TVS SCS Q2: Revenue Up 38%, PAT Jumps 124%

TVS Supply Chain Solutions Limited (NSE: TVSSCS), a global integrated supply chain solutions provider, delivered a strong Q2 FY27 performance. Consolidated revenue from operations grew 38.5% YoY to ₹3,687.2 crore, while profit after tax increased 123.9% to ₹36.5 crore. Key Highlights EBITDA increased 50.2% to ₹268.1 crore. EBITDA margin improved 60 bps to 7.3%. Profit before tax more than doubled to ₹50.6 crore. India business revenue grew 64.1% to ₹1,177.4 crore. Global Forwarding Solutions revenue increased 79.1% to ₹1,199.3 crore. Integrated Supply Chain Solutions revenue grew 24.8% to ₹2,487.9 crore. Order pipeline reached ₹8,200 crore. Revenue from new businesses stood at ₹523 crore. My View The most encouraging part of this result is that profitability is growing faster than revenue. EBITDA growth of 50% and a 60 bps margin improvement indicate better operating leverage and cost control. The Global Forwarding Solutions segment delivered particularly strong growth, while the core Integrated Supply Chain Solutions business also expanded steadily. However, the PAT margin remains relatively low at 1%. Sustaining margin improvement and converting the ₹8,200 crore pipeline into actual orders will be important. What I'm Watching Next Management is targeting over 20% revenue growth across both segments and aims to double profits in FY27. I will track order conversion, working capital efficiency and whether EBITDA margins continue improving. The key question: Can TVS SCS sustain its growth while consistently improving profitability? Stance: Positive – Strong growth across segments, improving margins and a healthy order pipeline. Disclosure: I do not have any holding or position in the stock mentioned above. TVSSCS