TVS Electronics Limited (TVSELECT)
₹393.45 +5.68% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, TVS Electronics' revenue was ₹106 Cr (+9.6% year on year, -9.7% on the previous quarter), and net profit ₹-6.6 Cr (a bigger loss than a year earlier); the operating margin was -2.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹106 | +9.6% | -9.7% |
| Operating profit | ₹-2.4 | to loss | to loss |
| Net profit | ₹-6.6 | loss widened | to loss |
| EPS (₹) | -3.55 | loss widened | to loss |
| Operating margin | -2.3% | — | — |
TVSELECT delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 6.38% of the TVSELECT shares traded on NSE were taken to delivery, against the stock's own 20-session average of 44.11%. The price rose 5.68% on unusually low delivery, so more of the move than usual was intraday trading. It traded 5.0 times its average daily volume. 2 bulk or block deals were reported in TVSELECT in the last 60 days: ₹7 Cr bought and ₹7 Cr sold.
Delivery in the last 5 sessions: 48.6% · 48.0% · 33.6% · 53.9% · 6.4%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 30 Sep | Sell | Nk Securities Research Private Limited | ₹6.64 Cr | ₹424.71 | 156,363 | Bulk |
| 30 Sep | Buy | Nk Securities Research Private Limited | ₹6.64 Cr | ₹424.39 | 156,363 | Bulk |
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
TVS Electronics Limited has received a Show Cause Notice under Section 73(1) of the CGST/KGST Act from the Deputy Commissioner, Karnataka GST Authority, for the tax period April 2022 to March 2023. The total financial implication claimed is ₹7,82,42,083 (including interest and penalty). This disputed demand represents roughly 8.1% of the company's net worth (₹96 Cr) and exceeds its TTM net loss of ₹-7 Cr. The company stated it is currently preparing its reply to contest the notice.
- Received Show Cause Notice u/s 73(1) of CGST and Karnataka GST Act for FY2022-23 (April 2022 to March 2023)
- Expected financial implication of ₹7,82,42,083 inclusive of tax demand, interest, and penalty
- Demand amount of ~₹7.82 Cr equals roughly 8.1% of the company's net worth of ₹96 Cr
- Company is in the process of filing a formal reply to the Karnataka GST Authority
TVS Electronics Limited has received a Show Cause Notice under Section 73(1) of the CGST/Uttarakhand GST Act, 2017 from the Deputy Commissioner, Uttarakhand GST Authority. The notice pertains to the tax period FY 2022-23 (April 2022 to March 2023), alleging excess availment of Input Tax Credit (ITC). The total expected financial implication is ₹1,75,34,463 (₹1.75 Cr), inclusive of interest and penalties. The company is currently in the process of filing a formal reply to contest the notice.
- Received Show Cause Notice u/s 73(1) of CGST/Uttarakhand GST Act for FY 2022-23
- Total expected financial exposure of ₹1,75,34,463 (₹1.75 Cr) including interest and penalty
- Demand pertains to alleged excess availment of Input Tax Credit (ITC)
- Quantum represents ~0.59% of TTM revenue (₹295 Cr) and ~1.8% of Net Worth (₹96 Cr)
TVS Electronics released its Q1 FY27 investor presentation, reporting revenue of ₹106.0 Cr (INR 1,060 Mn), up 9.6% YoY but down 9.7% QoQ due to corporate order execution delays. Profitability was strained by higher material costs and capability investments, resulting in an EBITDA loss of ₹2.4 Cr (-2.26% margin) compared to positive EBITDA of ₹1.3 Cr in Q1 FY26. Net loss widened to ₹6.6 Cr from ₹3.6 Cr in Q1 FY26. Products & Solutions accounted for 68% of revenue (₹72.5 Cr), while Customer Support Services contributed 32% (₹33.5 Cr).
