TSF INVESTMENTS LIMITED (TSFINV)
₹405.25 +2.32% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, TSF INVESTMENTS's revenue was ₹306 Cr (+70.7% year on year, +2.5% on the previous quarter), and net profit ₹125 Cr (-20.9% year on year); the operating margin was 23.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹306 | +70.7% | +2.5% |
| Operating profit | ₹71.3 | +51.6% | +25.0% |
| Net profit | ₹125 | -20.9% | -23.8% |
| EPS (₹) | 5.50 | -22.9% | -24.1% |
| Operating margin | 23.3% | — | — |
TSFINV delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 55.47% of the TSFINV shares traded on NSE were taken to delivery, against the stock's own 20-session average of 55.81%. That is close to its usual level. Volume was 0.4 times its average, well below normal.
Delivery in the last 5 sessions: 51.4% · 55.3% · 47.2% · 62.2% · 55.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
TSF Investments Limited (formerly Sundaram Finance Holdings Ltd.) has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. Issued by its Registrar and Transfer Agent, Cameo Corporate Services Limited, the certificate covers the quarter ended September 30, 2026. It confirms that securities received for dematerialisation were processed, accepted/rejected, mutilated, and cancelled within regulatory timeframes. This is a mandatory periodic administrative compliance with no impact on operations or financials.
- Compliance certificate received under Regulation 74(5) of SEBI Depositories Regulations, 2018
- Applies to the quarter ended September 30, 2026
- Issued by Registrar and Share Transfer Agent Cameo Corporate Services Limited on October 5, 2026
TSF Investments Limited (TSFINV) shareholders have approved a material related-party transaction via postal ballot with 99.29% votes in favor. Under this resolution, the company will subscribe to up to 10,26,694 equity shares of Wheels India Limited on a private placement basis at ₹1,461 per share (including a premium of ₹1,451). The total transaction value is up to ₹150 crore. The e-voting window was open from August 22, 2026, to September 20, 2026, and secured approvals from 365 shareholders holding 3,63,99,641 shares.
- Shareholders approved subscribing to 10,26,694 equity shares of Wheels India Limited at ₹1,461 per share.
- The total investment consideration is capped at an amount not exceeding ₹150 Crores.
- Resolution was passed as an Ordinary Resolution via postal ballot with 99.29% majority (3,63,99,641 votes in favor vs 2,61,770 against).
- E-voting concluded on September 20, 2026, following the initial notice on August 19, 2026, and a corrigendum on September 3, 2026.
TSF Investments Limited announced that the National Company Law Tribunal (NCLT), Chennai Bench, has sanctioned the Scheme of Amalgamation between Forge 2000 Private Limited and Axles India Limited. Forge 2000, a wholly-owned subsidiary, will merge into Axles India, which is also a subsidiary of TSF Investments. The NCLT order was dated August 27, 2026, and officially uploaded to the portal on September 8, 2026. Financial consideration and share-swap ratios were not disclosed in the disclosure.
- NCLT Chennai sanctioned the Scheme of Amalgamation vide order dated August 27, 2026
- NCLT portal upload completed on September 8, 2026
- Amalgamation involves wholly-owned subsidiary Forge 2000 merging into subsidiary Axles India Limited
- Financial details, swap ratio, and asset impact were not disclosed
TSF Investments Limited has issued a corrigendum to its postal ballot notice regarding its proposed material related-party investment in associate company Wheels India Limited. Following NSE advice under SEBI ICDR pricing regulations, the preferential issue price is revised upward to ₹1,461 per share from ₹1,418 per share. Consequently, TSF Investments will now be allotted 10,26,694 shares instead of the earlier proposed 10,57,827 shares, with the total investment cap remaining unchanged at up to ₹150 Crores. The e-voting period for shareholder approval remains active until September 20, 2026.
- Preferential issue price revised to ₹1,461 per share (including ₹1,451 premium) from ₹1,418 per share on NSE guidance
- Total capital deployment remains capped at ₹150 Crores for TSF Investments Limited
- Equity shares to be allotted adjusted down to 10,26,694 shares from 10,57,827 shares
- Company currently holds 61,09,914 equity shares, representing a 25.007% stake in Wheels India Limited
- E-voting period for shareholder approval closes on September 20, 2026 (5:00 PM)
TSF Investments Limited has issued a Postal Ballot Notice seeking shareholder approval for a material related-party transaction. The company proposes to subscribe to 10,57,827 equity shares of Wheels India Limited on a preferential/private placement basis. The shares have a face value of ₹10 and are priced at ₹1,418 per share (including a premium of ₹1,408), amounting to an aggregate investment of up to ₹150 Crores. The remote e-voting window runs from August 22, 2026, to September 20, 2026.
- Proposed investment of up to ₹150 Crores in related party Wheels India Limited.
