Scans

Tools

Home

Charts

Watchlist

Products

Tsf Investments Ltd

TSFINV

NSE

₹397.65-1.88%19 Oct 2026

Reports

Finance Holding Company

Tsf Investments Ltd

TSFINV

NSE

₹397.65

-1.88%

19 Oct 2026

SOICxStockScans Reports

Ask AI

Finance Holding Company

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

TSF Investments is not an operating company but a listed holding vehicle - a portfolio of stakes in some of India’s largest automotive-component makers, built from the demerged investment arm of Sundaram Finance and rooted in a group whose industrial history reaches back to 1911. It earns its keep almost entirely from dividends and share-of-profit flows out of those investee companies, and its recurring pattern is to buy deeper into the businesses it already knows, often buying out foreign joint-venture partners when they decide to leave. That approach - patient capital inside a tight circle of auto-sector companies, many co-promoted with the TVS group - explains both the concentrated portfolio and the steady shift from minority stakes to control.

Business segments

Three engines, all feeding off the same automotive ecosystem - a core portfolio of component-makers that throws off dividends, a captive parts-distribution network that reaches every corner of the country, and a small manufacturing subsidiary that was bought outright.

1. Automotive component manufacturing: the dividend engine

TSFIL holds significant minority and majority stakes in a cluster of market-leading auto-component companies - most co-promoted with the TVS group - and lives off the dividends and share of profits they generate.

The portfolio is concentrated in market leaders - Brakes India (23.57% stake) is the top braking-systems maker for cars and commercial vehicles in India and a global supplier of ferrous castings; Wheels India (23.96%) leads in wheels and air-suspension components; Turbo Energy (32.00%) is the country’s leading turbocharger manufacturer; and Axles India (now a 62.98% subsidiary) dominates axle housings for medium and heavy commercial vehicles.
Bought out foreign partners when they exited - when ZF Friedrichshafen divested its entire holding in Brakes India in 2021, TSFIL picked up an additional 7.71% stake; when Titan Europe sold out of Wheels India, TSFIL raised its stake from 13.58% to 23.28%; and in April 2025 its board approved the acquisition of Dana Global Products’ 24.16% stake in Axles India, which upon completion would turn an associate into a subsidiary.
Scale that rivals can’t easily replicate - the merger of Flometallic with Brakes India and its Omani subsidiary created a combined foundry capacity of 175,000 tonnes across four locations in India and Oman, making it one of the largest ferrous-casting operations in the country.

2. Automotive spare-parts distribution: the reach engine

India Motor Parts & Accessories (IMPAL), in which TSFIL holds a 21.90% stake, is the country’s largest distributor of automotive spares - a 90-plus-branch network that puts parts into workshops and retailers nationwide.

A distribution moat built over decades - IMPAL represents more than 50 manufacturers through a branch network exceeding 90 locations, giving it a physical reach that a new entrant would need years and significant capital to match.
TSFIL is tightening its grip - in June 2025 the board approved buying up to 4.99% more of IMPAL through the block-deal window, which would lift the stake from 20.00% to 24.99%, just below the open-offer threshold.
Listed and independently valued - IMPAL is itself listed on the National Stock Exchange, so the value of TSFIL’s stake is marked by the market every day rather than locked inside a private book.

3. Owned manufacturing: the captive forge

Forge 2000 is a wholly owned subsidiary that makes forged metal components for the automotive industry - a small, bolt-on manufacturing capability bought outright in March 2025.

Bought, not built - TSFIL acquired 100% of Forge 2000 on 17 March 2025 for ₹16 crore in cash, gaining a company that had been forging, pressing and stamping metal parts since its incorporation in 2000.
A job-work business model - Forge 2000 undertakes job work for automotive customers rather than selling its own branded products, so its revenue depends on the production schedules of the manufacturers it serves.
Modest scale, direct control - with a turnover of ₹26.90 crore in the year before acquisition, it is the smallest engine in the portfolio, but as a 100% subsidiary its cash flows and decisions sit entirely under TSFIL’s roof.

