TVS Supply Chain Solutions Ltd

- No concrete plans for large organic capex or inorganic spend beyond current activities. - Capex is about 1.1% of revenue, expected to continue at a similar level for new projects. - The recently announced acquisition of Swamy & Sons is fully funded through internal accruals. - The company continues to look at inorganic opportunities and will inform stakeholders if anything materializes. - No explicit mention of new fundraising through debt or equity in the discussed quarters. - Debt as of September 30 was about INR 850 crores (excluding lease liabilities), with no indication of plans to increase this substantially.

- Capex spending is about 1.1% of revenue and expected to continue at this level, primarily for new projects as in previous years. - No concrete plans for large organic capex or inorganic spend currently, other than the recent acquisition of Swamy & Sons. - Acquisition of Swamy & Sons is a key inorganic strategic investment to strengthen presence in FMCG and consumption-led supply chain space in India; fully funded through internal accruals and expected to be EBITDA, PBT, and ROCE accretive. - The company continues to look for inorganic opportunities and will inform stakeholders if any material deals materialize. - Capital allocation remains primarily focused on the ISCS business, especially on reviving the Europe business and investing in India operations.

- TVS Supply Chain Solutions targets double-digit revenue growth, focusing on both ISCS and GFS segments. - FY '27 outlook remains positive, with the company confident about achieving a 4% PBT margin. - Strong and diversified sales pipeline of approximately INR6,300 crores supports revenue visibility. - Growth in the ISCS segment is expected from India, Europe, and North America. - GFS segment saw significant volume growth in Q3 FY26 (ocean freight up ~29.6%, air freight up ~18.7% YoY) and is anticipated to revive in FY '27 as macroeconomic conditions improve. - New customer additions in ISCS (hundreds) and GFS (thousands) sectors are expected. - Acquisition of Swamy & Sons strengthens presence in the Indian FMCG supply chain, expected to add INR200 crores revenue with accretive margins. - Overall momentum and disciplined execution are driving sustained revenue growth.

- TVS Supply Chain Solutions aims for continued double-digit revenue growth driven by strong new business wins and pipeline across India, Europe, and North America. - The company targets a 4% profit before tax (PBT) margin in FY27 as a key aspirational goal, supported by margin expansion initiatives. - Project One cost-saving initiatives are expected to deliver annualized savings of INR100-120 crores, enhancing profitability. - The recent acquisition of Swamy & Sons is accretive on EBITDA and PBT, expanding presence in FMCG and consumption-led supply chains in India. - Management expects sustained margin improvement at both adjusted EBITDA and PBT levels through disciplined execution and improved business mix. - Growth momentum in ISCS and volume upticks in Global Forwarding Solutions (GFS) are likely to drive operating earnings growth. - Cash generation and revenue visibility are set to improve with a strong diversified business pipeline.

- The overall order pipeline stands strong at approximately INR 6,300 crores, providing clear revenue visibility for the coming quarters. - Revenue from new business wins in Q3 FY26 was over INR 319 crores, representing 13% of Q3 FY25 revenue. - For the first 9 months of FY26, revenue from new business wins totaled INR 683 crores, about 9.1% of the 9-month FY25 revenue. - The company maintains a healthy and diversified funnel of opportunities across India, Europe, and North America. - The pipeline spans both segments: Integrated Supply Chain Solutions (ISCS) and Global Forwarding Solutions (GFS). - The focus remains on strong business development and converting pipeline into sustained revenue growth.