TSF Investments September profit rises 49% to Rs 153.14 crore

TSF Investments Limited reported consolidated profit after tax and share of profit from associates of Rs 153.14 crore for the quarter ended 30 September 2026, up 49% from Rs 102.86 crore a year earlier. The result included Rs 102.61 crore from associates, while profit before tax rose to Rs 61.13 crore.

How did TSF Investments' September-quarter profit change?

TSF Investments' consolidated profit after tax and share of profit from associates rose by Rs 50.28 crore year on year, from Rs 102.86 crore in the quarter ended 30 September 2025 to Rs 153.14 crore in the quarter ended 30 September 2026. Profit attributable to owners increased to Rs 149.97 crore from Rs 100.50 crore, while profit attributable to non-controlling interests rose to Rs 3.16 crore from Rs 2.37 crore.

The increase in reported profit differed from the movement in total comprehensive income, which declined to Rs 190.18 crore from Rs 239.86 crore. Other comprehensive income attributable to owners was Rs 37.06 crore in the latest quarter, compared with Rs 136.98 crore a year earlier. Basic and diluted earnings per equity share were Rs 6.75, against Rs 4.52 in the corresponding 2025 quarter; the company said quarterly earnings per share are not annualised.

TSF Investments' profit after tax and associate income for the half year ended 30 September 2026 was Rs 278.08 crore, compared with Rs 261.25 crore a year earlier. The smaller half-year increase reflected the Rs 40.99 crore gain from fair valuation of a previously held equity interest on a business combination included in the half year ended 30 September 2025.

What drove TSF Investments' reported profit?

TSF Investments' net share of profit from associates was Rs 102.61 crore in the September 2026 quarter, accounting for a substantial part of the Rs 153.14 crore consolidated profit after tax and associate income. The associate contribution rose 37% from Rs 74.66 crore a year earlier and also exceeded Rs 91.74 crore reported in the quarter ended 30 June 2026.

Profit before tax, before the associate contribution, increased 39% to Rs 61.13 crore from Rs 44.05 crore. Total income grew 26% to Rs 319.92 crore, while total expenses rose 15% to Rs 258.79 crore from Rs 210.49 crore. The results show that both the consolidated businesses and associate earnings contributed to the year-on-year increase in reported profit.

Profit after tax before associates was Rs 50.52 crore, compared with Rs 28.20 crore in the September 2025 quarter. Current tax was Rs 11.69 crore versus Rs 11.72 crore, while deferred tax was a Rs 1.09 crore credit in the latest quarter compared with a Rs 4.13 crore expense a year earlier.

TSF Investments' standalone profit after tax was Rs 37.76 crore in the September 2026 quarter, against Rs 23.62 crore a year earlier. Standalone total income was Rs 42.26 crore, including Rs 21.93 crore of fair-value gains on financial instruments measured through fair value through profit or loss, compared with Rs 35.47 crore of total income in the prior-year quarter.

Which TSF Investments business segments changed most?

TSF Investments' manufacturing segment recorded the largest revenue and segment-result increase among its three reported segments. Manufacturing revenue rose 29% to Rs 275.60 crore in the September 2026 quarter from Rs 212.89 crore a year earlier, while its segment result increased 53% to Rs 37.48 crore from Rs 24.53 crore.

The investments segment reported revenue of Rs 23.13 crore, up from Rs 21.43 crore, and a segment result of Rs 17.74 crore, up from Rs 13.31 crore. Overseas support services revenue increased to Rs 18.31 crore from Rs 15.74 crore, but segment result declined to Rs 7.01 crore from Rs 7.71 crore. Total segment revenue increased by Rs 66.98 crore to Rs 317.04 crore.

Sales of products were Rs 251.99 crore, compared with Rs 197.33 crore in the prior-year quarter, while sale of services rose to Rs 26.20 crore from Rs 21.51 crore. Other operating revenue increased to Rs 15.71 crore from Rs 9.79 crore. Cost of materials consumed rose to Rs 180.54 crore from Rs 113.29 crore, while changes in inventories were a Rs 20.98 crore reduction in expenses, against a Rs 12.77 crore expense a year earlier.

For the half year ended 30 September 2026, manufacturing revenue was Rs 530.00 crore, compared with Rs 353.08 crore in the corresponding prior-year half year. Manufacturing segment result was Rs 65.06 crore, up from Rs 39.59 crore, while overseas support services' half-year segment result declined to Rs 13.07 crore from Rs 14.01 crore.

What balance-sheet and post-quarter events matter for TSF Investments?

TSF Investments reported consolidated total assets of Rs 7,115.31 crore at 30 September 2026, compared with Rs 6,747.88 crore at 31 March 2026. Investments increased to Rs 6,132.98 crore from Rs 5,780.76 crore, while inventories rose to Rs 204.36 crore from Rs 151.73 crore.

Consolidated borrowings were Rs 143.85 crore at 30 September 2026, down from Rs 219.66 crore at 31 March 2026. Trade payables to creditors other than micro and small enterprises increased to Rs 180.38 crore from Rs 109.61 crore, and manufacturing segment liabilities rose to Rs 395.64 crore from Rs 224.77 crore over the same period.

During the September 2026 quarter, TSF Investments acquired a further 12,83,241 shares of Wheels India Limited for Rs 188.96 crore. The company also said that a National Company Law Tribunal order approved the merger of Forge 2000 P Ltd., a wholly owned subsidiary, with Axles India Limited, a subsidiary, with an appointed date of 1 April 2025; it said the impact was not material to consolidated results.

In October 2026, after the reporting date, TSF Investments sold its entire holding of listed equity shares in TVS Holdings Limited for net consideration of Rs 822.51 crore. The company said the resulting after-tax net gain of Rs 731.22 crore, after adjusting Rs 188.89 crore in other comprehensive income arising from a market-price decrease subsequent to the reporting date, was transferred from the other comprehensive income reserve to retained earnings in the third quarter of financial year 2026-27.

Conclusion

TSF Investments' September-quarter increase to Rs 153.14 crore combined higher consolidated profit before tax of Rs 61.13 crore and a Rs 102.61 crore associate contribution. Manufacturing was the largest operating segment by both revenue and result, reporting Rs 275.60 crore of revenue and a Rs 37.48 crore segment result, while overseas support services delivered higher revenue but lower segment profit.

The next reported quarter is expected to reflect the accounting treatment disclosed for the October 2026 TVS Holdings Limited stake sale, which generated Rs 822.51 crore in net consideration and an after-tax net gain of Rs 731.22 crore transferred to retained earnings in the third quarter of financial year 2026-27. Investors can also watch the effect of the Rs 188.96 crore additional Wheels India Limited share acquisition on the investments portfolio.