TVS Supply Chain Solutions LimitedQ1 FY27 Results & Financial Update
TVS Supply Chain Solutions Limited: Q1 FY27 consolidated results and company financials – revenue ₹3,335.22 Cr, PAT ₹22.48 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
Find an answer
Ask this result
Chart · Market context
TVS Supply Chain Solutions price & chart
Market price₹126.41
1Y return—Price return
Loading market chart…
TradingView Lightweight Charts™ · Copyright © 2025 TradingView, Inc.TradingView
Market chartPrice chart temporarily unavailableThe price chart could not be loaded right now. The reported financial results remain available above.
Spotted a factual error?Tell us the number, date or statement and we will re-check the underlying records and calculations.Report an error
Quarterly Results AnalysisExplore TVS Supply Chain Solutions Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Profit before tax was ₹32.13 Cr for the reported quarter. EPS was ₹0.47 for the reported quarter.
Consolidated revenue grew by 28.7% year-on-year to Rs. 3,335.2 crores (representing a 29% growth rate as stated by management), crossing Rs. 3,300 crores for the highest quarterly revenue. Adjusted EBITDA grew 34% year-on-year to Rs. 232.2 crores with margin expanding by 30 bps to 7%, while operational PAT grew by 156% year-on-year to Rs. 8.8 crores (excluding Q1 FY26 InvIT gains).
ISCS revenue grew 21.9% year-on-year to Rs. 2,417 crores, with adjusted EBITDA at Rs. 196.3 crores (8.1% margin) impacted slightly by initial start-up costs for newly onboarded contracts. GFS revenue grew 50.6% year-on-year to Rs. 918 crores, driven by ocean freight volume growth in India and higher freight rates, achieving an adjusted EBITDA margin of 4.1%.
Recorded an all-time high quarterly new business wins of Rs. 543 crores, accounting for 21% of Q1 revenue, driven by 2/3rd from existing customers and 1/3rd from new logos. The order pipeline stands robust at over Rs. 7,500 crores.
Profit after tax was ₹22.48 Cr for the reported quarter. EPS was ₹0.47 for the reported quarter.
01 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹3,335.22 Cr |
| Total income | ₹3,348.83 Cr |
| Profit before tax | ₹32.13 Cr |
| Profit after tax | ₹22.48 Cr |
| EPS | ₹0.47 |
02 · Why it moved
Why the quarter looked the way it did
What drove margins
Customer contracts across geographies include mechanisms to pass on increases in fuel and container/freight costs, though minor time lags may occur before realization.
Management expects ISCS margins to normalize and return above 9% in Q2 FY27 as recently onboarded projects become fully operational within 1 to 2 quarters.
03 · Demand, customers & order book
Where demand is coming from
Secured Rs. 543 crores of new business wins during Q1 FY27 across both ISCS and GFS from marquee clients including renewable energy providers, consumer product specialists, automotive manufacturers, and multinational telecom firms.
The business development pipeline stands at over Rs. 7,500 crores, with an expected historical conversion rate of 20% to 25% over a 12 to 18-month period.
04 · Segments, products & geography
Which parts of the business are doing the work
Geography and market mix
India operations registered a 44% year-on-year revenue growth in Q1 FY27, driven by record new business wins and high freight volumes.
05 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Finalized the warehouse and initiated personnel training in Italy for the ALA Group joint venture, with warehouse certification and revenue commencement scheduled for H2 FY27.
Multi-customer warehouses operate at approximately 85% utilization, with ongoing investments in racking and automation to expand capacity.
06 · Reported developments
What changed operationally
Consolidated revenue reached Rs. 3,335.2 crores (up 28.7% YoY) and adjusted PBT increased by 70.7% to Rs. 32.1 crores, driven by new contract revenues and cost optimization actions implemented last year.
Global Forwarding Solutions clocked revenue of Rs. 918 crores (up 50.6% YoY) and expanded its EBITDA margin to 4.1% from 2.1% in Q1 FY26, supported by volume growth in India, cost optimization, and better sourcing arrangements.
Completed the acquisition of Swamy & Sons 3PL in Q1 (including 40 days of performance) and progressed on the ALA Group joint venture for defence and aerospace supply chain solutions, with revenue expected to commence in H2.
Successfully implemented Oracle ERP for the India ISCS business to improve process speed and enable seamless integration with customers and vendors, alongside expanded warehouse automation and AI/robotics integration.
07 · Pressure points & risks
What is not going smoothly
ISCS EBITDA margin dipped marginally to 8.1% (compared to 8.3% in Q1 FY26 and 9.3% in Q4 FY26) due to upfront implementation and transition costs incurred on newly onboarded contracts.
Employee costs increased to Rs. 676 crores due to cost inflation and revenue growth. Other expenses rose to Rs. 329 crores driven by higher short-term lease rentals, while Ind AS 116 depreciation and lease interest increased due to additional space taken for new business wins.
