TVS Supply Chain Solutions (TVSSCS) Q4 25/26 earnings summary

Executive summary

• Achieved strong revenue growth in FY26, crossing INR 11,003 crore with 10.1% year-over-year growth and significant improvement in adjusted profit before tax to INR 99.3 crore from INR 37.3 crore in FY25, with PAT turning positive at INR 117 crore.

• Growth was broad-based across regions, with India and Europe showing strong performance and North America contributing through a major new project.

• Margin expansion was supported by cost discipline, Project One initiatives, and improved business mix, especially in ISCS Europe.

• Acquisition of Swamy & Sons 3PL completed in May 2026, strengthening FMCG and consumption-led supply chain capabilities in India and expected to be margin accretive.

• Technology adoption advanced with AI, robotics, and a patent application for a Unified Logistics Platform.

Financial highlights

• Q4 consolidated revenue reached INR 3,032 crore, up 21.3% year-over-year and 11.7% sequentially, marking the first INR 3,000 crore quarter.

• Adjusted EBITDA for Q4 was INR 222 crore, up 37.5% year-over-year, with margin improvement of 80 bps to 7.3%; full-year adjusted EBITDA was INR 773 crore, up 14.5%.

• Adjusted PBT for Q4 was INR 30.9 crore, up from INR 18 crore in Q4 FY25; full-year adjusted PBT rose 166% to INR 99.3 crore.

• Net profit for FY26 was INR 117.02 crore, a significant turnaround from a loss of INR 9.64 crore in FY25.

• Operating cash generation for the year was INR 243 crore, reflecting improved profitability and working capital efficiency.

Outlook and guidance

• Management expects double-digit revenue growth for FY27, with ISCS as a strong contributor and robust order pipeline of INR 6,100 crore.

• ISCS EBITDA margin expected to be in the 9.5%-10% range; overall adjusted EBITDA margin projected at 7.3%-7.5%, contingent on GFS freight rate trends.

• Cautious optimism for GFS segment due to ongoing pricing volatility from geopolitical factors, but bullish on volume growth.

• Strategic transformation initiatives, including Project One, are expected to streamline operations and drive future growth.