TVS Supply Chain Solutions Limited (TVSSCS.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+100.5%

₹222.59

vs ₹111.00 price

Levered DCF

₹202.46

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	35.12×	-406.45×	-67.88×	220.88×	-179.46×	-118.24×	-33.5×	-648.39×
P/B	1.97×	3.08×	3.79×	12.15×	12.31×	17.92×	12.62×	14.19×
P/S	0.36×	0.55×	0.75×	0.88×	0.95×	1.27×	0.98×	1.3×
EV / EBITDA	6.74×	9.72×	12.24×	15.36×	17.59×	22.94×	22.97×	18.94×
Gross margin	12.0%	9.0%	8.3%	7.8%	57.4%	49.7%	57.5%	52.5%
Operating margin	2.3%	1.5%	2.0%	2.4%	2.7%	0.8%	56.2%	2.5%
Net margin	1.0%	-0.1%	-1.1%	0.4%	-0.5%	-1.1%	-2.9%	-0.2%
Current ratio	1.02×	1.08×	1.09×	0.91×	1.03×	1.07×	1.11×	1.06×
Debt / equity	1.35×	1.16×	1.21×	4.59×	4.14×	5.57×	6.57×	4.04×
Interest coverage	1.61×	0.98×	0.89×	1.24×	1.55×	0.28×	13.63×	1.1×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.1%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-35.6%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	5.6%	-0.8%	-5.6%	5.5%	-6.9%	-15.2%	-37.7%	-2.2%
Return on invested capital	3.5%	-1.2%	4.5%	5.6%	-20.5%	1.0%	90.6%	-3.1%
Return on assets	1.6%	-0.2%	-1.7%	0.6%	-0.8%	-1.5%	-3.5%	-0.3%
Free cash flow yield	10.3%	9.0%	0.1%	6.7%	5.7%	6.8%	1.0%	2.6%
Earnings yield	2.8%	-0.2%	-1.5%	0.5%	-0.6%	-0.8%	-3.0%	-0.2%
Enterprise value	₹60.5B	₹70.9B	₹85.6B	₹110.3B	₹107.5B	₹109.9B	₹89.2B	₹108.2B
Net debt / EBITDA	2.27×	2.12×	2.41×	3.12×	3.21×	4.59×	6.37×	3.55×
Cash conversion cycle (days)	10	13	33	18	-37	-14	-23	-12