TSF Investments Ltd Q3 FY26 – ₹6.70 Dividend, ₹10,111 Cr Market Cap, 21.6x P/E: Boring, Rich, and Proud of It

1. At a Glance – The “I Don’t Need to Impress You” Company

TSF Investments Ltd is that rich uncle who never posts on Instagram, but somehow always pays for dinner. At a market cap of ₹10,111 crore, trading at ₹455, the company just declared an interim dividend of ₹6.70 per share (134%) while most “growth stories” were busy explaining why margins fell.

Let’s be clear upfront:
This is not a high-ROCE, asset-light, disruption fantasy.
This is a holding company sitting on a fat portfolio of auto ancillaries, quietly clipping dividends, occasionally writing big cheques, and absolutely refusing to chase valuation glamour.

Key numbers screaming quietly:

• P/E: 21.6
• Book Value: ₹266
• P/B: 1.71
• ROE: 7.9%
• Debt/Equity: 0.05 (almost allergic to leverage)
• PAT (TTM): ₹473 Cr
• EPS (TTM): ₹21.11

Stock returns?

• 1 year: +58.8%
• 3 years: +74.8%
• 5 years: +47.2% CAGR

Not bad for something everyone calls “boring”, right?

Ask yourself honestly:
How many ‘exciting’ stocks actually paid you ₹6.70 in cash last week?

2. Introduction – What TSF Really Is (And What It Isn’t)

TSF Investments Ltd, formerly Sundaram Finance Holdings Ltd, exists for one purpose:
to own good businesses and let them make money.

That’s it.
No pitch decks. No AI buzzwords. No ESG poetry.

Its income is dominated by:

• Dividends from portfolio companies
• Consolidation benefits from subsidiaries
• Occasional exits and acquisitions inside the TVS ecosystem

The company does not try to:

• Maximise quarterly ROE
• Smooth earnings for analysts
• Explain volatility to Twitter influencers

Which is why:

• Quarterly revenue looks like a heart-attack ECG
• ROCE looks unimpressive
• Cash flows quietly do the heavy lifting

This is a capital allocator, not an operator.
Judge it like one, or don’t judge it at all.

3. Business Model – WTF Do They Even Do?

Think of TSF as a family