Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹861Cr
Rev Gr TTM
Revenue Growth TTM
9.53%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

TVSELECT
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | -3.6 | 4.1 | -1.2 | -1.9 | 13.9 | 23.9 | 13.5 | 15.0 | 18.0 | -13.1 | 21.9 | 13.6 |
| 82 | 87 | 88 | 86 | 94 | 108 | 102 | 97 | 112 | 95 | 123 | 107 |
Operating Profit Operating ProfitCr |
| 3.7 | 2.8 | 4.2 | 0.6 | 2.7 | 2.8 | 2.5 | 3.0 | 2.3 | 1.3 | 3.7 | 5.8 |
Other Income Other IncomeCr | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 1 | 2 | -1 |
Interest Expense Interest ExpenseCr | 0 | 0 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 |
Depreciation DepreciationCr | 1 | 2 | 3 | 3 | 3 | 4 | 3 | 4 | 4 | 5 | 4 | 4 |
| 2 | 0 | 1 | -2 | 0 | -1 | -1 | -1 | -3 | -4 | 1 | 0 |
| 1 | 0 | 0 | -1 | -1 | 0 | 0 | 0 | -2 | -1 | 0 | 0 |
|
Growth YoY PAT Growth YoY% | -66.4 | -91.6 | -60.1 | -225.2 | -62.3 | -493.8 | -217.9 | 62.6 | -200.0 | -181.8 | 217.4 | 163.1 |
| 1.8 | 0.4 | 1.2 | -2.0 | 0.6 | -1.1 | -1.3 | -0.7 | -0.5 | -3.7 | 1.2 | 0.4 |
| 0.8 | 0.2 | 0.6 | -0.9 | 0.3 | -0.7 | -0.7 | -0.3 | -0.3 | -1.9 | 0.8 | 0.2 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| | 119.8 | 324.5 | 63.0 | -32.9 | -90.6 | -13.2 | 37.1 | 14.8 | 3.5 | 17.6 | 5.1 |
| 254 | 577 | 2,505 | 4,083 | 2,739 | 248 | 216 | 282 | 334 | 357 | 419 | 437 |
Operating Profit Operating ProfitCr |
| 5.9 | 2.7 | 0.6 | 0.6 | 0.7 | 4.2 | 3.8 | 8.6 | 5.6 | 2.6 | 2.7 | 3.4 |
Other Income Other IncomeCr | 1 | 3 | 3 | 2 | 4 | 5 | 2 | 2 | 2 | 3 | 3 | 3 |
Interest Expense Interest ExpenseCr | 7 | 6 | 3 | 1 | 0 | 2 | 2 | 1 | 1 | 2 | 5 | 6 |
Depreciation DepreciationCr | 7 | 9 | 6 | 4 | 4 | 10 | 8 | 6 | 7 | 11 | 15 | 17 |
| 3 | 5 | 9 | 24 | 14 | 0 | 1 | 21 | 13 | -1 | -6 | -5 |
| 1 | 1 | 2 | 8 | 7 | 0 | 0 | 6 | 3 | -1 | -3 | -3 |
|
| | 88.2 | 46.8 | 156.6 | -54.2 | -94.8 | 97.4 | 1,861.0 | -37.0 | -97.2 | -1,503.7 | 43.0 |
| 0.8 | 0.7 | 0.3 | 0.4 | 0.3 | 0.1 | 0.3 | 4.9 | 2.7 | 0.1 | -0.9 | -0.5 |
| 1.3 | 2.4 | 3.4 | 8.7 | 4.0 | 0.2 | 0.4 | 8.1 | 5.1 | 0.1 | -2.0 | -1.2 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 18 | 19 | 19 | 19 | 19 | 19 | 19 | 19 | 19 | 19 | 19 | 19 |
| 20 | 25 | 49 | 65 | 68 | 62 | 63 | 74 | 83 | 80 | 74 | 73 |
Current Liabilities Current LiabilitiesCr | 99 | 103 | 311 | 949 | 74 | 90 | 83 | 106 | 109 | 130 | 151 | 169 |
Non Current Liabilities Non Current LiabilitiesCr | 6 | 11 | 5 | 3 | 4 | 8 | 5 | 4 | 10 | 16 | 17 | 16 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 68 | 86 | 302 | 967 | 100 | 109 | 107 | 147 | 154 | 178 | 179 | 194 |
Non Current Assets Non Current AssetsCr | 74 | 72 | 82 | 69 | 65 | 69 | 63 | 56 | 67 | 66 | 82 | 81 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 10 | 27 | 20 | 40 | -6 | -6 | 34 | 26 | -8 | 14 | 6 |
Investing Cash Flow Investing Cash FlowCr | -4 | -3 | -1 | 0 | -16 | 17 | -19 | -20 | 6 | -40 | 13 |
Financing Cash Flow Financing Cash FlowCr | -8 | -20 | -12 | -21 | -7 | -1 | -21 | -4 | 1 | 19 | -18 |
|
Free Cash Flow Free Cash FlowCr | 6 | 21 | 18 | 44 | -11 | -10 | 31 | 23 | -24 | -14 | -3 |
| 441.1 | 634.4 | 321.0 | 243.4 | -80.5 | -1,512.8 | 4,394.8 | 173.7 | -87.6 | 5,163.0 | -148.6 |
CFO To EBITDA CFO To EBITDA% | 63.8 | 169.9 | 141.1 | 161.7 | -33.0 | -54.1 | 395.8 | 99.4 | -42.2 | 146.6 | 49.1 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 63 | 190 | 318 | 631 | 358 | 99 | 240 | 477 | 619 | 468 | 598 |
Price To Earnings Price To Earnings | 27.4 | 44.1 | 50.2 | 38.8 | 48.1 | 252.9 | 313.4 | 31.6 | 65.1 | 1,791.1 | 0.0 |
