TSF Investments Ltd.

•

₹ 417.15-1.78%

2026-08-21

sundaramholdings.inBSE: -NSE: TSFINV

Market Cap₹ 9,211 Cr.

Current Price₹ 425

High / Low₹ 702 / 332

Stock P/E18.9

Book Value₹ 273

Price to Book1.24

Dividend Yield2.69 %

ROCE3.5 %

ROE2.1 %

Face Value₹ 5

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Manufacturing: 81.5% • Investments: 9.3% • Support services: 6.6% • Other: 2.6%

PROS

Company has delivered good profit growth of 66.9% CAGR over last 5 years
Solid return on assets for a lender - ROA of 3.4%
Asset quality is healthy - gross NPA of just 0.0%
Company has consistently been profitable over the last 5 years
Company has delivered good sales growth of 75.3% CAGR over last 5 years
Company has been maintaining a healthy dividend payout of 47.5%

CONS

Capital adequacy is tight at 0.0% - limited headroom to grow
Company has a low return on capital employed of 3.9%
Company has a low return on equity of 2.7% over last 3 years
Operating margins have contracted to 20.5% from 53.9%
Thin net interest margin of 0.0%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

EDIT COLUMNS

Financial ServicesFinanceFinance - Investment

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	BAJAJFINSV	2010.00	31.74	322014.33	0.07	6296.67	18.15	42036.90	92.22	11.88	40.79
2.	AIIL	549.85	22.26	46694.66	0.00	11082.20	1075.19	14695.40	1109.37	30.27	88.91
3.	CHOLAHLDNG	1558.35	10.96	29262.30	0.08	1788.99	42.04	11113.57	42.92	10.52	57.53
4.	TVSHLTD	13946.95	14.32	28217.61	0.62	1173.58	73.77	17076.18	40.01	19.39	16.25
5.	CGCL	226.40	19.32	21783.17	0.09	353.38	102.04	1576.47	62.12	11.18	68.54
6.	MAHSCOOTER	13359.10	0.00	15267.54	1.65	3.32	-90.61	5.41	-81.52	1.06	84.10
7.	JSWHL	11370.60	91.87	12620.94	0.00	24.54	-92.74	34.58	14.97	0.58	92.45
8.	JMFINANCIL	126.45	11.63	12100.76	2.57	368.57	-19.66	1200.53	9.69	11.91	58.30
9.	TSFINV	414.70	18.92	9210.65	2.69	124.95	-92.11	305.57	102.23	3.47	53.35
10.	RELIGARE	230.10	144.40	7932.32	0.00	-46.98	-674.86	2353.40	1051.76	11.46	-2.08
11.	KAMAHOLD	2440.10	8.41	7830.42	1.70	584.02	10.80	4657.56	7.07	20.86	22.01
12.	PILANIINVS	4285.35	0.00	4744.85	0.21	-47.26	-17.55	14.44	-70.70	1.41	-9.33

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	9	9	10	203	29	15	33	49	151	21	248	284	306
	14	11	12	11	9	9	9	12	132	200	210	240	245
Operating Profit	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	1	2	2	0	1	2	0	2	2	4	2	9	1
Interest	0	0	0	0	0	0	0	0	5	7	7	7	7
Depreciation	1	1	1	1	1	1	1	1	3	4	4	4	4
	10	14	15	206	34	22	23	38	41	44	40	56	153
Tax %	133.27%	37.49%	23.77%	14.85%	28.63%	35.01%	24.68%	44.25%	48.30%	35.98%	37.37%	8.86%	18.41%
Net Profit	0	0	0	0	1,103	889	1,057	1,071	1,584	1,029	1,047	1,642	125
	3	4	5	12	5	4	5	5	7	5	5	7	1
Equity Capital	111	111	111	111	111	111	111	111	111	111	111	111	111
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Equity Capital	111	111	111	111	111	111	111	111	111	111	111	111	111
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Jun 2023

: 9
: 14
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 0
Depreciation: 1
: 10
Tax %: 133.27%
Net Profit: 0
: 3
Equity Capital: 111
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 111
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2023

