TVS Electronics Q4-FY26 Revenue Rises 2.4% YoY

Scrip Symbol

TVSELECT (NSE)

Q4-FY26 Financial Performance

Revenue from Operations: ₹1,174 Million, representing a 3.3% quarter-on-quarter (Q-o-Q) increase from Q3-FY26 (₹1,136 Mn) and a 2.4% year-on-year (Y-o-Y) increase from Q4-FY25 (₹1,146 Mn).
Total Expenses: ₹1,104 Million, increased by 3.1% Q-o-Q and decreased by 1.9% Y-o-Y.
EBITDA: ₹70 Million, increased by 7.7% Q-o-Q from ₹65 Mn. This compares to an EBITDA of ₹21 Mn in Q4-FY25.
EBITDA Margin: 5.96%, improved by 24 basis points (Bps) Q-o-Q from 5.72% and significantly improved by 413 Bps Y-o-Y from 1.83%.
Other Income: ₹21 Million, substantially higher than ₹2 Mn in Q3-FY26 and ₹4 Mn in Q4-FY25.
Depreciation: ₹40 Million, a decrease of 2.4% Q-o-Q and 4.8% Y-o-Y.
Finance Cost: ₹20 Million, increased by 33.3% Q-o-Q and 42.9% Y-o-Y.
Profit Before Tax (PBT): ₹31 Million, a significant improvement from ₹4 Mn in Q3-FY26 and a loss of ₹(31) Mn in Q4-FY25. This was before exceptional items.
Exceptional Items: Nil in Q4-FY26, compared to ₹7 Mn in Q3-FY26.
Tax Expense: ₹2 Million.
Profit After Tax (PAT): ₹29 Million, a significant improvement from ₹4 Mn in Q3-FY26 and a loss of ₹(7) Mn in Q4-FY25.
PAT Margin: 2.47%, improved by 212 Bps Q-o-Q and 308 Bps Y-o-Y.
Earnings Per Share (EPS): ₹1.53 (not annualized), compared to ₹0.22 in Q3-FY26 and ₹(0.35) in Q4-FY25.

Full Year FY26 Financial Performance

Revenue from Operations: ₹4,552 Million, a 5.7% increase from ₹4,305 Mn in FY25.
Total Expenses: ₹4,357 Million, a 3.9% increase from ₹4,195 Mn in FY25.
EBITDA: ₹195 Million, a 77.3% increase from ₹110 Mn in FY25.
EBITDA Margin: 4.28%, improved by 172 basis points from 2.56% in FY25.
Other Income: ₹54 Million, doubled from ₹27 Mn in FY25.
Depreciation: ₹167 Million, increased by 10.6% from ₹151 Mn in FY25.
Finance Cost: ₹69 Million, increased by 27.8% from ₹54 Mn in FY25.
Profit Before Exceptional Items: ₹13 Million, a turnaround from a loss of ₹(68) Mn in FY25.
Exceptional Items: ₹7 Million for FY26 (nil in FY25).
Profit Before Tax (PBT): ₹6 Million, a turnaround from a loss of ₹(68) Mn in FY25.
Tax Credit: ₹(7) Million, compared to a tax credit of ₹(29) Mn in FY25.
Profit After Tax (PAT): ₹13 Million, a significant turnaround from a loss of ₹(39) Mn in FY25.
PAT Margin: 0.29%, improved by 120 Bps from (0.91)% in FY25.
Earnings Per Share (EPS): ₹0.67 (not annualized), a positive turnaround from ₹(2.08) in FY25.

Divisional Performance Breakdown

Products & Solutions Group (PSG):
Q4-FY26 Revenue: ₹804 Mn, a 2.3% Q-o-Q increase from ₹786 Mn but a 0.9% decrease from ₹811 Mn in Q4-FY25.
FY26 Revenue: ₹3,164 Mn, a 3.0% increase from ₹3,073 Mn in FY25. Growth was driven by higher volumes of existing products and new offerings for manufacturing and logistics segments.
Customer Support Services (CSS):
Q4-FY26 Revenue: ₹370 Mn, a 5.7% Q-o-Q increase from ₹350 Mn and a 10.4% Y-o-Y increase from ₹335 Mn.
FY26 Revenue: ₹1,388 Mn, a 12.7% increase from ₹1,232 Mn in FY25. Growth was driven by an uptick in volumes across all CSS business verticals.

Balance Sheet Highlights (as of FY26 end)

Total Equity: ₹959 Mn (FY25: ₹944 Mn)
Share Capital: ₹186 Mn (unchanged from FY24 and FY25)
Total Borrowings: ₹416 Mn (Non-current: ₹53 Mn; Current: ₹363 Mn)
Trade Receivables: Increased to ₹951 Mn from ₹720 Mn in FY25.
Inventories: Increased to ₹714 Mn from ₹647 Mn in FY25.
Cash and Cash Equivalents: ₹22 Mn (FY25: ₹32 Mn)
Total Assets: ₹2,825 Mn (FY25: ₹2,622 Mn)

Strategic and Operational Overview

The presentation outlines the company's integrated business model combining Electronics Manufacturing Services (EMS) with Product and Solution Groups (PSG) and Customer Support Services (CSS). Key strategic highlights include:

A commitment to leading-edge technology, demonstrated by new Surface Mount Technology (SMT) lines at the Tumakuru facility.
CSS offers end-to-end services including field support, infra managed services, repair, eAuction, and e-Waste management, supported by an in-house AI/ML-enabled CRM platform.
The PSG aims to be a trusted single-point solution provider with hardware devices integrated with software solutions for sectors like banking, retail, government, and logistics.
A focus on 'Make in India' through an engineering development centre in Bangalore and manufacturing capabilities (SKD and CKD) at the Tumakuru factory.
Growth through contract manufacturing services for technology partners.

Stock Market Information (As on 31st March 2026)

Market Capitalization: ₹6,723.4 Million
Equity Shares Outstanding: 18.7 Million
Face Value: ₹10.0
Market Price: ₹360.5
52-Week High/Low: ₹740.9 / ₹298.5
1-Year Average Trading Volume: 162.7 ('000)