- Q1 FY27 Revenue rose 9.6% YoY to ₹106.0 Cr (INR 1,060 Mn), but declined 9.7% QoQ
- EBITDA turned negative to ₹-2.4 Cr (-2.26% margin) compared to ₹1.3 Cr in Q1 FY26
- Net loss widened to ₹6.6 Cr (PAT margin -6.23%) vs ₹3.6 Cr net loss in Q1 FY26
- Product & Solutions Group revenue stood at ₹72.5 Cr (up 12.4% YoY), driving 68% of mix
- Top 10 customer concentration increased to 40% in FY26 from 30% in FY24
TVS Electronics Limited held its 31st Annual General Meeting on August 8, 2026, where all four proposed resolutions were passed with over 99.99% majority. Shareholders approved the audited financial statements for FY26 and the re-appointment of Mrs. Srilalitha Gopal as Director. A special resolution was also passed to approve minimum remuneration for the Managing Director until May 10, 2028. This procedural filing confirms management continuity despite the company reporting a TTM net loss of Rs 7 Cr.
- All 4 resolutions passed with a requisite majority exceeding 99.99% of valid votes cast
- Special resolution approved for minimum remuneration to MD Mrs. Srilalitha Gopal until May 10, 2028
- Ratification of Rs 1.50 lakhs plus taxes as remuneration for the Cost Auditor for FY27
- Total of 1,11,97,329 valid votes cast for the adoption of FY26 financial statements
- Promoter group participation in voting was 100% for their 1,11,47,743 shares
TVS Electronics reported a 9.6% YoY revenue growth to ₹106.04 Cr for the quarter ended June 30, 2026. However, net losses widened significantly to ₹6.62 Cr from a loss of ₹3.55 Cr in the same quarter last year. Both primary business segments—Products & Solutions and Customer Support Services—remained loss-making at the PBIT level, reporting losses of ₹2.97 Cr and ₹3.43 Cr respectively. Total expenses rose to ₹113.89 Cr, primarily driven by a 14.3% increase in employee benefit expenses and higher stock-in-trade purchases.
- Revenue from operations increased 9.6% YoY to ₹106.04 Cr from ₹96.74 Cr.
- Net loss widened by 86% YoY to ₹6.62 Cr compared to a loss of ₹3.55 Cr in Q1 FY26.
- Products & Solutions segment revenue grew 12.4% YoY to ₹72.52 Cr.
- Employee benefit expenses rose to ₹21.05 Cr, representing 19.8% of total revenue.
- Total comprehensive loss for the period stood at ₹6.57 Cr.
TVS Electronics concluded its 31st Annual General Meeting on August 8, 2026, transacting four key resolutions including the re-appointment and minimum remuneration of MD Srilalitha Gopal until May 2028. The company confirmed clean audit reports for FY26 despite a challenging financial period with a TTM net loss of Rs 7 Cr. Management highlighted that current manufacturing capacity utilization remains low at approximately 33%, with potential to triple output by moving to three-shift operations. A factory visit for shareholders has been scheduled for September 10, 2026, to showcase operational capabilities.
- Factory visit for shareholders scheduled for September 10, 2026, to demonstrate manufacturing infrastructure
- Managing Director Srilalitha Gopal's minimum remuneration approved for the remaining tenure until May 10, 2028
- Current capacity utilization is approximately 33%, operating on a single-shift basis at the Tumakuru facility
- TTM revenue stands at Rs 295 Cr with an operating profit margin of 1.5%
- Statutory and Secretarial Audit Reports for FY26 were free from any qualifications or adverse remarks
TVS Electronics has received a Show Cause Notice from the Delhi GST Department for the period April 2022 to March 2023. The notice alleges excess availment of Input Tax Credit (ITC) under Section 73(1) of the CGST/Delhi GST Act. The total financial implication, including interest and penalty, is estimated at ₹58,23,047. Given the company's TTM revenue of ₹295 Cr, this claim is relatively small at approximately 0.20% of annual turnover.
