Chennai : TVS Supply Chain Solutions Limited (NSE: TVSSCS, BSE: 543965), a global supply chain solutions provider and one of India’s largest and fastest-growing integrated supply chain solutions companies, today announced its consolidated unaudited financial results for the quarter ended 31st December 2025 and nine months ended FY26. The key highlights of the quarter were double-digit revenue growth, margin expansion and continued progress on profitability, disciplined execution and improving operating leverage.
Q3 FY26 (Consolidated) performance compared with Q3 FY25
• Revenue ₹2,715.81 crores as compared to ₹2,444.62 crores
• Adjusted EBITDA ₹199.31 crores as compared to ₹150.38 crores
• Operational PBT1 ₹25.13 crores compared to (₹15.19) crores
• Reported PBT ₹16 crores compared to (₹15.19) crores
• Operational PAT1 ₹18.02 crores compared to (₹ 23.80) crores
• Reported PAT ₹ 11.19 crores compared to (₹ 23.80) crores
1 Operational PBT & PAT is excluding the impact of new wage code in Q3FY26
For Q3 FY26, the company reported revenue from operations of ₹2,715.81 crore, up 11.1% year-on-year, supported by continued strength in ISCS segment and a significant recovery in volumes in the GFS segment. Adjusted EBITDA rose 32.5% YoY to ₹199.31 crore, with margins expanding by 120 bps to 7.34% (against 6.15% in the previous year), reflecting the growth and operating leverage.
Profit Before Tax (PBT) before exceptional items for Q3 FY26 stood at ₹25.13 crore as against a loss of ₹15.19 crore in Q3 FY25 reflecting improved operating performance and margin expansion. Profit After Tax (PAT) was ₹11.19 crore against a loss of ₹23.8 crore YoY, reflecting the strength of the underlying operating performance. The company also registered a robust order pipeline of ₹6,300 crore and revenue from new business wins for Q3 at ₹319 crore.
For the nine months ended FY26, revenue increased 6.3% YoY to ₹7,970.75 crore. Adjusted EBITDA rose 7.4% to ₹548.72 crore, with margins improving to 6.88%. PBT for the 9 month period stood at ₹243.3 crore (including a one-time gain of ₹177 crore from the TVS ILP InVIT in Q1FY26), compared to ₹16.4 crore in the same period last year. PAT for the 9 month period was ₹98.66 crore, compared to a loss of ₹5.72 crore in the corresponding period last year, underscoring the company’s focus on profitable growth.
Commenting on the Q3 FY26 performance, Ravi Viswanathan, Managing Director, TVS Supply Chain Solutions Ltd., said, “Q3 marked a significant milestone for us, with strong top-line growth, a step-change in EBITDA performance and margins, and continued progress on profitability. The quarter was led by strong business growth in India, supported by disciplined execution across our operating regions and a sharp focus on efficiency.”
R Vaidhyanathan, Global Chief Financial Officer, TVS Supply Chain Solutions Ltd., said, “Q3 reflected continued improvement in earnings, supported by margin expansion and stronger operating leverage in the ISCS segment. Growth in PBT and PAT reflects the actions we have taken to improve profitability. We remain committed on sustaining the margin progression and improving overall return metrics.”
Below is the summary of the business and financial performance of the two operating segments along with the consolidated financial performance:
Integrated Supply Chain Solutions (‘ISCS’):
| Integrated Supply Chain Solutions segment (‘ISCS’) (Amount in ₹ Cr.) | Q3 FY26 | Q2 FY26 | Q3 FY25 | Q-o-Q Growth | Y-o-Y Growth | 9M FY26 | 9M FY25 | Y-o-Y Growth |
| ISCS Segment Revenue | 1979.52 | 1993.01 | 1827.44 | (0.68%) | 8.32% | 5955.42 | 5571.51 | 6.89% |
| ISCS Adj. EBITDA | 182.89 | 173.83 | 146.73 | 5.21% | 24.64% | 520.83 | 464.91 | 12.03% |
| ISCS Adj. EBITDA margin % | 9.24% | 8.72% | 8.03% | – | – | 8.75% | 8.34% | – |
Integrated Supply Chain Solutions (ISCS) continued to anchor performance, with Q3 FY26 revenue of ₹1,979.52 crore, up 8.32% YoY. Adjusted EBITDA increased 24.64% YoY to ₹182.89 crore, with margins expanding to 9.24%, driven by growth and productivity improvements, higher value-added services, and strong execution across contracts. For 9M FY26, ISCS EBITDA grew 12.03% YoY with margins improving to 8.75%.
Global Forwarding Solutions (‘GFS’):
| Global Forwarding Solutions (“GFS”) (Amount in ₹ Cr.) | Q3 FY26 | Q2 FY26 | Q3 FY25 | Q-o-Q Growth | Y-o-Y Growth | 9M FY26 | 9M FY25 | Y-o-Y Growth |
| GFS Segment Revenue | 736.29 | 669.63 | 617.18 | 9.95% | 19.30% | 2015.33 | 1925.39 | 4.67% |
| GFS Adjusted EBITDA | 17.26 | 13.59 | 11.51 | 27.01% | 49.96% | 42.40 | 60.74 | (30.19%) |
| GFS Adjusted EBITDA margin % | 2.34% | 2.03% | 1.86% | – | – | 2.10% | 3.15% | – |
Global Forwarding Solutions (GFS) delivered a sequential recovery, with Q3 FY26 revenue rising 9.95% QoQ and 19.30% YoY to ₹736.28 crore. Adjusted EBITDA improved 27.01% QoQ to ₹17.26 crore, with margins expanding to 2.34%, reflecting early benefits of cost actions and stabilising volumes, even as macro conditions remained challenging.
Summary of Consolidated Financial Performance:
| In ₹Cr | Q3 FY26 | Q2 FY26 | Q3 FY25 | Q-o-Q Growth | Y-o-Y Growth | 9M FY26 | 9M FY25 | Y-o-Y Growth |
| Revenue from operations | 2715.81 | 2662.63 | 2444.62 | 2.00% | 11.09% | 7970.75 | 7496.89 | 6.32% |
| Adjusted EBITDA | 199.31 | 177.40 | 150.38 | 12.35% | 32.54% | 548.72 | 510.96 | 7.39% |
| Adj. EBITDA margin % | 7.34% | 6.66% | 6.15% | – | – | 6.88% | 6.82% | – |
| PBT before exceptional items | 25.13 | 23.32 | (15.19) | 7.76% | – | 243.21 | 16.40 | 1382.99% |
| PBT as reported | 16.00 | 23.32 | (15.19) | (31.39%) | – | 142.79 | 16.40 | 770.67% |
| PAT as reported | 11.19 | 16.31 | (23.80) | (31.39%) | – | 98.66 | (5.72) | – |
| PAT margin % | 0.41% | 0.61% | (0.97%) | – | – | 1.24% | (0.08%) | – |