: 9
: 11
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 0
Depreciation: 1
: 14
Tax %: 37.49%
Net Profit: 0
: 4
Equity Capital: 111
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 111
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 10
: 12
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 0
Depreciation: 1
: 15
Tax %: 23.77%
Net Profit: 0
: 5
Equity Capital: 111
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 111
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 203
: 11
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 0
Depreciation: 1
: 206
Tax %: 14.85%
Net Profit: 0
: 12
Equity Capital: 111
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 111
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 29
: 9
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 0
Depreciation: 1
: 34
Tax %: 28.63%
Net Profit: 1,103
: 5
Equity Capital: 111
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 111
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 15
: 9
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 0
Depreciation: 1
: 22
Tax %: 35.01%
Net Profit: 889
: 4
Equity Capital: 111
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 111
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 33
: 9
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 0
Depreciation: 1
: 23
Tax %: 24.68%
Net Profit: 1,057
: 5
Equity Capital: 111
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 111
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 49
: 12
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 0
Depreciation: 1
: 38
Tax %: 44.25%
Net Profit: 1,071
: 5
Equity Capital: 111
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 111
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 151
: 132
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 5
Depreciation: 3
: 41
Tax %: 48.30%
Net Profit: 1,584
: 7
Equity Capital: 111
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 111
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 21
: 200
Operating Profit: —
OPM %: —
Other Income: 4
Interest: 7
Depreciation: 4
: 44
Tax %: 35.98%
Net Profit: 1,029
: 5
Equity Capital: 111
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 111
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 248
: 210
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 7
Depreciation: 4
: 40
Tax %: 37.37%
Net Profit: 1,047
: 5
Equity Capital: 111
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 111
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 284
: 240
Operating Profit: —
OPM %: —
Other Income: 9
Interest: 7
Depreciation: 4
: 56
Tax %: 8.86%
Net Profit: 1,642
: 7
Equity Capital: 111
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 111
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 306
: 245
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 7
Depreciation: 4
: 153
Tax %: 18.41%
Net Profit: 125
: 1
Equity Capital: 111
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 111
Reserves: 0
Promoter Pledge %: 0.00%

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	68	99	93	59	84	90	291	155	985	860
	47	59	62	49	61	45	48	39	783	895
Operating Profit	24	43	36	16	27	49	249	121	222	—
OPM %	36	44	39	27	32	54	85	78	23	—
Other Income	3	3	6	6	4	4	6	5	20	17
Interest	0	0	0	0	1	0	1	1	25	27
Depreciation	1	1	1	1	4	2	3	3	16	17
	23	42	35	14	22	47	245	117	180	293
Tax %	22	28	16	32	21	33	21	34	31	22
Net Profit	18	30	29	10	17	32	192	77	125	229
EPS	0	0	0	5	8	11	24	19	23	—
Dividend Payout %	17	19	24	10	37	37	32	32	47	—
Minority Interest	0	0	0	0	2	0	0	0	-8	3
Share of Associates	112	107	49	64	143	206	341	335	364	360
Adjusted EPS	9	9	5	5	7	11	24	19	23	—
Minority Interest	0	0	0	0	2	0	0	0	-8	3
Share of Associates	112	107	49	64	143	206	341	335	364	360
Adjusted EPS	9	9	5	5	7	11	24	19	23	—

Mar 2018

: 68
: 47
Operating Profit: 24
OPM %: 36
Other Income: 3
Interest: 0
Depreciation: 1
: 23
Tax %: 22
Net Profit: 18
EPS: 0
Dividend Payout %: 17
Minority Interest: 0
Share of Associates: 112
Adjusted EPS: 9
Minority Interest: 0
Share of Associates: 112
Adjusted EPS: 9

Mar 2019

: 99
: 59
Operating Profit: 43
OPM %: 44
Other Income: 3
Interest: 0
Depreciation: 1
: 42
Tax %: 28
Net Profit: 30
EPS: 0
Dividend Payout %: 19
Minority Interest: 0
Share of Associates: 107
Adjusted EPS: 9
Minority Interest: 0
Share of Associates: 107
Adjusted EPS: 9

Mar 2020

: 93
: 62
Operating Profit: 36
OPM %: 39
Other Income: 6
Interest: 0
Depreciation: 1
: 35
Tax %: 16
Net Profit: 29
EPS: 0
Dividend Payout %: 24
Minority Interest: 0
Share of Associates: 49
Adjusted EPS: 5
Minority Interest: 0
Share of Associates: 49
Adjusted EPS: 5

Mar 2021

: 59
: 49
Operating Profit: 16
OPM %: 27
Other Income: 6
Interest: 0
Depreciation: 1
: 14
Tax %: 32
Net Profit: 10
EPS: 5
Dividend Payout %: 10
Minority Interest: 0
Share of Associates: 64
Adjusted EPS: 5
Minority Interest: 0
Share of Associates: 64
Adjusted EPS: 5