Group structure and partners

TSFIL sits inside the century-old TSF group, with Sundaram Finance as its promoter and the TVS family as the common thread running through almost every investee company.

Promoted by Sundaram Finance Limited - the listed NBFC that founded the group’s auto-lending, insurance and asset-management businesses in 1954 is TSFIL’s promoter, and the two share a heritage that traces back to T V Sundram Iyengar & Sons Private Limited, the holding company of the TVS Group.
Axles India is the bridge from associate to subsidiary - after the Dana buyout, TSFIL holds 62.98% directly and an effective 87.14% including stakes held through a subsidiary and an associate, making it the only large operating company under TSFIL’s formal control.
Co-promoters are long-standing industrial partners - Trichur Sundaram Santhanam and Family Private Limited is co-promoter of both Brakes India and Wheels India; BorgWarner Turbo Systems of Germany is co-promoter of Turbo Energy; and ZF Friedrichshafen, though no longer a shareholder, continues to supply technology licences to Brakes India.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹8,840Cr

Close Price

₹398.00

Industry

Finance Holding Company

Price To Earnings

18.17

Price To Sales

7.95

Revenue

₹1,112Cr

Rev Gr TTM

Revenue Growth TTM

282.57%

PAT Gr TTM

PAT Growth TTM

19.32%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	24	25	218	43	30	33	49	179	250	258	298	306
Growth YoY Revenue Growth YoY%	45.0	26.0	523.9	78.2	22.4	28.7	-77.3	317.8	737.4	693.3	503.0	70.9
Expenses ExpensesCr	11	12	11	9	9	9	12	132	200	210	240	234
Operating Profit Operating ProfitCr	13	13	207	34	21	24	37	47	50	49	57	71
OPM OPM%	53.6	51.9	95.1	79.4	70.3	72.3	75.5	26.2	20.2	18.8	19.3	23.3
Other Income Other IncomeCr	2	2	0	1	2	0	2	2	4	2	9	1
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	5	7	7	7	7
Depreciation DepreciationCr	1	1	1	1	1	1	1	3	4	4	4	4
PBT PBTCr	14	15	206	34	22	23	38	41	44	40	56	61
Tax TaxCr	5	3	31	10	8	6	17	20	16	15	5	28
PAT PATCr	9	11	176	25	14	17	21	62	28	25	51	33
Growth YoY PAT Growth YoY%	8,720.0	60.4	778.5	844.9	63.5	54.8	-87.9	153.1	100.1	44.8	138.2	-46.6
NPM NPM%	35.3	44.0	80.7	57.4	47.2	52.9	43.1	34.8	11.3	9.7	17.0	10.9
EPS EPS₹	4.1	4.6	12.1	5.0	4.0	4.8	4.8	7.1	4.5	4.6	7.3	5.5

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	24	25	218	43	30	33	49	179	250	258	298	306
Growth YoY Revenue Growth YoY%	45.0	26.0	523.9	78.2	22.4	28.7	-77.3	317.8	737.4	693.3	503.0	70.9
Expenses ExpensesCr	11	12	11	9	9	9	12	132	200	210	240	234
Operating Profit Operating ProfitCr	13	13	207	34	21	24	37	47	50	49	57	71
OPM OPM%	53.6	51.9	95.1	79.4	70.3	72.3	75.5	26.2	20.2	18.8	19.3	23.3
Other Income Other IncomeCr	2	2	0	1	2	0	2	2	4	2	9	1
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	5	7	7	7	7
Depreciation DepreciationCr	1	1	1	1	1	1	1	3	4	4	4	4
PBT PBTCr	14	15	206	34	22	23	38	41	44	40	56	61
Tax TaxCr	5	3	31	10	8	6	17	20	16	15	5	28
PAT PATCr	9	11	176	25	14	17	21	62	28	25	51	33
Growth YoY PAT Growth YoY%	8,720.0	60.4	778.5	844.9	63.5	54.8	-87.9	153.1	100.1	44.8	138.2	-46.6
NPM NPM%	35.3	44.0	80.7	57.4	47.2	52.9	43.1	34.8	11.3	9.7	17.0	10.9
EPS EPS₹	4.1	4.6	12.1	5.0	4.0	4.8	4.8	7.1	4.5	4.6	7.3	5.5