- Show Cause Notice issued for the tax period April 2022 to March 2023
- Total financial implication estimated at ₹58,23,047 including interest and penalty
- Allegation involves excess availment of Input Tax Credit (ITC)
- Company is currently in the process of filing a formal reply to the notice
TVS Electronics has scheduled its 31st Annual General Meeting (AGM) for August 08, 2026, at 10:00 a.m. IST via video conferencing. The company is dispatching the Annual Report for FY 2025-26 to shareholders, including a specific outreach to those without registered email addresses via physical letters containing QR codes. This filing is a procedural requirement under SEBI Regulation 36(1)(b). Investors should use this report to assess the company's progress on its EMS division scaling and the status of its merger with TVS Investments Private Limited.
- 31st Annual General Meeting scheduled for August 08, 2026, at 10:00 a.m. IST
- Annual Report released for the Financial Year 2025-26
- Compliance filing under Regulation 36(1)(b) of SEBI LODR Regulations
- Meeting to be conducted entirely through Video Conferencing (VC) / Other Audio Visual Means (OAVM)
TVS Electronics has scheduled its 31st Annual General Meeting (AGM) for August 8, 2026. A key agenda item is a special resolution to approve a ₹2.00 crore annual remuneration for Managing Director Mrs. Srilalitha Gopal, applicable even in cases of loss or inadequate profits until May 2028. This proposal follows a fiscal year (FY26) where the company reported a net profit of ₹1.26 crore, recovering from a ₹3.88 crore loss in FY25. Investors should note that the proposed remuneration exceeds the company's total net profit for the most recent full financial year.
- AGM scheduled for August 8, 2026, to adopt FY26 financial statements and re-appoint directors.
- Proposed MD remuneration of ₹2.00 crore per annum, comprising ₹1.25 crore basic and ₹0.75 crore variable pay.
- FY26 Profit After Tax stood at ₹1.26 crore, a recovery from the ₹3.88 crore loss reported in FY25.
- MD remuneration of ₹2.00 crore represents approximately 158% of the FY26 net profit.
- Cost Auditor remuneration for FY27 proposed at ₹1.50 lakhs plus taxes.
TVS Electronics (TVSE) has entered into a non-exclusive Strategic Alliance Memorandum of Understanding (MoU) with an unnamed Indian cybersecurity provider on July 14, 2026. The agreement establishes a framework to jointly pursue opportunities in AI-enabled platforms, cloud infrastructure, and digital transformation across enterprise and government sectors. While the MoU is valid for one year, it involves no immediate financial commitment or consideration, with commercial terms to be decided on a project-by-project basis. This move aligns with TVSE's goal to diversify its TTM revenue of Rs 295 Cr into higher-margin technology services.
- MoU signed on July 14, 2026, with an initial validity period of 1 year.
- Zero consideration paid or received for the execution of this strategic alliance.
- Collaboration targets high-growth areas including AI-enabled platforms, cybersecurity, and cloud infrastructure.
- Agreement is non-exclusive and operates on a principal-to-principal basis without mandatory financial commitments.
- Partnership aims to leverage TVSE's existing presence in BFSI and Government sectors for new technology tenders.
TVS Electronics Limited (TVSELECT) has responded to a surveillance query from the National Stock Exchange (NSE) regarding a significant increase in trading volume. The company stated that it has consistently disclosed all price-sensitive information and material events as required by SEBI (LODR) Regulations, 2015. They confirmed that there is no pending information that could have a bearing on the company's operations or performance. This filing is a standard regulatory response to unusual market activity and does not contain new fundamental data.
- NSE issued a query under Ref. No. NSE/CM/Surveillance/17248 regarding a significant increase in trading volume.
- The company submitted its formal response on July 9, 2026, denying any undisclosed material information.
- The filing confirms compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
- The company maintains that all price-sensitive information has been shared with the exchange from time to time.
TVS Electronics is contesting a legacy dispute with the EPFO regarding the interpretation of 'Basic Wages' for the period April 2014 to June 2015. While the differential PF contribution was settled in 2020, the company is now challenging the associated damages. The Industrial Tribunal recently reduced these damages by 45% to ₹12.78 Lakhs, of which the company has already deposited ₹6.00 Lakhs. The company has now filed a Writ Petition in the Madras High Court seeking further relief against the remaining amount.