Mar 2022

: 84
: 61
Operating Profit: 27
OPM %: 32
Other Income: 4
Interest: 1
Depreciation: 4
: 22
Tax %: 21
Net Profit: 17
EPS: 8
Dividend Payout %: 37
Minority Interest: 2
Share of Associates: 143
Adjusted EPS: 7
Minority Interest: 2
Share of Associates: 143
Adjusted EPS: 7

Mar 2023

: 90
: 45
Operating Profit: 49
OPM %: 54
Other Income: 4
Interest: 0
Depreciation: 2
: 47
Tax %: 33
Net Profit: 32
EPS: 11
Dividend Payout %: 37
Minority Interest: 0
Share of Associates: 206
Adjusted EPS: 11
Minority Interest: 0
Share of Associates: 206
Adjusted EPS: 11

Mar 2024

: 291
: 48
Operating Profit: 249
OPM %: 85
Other Income: 6
Interest: 1
Depreciation: 3
: 245
Tax %: 21
Net Profit: 192
EPS: 24
Dividend Payout %: 32
Minority Interest: 0
Share of Associates: 341
Adjusted EPS: 24
Minority Interest: 0
Share of Associates: 341
Adjusted EPS: 24

Mar 2025

: 155
: 39
Operating Profit: 121
OPM %: 78
Other Income: 5
Interest: 1
Depreciation: 3
: 117
Tax %: 34
Net Profit: 77
EPS: 19
Dividend Payout %: 32
Minority Interest: 0
Share of Associates: 335
Adjusted EPS: 19
Minority Interest: 0
Share of Associates: 335
Adjusted EPS: 19

Mar 2026

: 985
: 783
Operating Profit: 222
OPM %: 23
Other Income: 20
Interest: 25
Depreciation: 16
: 180
Tax %: 31
Net Profit: 125
EPS: 23
Dividend Payout %: 47
Minority Interest: -8
Share of Associates: 364
Adjusted EPS: 23
Minority Interest: -8
Share of Associates: 364
Adjusted EPS: 23

TTM

: 860
: 895
Operating Profit: —
OPM %: —
Other Income: 17
Interest: 27
Depreciation: 17
: 293
Tax %: 22
Net Profit: 229
EPS: —
Dividend Payout %: —
Minority Interest: 3
Share of Associates: 360
Adjusted EPS: —
Minority Interest: 3
Share of Associates: 360
Adjusted EPS: —

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 75%
3 Years:: 122%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 48%
3 Years:: 30%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: —
5 Years:: 2%
3 Years:: 3%
Last Year:: 2%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
LIABILITIES	-	-	-	-	-	-	-	-	-
Equity Capital	76	76	76	76	111	111	111	111	111
	2,736	2,290	1,782	2,119	2,891	3,459	4,682	5,495	5,922
	0	0	0	0	0	0	0	0	220
Trade Payables	1	1	1	1	1	1	0	2	119
	127	86	64	110	93	64	155	228	371
Total Liabilities	2,940	2,453	1,922	2,306	3,096	3,635	4,948	5,837	6,743
ASSETS	-	-	-	-	-	-	-	-	-
	6	6	9	10	7	22	20	27	400
Capital Work in Progress	0	0	0	0	0	0	0	0	1
	2,910	2,420	1,879	2,269	3,053	3,553	4,708	5,738	5,781
	0	0	0	0	0	0	0	0	152
	0	0	0	0	0	0	6	6	209
Cash & Bank	4	5	10	11	14	17	183	16	142
	21	22	25	15	21	43	31	49	59
Total Assets	2,940	2,453	1,922	2,306	3,096	3,635	4,948	5,837	6,743
Total Debt	0	0	0	0	0	0	0	0	220
Net Working Capital	181	200	213	87	224	457	884	983	1,459
Contingent Liabilities	6	16	10	10	51	177	195	131	131
Book Value per Share	186.07	156.56	122.91	145.27	135.16	160.73	215.79	252.43	271.62
Face Value	5.00	5.00	5.00	5.00	5.00	5.00	5.00	5.00	5.00
Total Debt	0	0	0	0	0	0	0	0	220
Net Working Capital	181	200	213	87	224	457	884	983	1,459
Contingent Liabilities	6	16	10	10	51	177	195	131	131
Book Value per Share	186.07	156.56	122.91	145.27	135.16	160.73	215.79	252.43	271.62
Face Value	5.00	5.00	5.00	5.00	5.00	5.00	5.00	5.00	5.00