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	68	99	93	59	84	90	291	155	985	1,112
Growth Revenue Growth%		45.6	-6.9	-35.8	41.2	7.8	222.1	-46.9	537.1	282.6
Expenses ExpensesCr	47	59	62	48	61	45	48	39	782	884
Operating Profit Operating ProfitCr	21	40	30	11	23	45	243	116	203	228
OPM OPM%	30.7	40.3	32.9	18.5	27.4	50.0	83.4	74.9	20.6	20.5
Other Income Other IncomeCr	3	3	6	5	4	4	6	5	19	17
Interest Expense Interest ExpenseCr	0	0	0	0	1	0	1	1	25	27
Depreciation DepreciationCr	1	1	1	2	4	2	3	3	16	17
PBT PBTCr	23	42	35	14	22	47	245	117	180	201
Tax TaxCr	5	12	5	5	5	15	53	40	55	64
PAT PATCr	18	30	29	10	17	32	192	77	125	137
Growth PAT Growth%		68.9	-3.1	-67.0	79.0	82.3	509.7	-59.9	62.0	19.3
NPM NPM%	26.2	30.4	31.6	16.3	20.6	34.8	66.0	49.9	12.7	12.3
EPS EPS₹	7.6	8.1	4.6	4.3	7.7	10.7	24.0	18.6	23.5	21.9

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	68	99	93	59	84	90	291	155	985	1,112
Growth Revenue Growth%		45.6	-6.9	-35.8	41.2	7.8	222.1	-46.9	537.1	282.6
Expenses ExpensesCr	47	59	62	48	61	45	48	39	782	884
Operating Profit Operating ProfitCr	21	40	30	11	23	45	243	116	203	228
OPM OPM%	30.7	40.3	32.9	18.5	27.4	50.0	83.4	74.9	20.6	20.5
Other Income Other IncomeCr	3	3	6	5	4	4	6	5	19	17
Interest Expense Interest ExpenseCr	0	0	0	0	1	0	1	1	25	27
Depreciation DepreciationCr	1	1	1	2	4	2	3	3	16	17
PBT PBTCr	23	42	35	14	22	47	245	117	180	201
Tax TaxCr	5	12	5	5	5	15	53	40	55	64
PAT PATCr	18	30	29	10	17	32	192	77	125	137
Growth PAT Growth%		68.9	-3.1	-67.0	79.0	82.3	509.7	-59.9	62.0	19.3
NPM NPM%	26.2	30.4	31.6	16.3	20.6	34.8	66.0	49.9	12.7	12.3
EPS EPS₹	7.6	8.1	4.6	4.3	7.7	10.7	24.0	18.6	23.5	21.9

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	76	76	76	76	111	111	111	111	111
Reserves ReservesCr	2,736	2,290	1,782	2,119	2,891	3,459	4,682	5,496	5,922
Current Liabilities Current LiabilitiesCr	5	6	7	10	7	6	7	11	219
Non Current Liabilities Non Current LiabilitiesCr	123	81	58	101	87	58	148	219	435
Total Liabilities Total LiabilitiesCr	2,940	2,453	1,922	2,306	3,096	3,635	4,948	5,837	6,748
Current Assets Current AssetsCr	24	27	34	26	33	40	200	49	537
Non Current Assets Non Current AssetsCr	2,916	2,426	1,888	2,280	3,062	3,595	4,748	5,787	6,210
Total Assets Total AssetsCr	2,940	2,453	1,922	2,306	3,096	3,635	4,948	5,837	6,748