- Damages reduced by 45% from ₹23.24 Lakhs to ₹12.78 Lakhs by the Industrial Tribunal
- ₹6.00 Lakhs already deposited by the company towards the claim
- Dispute relates to an assessment period of 15 months (April 2014 to June 2015)
- Writ Petition filed in Madras High Court to contest the remaining ₹12.78 Lakhs liability
TVS Electronics Limited has submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended June 30, 2026. The certificate, issued by Integrated Registry Management Services Private Limited, confirms that share certificates received for dematerialization were processed and the names of the depositories were substituted in the register of members. This is a routine administrative filing required by SEBI to ensure the integrity of electronic shareholding records. There is no financial impact or change in business operations resulting from this announcement.
- Compliance certificate issued for the quarter ended June 30, 2026
- Confirmation received from Registrar and Share Transfer Agent, Integrated Registry Management Services Private Limited
- Document dated July 3, 2026, submitted to BSE and NSE
- Confirms verification and cancellation of physical security certificates received for dematerialization
TVS Electronics Limited has announced the closure of its trading window for all designated persons starting July 1, 2026. This closure is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's financial results for the quarter ending June 30, 2026. The trading window will remain closed until 48 hours after the unaudited financial results are declared to the public. The specific date for the Board of Directors meeting to approve these results will be announced separately.
- Trading window closure effective from July 1, 2026.
- Closure pertains to the unaudited financial results for the quarter ending June 30, 2026.
- Window will reopen 48 hours after the official declaration of financial results.
- Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015.
- Board meeting date for results approval to be intimated at a later date.
TVS Electronics Limited has responded to a clarification request from the National Stock Exchange regarding a significant increase in trading volume. The company stated that it has consistently disclosed all price-sensitive information as per SEBI (LODR) Regulations, 2015. They confirmed there is no undisclosed information or pending announcements that could impact the stock's performance or operations. This response is a standard regulatory procedure when exchanges observe unusual market activity.
- NSE sought clarification on June 26, 2026, regarding a significant spurt in trading volume.
- Company confirmed compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
- Management stated no pending price-sensitive information remains undisclosed to the market.
- The response indicates that the volume increase is not linked to any new internal corporate developments.
Financial Performance
Revenue Growth by Segment
In Q2 FY26, the Product & Solutions Group (PSG) grew 27.2% YoY to INR 93 Cr, while Customer Support Services (CSS) grew 9.5% YoY to INR 34.5 Cr. Total consolidated revenue for Q2 FY26 was INR 127.5 Cr, a 21.9% increase YoY.
Geographic Revenue Split
As of FY25, the geographic contribution was led by South India at 37%, followed by West India at 23%, North India at 21%, and East India at 19%.
Profitability Margins
Q2 FY26 PAT margin stood at 1.25% (INR 1.6 Cr), a significant recovery from a negative margin of 1.24% (INR -1.3 Cr) in Q2 FY25. However, H1 FY26 remains at a net loss of INR 2 Cr with a PAT margin of -0.89%.
EBITDA Margin
EBITDA margin for Q2 FY26 was 3.76% (INR 4.8 Cr), improving by 127 bps YoY from 2.49% (INR 2.6 Cr). The improvement is attributed to operating leverage as revenue scaled against fixed costs.
Capital Expenditure
The company invested INR 15 Cr to establish a new Electronic Manufacturing Services (EMS) line. Future CAPEX will be demand-driven based on business requirements.
Credit Rating & Borrowing
The company maintains a BWR A/Stable (Long Term) and BWR A1 (Short Term) rating. Total rated bank facilities amount to INR 67 Cr, including INR 46 Cr in long-term and INR 21 Cr in short-term facilities.
