📌 At a Glance
TVS Supply Chain Solutions (TVSSCS) just crossed the ₹10,000 Cr revenue mark in FY25. Big moment? Yes. Profitable? Barely.
- FY25 Revenue: ₹9,996 Cr (+8.6%)
- FY25 PBT: ₹29.3 Cr (vs loss of ₹36.1 Cr in FY24)
- FY25 PAT: Still negative at ₹9.7 Cr loss (but better than ₹57.7 Cr loss last year)
- Q4 FY25 PAT: Back to a ₹3.9 Cr loss
One step forward, half a step back. But hey, at least they’re not bleeding as hard.
🧾 Full-Year FY25: The Rebound Is Real (Kind Of)
| Metric | FY25 | FY24 | YoY Change |
|---|---|---|---|
| Revenue | ₹9,996 Cr | ₹9,200 Cr | 🔼 +8.6% |
| Adjusted EBITDA | ₹667 Cr | ₹710 Cr | 🔽 -6% |
| PBT (Reported) | ₹29.3 Cr | (₹36.1 Cr) | 🔼 Turnaround |
| PAT (Reported) | (₹9.7 Cr) | (₹57.7 Cr) | 🔼 Massive improvement |
| Fortune 500 Clients | 91 | 78 | 🧳 +13 new big names |
So yes — they’re adding customers, fixing margins, and finally clawing toward profitability.
🧮 Q4 FY25 Snapshot: Mild Growth, But PAT Dips Again
| Metric | Q4 FY25 | Q4 FY24 | QoQ / YoY |
|---|---|---|---|
| Revenue | ₹2,499 Cr | ₹2,426 Cr | 🔼 +3.0% YoY |
| Adjusted EBITDA | ₹156 Cr | ₹174 Cr | 🔽 -10.4% YoY |
| PBT (Reported) | ₹13 Cr | ₹5 Cr | 🔼 161.7% |
| PAT (Reported) | (₹3.9 Cr) | ₹5.4 Cr | 🔽 Slipped |
👉 Q3 FY25 had a PBT loss of ₹15.2 Cr. So this quarter is definitely an improvement — but the profit’s still not sticking to the bottom line.
🏭 Segmental Breakdown: ISCS vs NS
🚛 Integrated Supply Chain Solutions (ISCS)
| Metric | FY25 | FY24 | YoY Change |
|---|---|---|---|
| Revenue | ₹5,496 Cr | ₹5,240 Cr | 🔼 +4.9% |
| Adj. EBITDA | ₹524 Cr | ₹536 Cr | 🔽 -2.4% |
| Margin (%) | 9.5% | 10.2% | 🔽 |
Strong North America play helped. India stayed flat. Margins slipped slightly but still lead the pack.
🌐 Network Solutions (NS)
| Metric | FY25 | FY24 | YoY Change |
|---|---|---|---|
| Revenue | ₹4,499 Cr | ₹3,960 Cr | 🔼 +13.6% |
| Adj. EBITDA | ₹169 Cr | ₹186 Cr | 🔽 -9.3% |
| Margin (%) | 3.7% | 4.7% | 🔽 |
NS grew faster, but weaker margins dragged down overall profitability.
🔮 Outlook: Order Book Flexing Time
- New contracts signed in FY25: ₹1,009 Cr
- Order pipeline: ₹5,250 Cr (record high)
- Fortune 500 clients: 91 (vs 78 last year)
📢 MD Ravi Viswanathan said:
“Our momentum is real. With ₹5,250 Cr in the pipe and big global clients backing us, FY26 is looking strong.”
Finance head R Vaidhyanathan echoed the optimism:
“₹195 Cr cash flow, strong recovery in Q4, and we’re going after profitability now.”
🧠 EduInvesting Take
TVS SCS did what most logistics companies can’t:
💥 Increased revenue, 💊 controlled costs, 📉 reduced losses, and 📦 grew customer base — all in one year.
BUT…
They’re still not profitable.
Their EBITDA is shrinking. PAT is still red.
Margins are tight. Stock is barely reacting.
TVS SCS is running a marathon on a treadmill.
Going nowhere fast — but not falling off either.
🧾 Final Verdict
✅ Revenue engine is running
✅ Exports and Fortune 500 wins are a big win
❌ PAT still negative
❌ Margins need CPR
TVS SCS has built the platform. Now they need to show they can extract real profits from it.
Otherwise, all this supply chain talk is just… well, moving boxes at scale.
🗓️ Published: May 28, 2025
✍️ By: Prashant Marathe
Tags: TVS Supply Chain Solutions, TVSSCS Q4 FY25 Results, Logistics Stocks India, Network Solutions, ISCS Segment, EBITDA vs PAT, Order Book ₹5,250 Cr, Fortune 500 Clients India