- Subscription to 10,57,827 equity shares at an issue price of ₹1,418 per share (face value ₹10 + premium ₹1,408).
- E-voting starts on August 22, 2026 (9:00 AM) and closes on September 20, 2026 (5:00 PM).
- Record/Cut-off date for eligibility to vote was August 14, 2026.
TSF Investments Limited's Board has approved a proposal to subscribe to a preferential issue of 10,57,827 equity shares of associate company Wheels India Limited at ₹1,418 per share. The total cash consideration is capped at ₹150 crore, aimed at consolidating TSF's equity stake in Wheels India. As a material related party transaction, the deal is subject to shareholder approval via postal ballot. The transaction is slated for completion on or before September 30, 2026.
- Board approved subscription of 10,57,827 equity shares at ₹1,418 per share (including ₹1,408 premium)
- Total investment value will not exceed ₹150 crore in cash consideration
- Target associate entity Wheels India Limited clocked a turnover of ₹5,124.40 crore in FY26
- Transaction scheduled for completion on or before September 30, 2026, subject to shareholder approval
TSF Investments (formerly Sundaram Finance Holdings) reported a mixed Q1 FY27. Standalone PAT jumped 155% YoY to ₹176.56 cr, primarily driven by a 256% surge in dividend income to ₹170.44 cr. However, consolidated PAT declined 24% YoY to ₹122.24 cr, as the share of profit from associates fell from ₹113.61 cr to ₹91.74 cr. The standalone total comprehensive income saw a massive swing to ₹1,409.91 cr, reflecting significant fair value gains in the company's investment portfolio.
- Standalone PAT increased 155% YoY to ₹17,656.26 lakhs from ₹6,918.29 lakhs.
- Dividend income (standalone) rose to ₹17,044.10 lakhs, accounting for 86% of total standalone income.
- Consolidated PAT fell 24% YoY to ₹12,223.62 lakhs, impacted by lower associate contributions.
- Share of profit from associates (net) declined to ₹9,174.40 lakhs from ₹11,361.37 lakhs in the year-ago period.
- Standalone Total Comprehensive Income reached ₹1,40,991.13 lakhs due to ₹1,434 cr in fair value gains on investments.
TSF Investments (TSFINV) has approved the acquisition of 2,56,547 shares (1.050% stake) in its associate company, Wheels India Limited (WIL), from a promoter group entity. The acquisition is priced at ₹1,518.62 per share, totaling approximately ₹38.96 crore. This is a related-party transaction conducted as an inter-se transfer to consolidate the group's shareholding in WIL. The transaction is expected to be executed on or after August 7, 2026, via a block deal mechanism at market-linked prices.
- Acquisition of 2,56,547 equity shares representing a 1.050% stake in Wheels India Limited
- Purchase price fixed at ₹1,518.62 per share, amounting to a total deal value of ~₹38.96 Cr
- Target company Wheels India reported a turnover of ₹5,124.40 Cr for the financial year ended March 2026
- Transaction is an inter-se transfer between promoter group entities (TSSFPL to TSFINV)
- Execution is scheduled to take place on or after August 7, 2026
TSF Investments reported a 28.66% YoY increase in consolidated net profit to ₹530.21 crore for FY26, supported by associate profits and fair value gains. The company declared a total dividend of ₹11.15 per share, which includes a special dividend of ₹5.45 per share funded by the monetization of non-core assets. Significant portfolio changes include a ₹449.04 crore net gain from divesting a 2.75% stake in TVS Holdings and a full exit from Sundaram Composite Structures for ₹24.65 crore.
- Consolidated Net Profit grew 28.66% YoY to ₹530.21 crore for the year ended March 31, 2026.
- Total dividend for FY26 declared at ₹11.15 per share (223% of face value), including a ₹5.45 special dividend.
- Realized ₹449.04 crore (net of tax) from the divestment of a 2.75% stake in TVS Holdings Limited.
- Exited entire holding in Sundaram Composite Structures Private Limited for a total consideration of ₹24.65 crore.
- Increased strategic stake in India Motor Parts & Accessories Limited from 20.00% to 21.90%.
TSF Investments Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, for the period ended June 30, 2026. The certificate, issued by Cameo Corporate Services Limited, confirms that physical share certificates received for dematerialization were processed and listed on the stock exchanges. It further verifies that these physical certificates were mutilated and cancelled, with the depository's name updated in the register of members. This is a routine administrative filing with no impact on the company's financial position or operations.