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	76	76	76	76	111	111	111	111	111
Reserves ReservesCr	2,736	2,290	1,782	2,119	2,891	3,459	4,682	5,496	5,922
Current Liabilities Current LiabilitiesCr	5	6	7	10	7	6	7	11	219
Non Current Liabilities Non Current LiabilitiesCr	123	81	58	101	87	58	148	219	435
Total Liabilities Total LiabilitiesCr	2,940	2,453	1,922	2,306	3,096	3,635	4,948	5,837	6,748
Current Assets Current AssetsCr	24	27	34	26	33	40	200	49	537
Non Current Assets Non Current AssetsCr	2,916	2,426	1,888	2,280	3,062	3,595	4,748	5,787	6,210
Total Assets Total AssetsCr	2,940	2,453	1,922	2,306	3,096	3,635	4,948	5,837	6,748

Consolidated

Standalone

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	147	58	62	19	30	100	132	188	266
Investing Cash Flow Investing Cash FlowCr	-146	-30	-11	-10	-345	-25	136	-148	-159
Financing Cash Flow Financing Cash FlowCr	-1	-28	-46	-8	319	-73	-103	-211	-50
Net Cash Flow Net Cash FlowCr	1	1	5	1	3	2	165	-171	57
Free Cash Flow Free Cash FlowCr	146	80	60	18	30	82	131	187	263
CFO To PAT CFO To PAT%	823.5	193.3	212.0	195.9	172.7	318.1	68.5	244.0	213.0
CFO To EBITDA CFO To EBITDA%	703.0	145.6	203.8	172.2	129.9	221.7	54.2	162.6	131.1

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	147	58	62	19	30	100	132	188	266
Investing Cash Flow Investing Cash FlowCr	-146	-30	-11	-10	-345	-25	136	-148	-159
Financing Cash Flow Financing Cash FlowCr	-1	-28	-46	-8	319	-73	-103	-211	-50
Net Cash Flow Net Cash FlowCr	1	1	5	1	3	2	165	-171	57
Free Cash Flow Free Cash FlowCr	146	80	60	18	30	82	131	187	263
CFO To PAT CFO To PAT%	823.5	193.3	212.0	195.9	172.7	318.1	68.5	244.0	213.0
CFO To EBITDA CFO To EBITDA%	703.0	145.6	203.8	172.2	129.9	221.7	54.2	162.6	131.1

