TVS Electronics Ltd(TVSELECT)

NSE: TVSELECTBSE: 532513

₹ 365.95-2.50%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 683 crWebsite: www.tvs-e.comUpdated: 24 Oct 2026

About

TVS Electronics makes and sells IT products and solutions such as handheld devices and 2D scanners, and provides customer support services, including IT infrastructure management and solar operations and maintenance. It also runs an electronics manufacturing services business from SMT lines at its Tumakuru facility. Revenue for FY26 was INR 4,552 Mn. Products and Solutions made up 69.5% of that revenue and Customer Support Services 30.5%.^[1][2][3]

Business segments

Products and Solutions: 69.5% of revenue in FY26, at Rs 316.41 Cr, with an EBIT margin of 4.7%.^[3]
Customer Support Services: 30.5% of revenue in FY26, at Rs 138.79 Cr, with an EBIT margin of -8.5%.^[3]
Products and Solutions revenue grew 3% to INR 3,164 Mn in FY26. Customer Support Services revenue grew 12.7% to INR 1,388 Mn.^[1]
Management states a long-term aim of a 50:50 revenue mix between EMS/CSS and Products and Solutions. No timeline has been given.^[1]

Products and services

The product business sells handheld devices and 2D scanners, used mainly in manufacturing and logistics. As of Q4 FY26, BFSI and warehouse/logistics were named as the strongest demand areas.^[1]
The company bundles its hardware with built-in software to offer complete solutions to the retail and parking sectors.^[4]
TVS Aikya is a remote IT infrastructure management service within Customer Support Services. It is sold on annual recurring contracts and was launched by Q2 FY26.^[5]
As of Q4 FY26, a couple of customers had been onboarded onto the AI/ML-enabled TVS Aikya platform, and existing customers were being moved onto it.^[1]
Solar operations and maintenance capacity under management grew from 1 GW to 3 GW during FY26.^[1]
Management maintains a target of spending 2-3% of revenue on R&D, focused on developing its own IT products (Q2 FY26).^[5]

Manufacturing and EMS

The SMT lines at Tumakuru offer PCB assembly, box build, supply chain management, after-sales service and product testing.^[2]
In Q2 FY26, the Tumakuru plant ran one shift against a rated capacity of three shifts, so output could triple within the same facility.^[5]
Utilisation of the EMS facility was 30-40% in Q4 FY26. Management expects it to rise in FY27.^[1]
The EMS business began earning revenue from external customers in FY26 and had prototype orders in its pipeline.^[1]
The company is building SKD/CKD manufacturing at Tumakuru to supply IT peripherals under Make-in-India.^[4]

Customers and distribution

The top 10 customers made up 40% of revenue in FY26, up from 36% in FY25.^[1]
In Customer Support Services, the top 10 customers made up 27% of revenue in FY25, down from 36% in FY23.^[2]
The number of authorised service partners fell from 700+ to 500+ in FY26 after the company exited unprofitable areas such as remote parts of the Northeast.^[1]
As of Q2 FY26, the company had set up sales channels in Nepal and Sri Lanka, which management described as at a nascent stage.^[5]
The EMS business is targeting customers in auto, power electronics, industrial electronics and defence (FY27).^[1]

Expansion and capex

As of FY26, the company had invested INR 40 Cr in factory expansion and EMS.^[1]
As of Q2 FY26, INR 15 Cr had been invested in one EMS line. Further SMT lines will be added depending on demand.^[5]
For FY27, the company plans maintenance capex and spending on tooling and moulds for product development.^[1]

Recent developments

In Q3 FY26, the company booked a one-time exceptional charge of INR 7 Mn for the impact of the new labour code.^[2]
In FY26, the company raised inventory to buffer against higher memory prices, and customers took longer to pay. Trade receivables rose to INR 951 Mn from INR 720 Mn.^[1]
In FY26, the company deliberately exited some low-margin orders in both products and customer support services.^[1]

Market Cap

₹683 Cr

High / Low

₹741 / 333

Stock P/E

36.3

Price / Book

4.1

Book Value

₹51

EPS

₹0.7

No. of Shares

1.87 Cr

ROCE

6.0%

ROE

1.3%

OPM

1.8%

Debt / Equity

0.43

Sales

₹455 Cr

Net Profit

₹1 Cr

Promoter holding

59.8%

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Signal history

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TVS Electronics Ltd(TVSELECT)

About

Business segments

Products and services

Manufacturing and EMS

Customers and distribution

Expansion and capex

Recent developments

Signal history

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Company data

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