India Monetary Policy RBI MPC Decisions — May 19, 2026

19-05-2026

Tata Motors Limited (formerly TML Commercial Vehicles Ltd) reported strong Q4 FY26 and full-year results, with standalone revenue of ₹24,500 crore (+22% YoY) and EBITDA margin of 13.9% (+130 bps YoY). Full-year revenue reached ₹77,000 crore (+11% YoY), EBITDA doubled to ₹10,200 crore, and free cash flow was ₹9,200 crore. However, the company faces headwinds from elevated commodity costs (steel, aluminium, copper) and geopolitical uncertainties, with diesel sales growth slowing to 0.25% YoY in April 2026 and FASTag transaction volumes remaining flat.

• · Board recommended a final dividend of ₹4 per share, subject to shareholder approval, resulting in cash outflow of ~₹1,500 crore.
• · Iveco transaction expected to close by Q2 FY27; most regulatory approvals secured.
• · Pantnagar plant received Golden Peacock Award for Quality.
• · FY26 investment spending of ~₹3,000 crore; R&D expenditure ~₹1,700 crore; CapEx ~₹1,100 crore.
• · FY27 investment expected to remain in similar range (2%-4% of revenue).
• · Cash conversion cycle at negative 31 days (best-in-class).
• · Trade receivables at ₹376 crore; inventory burn of ₹690 crore; payable and acceptance release of ₹2,057 crore.
• · Q4 FY26 consolidated free cash flow of ~₹8,000 crore included advance receipts related to Indonesia order.
• · HCV offtake market share highest in a decade.
• · E-way bill generation in April 2026 grew 12% YoY; diesel sales in April 2026 grew only 0.25% YoY; FASTag transaction volumes flat in March and April 2026.
• · Export plans for Middle East and North Africa recalibrated due to evolving geopolitical situation.
• · Subscription renewals for Fleet Edge almost doubled from Q1 to Q4 FY26.
• · Highest ever EV retails in Q4 FY26 since FAME incentives discontinued.

19-05-2026

Invesco Ltd., the parent holding company of Invesco Asset Management Singapore Ltd and Invesco Asset Management Ltd, disclosed a net sale of 2,900,930 equity shares of Delhivery Limited (0.387% of voting capital) on May 15, 2026, under SEBI SAST regulations. The transaction involved a sale of 2,919,017 shares by Stichting Depositary APG Emerging Markets Equity and an acquisition of 18,087 shares by Invesco Emerging Markets ex China Fund (UK), resulting in Invesco's aggregate holding decreasing from 3.349% to 2.961% of voting capital.

• · Transaction date: May 15, 2026
• · Total equity shares of Delhivery before and after transaction: 748,608,108
• · Total diluted shares: 767,001,673
• · Invesco's holding after transaction: 22,172,248 shares (2.961% of voting capital, 2.890% diluted)
• · Sale of 2,919,017 shares by Stichting Depositary APG Emerging Markets Equity reduced its holding to 0 shares
• · Acquisition of 18,087 shares by Invesco Emerging Markets ex China Fund (UK) increased its holding to 1,843,038 shares (0.246% of voting capital)

19-05-2026

TVS Motor Company reported record full-year FY26 results with revenue of INR47,270 crore (up 30% YoY), operating PBT of INR4,975 crore (up 40% YoY), and EBITDA of INR6,079 crore (up 37% YoY). Q4 FY26 revenue hit a record INR12,808 crore (up 36% YoY) with EBITDA margin improving to 13.1%. However, management flagged headwinds from West Asia conflict, rising commodity prices (steel, aluminum, crude derivatives), and supply chain disruptions, while noting that April saw some supply chain challenges that are improving. The company expects good single-digit industry growth in FY27 and aims to grow ahead of the industry.

• · TVS Motor's EBITDA margin improved 60 bps to 12.9% for FY26 (from 12.3% in FY25).
• · Q4 FY26 EBITDA margin was 13.1%, the highest ever.
• · TVS Credit has an external credit rating of AA+.
• · TVS Motor signed a joint development agreement with Hyundai Motor Company to commercialize an electric 3-wheeler.
• · Norton Motorcycles unveiled new models at EICMA Milan (Manx, Manx R, Atlas, Atlas GT) with launch expected in Q2 FY27.
• · Management expects good single-digit industry growth in FY27 but flagged headwinds from West Asia conflict, rising commodity prices (steel, aluminum, crude derivatives), and supply chain disruptions.
• · April FY27 saw some supply chain challenges (labor availability, gas, raw material on-time availability) which are improving.
• · EV penetration in Q4 FY26 was 7.8% vs 7.1% in Q4 FY25; full-year penetration moved from 6.2% to 6.6%.
• · TVS Motor aims to grow ahead of the industry in FY27.
• · Bangladesh exports expected to start soon after distribution changes.
• · TVS Motor has more than 900,000 iQube customers.

19-05-2026

Jio Financial Services Limited disclosed on May 19, 2026 that it invested Rs. 4.95 crore as initial subscription for 49,50,000 equity shares of face value Rs. 10 each in Jio Allianz General Insurance Limited. The update is a small strategic capital infusion to a joint-venture/general insurance subsidiary; no other financial metrics or comparative periods were provided, so there is neither growth nor decline data to compare.

• · Investment was made at around 1.40 pm on May 19, 2026.
• · Subscribed shares have a face value of Rs. 10 each.
• · Filing references an earlier disclosure dated May 13, 2026.

19-05-2026

RBI announced a 5-day Variable Rate Repo (VRR) auction under LAF on May 20, 2026, to manage liquidity. No changes to policy rates or stance were announced. The auction aims to address current liquidity conditions.

19-05-2026

ICRA Limited has affirmed its long-term rating on Apollo Hospitals Enterprise Limited's bank facilities at 'ICRA AAA/Stable' and short-term rating at 'ICRA A1+', covering total rated instruments of ₹3,000 crore. The affirmation reflects the company's strong credit profile and stable outlook, with no negative or flat metrics reported.

• · The rating affirmation was communicated via ICRA letter dated May 18, 2026, and the company disclosed it on May 19, 2026.
• · The long-term rating of 'ICRA AAA/Stable' was assigned on May 12, 2026 for term loans from seven banks: Axis Bank (₹500 Cr), ICICI Bank (₹92 Cr), HSBC Bank (₹39 Cr), NIIF Infra Finance (₹100 Cr), State Bank of India (₹318 Cr), HDFC Bank (₹234 Cr), and Bank of India (₹769 Cr).
• · The short-term rating 'ICRA A1+ is the highest short-term rating category from ICRA.
• · The rating is subject to surveillance within one year, and ICRA reserves the right to review/revise based on new information.

19-05-2026

ITC Limited acquired 1,681 equity shares of Mother Sparsh Baby Care Private Limited in the second tranche for approximately ₹30 crores, increasing its stake from 39.47% to 49.32%. The acquisition aligns with ITC's strategy to build a future-ready product suite. Mother Sparsh's turnover grew from ₹58.7 crores in FY24 to ₹138.5 crores in FY26, showing strong growth.

• · Mother Sparsh is a premium ayurvedic and natural personal care start-up incorporated on 5th February, 2016.
• · The acquisition is not a related party transaction and no governmental approvals were required.
• · Consideration is in cash.