TVSELECT
TVS Electronics financials
- Market cap
- ₹772 Cr
- Sector
- Information Technology
- Calls analysed
- 2
TVS Elec. Q4 FY26
What went well
- Consolidated revenue from operations grew 2% YoY and 3% QoQ to ~Rs. 117 crores in Q4 FY26.
- EBITDA grew 233% YoY and 8% QoQ to ~Rs. 7 crores in Q4 FY26.
- EBITDA margin expanded 413 basis points YoY and 24 basis points QoQ to 5.96% in Q4 FY26.
What to watch
- Total revenue growth slowed to 5.7% in FY26 compared to 17.6% in FY25, attributed to letting go of low-margin opportunities.
- Debt-to-equity ratio increased from 0.34x to 0.43x in FY26 due to higher working capital requirements (inventory, receivables).
What TVS Electronics Limited does
TVS Electronics designs and manufactures point-of-transaction hardware (touch POS systems, thermal printers, dot matrix printers, keyboards, mice) and track-&-trace/AIDC products sold to retail, BFSI, government, manufacturing and logistics customers through its Product & Solutions Group (PSG). Its Customer Support Services (CSS) arm runs field support and warranty management, IT infrastructure managed services, repair services, and e-auction/asset-disposal services for OEMs and enterprise clients. The company also operates Electronics Manufacturing Services (EMS), using SMT lines at its Tumakuru plant to provide contract manufacturing, PCB assembly and box-build services to technology partners.
Segments
- Product & Solutions Group (PSG)
- Customer Support Services (CSS)
- Manufacturing plants
- 1 (Tumakuru, Karnataka)
- Manufacturing facility area
- 70,000 sq. ft ESD-compliant factory
- Branch offices
- 5
- Warehouses
- 14
- Drop points
- 66
- Authorized service partners
- 500+
Guidance record · Q4 FY26
what the last two calls moved 6 tracked 0 delivered 2 missed 4 open- R&D Expense as % of Revenue went quiet said Q2 FY26 Promised: I think our target is 2% to 3% to invest on the R&D and all the growth initiatives. Q4 FY26: No mention of R&D expenditure for Q4 or full year FY26 in the earnings call or presentation, making it impossible to verify against the 2-3% target for FY26.
- EBITDA Margin on track said Q2 FY26 Promised: I think, as the revenue scales in fixed cost remains at the same level, I think the margins should improve. Q4 FY26: EBITDA margin improved to 5.96% in Q4 FY26, up 413 bps YoY and 24 bps QoQ. Management states the improvement is structural, validating the guidance.
All 6 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 9.6%, net profit down 86.5% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 105 | 100 | 115 | 97 | 128 +22% | 114 +14% | 117 +2% | 106 +10% |
| EBITDA | 3 | 3 | 3 | 1 | 5 +81% | 7 +115% | 7 +165% | -2 −290% |
| Net profit | -1 | -1 | -1 | -4 | 2 +217% | 0 +163% | 3 +600% | -7 −86% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +1.7% 1Y
1Y: ₹406.9 on 10 Sept 2025 → ₹413.85. High ₹670.7 (7 Oct 2025), low ₹341.4 (9 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- +13.6%
- 25 May
- Q2 FY26
- −0.9%
- 18 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 8.8% a year over 3 years, FY23 to FY26. Operating margin narrowed to 4.3%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹353 Cr | ₹366 Cr | ₹430 Cr | ₹455 Cr |
| Operating profit | ₹20 Cr | ₹10 Cr | ₹11 Cr | ₹20 Cr |