Operational Drivers
Raw Materials
Specific raw material names like copper or plastics are not listed, but the cost of materials consumed and purchase of stock-in-trade represents the bulk of the INR 122.7 Cr total expenses in Q2 FY26.
Key Suppliers
Not disclosed in available documents; however, the company operates under NDAs with several Electronic Manufacturing Services (EMS) customers.
Capacity Expansion
The Tumakuru facility currently operates on a single-shift basis. The company has the infrastructure to move to a three-shift operation, which would effectively triple current production capacity without additional major structural expansion.
Raw Material Costs
Total expenses grew 20.3% YoY to INR 122.7 Cr in Q2 FY26, closely tracking the 21.9% revenue growth, indicating stable procurement costs relative to sales.
Manufacturing Efficiency
Capacity utilization is currently at approximately 33% (one out of three possible shifts). Moving to full capacity is expected to significantly improve EBITDA margins through operating leverage.
Strategic Growth
Expected Growth Rate
18%
Growth Strategy
Growth will be driven by scaling the EMS division (INR 15 Cr initial investment), expanding Solar O&M services (currently 2-3 GW range), and launching new products like TVS Aikya and TVS AIDC. The company is also targeting the manufacturing and logistics segments for its automation solutions.
Products & Services
Dot matrix printers, keyboards, mice, Touch POS systems, thermal printers, mobile phone/IT repair services, and Solar O&M services.
Brand Portfolio
TVS Electronics, TVS-E, TVS Aikya, TVS AIDC.
New Products/Services
New launches include TVS Aikya and TVS AIDC solutions. R&D investment is targeted at 2% to 3% of revenue to develop proprietary IT products.
Market Expansion
The company is expanding its focus from BFSI, Retail, and Government into the Manufacturing and Logistics sectors to drive volume growth in its Products and Solutions Group.
Market Share & Ranking
The company identifies as a market leader in Touch POS systems and Thermal printers in India.
Strategic Alliances
The company is undergoing a Composite Scheme of Arrangement to merge its holding company, TVS Investments Private Limited, into TVS Electronics to simplify the corporate structure.
External Factors
Industry Trends
The industry is shifting toward local electronics manufacturing (EMS) and renewable energy support services. TVS-E is positioning itself as an integrated hardware and software solution provider rather than just a peripheral seller.
Competitive Landscape
Competes with global and local IT peripheral brands and emerging EMS players in India.
Competitive Moat
The moat is built on a 3-decade brand heritage, a pan-India service network for CSS, and market leadership in niche categories like Dot Matrix printers and POS systems. Sustainability is driven by the 'Make in India' local value addition.
Macro Economic Sensitivity
The business is sensitive to 'Make in India' policy shifts and general economic activity in the retail and BFSI sectors which drive automation demand.
Consumer Behavior
Increased demand for transaction automation in retail and logistics is driving the shift toward Touch POS and thermal printing solutions.
Regulatory & Governance
Industry Regulations
The company is subject to regulatory changes in electronics categories, specifically mentioned regarding its camera business portfolio. It must also comply with 'Make in India' value-addition norms for government tenders.
Taxation Policy Impact
The company reported a tax credit/benefit of INR 0.9 Cr in H1 FY26 due to overall losses.
Risk Analysis
Key Uncertainties
Market fluctuations and the ability to maintain growth in the PSG segment (which saw a 27% spike in Q2) are primary uncertainties. Potential impact of 5-10% on margins if operating leverage does not materialize.
Geographic Concentration Risk
High concentration in South India (37% of revenue) makes the company vulnerable to regional economic downturns.
Third Party Dependencies
Dependency on global component suppliers for electronic manufacturing, although specific names are not disclosed.
Technology Obsolescence Risk
Risk of Dot Matrix and legacy peripherals being replaced by newer digital technologies; mitigated by R&D into POS and AIDC solutions.
Credit & Counterparty Risk
Trade receivables of INR 79.4 Cr represent a significant portion of current assets (approx 40%), requiring strict credit monitoring of retail and government clients.
