NSE: TSFINV
TSF INVESTMENTS LIMITED
Holds and manages equity investments in automotive and industrial companies while consolidating a manufacturing subsidiary that produces automotive axles. The manufacturing segment, run through Axles India (consolidated line-by-line from May 2, 2025 after acquiring Dana Global Products Inc.'s stake for ₹365.37 crore), accounted for 81.5% of FY26 segment revenue at ₹802.88 crore. The investments segment, which holds stakes in associates such as Wheels India (auto parts and wind turbine components, ₹5,124.40 crore turnover in FY26) and other portfolio companies, made up 9.3% of segment revenue but contributed ₹66.04 crore in EBIT, the highest of any segment. Overseas support services contributed 6.6% of segment revenue and ₹29.08 crore EBIT. During FY26, the company received ₹207.67 crore in dividends from portfolio companies and booked a net ₹461.18 crore gain from exits including full exit from Sundaram Composite Structures and partial exit from TVS Holdings. Materials were the largest input cost at 45.4% of revenue, reflecting the consolidated manufacturing business. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Manufacturing (82%), Investments (9%), Overseas Support Services (7%), Other Segments (3%). Investment holding company with a consolidated automotive-components manufacturing subsidiary
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 84 | 90 | 291 | 155 | 985 |
| EBITDA (ex other income) | 23 | 45 | 243 | 116 | 203 |
| margin % | 27.4 | 50.0 | 83.4 | 74.9 | 20.6 |
| Owners' profit | 163 | 238 | 533 | 412 | 522 |
| EPS, as reported (₹) | 7.72 | 10.70 | 24.00 | 18.55 | 23.49 |
| ROE % · ROCE % | — · — | 6.7 · 1.3 | 11.1 · 5.0 | 7.3 · 2.0 | 8.7 · 3.2 |
| Debt / equity (x) | — | 0.00 | 0.00 | 0.00 | 0.04 |
| Cash from operations | 30 | 100 | 132 | 188 | 266 |
| Capex | (0) | (1) | (0) | (1) | (7) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 30 | 33 | 49 | 179 | 250 | 258 | 298 | 306 |
| Profit before tax | 22 | 23 | 38 | 41 | 44 | 40 | 56 | 61 |
| Net profit | 89 | 106 | 107 | 158 | 103 | 105 | 164 | 125 |
| EPS (₹) | 4.00 | 4.76 | 4.82 | 7.08 | 4.52 | 4.64 | 7.25 | 5.50 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Investments | 91 | 9.3 |
| Overseas Support Services | 65 | 6.6 |
| Manufacturing | 803 | 81.5 |
| Other Segments | 26 | 2.6 |
| Total, before eliminations | 985 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| JIO FIN SERVICES LTD | 1,35,496 | 63.7 | 1.01 | — | 1.2 | — | — | 70.7 |
| ADITYA BIRLA CAPITAL LTD. | 97,598 | 22.8 | 2.65 | — | 10.5 | — | 18.8 | 40.8 |
| L&T FINANCE LIMITED | 61,858 | 19.4 | 2.21 | — | 10.6 | — | 5.5 | 62.3 |
| TATA INVESTMENT CORP LTD | 28,442 | 66.0 | 0.97 | — | 1.5 | — | 19.5 | 92.6 |
| CHOLAMANDALAM FIN HOL LTD | 24,545 | 9.2 | 0.72 | — | 16.2 | — | 23.0 | 58.4 |
| TVS HOLDINGS LIMITED | 23,883 | 12.1 | 1.85 | — | 26.3 | — | 23.4 | 16.4 |
| MAHARASHTRA SCOOTERS LTD | 13,373 | 48.0 | 0.48 | — | 1.1 | — | — | 84.1 |
| JSW HOLDINGS LIMITED | 12,440 | 90.6 | 0.38 | — | 0.4 | — | 14.1 | 84.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 18.7 | 19.9 | 24 of 51 | 54% |
| P/B | 1.5 | 0.6 | 46 of 63 | 27% |
| ROCE | 2.8 | 0.4 | 10 of 28 | 67% |
| ROE | 8.7 | 1.3 | 12 of 65 | 83% |
| Debt / Equity | 0.0 | 0.0 | 22 of 27 | 19% |
| EBITDA margin | 23.6 | 61.6 | 43 of 62 | 31% |
| Revenue growth | 70.9 | 13.6 | 16 of 56 | 73% |
| Profit growth | (21.1) | 10.7 | 41 of 66 | 39% |
| Market cap | 9084 | 273 | 9 of 68 | 88% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · TSF Investments to sell full 3.74% stake in TVS Holdings | strategic transactions | high | — | — |
| 5 Oct 2026 · Routine SEBI compliance certificate for quarter ended Sept 2026 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from 1 Oct 2026 pending Q2 results | compliance | minimal | — | — |
| 21 Sept 2026 · Postal ballot approves subscription to Wheels India preferential issue | board shareholder meetings | low | — | — |
| 9 Sept 2026 · NCLT sanctions merger of Forge 2000 into Axles India | strategic transactions | medium | — | — |
| 3 Sept 2026 · Corrigendum to Postal Ballot: Wheels India preferential issue price revised to Rs 1461 | board shareholder meetings | low | — | — |
| 21 Aug 2026 · Postal Ballot Notice: Subscription to Wheels India Preferential Issue | compliance | minimal | — | — |
| 20 Aug 2026 · Postal ballot: TSF to invest up to Rs 150 Cr in Wheels India via preferential issue | board shareholder meetings | low | — | — |
| 19 Aug 2026 · TSF Investments to subscribe up to Rs 150 Cr in Wheels India preferential issue | strategic transactions | medium | — | — |
| 5 Aug 2026 · Copies of newspaper publications submitted to Exchange | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.