TVS Supply Chain Solutions (TVSSCS) Q3 25/26 earnings summary

Executive summary

• Achieved double-digit revenue growth of 11.1% year-on-year in Q3 FY26, with Adjusted EBITDA up 31.2% and margin expansion to 7.3%.

• Profitability improved, with Q3 profit of INR 24-25 crore versus a loss of INR 15-16 crore in Q3 FY25; net profit for Q3 FY26 was INR 11.19 crore.

• Strong performance in India and Europe, robust new business wins, and improved operational efficiency.

• Acquisition of Swamy & Sons 3PL to strengthen FMCG supply chain presence in India, expected to be EBITDA, PBT, and ROCE accretive.

• Approved unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025.

Financial highlights

• Q3 FY26 consolidated revenue was INR 2,715.8 crore, up 11.1% year-on-year; nine-month revenue was INR 7,970.8 crore, up 6.3% year-on-year.

• Adjusted EBITDA for Q3 FY26 was INR 199.3 crore, up 31.2% year-on-year, with margin at 7.3%.

• Adjusted PBT for Q3 FY26 was INR 24 crore (vs. loss of INR 16 crore YoY); margin improved from -0.7% to 0.9%.

• Consolidated net profit for Q3 FY26 was INR 11.19 crore, compared to a loss of INR 23.80 crore in Q3 FY25.

• Revenue from new business wins in Q3 FY26 was INR 319 crore, with a robust pipeline of INR 6,300 crore.

Outlook and guidance

• Management targets a 4% PBT margin in FY27, with all building blocks in place and continued double-digit revenue growth.

• India business expected to maintain healthy growth, ISCS Europe to focus on margin expansion, and GFS to continue recovery despite pricing pressures.

• Swamy & Sons 3PL acquisition expected to close in Q4 FY26 and be accretive to EBITDA, PBT, and ROCE.

• Project One to streamline operations and rationalize costs, continuing into FY26.