Mar 2018

Equity Capital: 76
: 2,736
: 0
Trade Payables: 1
: 127
Total Liabilities: 2,940
: 6
Capital Work in Progress: 0
: 2,910
: 0
: 0
Cash & Bank: 4
: 21
Total Assets: 2,940
Total Debt: 0
Net Working Capital: 181
Contingent Liabilities: 6
Book Value per Share: 186.07
Face Value: 5.00
Total Debt: 0
Net Working Capital: 181
Contingent Liabilities: 6
Book Value per Share: 186.07
Face Value: 5.00

Mar 2019

Equity Capital: 76
: 2,290
: 0
Trade Payables: 1
: 86
Total Liabilities: 2,453
: 6
Capital Work in Progress: 0
: 2,420
: 0
: 0
Cash & Bank: 5
: 22
Total Assets: 2,453
Total Debt: 0
Net Working Capital: 200
Contingent Liabilities: 16
Book Value per Share: 156.56
Face Value: 5.00
Total Debt: 0
Net Working Capital: 200
Contingent Liabilities: 16
Book Value per Share: 156.56
Face Value: 5.00

Mar 2020

Equity Capital: 76
: 1,782
: 0
Trade Payables: 1
: 64
Total Liabilities: 1,922
: 9
Capital Work in Progress: 0
: 1,879
: 0
: 0
Cash & Bank: 10
: 25
Total Assets: 1,922
Total Debt: 0
Net Working Capital: 213
Contingent Liabilities: 10
Book Value per Share: 122.91
Face Value: 5.00
Total Debt: 0
Net Working Capital: 213
Contingent Liabilities: 10
Book Value per Share: 122.91
Face Value: 5.00

Mar 2021

Equity Capital: 76
: 2,119
: 0
Trade Payables: 1
: 110
Total Liabilities: 2,306
: 10
Capital Work in Progress: 0
: 2,269
: 0
: 0
Cash & Bank: 11
: 15
Total Assets: 2,306
Total Debt: 0
Net Working Capital: 87
Contingent Liabilities: 10
Book Value per Share: 145.27
Face Value: 5.00
Total Debt: 0
Net Working Capital: 87
Contingent Liabilities: 10
Book Value per Share: 145.27
Face Value: 5.00

Mar 2022

Equity Capital: 111
: 2,891
: 0
Trade Payables: 1
: 93
Total Liabilities: 3,096
: 7
Capital Work in Progress: 0
: 3,053
: 0
: 0
Cash & Bank: 14
: 21
Total Assets: 3,096
Total Debt: 0
Net Working Capital: 224
Contingent Liabilities: 51
Book Value per Share: 135.16
Face Value: 5.00
Total Debt: 0
Net Working Capital: 224
Contingent Liabilities: 51
Book Value per Share: 135.16
Face Value: 5.00

Mar 2023

Equity Capital: 111
: 3,459
: 0
Trade Payables: 1
: 64
Total Liabilities: 3,635
: 22
Capital Work in Progress: 0
: 3,553
: 0
: 0
Cash & Bank: 17
: 43
Total Assets: 3,635
Total Debt: 0
Net Working Capital: 457
Contingent Liabilities: 177
Book Value per Share: 160.73
Face Value: 5.00
Total Debt: 0
Net Working Capital: 457
Contingent Liabilities: 177
Book Value per Share: 160.73
Face Value: 5.00

Mar 2024

Equity Capital: 111
: 4,682
: 0
Trade Payables: 0
: 155
Total Liabilities: 4,948
: 20
Capital Work in Progress: 0
: 4,708
: 0
: 6
Cash & Bank: 183
: 31
Total Assets: 4,948
Total Debt: 0
Net Working Capital: 884
Contingent Liabilities: 195
Book Value per Share: 215.79
Face Value: 5.00
Total Debt: 0
Net Working Capital: 884
Contingent Liabilities: 195
Book Value per Share: 215.79
Face Value: 5.00

Mar 2025

Equity Capital: 111
: 5,495
: 0
Trade Payables: 2
: 228
Total Liabilities: 5,837
: 27
Capital Work in Progress: 0
: 5,738
: 0
: 6
Cash & Bank: 16
: 49
Total Assets: 5,837
Total Debt: 0
Net Working Capital: 983
Contingent Liabilities: 131
Book Value per Share: 252.43
Face Value: 5.00
Total Debt: 0
Net Working Capital: 983
Contingent Liabilities: 131
Book Value per Share: 252.43
Face Value: 5.00

