TVS Supply Chain Solutions (TVSSCS) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 achieved double-digit revenue growth of 11.1% year-over-year, with Adjusted EBITDA up 31.2% and margin expansion to 7.3%, driven by strong performance in India and Europe, new business wins, and cost initiatives.

• Profit before tax improved from a loss of INR 15 crore in Q3 FY25 to a profit of INR 25 crore in Q3 FY26.

• Strategic acquisition of Swamy & Sons 3PL in India to strengthen FMCG supply chain capabilities, expected to be EBITDA, PBT, and ROCE accretive.

• Approved unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, with limited assurance from independent auditors.

Financial highlights

• Consolidated Q3 FY26 revenue: INR 2,715.8 crore, up 11.1% year-over-year; nine-month revenue: INR 7,970.8 crore, up 6.3% year-over-year.

• Adjusted EBITDA for Q3 FY26: INR 200.2 crore, up 31.2% year-over-year; margin at 7.3%.

• Adjusted PBT for Q3 FY26: INR 24 crore (vs. loss of INR 16 crore in Q3 FY25); margin improved from -0.7% to 0.9%.

• Consolidated net profit for Q3 FY26 was ₹11.19 crore, compared to a loss of ₹23.80 crore in Q3 FY25; nine-month net profit was ₹98.66 crore, compared to a loss of ₹5.72 crore year-over-year.

• Revenue from new business wins in 9M FY26: INR 683 crore.

Outlook and guidance

• Leadership remains focused on double-digit growth and achieving a 4% PBT margin in FY27, with India expected to maintain a healthy growth run-rate.

• FY27 expected to benefit from macro tailwinds, especially in GFS, as global trade deals materialize.

• Project One transformation initiative underway to streamline operations and rationalize costs, expected to continue into FY26.

• Swamy & Sons 3PL acquisition expected to close in Q4 FY26.

• Strong pipeline of INR 6,300 crore provides revenue visibility for upcoming quarters.