| Operating margin | 5.6% | 2.6% | 2.7% | 4.3% |
| Interest | ₹1 Cr | ₹2 Cr | ₹5 Cr | ₹7 Cr |
| Depreciation | ₹7 Cr | ₹11 Cr | ₹15 Cr | ₹17 Cr |
| Net profit | ₹10 Cr | ₹0 Cr | ₹-4 Cr | ₹1 Cr |
| Net margin | 2.7% | 0.1% | -0.9% | 0.3% |
| Cash from operations | ₹-8 Cr | ₹14 Cr | ₹7 Cr | ₹6 Cr |
| Free cash flow | ₹-24 Cr | ₹-14 Cr | ₹-2 Cr | ₹1 Cr |
| ROCE | 12.0% | 1.0% | -2.0% | 6.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹19 Cr | ₹19 Cr | ₹19 Cr | ₹19 Cr | ₹19 Cr | ₹19 Cr |
| Reserves | ₹63 Cr | ₹74 Cr | ₹83 Cr | ₹80 Cr | ₹73 Cr | ₹77 Cr |
| Borrowings | ₹7 Cr | ₹9 Cr | ₹14 Cr | ₹40 Cr | ₹63 Cr | ₹54 Cr |
| Other liabilities | ₹81 Cr | ₹101 Cr | ₹106 Cr | ₹105 Cr | ₹122 Cr | ₹133 Cr |
| Total liabilities | ₹170 Cr | ₹203 Cr | ₹221 Cr | ₹244 Cr | ₹276 Cr | ₹283 Cr |
| Fixed assets | ₹29 Cr | ₹26 Cr | ₹34 Cr | ₹57 Cr | ₹63 Cr | ₹57 Cr |
| Capital work in progress | ₹3 Cr | ₹1 Cr | ₹3 Cr | ₹1 Cr | ₹0 Cr | ₹1 Cr |
| Investments | ₹17 Cr | ₹35 Cr | ₹12 Cr | ₹26 Cr | ₹8 Cr | ₹8 Cr |
| Other assets | ₹121 Cr | ₹140 Cr | ₹171 Cr | ₹161 Cr | ₹205 Cr | ₹217 Cr |
| Total assets | ₹170 Cr | ₹203 Cr | ₹221 Cr | ₹244 Cr | ₹276 Cr | ₹283 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs added +0.30 pp while the public trimmed −0.19 pp. The shareholder count grew 3% to 40,751.
- Promoters
- 59.8%
- FIIs
- 0.3%
- DIIs
- 0.0%
- Public
- 39.9%
Since Jun 2025
- FIIs +0.30 pp
- Public −0.19 pp
- Promoters −0.13 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 59.9%, DIIs 0.0%, Public 40.1%.Dec '23: Promoters 59.9%, DIIs 0.0%, Public 40.1%.Mar '24: Promoters 59.9%, FIIs 0.3%, DIIs 0.0%, Public 39.8%.Jun '24: Promoters 59.9%, FIIs 0.0%, DIIs 0.0%, Public 40.1%.Sep '24: Promoters 59.9%, FIIs 0.0%, DIIs 0.0%, Public 40.1%.Dec '24: Promoters 59.9%, DIIs 0.0%, Public 40.1%.Mar '25: Promoters 59.9%, FIIs 0.0%, DIIs 0.0%, Public 40.0%.Jun '25: Promoters 59.9%, FIIs 0.0%, DIIs 0.0%, Public 40.0%.Sep '25: Promoters 59.9%, FIIs 0.0%, DIIs 0.0%, Public 40.0%.Dec '25: Promoters 59.8%, FIIs 0.2%, DIIs 0.0%, Public 40.0%.Mar '26: Promoters 59.8%, FIIs 0.0%, DIIs 0.0%, Public 40.2%.Jun '26: Promoters 59.8%, FIIs 0.3%, DIIs 0.0%, Public 39.9%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Chetan Jayantilal Shah +0.27 pp 1.66% held
- TVS-Alpha Finance Private Limited newly disclosed 0.00% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of TVS Electronics Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Gopal Srinivasan | 59.71% | unchanged |
| Investor Education And Protection Fund Authority Ministry Of Corporate Affairs | 1.77% | unchanged |
| Abhijit Periwal | 1.74% | −0.49 pp |
| Chetan Jayantilal Shah | 1.66% | +0.27 pp |
| Abhijit Periwal Securities Private Limited | 1.47% | unchanged |
| Sundaram Investment and Properties Consultants LLP | 0.07% | unchanged |
| Surabhi Gopal | 0.00% | unchanged |
| Samiha Gopal | 0.00% | unchanged |
| Kartik Venkateshan | 0.00% | unchanged |
| Thiruvrangam Rangachar Venkateshan | 0.00% | unchanged |
| TVS Capital Funds Private Limited | 0.00% | unchanged |
| Harita Techserv Private Limited | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (2)
Read the Q4 FY26 call →Learn to analyse TVS Electronics Limited
Guides on how to read this kind of business and the numbers that matter.