TVS Supply Chain Solutions
TVS Supply Chain Solutions
ServicesKey Fundamentals
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Key Insights
Strengths
1- Company has delivered good profit growth of 28.8% CAGR over last 5 years
Weaknesses
6- Stock is trading at 2.83 times its book value
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 9.68% over past five years.
- Company has a low return on equity of 1.34% over last 3 years.
- Company might be capitalizing the interest cost
- Promoters have pledged 31.9% of their holding.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 44d agoTVS Supply Chain Solutions is a ₹6,035 Cr market-cap logistics company that achieved a significant turnaround in FY26 with consolidated revenue of ₹11,003 Cr (up 10.1% YoY) and PAT of ₹117 Cr versus a loss of ₹9.64 Cr in FY25. However, it trades at a PE of 51.2x with a 3-year average ROE of just 1% and promoters have pledged 31.9% of their holding.
- Strong profit turnaround: consolidated PAT swung from a loss of ₹9.64 Cr in FY25 to a profit of ₹117 Cr in FY26
- Record consolidated revenue of ₹11,003 Cr in FY26, representing 10.1% YoY growth
- Q4 FY26 revenue grew 21.3% YoY to ₹3,032 Cr, indicating accelerating momentum
- Compounded profit growth of 71% CAGR over 3 years and 29% CAGR over 5 years demonstrates earnings recovery trajectory
- Adjusted EBITDA in Q3 FY26 grew 33% YoY to ₹199 Cr, showing operating leverage
- FY26 consolidated adjusted EBITDA of ₹820 Cr versus ₹724 Cr in FY25, a 13% improvement
- Last year ROE improved to 10% from a 3-year average of 1%, signaling improving capital efficiency
- Management guidance targets double-digit growth and margin improvement for FY27, supported by robust order pipeline
- Elevated valuation at PE of 51.2x despite only recently turning profitable at the consolidated level
- Promoters have pledged 31.9% of their holding, creating overhang and potential forced-selling risk
- 3-year average ROE of just 1% and 5-year average ROE of -1%, indicating prolonged period of poor capital returns
- Poor sales CAGR of only 3% over 3 years and 10% over 5 years for a company at this valuation multiple
- Zero dividend yield — no shareholder returns despite being a listed entity since its IPO
- Price-to-book of 2.94x is elevated given the historically low return on equity profile
- Potential interest cost capitalization raises questions about true profitability and asset quality
- Consolidated net profit margin remains thin at approximately 1.06% (₹117 Cr PAT on ₹11,003 Cr revenue)
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 42d ago- Record ₹11,003 Cr FY26 revenue Jul 11
TVS SCS posted highest-ever revenue of ₹11,003 crore in FY26 with PAT of ₹117 crore and Adjusted EBITDA of ₹771 crore. 22nd AGM scheduled for August 5, 2026.
- NCLT approves amalgamation scheme Jul 11
NCLT Chennai Bench sanctioned amalgamation of five transferor companies into TVS SCS, effective from April 01, 2023, pending Bengaluru Bench approval.
- New Chief Strategy Officer appointed Aug 1
Ramanan Ranganathan appointed Chief Strategy & Transformation Officer, bringing 25+ years of digital transformation experience. He previously served as Chief Innovation Officer - India.
- BRSR filed for FY26 Jul 11
TVS SCS filed its Business Responsibility and Sustainability Report for FY26, disclosing a net zero target by 2050 and CSR spending of ₹136.49 lakhs.
- Board director Anand Kumar resigns Jul 7
Anand Kumar resigned as Non-Executive Non-Independent Director effective July 7, 2026, citing increased professional commitments.
