Quarterly & Annual Financial Results

TVS Supply Chain Solutions posts strong Q4 and FY26 growth driven by India business momentum

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TVS Supply Chain Solutions Limited reported strong Q4 FY26 and FY26 performance with consolidated revenue crossing ₹11,000 crore for the first time. Revenue growth was supported by robust India business momentum, improved operational execution, margin expansion, and strong new business wins.

PRICE-SENSITIVE TRIGGER

Event: Announcement of Q4 FY26 and FY26 audited standalone and consolidated financial results.

Type: Quarterly & Annual Financial Results

Impact: Positive

Immediate Effect: The company reported double-digit revenue growth, strong EBITDA expansion, profitability improvement, and increased order visibility supported by India operations and new customer additions.

Key Metrics:

Q4 FY26 Consolidated Revenue: ₹3,032.22 crore
Q4 Revenue Growth YoY: 21.35%
FY26 Consolidated Revenue: ₹11,002.97 crore
FY26 Revenue Growth YoY: 10.08%
Q4 FY26 Adjusted EBITDA: ₹221.98 crore
Q4 Adjusted EBITDA Growth YoY: 37.52%
FY26 Adjusted EBITDA: ₹773.05 crore
FY26 Adjusted EBITDA Growth YoY: 14.48%
Q4 FY26 Adjusted EBITDA Margin: 7.32%
FY26 Adjusted EBITDA Margin: 7.03%
FY25 Adjusted EBITDA Margin: 6.76%
Q4 FY26 PBT Reported: ₹25.71 crore
Q4 PBT Growth YoY: 98.36%
FY26 PBT Reported: ₹168.50 crore
FY26 PBT Growth YoY: 473.85%
Q4 FY26 PAT: ₹18.36 crore
Q4 FY25 PAT: Loss of ₹3.92 crore
FY26 PAT: ₹117.02 crore
FY25 PAT: Loss of ₹9.64 crore
Quarterly New Business Wins: ₹524 crore
Integrated Supply Chain Solutions (ISCS) FY26 Revenue: ₹8,238.86 crore
ISCS FY26 Revenue Growth: 9.63%
ISCS FY26 EBITDA Margin: 8.90%
Global Forwarding Solutions (GFS) FY26 Revenue: ₹2,764.11 crore
GFS FY26 Revenue Growth: 11.42%

Highlight:

Label: FY26 Revenue Milestone
Value: Consolidated revenue crossed ₹11,000 crore in FY26 with strong India business-led growth momentum.

What Happened ?

TVS Supply Chain Solutions Limited announced its audited Q4 FY26 and FY26 financial results, reporting strong operational and profitability improvement across businesses.

The company recorded consolidated FY26 revenue of ₹11,002.97 crore, marking the first time revenue crossed the ₹11,000 crore milestone. Q4 FY26 revenue grew 21.35% year-on-year to ₹3,032.22 crore.

Profitability improved significantly during the quarter and full year, supported by disciplined execution, operational efficiencies, business mix improvements, and focused cost management initiatives under Project One.

India business remained the primary growth driver, with Q4 India revenue increasing 31.4% year-on-year.

Key Details

Operational Performance & Segment Highlights:

Quarterly new business wins stood at ₹524 crore, improving future revenue visibility.
Fortune Global 500 customer count increased from 91 to 100 during FY26.
Integrated Supply Chain Solutions (ISCS) business delivered strong growth with:
- Q4 revenue up 17.5% YoY to ₹2,283.43 crore
- FY26 revenue at ₹8,238.86 crore
- FY26 EBITDA margin improved to 8.90%
Global Forwarding Solutions (GFS) business recorded:
- Q4 revenue growth of 34.81% YoY
- FY26 revenue of ₹2,764.11 crore
- Q4 adjusted EBITDA more than doubled YoY
Adjusted PBT before exceptional items rose 72.15% YoY in Q4 and 166.43% for FY26.
Q4 PAT turned positive at ₹18.36 crore compared to a loss in Q4 FY25.
Management highlighted operational discipline, customer engagement, and cost optimization as key profitability drivers.
The company continued margin improvement initiatives under Project One launched during FY26.
Ravi Viswanathan will step down as Managing Director effective June 30, 2026.
The board approved the appointment of Vikas Chadha, currently Global CEO, as Managing Director effective July 1, 2026.

Note:

The results indicate improving operational leverage, stronger execution quality, and enhanced profitability despite a challenging global logistics environment.

Risk Analysis

Summary:

Despite strong operational momentum, the company remains exposed to global logistics demand cycles, freight market volatility, margin sustainability risks, and execution challenges across geographies.

Key Risks:

Global forwarding margins remain relatively low compared to integrated supply chain operations.
International freight demand and pricing remain cyclical and sensitive to macroeconomic conditions.
Sustaining EBITDA margin expansion may require continued cost discipline and execution consistency.
Large customer concentration and global trade slowdown risks could affect revenue momentum.
Leadership transition at the Managing Director level may create short-term execution uncertainties.
Global supply chain disruptions and geopolitical risks may impact forwarding and logistics operations.

Worst Case Scenario:

A slowdown in global trade activity or inability to sustain operational efficiencies could pressure margins, profitability, and revenue growth momentum in FY27.

Risk Level: Medium

Company Commentary

Managing Director Ravi Viswanathan stated that the company delivered strong Q4 growth with improving profitability reflecting operational discipline and strategic execution.
Management highlighted that India business momentum remained robust with over 31.4% year-on-year growth in Q4.
The company emphasized that quarterly new business wins of ₹524 crore provide healthy future growth visibility.
CFO R Vaidhyanathan stated that operating cash flow for FY26 stood at ₹243 crore supported by profitability improvement and working capital discipline.
Management reiterated focus on sustaining margin improvement and strengthening cash generation in FY27.
The company highlighted increasing trust among Fortune Global 500 customers and strengthening global customer relationships.

Official Exchange Filing: TVS Supply Chain Solutions Limited