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| Q2 Revenue | ₹3,687 Cr+38.5% YoY |
|---|---|
| Market Cap | ₹5,423 CrTransportation |
| PAT Growth | 123.9%Year-on-Year |
| Order Pipeline | ₹8,200 CrActive Bids |
Key highlights
- Consolidated Q2 revenue grew 38.5% YoY to ₹3,687 crore, driven by 79.1% growth in GFS segment
- Profit After Tax (PAT) surged 123.9% YoY to ₹37 crore with consolidated margins at 1.0%
- New business revenue reached ₹523 crore for the quarter, marking a 156.6% YoY increase
- Business development pipeline reached an all-time high of ₹8,200 crore as of September 2026
- Management officially guided for doubling FY27 profits on the back of 20% plus segment growth
Revenue Growth Surpasses Guidance with 38.5% Surge
TVS Supply Chain Solutions delivered a standout second quarter in FY27, reporting consolidated revenue of ₹3,687 crore, which represents a 38.5% increase over the previous year. This performance significantly outpaces the mid-teens revenue growth guidance provided by management on August 11, 2026. The Global Forwarding Solutions (GFS) segment was a primary driver, with revenue surging 79.1% YoY to ₹1,199 crore.
India remains the fastest-growing geography for the company, contributing ₹1,177 crore in revenue, a 64.1% YoY increase. While top-line momentum was strong, gross debt increased by ₹140 crore, primarily to fund additional working capital required for the accelerating growth in the GFS segment.
New Business Wins and Global Marquee Client Expansion
- Achieved a hat-trick of surpassing ₹500 crore in quarterly new business revenue, ending Q2 at ₹523 crore
- Total number of Fortune 500 customers expanded to 100 in FY26, up from 91 in the previous year
- Integrated Supply Chain Solutions (ISCS) EBITDA margins expanded to 9.2%, beating the company target of 9%
- The business development pipeline grew 32.3% YoY to ₹8,200 crore, providing high revenue visibility
- H1 FY27 operating cash flow stood at ₹234 crore, supported by a conversion of new business wins
- Revenue from new customers accounted for 19.7% of the total revenue in the current quarter
Management Confidence in Doubling Annual Profits
Backed by continuously growing business development pipeline of Rs 8,200 Cr and a steady conversion rate, we are targeting 20%+ revenue growth across both segments. Broad-based momentum in ISCS, structural enhancements driving GFS profitability and our ability to deliver tech-led solutions puts us firmly on track to double our profits in FY27.
Strategic Partnerships Fuel Aerospace and FMCG Segments
The company is deepening its footprint in high-growth sectors through strategic alliances and acquisitions. The ALA joint venture recently achieved EN9120:2018 warehouse certification, strengthening its position in the Aerospace and Defence sector. Additionally, the acquisition of Swamy & Sons (SS3PL), completed earlier this year, has begun contributing margin-accretive results in the FMCG and FMCD distribution space.
A new Memorandum of Understanding (MoU) with Japan-based Sankyu Corp aims to unlock engineering and supply chain opportunities globally. These initiatives, combined with structural corrections in GFS procurement, are intended to drive the company toward its aspirational goal of a 4% PBT margin by FY28.
| Date | Announcement | Amount |
|---|---|---|
| 11 Aug 2026 | Q1 FY27 earnings call guidance of mid-teens FY27 revenue growth and 4% PBT margin target by FY28Source: quartr.com | – |
| 10 Aug 2026 | Q1 FY27 consolidated revenue from operationsSource: quartr.com | ₹3,335.22 Cr |
| 26 May 2026 | Q4 FY26 earnings call guidance of double-digit revenue growth and margin accretionSource: tvsscs.com | – |
| 25 May 2026 | Q4 FY26 consolidated revenue from operationsSource: devdiscourse.com | ₹3,032.00 Cr |
| 10 Feb 2026 | Q3 FY26 consolidated revenue from operationsSource: timesofindia.indiatimes.com | ₹2,716.00 Cr |
What to watch next
- Earnings conference call with analysts and investors scheduled for November 16, 2026
- Conversion rate of the ₹8,200 crore active business development pipeline
- Implementation of growth initiatives under the MoU with Sankyu Corp (Japan)
- Margin progression in the GFS segment toward the guided 4.5% to 5.0% range
“Q2 FY27 reinforces the improvement in quality of our earnings with EBITDA reaching Rs 268 Cr as compared to Rs 178 Cr in Q2 FY26 and margins improving by 60 bps to 7.3% driven by consistent execution and tighter cost control across regions.”
| Share price | ₹122.7 |
|---|---|
| Market capitalisation | ₹5,423.19 Cr |
| Revenue (annual) | ₹11,002.97 Cr |
| Net profit (annual) | ₹114.28 Cr |
| Revenue (latest quarter) | ₹3,335.22 Cr+9.99% vs previous quarter |
| Net profit (latest quarter) | ₹20.85 Cr+18.80% vs previous quarter |
| P/E (TTM) | 83.74×Sector 32.77× |
| Promoter holding | 43.03%0.00% QoQ |
| FII holding | 2.42%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by TVS Supply Chain Solutions Limited announcing its investor presentation for Q2 & H1 FY27 earnings. Market figures from a third-party data provider.