TL;DR: TVS Supply Chain Solutions is on a strong operational footing, delivering record revenue of ₹11,003 crore in FY26 and consolidating its corporate structure through NCLT-approved amalgamation. No material headwinds are visible in recent news flow. Leadership changes and ESG disclosures signal continued institutional maturity. The trend is constructive, with growth momentum intact heading into FY27.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,289 | 2,263 | 2,222 | 2,426 | 2,539 | 2,513 | 2,445 | 2,499 | 2,592 | 2,663 | 2,716 | 3,032 | 3,335 |
| Expenses | 2,118 | 2,078 | 2,060 | 2,261 | 2,358 | 2,323 | 2,294 | 2,330 | 2,415 | 2,481 | 2,510 | 2,814 | 3,110 |
| Operating Profit | 170 | 185 | 162 | 165 | 182 | 190 | 151 | 169 | 177 | 182 | 206 | 218 | 225 |
| OPM % | 7% | 8% | 7% | 7% | 7% | 8% | 6% | 7% | 7% | 7% | 8% | 7% | 7% |
| Other Income | -18 | -13 | 22 | 16 | 7 | 8 | 9 | 14 | 95 | 12 | -1 | 8 | 14 |
| Interest | 63 | 57 | 44 | 38 | 40 | 41 | 39 | 37 | 38 | 33 | 42 | 45 | 45 |
| Depreciation | 137 | 142 | 140 | 139 | 135 | 140 | 136 | 133 | 130 | 137 | 147 | 156 | 161 |
| PBT | -48 | -26 | 1 | 5 | 14 | 18 | -15 | 13 | 103 | 23 | 16 | 26 | 32 |
| Tax % | 36% | 54% | -1565% | -9% | 46% | 40% | 57% | 130% | 31% | 30% | 30% | 29% | 30% |
| Net Profit | -65 | -41 | 10 | 5 | 7 | 11 | -24 | -4 | 71 | 16 | 11 | 18 | 22 |
| EPS in Rs | -1.8 | -1.13 | 0.22 | 0.1 | 0.15 | 0.21 | -0.56 | -0.11 | 1.6 | 0.35 | 0.24 | 0.4 | 0.47 |
Profit & Loss
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 6,780 | 6,605 | 6,934 | 9,250 | 9,994 | 9,200 | 9,996 | 11,003 | 11,746 |
| Expenses | 6,271 | 6,349 | 6,538 | 8,629 | 9,322 | 8,495 | 9,322 | 10,225 | 10,916 |
| Operating Profit | 509 | 255 | 396 | 621 | 672 | 705 | 673 | 778 | 830 |
| OPM % | 8% | 3.9% | 6% | 7% | 7% | 8% | 7% | 7% | 7% |
| Other Income | 63 | 184 | 111 | 12 | 62 | -7 | 63 | 126 | 34 |
| Interest | 146 | 237 | 182 | 160 | 193 | 210 | 164 | 165 | 165 |
| Depreciation | 418 | 444 | 443 | 461 | 502 | 557 | 544 | 570 | 601 |
| PBT | 8 | -242 | -119 | 13 | 40 | -69 | 29 | 168 | 97 |
| Tax % | 497% | 3% | -36% | 463% | -4% | 31% | 133% | 31% | — |
| Net Profit | -33 | -248 | -76 | -46 | 42 | -90 | -10 | 117 | 68 |
| EPS in Rs | -4.26 | -60.62 | -23.43 | -1.35 | 1.09 | -2.3 | -0.31 | 2.59 | 1.46 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 32 | 32 | 32 | 36 | 36 | 44 | 44 | 44 |
| Reserves | 588 | 479 | 459 | 678 | 687 | 1,771 | 1,758 | 1,989 |
| Borrowings | 2,501 | 3,355 | 2,734 | 2,954 | 3,324 | 2,199 | 2,088 | 2,755 |
| Other Liabilities | 1,492 | 1,524 | 1,644 | 1,986 | 2,070 | 1,757 | 1,836 | 2,351 |
| Total Liabilities | 4,612 | 5,390 | 4,868 | 5,654 | 6,117 | 5,771 | 5,726 | 7,140 |
| Fixed Assets | 2,019 | 2,021 | 1,987 | 2,141 | 2,296 | 2,350 | 2,165 | 2,859 |
| CWIP | 13 | 8 | 16 | 12 | 35 | 12 | 82 | 15 |
| Investments | 60 | 50 | 112 | 100 | 105 | 93 | 98 | 280 |
| Other Assets | 2,521 | 3,310 | 2,754 | 3,401 | 3,681 | 3,316 | 3,380 | 3,985 |
| Total Assets | 4,612 | 5,390 | 4,868 | 5,654 | 6,117 | 5,771 | 5,726 | 7,140 |
Cash Flow
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Operating | 372 | 190 | 712 | 601 | 734 | 128 | 672 | 746 |
| Investing | -236 | -337 | 102 | -383 | -222 | -112 | -142 | -229 |
| Financing | -17 | 557 | -1,167 | 237 | -419 | -592 | -495 | -449 |
| Net Cash Flow | 120 | 410 | -353 | 455 | 92 | -576 | 35 | 68 |
| Free Cash Flow | 234 | 71 | 601 | 501 | 590 | 16 | 511 | 481 |
| CFO/OP | 73 | 75 | 181 | 99 | 120 | 20 | 110 | 102 |
Ratios
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 66 | 73 | 61 | 52 | 45 | 56 | 53 | 55 |
| Inventory Days | 74 | 71 | 91 | 92 | 92 | 86 | 79 | 95 |
| Days Payable | 440 | 432 | 464 | 458 | 380 | 303 | 293 | 320 |
| Cash Conversion Cycle | -300 | -288 | -311 | -314 | -243 | -162 | -161 | -170 |
| Working Capital Days | -20 | -46 | -22 | -36 | -55 | -14 | -13 | -21 |
| ROCE % | — | 0% | 1% | 6% | 6% | 5% | 5% | 10% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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56 extracted metrics + investor summaries across FY19–FY26.
Documents
Frequently Asked Questions about TVS Supply Chain Solutions
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Company Information
TVS Supply Chain Solutions provides supply chain management services for international organizations, government departments, and large and medium-sized businesses.[1]
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