Regulatory Disclosure Details

Q4 FY26 Financial Performance

Revenue Performance:

  • Revenue from operations: INR 3,032.2 Crore, representing 21.3% YoY growth from INR 2,498.8 Crore in Q4 FY25
  • 11.7% QoQ growth from INR 2,715.81 Crore in Q3 FY26
  • Other Income: INR 10.5 Crore (INR 13.4 Crore in Q4 FY25)

Profitability Metrics:

  • EBITDA: INR 218.3 Crore, up 29.2% YoY from INR 169.0 Crore
  • EBITDA Margins: 7.2% (6.8% in Q4 FY25)
  • Adjusted EBITDA: INR 222.0 Crore, up 37.5% YoY from INR 161.4 Crore
  • Adjusted EBITDA Margins: 7.3% (6.5% in Q4 FY25)
  • Profit Before Exceptional Items: INR 30.9 Crore, up 138.6% YoY from INR 13.0 Crore
  • Adjusted PBT: INR 30.9 Crore, up 72% YoY from INR 18.0 Crore in Q4 FY25
  • Adjusted PBT Margins: 1.0% (0.7% in Q4 FY25)
  • Profit After Tax: INR 18.4 Crore (compared to loss of INR 3.9 Crore in Q4 FY25)
  • PAT Margins: 0.6% (-0.2% in Q4 FY25)

Exceptional Items: INR 5.2 Crore in Q4 FY26 (impact of New Labour Code in India)

Full Year FY26 Financial Performance

Annual Revenue:

  • Revenue from operations: INR 11,003.0 Crore, up 10.1% YoY from INR 9,995.7 Crore in FY25
  • Other Income: INR 37.8 Crore (INR 33.2 Crore in FY25)

Annual Profitability:

  • EBITDA: INR 782.6 Crore, up 13.2% YoY from INR 691.3 Crore
  • EBITDA Margins: 7.1% (6.9% in FY25)
  • Adjusted EBITDA: INR 773.0 Crore, up 14.5% YoY from INR 675.3 Crore
  • Adjusted EBITDA Margins: 7.0% (6.8% in FY25)
  • Profit Before Exceptional Items: INR 96.9 Crore, up 230.1% YoY from INR 29.4 Crore
  • TVS ILP InVit Gain: INR 177.2 Crore (recognized in FY26)
  • Adjusted PBT: INR 99.3 Crore, up 166% YoY from INR 37.3 Crore
  • Profit After Tax: INR 117.0 Crore (compared to loss of INR 9.6 Crore in FY25)
  • PAT Margins: 1.1% (-0.1% in FY25)

Exceptional Items for FY26: INR 105.6 Crore, comprising INR 91 Crore for Europe restructuring costs in Q1 FY26 and INR 14.3 Crore for impact of New Labour Code in India across Q3 and Q4

Segment Performance - Q4 FY26

Integrated Supply Chain Solutions (ISCS):

  • Adj. EBITDA: INR 212.8 Crore, up 29.2% YoY from INR 164.7 Crore
  • Margins: 9.3% (8.5% in Q4 FY25)
  • QoQ growth: 16.3%

Global Freight Solutions (GFS):

  • Revenue growth: 34.8% YoY driven by recovery in volumes
  • Adj. EBITDA: INR 18.3 Crore, up significantly from INR 8.7 Crore in Q4 FY25
  • Margins: 2.4% (1.6% in Q4 FY25)

Geographic Performance

ISCS India:

  • YoY growth: 17.3%
  • QoQ growth: 15.7%
  • Strong momentum from new business wins

ISCS Europe:

  • Clear profitability inflection with margin expansion
  • QoQ growth: 15.7%
  • Supported by Project One initiatives and better business mix

Operational Highlights

New Business Development:

  • Q4 FY26 new business wins: INR 524 Crore (record high)
  • FY26 total new business wins: INR 1,207 Crore (12% of FY25 revenue)
  • Robust business development pipeline: INR 6,100 Crore

Strategic Initiatives:

  • Project One cost take-out initiatives driving margin improvement
  • Acquisition of Swamy & Sons concluded in May 2026 (margin accretive)
  • Technology integration: AI and robotics in operations
  • Patent application for "Unified Logistics Platform" accepted

Operational Metrics (as of March 31, 2026):

  • Total warehouse capacity: 19.6 Mn Sq. Ft across 26 countries
  • Permanent employees: 13,039
  • Regional breakdown:
  • India: 2.0 Mn Sq. Ft, 641 employees
  • Europe: 2.2 Mn Sq. Ft, 2,173 employees
  • North America: 1.3 Mn Sq. Ft, 748 employees

Cash Flow and Balance Sheet

Cash Flow Statement (FY26):

  • Cash generated from operations: INR 287.4 Crore
  • Operating profit before working capital changes: INR 302.6 Crore
  • Changes in working capital: -INR 15.2 Crore
  • Direct taxes paid: INR 44.8 Crore
  • Net Cash from Operating Activities: INR 242.6 Crore
  • Net Cash from Investing Activities: -INR 291.7 Crore
  • Net Cash from Financing Activities: INR 54.4 Crore

Balance Sheet Position (FY26 vs FY25):

  • Total Assets: INR 7,199.9 Crore (INR 5,757.8 Crore)
  • Cash equivalents: INR 612.8 Crore (INR 544.9 Crore)
  • Trade receivables: INR 1,644.5 Crore (INR 1,440.4 Crore)
  • Total Equity: INR 2,062.3 Crore (INR 1,835.5 Crore)
  • Lease liabilities: INR 1,645.1 Crore (INR 1,228.7 Crore)
  • Borrowings: INR 1,110.3 Crore (INR 859.4 Crore)

Management Commentary

According to Global CFO R Vaidhyanathan:

  • Q4 delivered strong growth, improved margins, and higher profitability
  • FY26 established a strong foundation for sustainable growth from FY27 onwards
  • Operational focus remains on improving margin trajectory and steady cash generation
  • Company demonstrated resilience despite geopolitical developments affecting freight rates

Corporate Governance

Board of Directors:

  • R. Dinesh (Executive Chairman)
  • Ravi Viswanathan (Managing Director)
  • Shobana Ramachandran, Anand Kumar, Ashish Kaushik (Directors)
  • B Sriram, Gauri Kumar, K Ananth Krishnan, Narayan K Seshadri (Independent Directors)

Global Leadership Team:

  • Vikas Chadha (Global CEO)
  • R Vaidhyanathan (Global CFO)
  • Siddharth Jairaj (CEO, APAC Region & GFS Business)
  • Ethirajan Balaji (Global CHRO)
  • Dinesh Narayan (Global CIO & Legal)
  • Kameswaran Sukumar (CEO, India, Middle East & Africa Business)
  • Richard Vieites (CEO, Europe & North America Business)
  • Jonathan Croydon (EVP, UK & Europe Business)

Investor Contact Information

  • Mr. Karthik Venkatraman, Head Investor Relations: investor.relations@tvsscs.com
  • Ms. Anvita Raghuram / Ms. Neha Dingria: +91 226 169 5988, tvsscs@churchgatepartners.com
  • Corporate office: Tamarai Tech Park, South block - 3rd Floor, No. 16, SP Developed Plot, Jawaharlal Nehru Road, Industrial Estate, Guindy, Chennai - 600 032