- Compliance certificate covers the quarter ended 30th June, 2026
- Certificate issued by Registrar Cameo Corporate Services Limited on 3rd July, 2026
- Confirmation that dematerialized securities are listed on the stock exchanges where earlier securities are listed
- Verification that physical certificates were mutilated and cancelled within stipulated time limits
TSF Investments has scheduled its 32nd Annual General Meeting (AGM) for July 23, 2026, to approve a final dividend of ₹4.45 per share. This brings the total dividend for FY26 to ₹11.15 per share, following an earlier interim dividend of ₹6.70. The total dividend payout for the year amounts to ₹247.65 cr, sourced from the company's profits. Investors must hold shares by the record date of July 7, 2026, to be eligible for the final payout.
- Final dividend of ₹4.45 per share (89% of face value) recommended for the financial year ended March 31, 2026
- Total dividend for FY26 reaches ₹11.15 per share (223% of face value) including interim payments
- Total dividend payout for the year is ₹247.65 cr on a paid-up capital of ₹111.05 cr
- Record date for the final dividend is fixed as July 7, 2026, with payment on or after July 24, 2026
- Re-appointment of Sri Sriram Viji as Director is proposed for shareholder approval
TSF Investments Limited has announced the closure of its trading window for all designated persons starting July 1, 2026. This closure is mandated by SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the Q1 FY27 financial results. The window will remain shut until 48 hours after the un-audited financial results for the quarter ended June 30, 2026, are declared. This is a standard regulatory requirement for all listed entities in India to prevent insider trading.
- Trading window closure effective from Wednesday, July 1, 2026.
- Closure pertains to the un-audited financial results for the quarter ending June 30, 2026.
- Window to reopen 48 hours post-declaration of the quarterly financial results.
TSF Investments (formerly Sundaram Finance Holdings) reported a robust 28.66% YoY growth in consolidated net profit to ₹530.21 crores for FY26. The results were supported by the acquisition of Axles India as a subsidiary and a fair valuation gain of ₹40.99 crores. The company also realized a significant net gain of ₹461.18 crores from strategic exits in non-core investments, which was transferred to retained earnings. A final dividend of ₹4.45 per share has been recommended, bringing the total FY26 payout to ₹11.15 per share.
- Consolidated net profit increased to ₹530.21 crores from ₹412.09 crores in the previous year.
- Total dividend for FY25-26 aggregates to ₹11.15 per share (223%) including the final dividend recommendation.
- Realized a net gain of ₹461.18 crores from exiting non-core assets like TVS Holdings and Sundaram Composite Structures.
- Dividend income from portfolio companies contributed ₹207.67 crores to the annual financial performance.
- Axles India became a subsidiary following a ₹365.37 crore acquisition of shares from Dana Global Products.
TSF Investments Limited has recommended a final dividend of ₹4.45 per equity share for the financial year 2025-26. This follows an interim dividend of ₹6.70 already paid in February 2026, bringing the total annual payout to ₹11.15 per share. The record date for the final dividend is set for July 7, 2026, with payment expected on or after July 24, 2026. This total dividend represents a significant 223% of the face value of ₹5 per share.
- Final dividend of ₹4.45 per share (89% of face value) recommended by the Board
- Total dividend for FY 2025-26 aggregates to ₹11.15 per share (223% of face value)
- Record date for the final dividend eligibility is fixed as July 7, 2026
- Payment of the final dividend is scheduled to commence on or after July 24, 2026
TSF Investments Limited has recommended a final dividend of ₹4.45 per equity share for the financial year 2025-26. This follows an interim dividend of ₹6.70 per share paid in February 2026, bringing the total annual payout to ₹11.15 per share on a face value of ₹5. The record date for the final dividend is July 7, 2026, with payment expected on or after July 24, 2026. This represents a total dividend payout of 223% for the fiscal year.
- Recommended final dividend of ₹4.45 per equity share (89% of face value)
- Total dividend for FY 2025-26 aggregates to ₹11.15 per share (223% of face value)
- Record date for determining shareholder eligibility is set for July 7, 2026
- Final dividend payment to be processed on or after July 24, 2026, subject to shareholder approval
Financial Performance
Revenue Growth by Segment
Revenue from operations decreased by 46.9% to INR 154.59 Cr in FY25 from INR 291.32 Cr in FY24. This was primarily driven by a sharp decline in 'Net Gain on derecognition of financial instruments' which fell from INR 172.19 Cr to just INR 0.02 Cr. Sale of services (BPO/Support) declined 2.1% to INR 59.46 Cr. Conversely, Dividend Income grew 62.1% to INR 28.69 Cr, and Interest Income rose 38.4% to INR 3.22 Cr.
Geographic Revenue Split
The company is headquartered in Chennai, India. While subsidiaries like Sundaram Business Services serve clients 'in and outside India,' the specific percentage split between domestic and international revenue is not disclosed in the available documents.