Price To Sales Price To Sales | 0.2 | 0.3 | 0.1 | 0.1 | 0.1 | 0.4 | 1.1 | 1.6 | 1.8 | 1.3 | 1.4 |
Price To Book Price To Book | 1.7 | 4.4 | 4.7 | 7.5 | 4.1 | 1.2 | 2.9 | 5.2 | 6.1 | 4.7 | 6.4 |
| 7.0 | 13.6 | 22.6 | 24.4 | 19.3 | 10.2 | 27.8 | 18.0 | 31.4 | 53.0 | 55.4 |
Profitability Ratios Profitability Ratios |
| 35.4 | 20.4 | 4.6 | 3.2 | 4.9 | 52.0 | 50.6 | 50.4 | 47.4 | 48.3 | 49.5 |
| 5.9 | 2.7 | 0.6 | 0.6 | 0.7 | 4.2 | 3.8 | 8.6 | 5.6 | 2.6 | 2.7 |
| 0.8 | 0.7 | 0.3 | 0.4 | 0.3 | 0.1 | 0.3 | 4.9 | 2.7 | 0.1 | -0.9 |
| 11.5 | 14.3 | 12.9 | 29.8 | 16.8 | 2.2 | 3.2 | 21.5 | 12.3 | 0.9 | -0.7 |
| 6.1 | 9.9 | 9.3 | 19.4 | 8.6 | 0.5 | 0.9 | 16.3 | 9.3 | 0.3 | -4.1 |
| 1.6 | 2.7 | 1.6 | 1.6 | 4.5 | 0.2 | 0.5 | 7.5 | 4.3 | 0.1 | -1.4 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
TVS Electronics Limited (TVS-E), established in 1986 under the TVS Group, is a Chennai-headquartered Indian technology company with over 35 years of experience in electronics manufacturing, product development, and comprehensive customer support services. The company positions itself as a **single-point, end-to-end solutions provider**, integrating **Electronics Manufacturing Services (EMS)** with **Product Development** and **Customer Support Services (CSS)** across industrial, retail, banking, government, and logistics sectors.
TVS-E operates through two core business verticals:
- **Products & Solutions Group (PSG)** – contributing approximately 70% of revenue.
- **Customer Support Services (CSS)** – accounting for the remaining 30%.
The company is strategically aligned with India’s **‘Make in India’ mission**, emphasizing **domestic design, localized manufacturing**, and **backward integration** to reduce import dependency and strengthen its position as a Class 1 supplier to government and enterprise clients.
---
### **Core Business Segments**
#### **1. Products & Solutions Group (PSG)**
The PSG segment focuses on **transaction automation and track-and-trace technologies**, serving key industries such as **Retail, BFSI, Government, Logistics, Defence, and DISComs**. Its offerings include:
- **Point-of-Transaction (PTx):**
- Touch POS systems, electronic cash registers (ECRs), payment devices, and transaction keyboards.
- **Market leadership in thermal receipt printers** and **touch POS systems**, ranked **#3 in barcode scanners and label printers**.
- Proprietary **TVS E-Pay billing software** – an entry-level SaaS solution for SMEs with features like instant billing, inventory tracking, and sales analytics.
- **Track-and-Trace (T&T):**
- Barcode scanners (1D/2D), handheld mobile computers, label printers, and RFID-enabled tracking devices for logistics and manufacturing.
- Focus on rugged, industrial-grade devices for high-volume operational environments (retail, logistics, healthcare).
- **Banking & Government Solutions:**
- High-speed passbook printers, cash counting machines, demand draft printers, and ledger printing solutions.
- Government services include **ticketing, registration, and receipt printing for India Post**.
- **Shipping & Logistics:**
- Integrated solutions for labeling, real-time tracking, and inventory management using AIDC (Automatic Identification and Data Capture) technologies.
- **Personal & Productivity (P&P) and Security & Surveillance (S&S):**
- Mechanical keyboards, gaming peripherals, webcams, and CCTV surveillance systems with AI-powered video analytics.
The PSG has diversified through **strategic acquisitions and partnerships**, including:
- Acquisition of **GTID Solutions** to enter **mobile POS software and authentication**.
