TVS Supply Q1 FY27 Results (NSE: TVSSCS)
Signal: Growth reaccelerated
The read
The operating trajectory improved materially, with Q1FY27 revenue of ₹3335.22 crore growing 28.7% YoY and EBITDA of ₹238.35 crore growing 28.2%, but reported PAT of ₹20.85 crore fell 70.4% because the prior-year ₹177.23 crore equity-accounted investee contribution did not repeat; the key thesis question is whether operating growth can translate into earnings without that volatile contribution.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,335.22 Cr | 28.7% | 10.0% |
| EBIT | ₹76.94 Cr | 38.8% | |
| Net profit | ₹20.85 Cr | -70.4% | |
| EPS | ₹0.47 | -70.6% | |
| EBIT margin | 7.1% |
P&L walk
Revenue accelerated to ₹3335.22 crore, +28.7% YoY and +10.0% QoQ, with EBITDA rising +28.2% to ₹238.35 crore at a 7.1% margin; however, PAT declined 70.4% to ₹20.85 crore because the equity-accounted investee contribution fell to ₹0.42 crore from ₹177.23 crore.
Segments
Global Forwarding Solutions was the momentum engine, with revenue rising 50.9% YoY to ₹921.08 crore and result rising 228.0% to ₹37.88 crore, while Integrated Supply Chain Solutions grew 21.9% and remained the larger profit contributor at ₹196.25 crore.
Key positives
- Revenue reached ₹3335.22 crore, +28.7% YoY, accelerating from +21.3% in Q4FY26.
- Global Forwarding Solutions revenue grew 50.9% YoY to ₹921.08 crore and segment result grew 228.0% to ₹37.88 crore.
- EBITDA rose 28.2% YoY to ₹238.35 crore, broadly keeping pace with revenue growth despite the prior quarter's 7% operating-margin base.
- Finance costs increased only 19.3% YoY to ₹45.23 crore, slower than 28.7% revenue growth.
Key concerns
- PAT attributable to owners fell 70.4% YoY to ₹20.85 crore despite 28.7% revenue growth because equity-accounted investee profit fell from ₹177.23 crore to ₹0.42 crore.
- EBITDA margin was 7.1%, with EBITDA growth of 28.2% only marginally below revenue growth of 28.7%; the quarter did not demonstrate clear operating-margin expansion.
- Standalone EBITDA declined 5.0% YoY to ₹51.13 crore despite standalone revenue growth of 25.4% to ₹586.66 crore.
Earnings quality: includes non-operating other income
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