TVSSCS
Micro CapTVS Supply Chain Solutions Limited
Media
TVS Supply Chain Solutions is a tech-driven, end-to-end supply chain solutions provider. It offers Integrated Supply Chain Solutions (ISCS) and Global Forwarding Solutions (GFS) across 26 countries, managing 25.1 Mn Sq. Ft. of warehouse space. Serves diverse sectors including Industrial, Automotive, and Tech.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 32/100margin compression · Rev +21% YoY · +12% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,032 Cr | +21.3% | +11.6% |
| EBITDA | ₹218 Cr | +29.0% | +5.8% |
| Operating margin | 7.0% | +0 bps | -100 bps |
| PAT | ₹18 Cr | NDF | +63.6% |
| PAT margin | 0.6% | +75 bps | +18 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
TVSSCS reported strong Q4 FY26 results with revenue up 21.3% YoY and Adj. EBITDA up 37.5% YoY, driven by robust new business wins and margin expansion. FY26 saw 10.1% YoY revenue growth and 14.5% YoY Adj. EBITDA growth, with PBT increasing 166%.
The company's Q4 and FY26 performance demonstrates significant operational improvement and growth momentum. Double-digit revenue and Adj. EBITDA growth, coupled with substantial PBT increase and margin expansion, validate the investment thesis. Strategic initiatives and strong new business wins position TVSSCS for continued sustainable growth.
End Customer Industries (FY26)
Latest issuer-disclosed distribution across 7 reported categories.
New Business Wins
Record new business wins of INR 524 Cr in Q4 FY26 and INR 1,207 Cr in FY26, translating to 21.0% of Q4 FY25 and 12.1% of FY25 revenue.
ISCS India Momentum
Strong YoY growth of 17.3% in ISCS India, supported by new business wins, expected to continue into FY27.
Acquisition of Swamy & Sons
Transaction concluded in May 2026, expected to accelerate India’s growth trajectory and be margin accretive.
Technology Adoption
Early adoption of AI and robotics; patent accepted for "Unified Logistics Platform".
Recovery in GFS Volumes
GFS segment posted robust growth of 34.8% YoY driven by recovery in volumes in Q4, led by a sharp rebound in India freight volumes.
Project One Initiatives
Disciplined cost actions through Project One initiatives supported profitability inflection and strong margin expansion in ISCS Europe.
Robust BD Pipeline
Business Development Pipeline stands at INR 6,100 Crore, backing future growth.
Geopolitical Developments
GFS segment faced strong headwinds from geopolitical developments, causing turbulence in freight rates.
Pricing Pressure in GFS
Pricing continued to be under pressure in the GFS segment despite volume recovery.
Geopolitical Environment
Management continues to keep a watch on the geo-political environment given its impact on GFS.
Freight Rate Volatility
Turbulence in freight rates caused by the conflict in West Asia.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison assesses overall growth and structural changes across global operations. QoQ tracks sequential momentum, new business execution, and immediate impact of cost actions and volume recovery.
Revenue from operations
Q4 FY26: INR 3,032.2 Cr (+21.3% YoY, +11.7% QoQ). FY26: INR 11,003.0 Cr (+10.1% YoY).
Adjusted EBITDA
Q4 FY26: INR 222.0 Cr (+37.5% YoY, +11.4% QoQ). FY26: INR 773.0 Cr (+14.5% YoY).
Adjusted EBITDA Margins
Q4 FY26: 7.3% (+80 bps YoY). FY26: 7.0% (+20 bps YoY).
Adjusted PBT
Q4 FY26: INR 30.9 Cr (+72.2% YoY, +23.0% QoQ). FY26: INR 99.3 Cr (+166.4% YoY).
FY26 as Turnaround Year
FY26 established a strong foundation, positioning the Company for sustainable growth from FY27 onwards.
Operational Focus
Management's operational focus remains on improving margin trajectory and steady improvement in cash generation.
Commitment to Growth & Profitability
Committed to sustainable growth in revenue and profitability with large wins and improved execution discipline.
ISCS India Outlook
Expect strong growth trend to continue into FY27 driven by operational improvements and new business wins.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| New Business Wins | INR 524 Cr in Q4 FY26 | Continued strong new business wins to sustain revenue growth. |
| Adjusted EBITDA Margins | 7.3% in Q4 FY26 | Sustained margin expansion across segments, especially in GFS and ISCS Europe. |
| Operating Cash Flow | INR 243 Cr in FY26 | Steady improvement in cash generation. |
| GFS Volume & Pricing | Strong volume recovery in Q4, pricing under pressure | Continued volume recovery and stabilization/improvement in freight pricing. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
54NeutralSMA20 +9.7% / mo · near 52W high
Technical chart
TVSSCSweekly · 1Y-4.2%Technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 59.
- SMA20 rising (~8.8% over last month) — short-term momentum positive.
- RSI(14) at 59 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 7% off 52W high · 42% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 8.2%.
- Growth contributes 21/25 to the score.
- Cash flow contributes 8/10 to the score.
Main drags
- Promoter pledge is 31.9%.
- Fair-value margin of safety is negative at -17.8%.
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 30th percentile of the scored universe and 36th percentile within Media. Main check: financial discipline is weak at 40/100.
Healthy Trust Lite: FCF yield is 10.4%. Key concern: Promoter pledge is elevated at 31.9%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Media: 36th pctile, median 64 · Micro: 17th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸FCF yield is 10.4%.
- ▸6 years of positive FCF.
- ▸8/8 recent quarters had positive YoY revenue growth.
- ▸OPM spread across recent quarters is 2%.
Trust risks
- ▸Promoter pledge is elevated at 31.9%.
- ▸2 recent quarters had PAT decline worse than 25% YoY.
- ▸Debt/equity is 1.23.
- ▸ROCE is low at 4.8%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 29.70
- P/B
- 2.71
- EV/EBITDA
- 6.11
- Market Cap
- 5514.00Cr
Profitability
- ROE
- 9.70%
- ROCE
- 9.88%
- ROA
- 1.63%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 10.00%
- EPS 5Y
- 29.00%
- Revenue 3Y
- 3.00%
- EPS 3Y
- 71.00%
Balance Sheet
- Debt/Equity
- 1.53
- Interest Coverage
- 4.96×
- Altman Z
- 2.93
- Book Value
- 46.10
Cash Flow
- FCF Yield
- 8.23%
- FCF Positive Y
- 7/5
- OCF
- 746.00 Cr
- EPS TTM
- 2.59
Shareholding
- Promoter Hold
- 43.03%
- Promoter Pledge
- 31.90%
- Momentum 52W
- 61%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Media — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.