Consolidated

Standalone

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	4,692	1,290	628	1,148	1,539	1,751	4,434	6,808	7,499	8,840
Price To Earnings Price To Earnings	36.2	9.4	8.0	15.5	9.4	7.4	8.3	16.5	14.4	18.2
Price To Sales Price To Sales	67.5	12.9	6.8	19.6	18.2	19.2	15.2	44.0	7.3	8.0
Price To Book Price To Book	1.7	0.6	0.3	0.5	0.5	0.5	0.9	1.2	1.2	1.5
EV To EBITDA EV To EBITDA	223.8	32.0	20.3	103.4	66.4	38.4	17.5	58.7	37.3	40.0
Profitability Ratios Profitability Ratios
GPM GPM%	100.0	100.0	100.0	100.0	95.6	100.0	100.0	100.0	54.6	54.6
OPM OPM%	30.7	40.3	32.9	18.5	27.4	50.0	83.4	74.9	20.6	20.5
NPM NPM%	26.2	30.4	31.6	16.3	20.6	34.8	66.0	49.9	12.7	12.3
ROCE ROCE%	0.8	1.8	1.9	0.7	0.8	1.3	5.1	2.1	3.3	3.3
ROE ROE%	0.6	1.3	1.6	0.4	0.6	0.9	4.0	1.4	2.1	2.1
ROA ROA%	0.6	1.2	1.5	0.4	0.6	0.9	3.9	1.3	1.9	1.9
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	4,692	1,290	628	1,148	1,539	1,751	4,434	6,808	7,499	8,840
Price To Earnings Price To Earnings	36.2	9.4	8.0	15.5	9.4	7.4	8.3	16.5	14.4	18.2
Price To Sales Price To Sales	67.5	12.9	6.8	19.6	18.2	19.2	15.2	44.0	7.3	8.0
Price To Book Price To Book	1.7	0.6	0.3	0.5	0.5	0.5	0.9	1.2	1.2	1.5
EV To EBITDA EV To EBITDA	223.8	32.0	20.3	103.4	66.4	38.4	17.5	58.7	37.3	40.0
Profitability Ratios Profitability Ratios
GPM GPM%	100.0	100.0	100.0	100.0	95.6	100.0	100.0	100.0	54.6	54.6
OPM OPM%	30.7	40.3	32.9	18.5	27.4	50.0	83.4	74.9	20.6	20.5
NPM NPM%	26.2	30.4	31.6	16.3	20.6	34.8	66.0	49.9	12.7	12.3
ROCE ROCE%	0.8	1.8	1.9	0.7	0.8	1.3	5.1	2.1	3.3	3.3
ROE ROE%	0.6	1.3	1.6	0.4	0.6	0.9	4.0	1.4	2.1	2.1
ROA ROA%	0.6	1.2	1.5	0.4	0.6	0.9	3.9	1.3	1.9	1.9
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	TVSHLTD	MAHSCOOTER	JSWHL	TSFINV	KAMAHOLD	PILANIINVS	KIRLOSIND
Market CapitalizationMkt CapCr	22,658	14,011	12,534	8,840	7,269	4,372	3,486
Close PriceClose₹	11,199.00	12,260.00	11,292.00	398.00	2,265.00	3,948.20	3,315.60
IndustryIndustry	Finance Holding Company	Finance Holding Company	Finance Holding Company	Finance Holding Company	Finance Holding Company	Finance Holding Company	Finance Holding Company
Price To EarningsPE	11.50	50.31	91.23	18.17	6.65		40.67
Price To SalesPS	0.36	48.50	68.14	7.95	0.42	17.65	0.50
RevenueRevenueCr	62,488	289	184	1,112	17,144	248	6,995
Revenue Growth TTMRev Gr TTM%	31.7%	41.0%	-26.7%	282.6%	12.9%	-14.6%	3.7%
PAT Growth TTMPAT Gr TTM%	49.4%	15.3%	-38.4%	19.3%	50.7%	-79.0%	-25.9%

	TVSHLTD	MAHSCOOTER	JSWHL	TSFINV	KAMAHOLD	PILANIINVS	KIRLOSIND
Market CapitalizationMkt CapCr	22,658	14,011	12,534	8,840	7,269	4,372	3,486
Close PriceClose₹	11,199.00	12,260.00	11,292.00	398.00	2,265.00	3,948.20	3,315.60
IndustryIndustry	Finance Holding Company	Finance Holding Company	Finance Holding Company	Finance Holding Company	Finance Holding Company	Finance Holding Company	Finance Holding Company
Price To EarningsPE	11.50	50.31	91.23	18.17	6.65		40.67
Price To SalesPS	0.36	48.50	68.14	7.95	0.42	17.65	0.50
RevenueRevenueCr	62,488	289	184	1,112	17,144	248	6,995
Revenue Growth TTMRev Gr TTM%	31.7%	41.0%	-26.7%	282.6%	12.9%	-14.6%	3.7%
PAT Growth TTMPAT Gr TTM%	49.4%	15.3%	-38.4%	19.3%	50.7%	-79.0%	-25.9%

FY2026

FY2025

FY2024

FY2022

FY2021

FY2020

FY2026

Jun 26