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TVS Supply Chain Solutions Limited is an integrated supply chain management company that traces its roots to 1995, when it began operations as part of the TVS Group, before being incorporated as a separate entity in 2004. It ranked as India's largest listed supply chain solutions provider by revenue and revenue growth for fiscal 2023. The company operates across two broad segments, integrated supply chain solutions and network solutions, covering sourcing and procurement, inbound and in-plant logistics, warehousing, transportation, global freight forwarding, aftermarket parts fulfilment, and time-critical final-mile delivery. The company serves a diversified base of large domestic and multinational clients, including several Fortune Global 500 companies such as Sony India, Hyundai Motor India, and Johnson Controls-Hitachi, with an average customer relationship spanning around a decade for its top accounts. Its growth has been built partly through the acquisition and integration of specialist logistics businesses, expanding both its geographic footprint and its service capabilities across sectors such as automotive, industrial, and consumer goods. Revenue grew from roughly Rs 6,999.69 crore in FY2021 to Rs 10,311.01 crore in FY2023, with the company returning to profitability in FY2023 after reporting losses in the two preceding years. Backed by the TVS Group's promoter entities, the company positions itself to benefit from the expansion of India's organised logistics and supply chain market, while continuing to invest in its in-house technology platform to improve operational efficiency across its network.
Ahead of the issue opening, the company raised about Rs 396 crore from 18 anchor investors at the cap price of Rs 197 per share, including domestic mutual funds such as Franklin India, Tata, and Sundaram, along with SBI Life Insurance, Authum Investment, and other institutional investors.
Source: RHP • Analysis provided for informational purposes
Last Updated: 18 July 2026, 12:23 PM
Long-standing client relationships
The company has maintained an average relationship of about ten years with its top ten customers, reflecting strong client retention.
Growth through acquisitions
A track record of integrating acquired businesses has helped expand its service capabilities and win new customers over time.
End-to-end service breadth
It offers a full range of supply chain services backed by an in-house technology platform and a global operating network.
Consistent revenue growth
Revenue rose from about Rs 7,000 crore in FY2021 to over Rs 10,300 crore in FY2023.
Thin profitability margins
Low EBITDA and PAT margins mean only a small share of the large revenue base converts into profit.
Recent history of losses
The company reported net losses in FY2021 and FY2022 before returning to profit in FY2023.
High leverage
Net debt to equity stood at around three times as of March 2023.
MUFG Intime India Private Limited
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Premium valuation versus peers
The issue was priced at a price to earnings multiple well above the peer group average, adding valuation risk.