TVS Supply Chain Solutions Q1 FY27: Growth holds, margins rebuild

Revenue from operations in Q1 FY27 was INR 3,335.2 crore (up 28.7% YoY and 10.0% QoQ).

ISCS revenue was INR 2,417 crore and GFS revenue was INR 918 crore in Q1 FY27. Adjusted EBITDA margins were 8.1% for ISCS and 4.1% for GFS.

Adjusted EBITDA was INR 232.2 crore (7.0% margin) and adjusted PBT was INR 32.1 crore (1.0% margin). PAT was INR 22.5 crore; operational PAT was also INR 22.5 crore.

New business wins were INR 543 crore in Q1 FY27. The business development pipeline was stated at INR 7,500 crore.

Swamy and Sons 3PL was acquired on 22 May 2026. Management said Q1 FY27 includes about 40 days of performance and that it was accretive for the quarter.

TVS SCS announced a partnership/joint venture with ALA Group (Italy) for defence and aerospace logistics. Management said revenue is expected to start in H2 FY27 after required certifications.

Management stated there will be no dilution because the entities being merged are already 100% subsidiaries; the purpose is to reduce compliance costs and simplify operations.