India · Delayed Price · Currency is INR TVS Supply Chain Solutions Earnings Call Transcripts
Fiscal Year 2026
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Revenue grew 10.1% year-over-year to over INR 11,000 crore, with adjusted PBT up 166% and robust new business wins. ISCS and GFS segments both delivered strong growth, while margin expansion and operational efficiency improved profitability.
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Q3 FY26 delivered double-digit revenue growth and strong margin expansion, led by India and Europe, with robust new business wins and the strategic acquisition of Swamy & Sons. Project One and cost initiatives drove profitability, while GFS volumes rebounded despite rate pressures.
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Q2 FY26 saw 6% YoY revenue growth and 54% PAT increase, led by ISCS margin expansion and strong new business wins. GFS segment faced pricing headwinds but showed sequential improvement, while Project One and a robust order pipeline support future growth.
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Q1 FY2026 saw revenue and profitability growth, driven by cost discipline and strategic initiatives. Project One restructuring and a one-time gain from TVS ILP boosted results, while GFS segment remains challenged by macro volatility. The company targets 4% PBT by Q4 FY2027.
Fiscal Year 2025
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FY25 saw a turnaround to profitability with 8.6% revenue growth, strong North America and India performance, and a profitable IFM business. Strategic cost actions and a robust order pipeline support double-digit growth and margin improvement targets for FY26-FY27.
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Q3 FY25 saw 10% revenue growth but a PBT loss due to UK project delays and lower volumes. Management expects profitability to normalize after Q4, with strong order pipeline and cost initiatives supporting medium-term growth targets.
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Q2 FY25 saw 11% year-over-year revenue growth and improved profitability, driven by strong ISCS performance and new contract wins. NSS margin recovery is on track, with IFM turnaround expected by Q4. The company targets mid-teens revenue growth and stable margins in coming years.
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Revenue grew 10.9% year-over-year to INR 2,539.4 crores, with profit-led growth in both ISCS and Network Solutions segments. Large deal wins, robust business development, and AI-driven tech initiatives support a strong outlook, while Red Sea surcharges and material cost changes impact margins.