vaaman Sehgal, Whole Time Director and President Mr. Pankaj Mital, Group CFO Mr. Gandharv Tongia, and COO (Vision Systems) Mr. Rajat Jain. Dial-in details for toll-free access from various countries are provided, pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015.

  • · Prior intimation dated May 05, 2026.
  • · Symbol: MOTHERSON; Scrip Code: 517334.
  • · CIN No.: L35106MH1986PLC284510.
  • · Dial-in at least 5-10 minutes prior; primary numbers: +91 22 6280 1262, +91 22 7115 8163.
Eicher Motors Limited Corporate Governance neutral materiality 8/10

14-05-2026

Eicher Motors Limited has issued a prior intimation under Regulation 29 of SEBI (LODR) Regulations, 2015, notifying a Board of Directors meeting on May 22, 2026, to approve audited standalone and consolidated financial statements and results for Q4 and FY ended March 31, 2026. The board will also consider recommending a dividend for FY 2025-26 for approval at the 44th Annual General Meeting. No financial figures or performance metrics are disclosed in this notice.

  • · Security Code: 505200 (BSE), Symbol: EICHERMOT (NSE)
  • · CIN: L34102DL1982PLC129877
  • · Registered Office: #96, Sector – 32, Gurugram – 122001, Haryana, India
  • · Corporate Office: Office No.1111, 11th Floor, Ashoka Estate, Plot No. 24, Barakhamba Road, New Delhi-110 001, India
Tata Motors Limited Company Update neutral materiality 3/10

14-05-2026

Tata Motors Limited has informed stock exchanges about a virtual group meeting scheduled for May 19, 2026, at 4:00 p.m. IST with analysts and institutional investors, pursuant to Regulation 30 of SEBI LODR. Participants include AIA Investment Management, Balyasny Asset Management LP, BlackRock, Canada Pension Plan Investment Board, Fidelity International, Franklin Templeton, HSBC Global Asset Management, Manulife Asset Management, Millennium Partners, and Tata AIA Life Insurance. The schedule is subject to any changes.

  • · Sc no. – 70
  • · Meeting pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Tube Investments of India Limited Corporate Action positive materiality 6/10

14-05-2026

Tube Investments of India Limited has clarified and confirmed the record date as 7th August 2026 for the fixation of final dividend payment of ₹1.50 per equity share (Re.1 each) for the financial year ended 31st March 2026, pursuant to Regulation 42 of SEBI (LODR) Regulations, 2015. This follows their letter dated 13th May 2026 and BSE's email dated 14th May 2026. Applicable security codes are NSE: TIINDIA and BSE: 540762.

  • · Equity shares face value: Re.1 each
Mahindra & Mahindra Limited Company Update positive materiality 8/10

14-05-2026

Mahindra Overseas Investment Company (Mauritius) Limited (MOICML), a wholly owned subsidiary of Mahindra & Mahindra Ltd., sold its remaining 3.58% stake in CIE Automotive S.A. for approximately EUR 126 million. As a result, MOICML's holding in CIE Automotive S.A. is now nil, and it ceases to be an associate of MOICML. This follows a prior intimation dated December 4, 2025, in compliance with SEBI LODR Regulations.

  • · Intimation under Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
  • · Previous letter dated 4th December 2025
  • · Uploaded on company’s website: https://www.mahindra.com
Maruti Suzuki India Limited Company Update mixed materiality 9/10

14-05-2026

Suzuki Motor Corporation (parent of Maruti Suzuki India Limited) reported FY2025 consolidated revenue of 6,293.0 billion yen, up 8.0% YoY, with strong overseas growth including 11.9% in key regions and India automobile revenue up to 2,516.2 billion yen (+9.3% implied). However, operating profit declined 3.1% YoY to 622.9 billion yen due to higher raw material costs and fixed costs, while FY2026 forecast projects further 8.5% drop to 570.0 billion yen. Profit attributable to owners rose 5.6% to 439.3 billion yen, supported by volume and mix improvements.

  • · Q4 FY2025 consolidated revenue up 15.2% YoY to 1,776.3 billion yen, operating profit +18.8% to 193.8 billion yen.
  • · India motorcycle production FY2025: 1,318 thousand units (+16.6% YoY).
  • · Change in R&D expenses presentation from 4Q FY2025 to P/L basis, no accounting policy change.
  • · FY2026 annual dividend forecast: 51 yen per share (+24.4% YoY).
  • · Pakistan automobile sales FY2025: 9 thousand units (-39.8% YoY).
Bharat Forge Limited Corporate Governance positive materiality 6/10

14-05-2026

Bharat Forge Limited announced the certified true copy of postal ballot proceedings approving the re-appointment of Mr. B. P. Kalyani and Mr. S. E. Tandale as Whole-Time Directors designated as Executive Directors for five years effective May 23, 2026. Both ordinary resolutions passed with requisite majorities, including 99.29% votes in favor for Mr. Kalyani's re-appointment. The process complied fully with Companies Act, 2013, SEBI regulations, and MCA circulars, with no reported issues.

  • · Tenure for both directors: May 23, 2026 to May 22, 2031
  • · Postal ballot e-voting period: March 24, 2026 (9:00 AM IST) to April 22, 2026 (5:00 PM IST)
  • · Cut-off date for voting eligibility: March 13, 2026
  • · Board approval date for proposals: February 12, 2026
  • · Scrutinizer’s report and results declaration: April 24, 2026

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