Profitability Margins
Profit After Tax (PAT) margin is exceptionally high relative to operating revenue because 81.3% of PAT (INR 334.94 Cr out of INR 412.09 Cr) is derived from the 'Share of net profits from associates.' Consolidated PAT fell 22.7% YoY from INR 533.14 Cr to INR 412.09 Cr. Profit Before Tax (excluding associate profits) fell 52.1% to INR 117.12 Cr due to the absence of the prior year's large derecognition gains.
EBITDA Margin
Not explicitly disclosed as a standalone metric, but Profit Before Tax (PBT) from operations (excluding associate share) was INR 117.12 Cr on a total income of INR 160.03 Cr, representing a core operating margin of 73.2%, down from 82.3% in FY24. The high margin is typical for an investment holding company with low overheads relative to investment gains.
Capital Expenditure
Capital expenditure on the purchase and construction of property, plant, and equipment was INR 0.94 Cr in FY25, a significant increase from INR 0.20 Cr in FY24. The company also made substantial net investments in Mutual Funds totaling INR 191.78 Cr.
Credit Rating & Borrowing
The company is registered with the RBI as an NBFC. Finance costs were INR 1.09 Cr in FY25, down 8% from INR 1.18 Cr in FY24. Specific credit ratings and weighted average interest rates are not disclosed in the provided snippets.
Operational Drivers
Raw Materials
As an investment holding and BPO company, the primary 'inputs' are capital and human resources. For the subsidiary Forge 2000 Private Limited, raw materials include steel and forging components, though specific cost percentages for these are not disclosed.
Capacity Expansion
Not disclosed in available documents; the business model is focused on investment portfolio management rather than industrial capacity.
Raw Material Costs
Not applicable for the holding company; for the consolidated group, 'Other expenses' (which include operational costs) fell 22.8% to INR 13.54 Cr in FY25.
Manufacturing Efficiency
Not applicable for the holding company; subsidiary Forge 2000 is involved in forging conversion, but specific efficiency metrics are not provided.
Strategic Growth
Growth Strategy
The company's growth is tied to the appreciation of its investment portfolio (98.32% of total assets) and the profitability of its associates. Strategy includes maintaining a diversified portfolio of quoted and unquoted equity instruments (INR 5,738.41 Cr) and providing business process outsourcing through Sundaram Business Services.
Products & Services
Investment holding services, business process outsourcing (BPO), support services for large/mid-sized firms, and conversion of forge components.
Brand Portfolio
Sundaram Finance Holdings Limited, Sundaram Business Services Limited, Forge 2000 Private Limited.
Strategic Alliances
The company operates through 9 associates and 2 wholly-owned subsidiaries (Sundaram Business Services and Forge 2000).
External Factors
Industry Trends
The industry is shifting toward more rigorous fair value measurements under Ind AS 113. The company's portfolio is 98.3% of assets, making it a pure-play investment vehicle for the Sundaram Group's industrial and service interests.
Competitive Landscape
Competes with other investment holding companies and BPO service providers in India.
Competitive Moat
The company's moat is derived from its association with the 'Sundaram' brand and its long-standing equity stakes in established industrial associates, providing a steady stream of dividends (INR 28.69 Cr) and associate profits (INR 334.94 Cr).
Macro Economic Sensitivity
Highly sensitive to Indian capital market performance and interest rate cycles, as interest income rose 38.4% YoY following rate changes.
Consumer Behavior
Not applicable as the company is an investment holding entity.
Regulatory & Governance
Industry Regulations
Regulated by the Reserve Bank of India (RBI) as a Non-Banking Financial Company (NBFC). Must comply with Ind AS 113 for fair value measurements of its INR 5,738.41 Cr portfolio.
Taxation Policy Impact
The effective tax rate on PBT was 34.1% in FY25 (INR 39.97 Cr tax on INR 117.12 Cr PBT). Deferred tax liabilities increased by 56.2% to INR 203.22 Cr, primarily due to fair value changes in investments.
Legal Contingencies
The Group has disclosed pending litigations in Note 34c. One associate, Sundaram Composite Structures Private Limited, received a qualified/adverse remark in the CARO report under clause 3(xvii) regarding cash losses.
Risk Analysis
Key Uncertainties
The primary risk is the valuation of unquoted equity investments (INR 259.58 Cr), which relies on Level 2 and Level 3 inputs and significant management judgment. A 10% error in valuation could impact equity by approximately INR 26 Cr.
Geographic Concentration Risk
Concentrated in India, specifically Chennai, for its corporate operations and registered office.
Third Party Dependencies
Highly dependent on the financial health of its 9 associates for 81% of its consolidated net profit.
Technology Obsolescence Risk
The BPO subsidiary (Sundaram Business Services) faces risks from automation and AI, though the company notes it maintains audit trails and internal controls to manage digital records.
Credit & Counterparty Risk
The company has INR 21.50 Cr in fixed deposits with banks and NBFCs, exposing it to counterparty risk in the financial sector.