- Investment in **RoyalPOS (Swiftomatics)** to offer **SaaS-based retail digitization platforms**, now integrated with TVS hardware.
- Collaborations with leading retail software providers to offer **customized POS ecosystems**.
---
#### **2. Customer Support Services (CSS)**
TVS-E is a **trusted lifecycle partner for over 25 global OEMs**, offering end-to-end **after-sales support and infrastructure management**. The CSS vertical operates across six key categories:
1. **Field Support Services (FSS):**
- Installation, break/fix, and maintenance for IT peripherals, banking POS terminals (EDC), and consumer electronics (laptops, smart TVs, refrigerators).
- Serves OEMs like **Dell, HP, and major banks**, covering **>15,000 pin codes**.
2. **Infrastructure Management Services (IMS):**
- End-to-end IT support including service desks, endpoint computing, data centers, cloud, network, and **cybersecurity**, powered by a **Cognitive AIOps platform**.
- Offers IT managed services to SMEs and large enterprises, with contracts averaging **3 years**.
3. **Solar & Green Energy Services:**
- **Operations & Maintenance (O&M)** for over **1,000 MWp** of solar capacity across India.
- Consultancy for **287 MWp+ solar projects** (e.g., 76 MWp and 211 MWp in Karnataka).
- Provides **EV charging infrastructure** and **battery swapping solutions**, positioning for growth in e-mobility.
4. **Electronics Manufacturing Services (EMS):**
- Full-cycle EMS from **design to end-of-life**, including **PCB assembly, box build, testing, and supply chain management**.
5. **Repair & Refurbishing Management Services (RMS):**
- Advanced **Level 3/4 component-level repair** of PCBAs, display panels, and payment sound boxes.
- Refurbishment services for secondary market sales, supporting circular economy.
6. **E-Auction & E-Waste Management:**
- **Auction India**, a digital B2B platform, enables transparent online bidding for **surplus inventory, scrap, machinery, and e-waste**.
- Services help businesses maximize asset recovery and ensure regulatory compliance.
---
### **Manufacturing & Technology Capabilities**
#### **Tumakuru Facility – A Center of Excellence**
- Located **70 km from Bengaluru**, near KIAD Airport and national highways.
- **70,000 sq. ft. ESD-compliant factory** with **automated SMT lines**, IoT-enabled **Manufacturing Execution System (MES)**, and **clean room repair facility (1,500 sq. ft.)**.
- Features **SKD (Semi-Knocked-Down) and CKD (Completely-Knocked-Down)** assembly models to support **Make in India** and serve technology partners through **contract manufacturing**.
- **Powered by a 400-kW solar plant**, advancing **sustainable, carbon-efficient manufacturing**.
#### **Industry 4.0 & Digitalization**
- Implements **AI/ML, IoT, 5G, edge computing, and digital twins** for smart production.
- Uses **Automated Optical Inspection (AOI)**, **predictive maintenance**, **robotics**, and **pick-and-place machines** for quality and efficiency.
- **End-to-end traceability** from raw materials to delivery.
---
### **R&D and Innovation**
- **R&D Center in Yeshwantpur, Bengaluru**, serving as a **hub for innovation and customer experience**.
- Focus on **value engineering**, **scalable design**, and **customer-centric product development**.
- Strong investment in **AI/ML, cloud platforms, and IoT-integrated solutions**.
- Collaborations with **IIT Madras Research Park** and India’s **startup ecosystem** to co-develop future-ready products.
---
### **Go-to-Market Strategy & Distribution Network**
- **Hybrid Distribution Model:**
Combines **traditional distributors**, **AIDC partner channels**, and **direct-to-consumer (D2C)** outreach.
- **D2C Focus:**
Targeting **top 100 national retail accounts** with bundled hardware-software solutions and **e-commerce platforms**.
- **National Connectivity:**
- Covers **19,500+ pin codes** and **>90% of Indian districts**.
- Network includes:
- **540+ authorized service partners**
- **4,000+ sales partners**
- **345+ walk-in service centers**
- **13 warehouses, 7 branch offices**
- **150+ seater multilingual call center**
- Supports **650+ districts (expanding to 670 in FY25–26)**, up from 540 in 2023.
---
### **Sustainability & Strategic Initiatives**
- **Circular Economy:** Refurbishment, e-waste management, and reuse of components.
- **Green Energy:** Consultancy and O&M for solar projects; expanding into **EV charging infrastructure**.
- **Parts & Logistics Business:**
- Acts as a **spare parts aggregator** for global OEMs, bridging the gap between expensive OEM parts and low-quality local alternatives.
- Launch of **Assure**, a **B2C on-demand service platform** for installations, repairs, and upgrades.
- **Software Transformation:**
- Transitioned in-house **digital platform to SaaS model** for scalability.
- AI/ML-powered **CRM and Service Delivery Platform (SDP)** integrates brands, service partners, logistics, and spare parts.