NSE: TVSSCS · BSE: 543965
TVS SUPPLY CHAIN SOL L
Provides end-to-end supply chain and logistics services in two segments: Integrated Supply Chain Solutions, which contributed 74.9% of segment revenue at ₹8,255.96 crore in FY26, and Global Forwarding Solutions, which contributed 25.1% at ₹2,768.66 crore. The integrated segment covers warehousing, distribution and value-added logistics for clients, while the forwarding segment handles international freight. The integrated segment is the main profit pool, with segment EBIT of ₹733.63 crore versus ₹60.69 crore for forwarding. The business runs across 246 locations with 57 subsidiaries, 3,836 employees and 8,110 workers. FY26 brought new business wins of ₹1,207 crore and an order pipeline exceeding ₹6,100 crore entering FY27. Costs are dominated by other operating expenses (51.5% of revenue) and employee costs (22.7%), with materials a negligible 0.1% and depreciation 5.2%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Integrated Supply Chain Solutions (75%), Global Forwarding Solutions (25%). Services-led, asset-light logistics with negligible material cost and high people and operations intensity
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 9,200 | 9,996 | 11,003 |
| EBITDA (ex other income) | 669 | 696 | 859 |
| margin % | 7.3 | 7.0 | 7.8 |
| Owners' profit | (101) | (14) | 114 |
| EPS, as reported (₹) | (2.40) | (0.31) | 2.59 |
| ROE % · ROCE % | (4.9) · 5.6 | (0.5) · 6.6 | 5.7 · 9.3 |
| Debt / equity (x) | 0.43 | 0.47 | 0.54 |
| Cash from operations | 128 | 672 | 746 |
| Capex | (124) | (175) | (278) |
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 | 2,513 | 2,445 | 2,499 | 2,592 | 2,663 | 2,716 | 3,032 | 3,335 |
| Profit before tax | 18 | (15) | 13 | 103 | 22 | 15 | 26 | 32 |
| Net profit | 11 | (24) | (4) | 71 | 16 | 11 | 18 | 22 |
| EPS (₹) | 0.21 | (0.56) | (0.11) | 1.60 | 0.35 | 0.24 | 0.40 | 0.47 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Integrated Supply Chain Solutions | 8,256 | 74.9 |
| Global Forwarding Solutions | 2,769 | 25.1 |
| Total, before eliminations | 11,025 | 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. % |
|---|---|---|---|---|---|---|---|---|
| CONTAINER CORP OF IND LTD | 32,380 | 26.0 | 2.48 | 13.7 | 9.5 | 11.6 | 7.2 | 24.5 |
| DELHIVERY LIMITED | 28,606 | 305.6 | 2.95 | 29.2 | 1.6 | 1.2 | — | 8.7 |
| SHADOWFAX TECHNOLOGIES L | 17,061 | 106.0 | 9.78 | 67.7 | 6.4 | 5.7 | — | 8.3 |
| BLUE DART EXPRESS LTD | 10,021 | 34.9 | 5.64 | 10.5 | 13.9 | 13.4 | 13.3 | 16.7 |
| TRANSPORT CORPN OF INDIA | 6,519 | 14.2 | 2.50 | 11.8 | 17.7 | 14.4 | 11.9 | 11.3 |
| TVS SUPPLY CHAIN SOL L ◆ | 4,874 | 75.6 | 2.36 | 6.0 | 5.7 | 4.8 | — | 7.2 |
| VRL LOGISTICS LIMITED | 4,688 | 17.6 | 4.10 | — | 20.7 | 14.5 | — | 21.9 |
| MAHINDRA LOGISTIC LIMITED | 4,309 | 116.4 | 3.59 | 11.0 | 0.9 | 2.0 | 16.5 | 6.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 75.6 | 15.6 | 43 of 51 | 16% |
| P/B | 2.4 | 1.5 | 28 of 40 | 31% |
| ROCE | 4.8 | 7.7 | 33 of 55 | 41% |
| ROE | 5.7 | 6.0 | 21 of 40 | 49% |
| Debt / Equity | 0.5 | 0.3 | 29 of 40 | 28% |
| EBITDA margin | 7.2 | 8.7 | 28 of 43 | 36% |
| Revenue growth | 28.7 | 9.5 | 11 of 42 | 76% |
| Profit growth | (68.4) | 22.5 | 34 of 35 | 3% |
| Market cap | 4874 | 119 | 6 of 56 | 91% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Quarterly compliance certificate on dematerialisation submitted to exchanges | compliance | minimal | — | — |
| 6 Oct 2026 · TVS SCS forms JV with ALA Mena, invests 10.19 cr in subsidiary | strategic transactions | high | — | — |
| 1 Oct 2026 · NCLT Bengaluru sanctions amalgamation of 5 entities into TVS Supply Chain | strategic transactions | high | — | — |
| 28 Sept 2026 · Trading window closure ahead of Q2 and H1 FY27 results | compliance | minimal | — | — |
| 7 Sept 2026 · Analyst/Institutional Investor Meet scheduled for Sept 11, 2026 | board shareholder meetings | low | — | — |
| 24 Aug 2026 · TVS SCS signs strategic MoU with Japan's Sankyu Inc; Sankyu to acquire 0.5% stake | compliance | medium | — | — |
| 21 Aug 2026 · TVS Supply Chain Q1 FY27: Revenue up 28.7% YoY to Rs. 3,335 cr | results | high | — | — |
| 17 Aug 2026 · Q1 FY27 earnings call transcript filed | investor communications | medium | — | — |
| 11 Aug 2026 · Newspaper publication of Q1 FY27 financial results | compliance | minimal | — | — |
| 11 Aug 2026 · Audio recording of Q1 FY27 earnings call uploaded | investor communications | low | — | — |
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 |
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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.