08 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Initiated the merger of 100% subsidiaries into TVS Supply Chain Solutions Limited to reduce compliance and audit costs and streamline customer engagements, with no resulting equity dilution.
09 · Management guidance & targets
What management is targeting from here
Aspirting for mid-teen top-line growth for the full year FY27, with profits growing at a faster pace through operational leverage, and targeting a 4% PBT margin aspiration by FY28.
Targeting approximately Rs. 2,000 crores in revenue by the fifth year of operations for the aerospace and defence joint venture with ALA Group.
10 · Management call deep dive
What management said on the conference call
Operating takeaways
11 key pointsIndia operations registered a 44% year-on-year revenue growth in Q1 FY27, driven by record new business wins and high freight volumes.
Management monitors potential macroeconomic headwinds, recession risks, and geopolitical conflicts (such as U.S.-Iran or war situations) through close communication with manufacturing customers and active treasury management of interest rates.
Secured Rs. 543 crores of new business wins during Q1 FY27 across both ISCS and GFS from marquee clients including renewable energy providers, consumer product specialists, automotive manufacturers, and multinational telecom firms.
The business development pipeline stands at over Rs. 7,500 crores, with an expected historical conversion rate of 20% to 25% over a 12 to 18-month period.
Finalized the warehouse and initiated personnel training in Italy for the ALA Group joint venture, with warehouse certification and revenue commencement scheduled for H2 FY27.
Multi-customer warehouses operate at approximately 85% utilization, with ongoing investments in racking and automation to expand capacity.
Customer contracts across geographies include mechanisms to pass on increases in fuel and container/freight costs, though minor time lags may occur before realization.
Management expects ISCS margins to normalize and return above 9% in Q2 FY27 as recently onboarded projects become fully operational within 1 to 2 quarters.
Initiated the merger of 100% subsidiaries into TVS Supply Chain Solutions Limited to reduce compliance and audit costs and streamline customer engagements, with no resulting equity dilution.
Aspirting for mid-teen top-line growth for the full year FY27, with profits growing at a faster pace through operational leverage, and targeting a 4% PBT margin aspiration by FY28.
Targeting approximately Rs. 2,000 crores in revenue by the fifth year of operations for the aerospace and defence joint venture with ALA Group.
Important analyst Q&A
4 key pointsManagement clarified that the sequential dip in ISCS EBITDA margin from 9.3% in Q4 FY26 to 8.1% in Q1 FY27 was due to Q4 benefiting from customer price corrections, combined with Q1 being a seasonally softer quarter and incurring upfront implementation costs on new contracts.
The joint venture with ALA Group targets Rs. 2,000 crores in revenue by year 5 by leveraging existing contracts with Boeing, Airbus, and Dassault; the business carries high entry barriers and is expected to be margin accretive.
Despite container cost volatility and availability challenges post-war, GFS achieved 4.1% EBITDA margin by structuring contracts with cost pass-throughs and leveraging daily market operations.
Confirmed that merging 100% subsidiaries will reduce compliance costs and improve operational ease without equity dilution, while FIT 3PL is retained separately due to specific GST requirements for FMCG customers.
11 · Key Q&A
The quarter, answered directly
What is the clearest takeaway from Q1 FY27?
Profit before tax was ₹32.13 Cr for the reported quarter. EPS was ₹0.47 for the reported quarter.
What drove revenue or demand?
Secured Rs. 543 crores of new business wins during Q1 FY27 across both ISCS and GFS from marquee clients including renewable energy providers, consumer product specialists, automotive manufacturers, and multinational telecom firms.
What mattered most for margins or profitability?
Customer contracts across geographies include mechanisms to pass on increases in fuel and container/freight costs, though minor time lags may occur before realization.
What changed operationally beyond the headline numbers?
Finalized the warehouse and initiated personnel training in Italy for the ALA Group joint venture, with warehouse certification and revenue commencement scheduled for H2 FY27.
What is management guiding or targeting from here?
Aspirting for mid-teen top-line growth for the full year FY27, with profits growing at a faster pace through operational leverage, and targeting a 4% PBT margin aspiration by FY28.
What are the main pressure points disclosed for the quarter?
ISCS EBITDA margin dipped marginally to 8.1% (compared to 8.3% in Q1 FY26 and 9.3% in Q4 FY26) due to upfront implementation and transition costs incurred on newly onboarded contracts.
12 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Starting point
Build your own next-quarter scenario
Reported values are prefilled where a comparable basis is available. Otherwise, the field starts at 0. You can overwrite every field.
Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
Scenario output
Scenario revenue / income₹0 cr
Scenario profit after tax₹0 cr
Profit change vs base₹0 cr (0%)
Scenario margin0%
Growth needed to keep profit flat after this margin move0%
The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.
Learn the metrics
Need the concepts first?
Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.