TVS Supply Chain Solutions Ltd

Q2 FY26

TVS Supply Chain Solutions Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹121

Market cap₹6.0K Cr

P/E32.1

Updated23 Aug 2026

Read4 min read

The short version

India business expected to grow 4-5% quarter-on-quarter, driven by a strong pipeline and large deals. TVS Supply Chain Solutions targets mid-teen overall revenue growth across segments.

From TVS Supply Chain Solutions Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

India business expected to grow 4-5% quarter-on-quarter, driven by a strong pipeline and large deals.
Reduction in GST rates anticipated to boost consumption, leading to increased production and distribution volumes in India.
New business wins of INR 204 crores secured in the quarter; target to obtain INR 300-350 crores new business per quarter for mid-teen overall growth.
ISCS segment to sustain revenue and margin growth, benefiting from Project One with annualized savings of INR 110-120 crores starting Q3.
GFS segment cautiously optimistic; volume growth expected, though pricing pressures and macro headwinds persist.

2 more points management made on revenue & sales performance

Profitability & Margins

TVS Supply Chain Solutions targets mid-teen overall revenue growth across segments.
ISCS segment margins (~8.5%) expected to improve sequentially in Q3 and Q4 FY '26 due to Project One benefits.
Project One anticipated to deliver annualized savings of INR100-120 crores, with in-year savings of ~INR50 crores, supporting margin expansion.
GFS segment aims to stabilize and improve margins to around 4%-4.5% EBITDA in the near term; currently affected by macro uncertainties.
Management focused on achieving 4% PBT by Q4 FY '27 with plans to improve further towards industry benchmarks (8%-11% PBT).

2 more points management made on profitability & margins

See what TVS Supply Chain Solutions Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

The increase in net debt to INR 285.7 crores as of September 2025 (from INR 232.2 crores in March 2025) is primarily due to capex funding for a major project in Supply Chain Solutions (SCS) North America.
No specific new capex projects were detailed in the provided text.
Strategic initiatives include Project One in the UK and Europe aiming for annualized savings of INR 110-120 crores and in-year savings of INR 50-60 crores, indicating ongoing investment in cost reduction and operational efficiency.

2 more points management made on capital expenditure plans

Fundraising & Capital Structure

No mentions of any current or planned fundraising through debt or equity in the provided transcript.
Net debt increased from INR232.2 crores (March 2025) to INR285.7 crores (September 2025), primarily due to capex funding for a major North America project.
The company is focused on strategic initiatives, operational efficiency, margin improvement, and cash flow generation rather than external fundraising.
No discussions or indications related to equity issuance or new debt raising were disclosed in the earnings call or related statements.

See what TVS Supply Chain Solutions Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

TVS Supply Chain Solutions reports an order pipeline of approximately INR 6,200 crores.
Roughly one-third of this order book is from the India business.
The company secured new business wins worth INR 204 crores in the recent quarter, representing 8.1% of Q2 FY '25 revenue.
The strong pipeline provides solid revenue visibility going forward, with several large deals expected to contribute in upcoming quarters.

2 more points management made on order book & pipeline

TVS Supply Chain Solutions Ltd — Quarterly revenue & net profit

Revenue Net profit Net loss

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹3.0K Cr, net profit ₹18 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What TVS Supply's management said in earlier quarters

Others in Transport Services this season

ABS Marine Services Ltd (Q2 FY26)
H1 FY26 revenue: ₹136.04 Cr vs. Key concall takeaways from ABS Marine Services Ltd's Q2 FY26 earnings call — and how it ranks against sector peers.
VRL Logistics (Q2 FY26)
Q2 saw ~14%-15% of volumes from new customers and 2%-3% growth from existing customers on a quarter-on-quarter (QoQ) basis. Key concall takeaways from VRL…
Western Carriers (Q2 FY26)
Domestic volumes showed strong growth (25%-26% quarter-on-quarter), driving overall growth despite muted EXIM growth due to geopolitical issues. Key concall…
Ecos (India) (Q2 FY26)
The company delivered 28% year-on-year revenue growth in H1 FY '26, driven by higher trip volumes and client additions. Key concall takeaways from Ecos (India)…

Compare:vs Interglobe Aviation Ltd vs Container Corporation Of India Ltd vs Delhivery Ltd

🔎 Who's planning the most growth?

Companies ranked by management's own guidance — revenue, margins, capex and order book, from every earnings call in India.

See rankings →

Frequently Asked Questions

What were TVS Supply Chain Solutions Ltd Q2 FY26 results?

India business expected to grow 4-5% quarter-on-quarter, driven by a strong pipeline and large deals. TVS Supply Chain Solutions targets mid-teen overall revenue growth across segments.

What is TVS Supply Chain Solutions Ltd share price analysis?

TVS Supply Chain Solutions Ltd currently shows a neutral. The stock trades at a P/E of 32.1 with a market cap of ₹5,979 Cr. Investors should review the full earnings analysis for detailed insights.

Is TVS Supply Chain Solutions Ltd planning capital expenditure?

The increase in net debt to INR 285.7 crores as of September 2025 (from INR 232.2 crores in March 2025) is primarily due to capex funding for a major project in Supply Chain Solutions (SCS) North America.

Keep TVS Supply Chain Solutions Ltd on your radar — track it to get its next earnings analysis in your feed.

This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.