Mar 2026

Equity Capital: 111
: 5,922
: 220
Trade Payables: 119
: 371
Total Liabilities: 6,743
: 400
Capital Work in Progress: 1
: 5,781
: 152
: 209
Cash & Bank: 142
: 59
Total Assets: 6,743
Total Debt: 220
Net Working Capital: 1,459
Contingent Liabilities: 131
Book Value per Share: 271.62
Face Value: 5.00
Total Debt: 220
Net Working Capital: 1,459
Contingent Liabilities: 131
Book Value per Share: 271.62
Face Value: 5.00

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	147	58	62	19	30	100	132	188	266
Cash from Investing	-146	-30	-11	-10	-345	-25	136	-148	-159
Cash from Financing	-1	-28	-46	-8	319	-73	-103	-211	-50
	1	1	5	1	3	2	165	-171	57
Free Cash Flow	147	58	58	17	30	85	130	169	-210
OCF / Net Profit	8.24	1.93	2.12	1.96	1.73	3.18	0.69	2.44	2.13
Cumulative 5-Year FCF	0	0	0	0	0	248	320	431	205
OCF / Net Profit	8.24	1.93	2.12	1.96	1.73	3.18	0.69	2.44	2.13
Cumulative 5-Year FCF	0	0	0	0	0	248	320	431	205

Mar 2018

: 147
Cash from Investing: -146
Cash from Financing: -1
: 1
Free Cash Flow: 147
OCF / Net Profit: 8.24
Cumulative 5-Year FCF: 0
OCF / Net Profit: 8.24
Cumulative 5-Year FCF: 0

Mar 2019

: 58
Cash from Investing: -30
Cash from Financing: -28
: 1
Free Cash Flow: 58
OCF / Net Profit: 1.93
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.93
Cumulative 5-Year FCF: 0

Mar 2020

: 62
Cash from Investing: -11
Cash from Financing: -46
: 5
Free Cash Flow: 58
OCF / Net Profit: 2.12
Cumulative 5-Year FCF: 0
OCF / Net Profit: 2.12
Cumulative 5-Year FCF: 0

Mar 2021

: 19
Cash from Investing: -10
Cash from Financing: -8
: 1
Free Cash Flow: 17
OCF / Net Profit: 1.96
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.96
Cumulative 5-Year FCF: 0

Mar 2022

: 30
Cash from Investing: -345
Cash from Financing: 319
: 3
Free Cash Flow: 30
OCF / Net Profit: 1.73
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.73
Cumulative 5-Year FCF: 0

Mar 2023

: 100
Cash from Investing: -25
Cash from Financing: -73
: 2
Free Cash Flow: 85
OCF / Net Profit: 3.18
Cumulative 5-Year FCF: 248
OCF / Net Profit: 3.18
Cumulative 5-Year FCF: 248

Mar 2024

: 132
Cash from Investing: 136
Cash from Financing: -103
: 165
Free Cash Flow: 130
OCF / Net Profit: 0.69
Cumulative 5-Year FCF: 320
OCF / Net Profit: 0.69
Cumulative 5-Year FCF: 320

Mar 2025

: 188
Cash from Investing: -148
Cash from Financing: -211
: -171
Free Cash Flow: 169
OCF / Net Profit: 2.44
Cumulative 5-Year FCF: 431
OCF / Net Profit: 2.44
Cumulative 5-Year FCF: 431

Mar 2026

: 266
Cash from Investing: -159
Cash from Financing: -50
: 57
Free Cash Flow: -210
OCF / Net Profit: 2.13
Cumulative 5-Year FCF: 205
OCF / Net Profit: 2.13
Cumulative 5-Year FCF: 205

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE	-	-	-	-	-	-	-	-	-
EPS (₹)	8.58	9.10	5.17	4.89	7.35	10.70	24.00	18.55	23.49
Book Value (₹)	186.07	156.56	122.91	145.27	135.16	160.73	215.79	252.43	271.62
Dividend per Share (₹)	1.50	1.75	1.25	0.50	2.75	4.00	7.70	5.85	11.15
Cash EPS (₹)	1.25	2.07	2.03	0.74	0.98	1.49	8.78	3.61	6.35
PROFITABILITY	-	-	-	-	-	-	-	-	-
Operating Margin %	35.55%	43.53%	39.31%	26.72%	32.31%	53.89%	83.38%	74.89%	20.50%
Net Margin %	26.18%	30.38%	31.65%	16.26%	20.61%	34.84%	65.96%	49.91%	12.69%
ROE %	0.64%	1.17%	1.39%	0.48%	0.67%	0.96%	4.60%	1.48%	2.15%
ROCE %	0.83%	1.63%	1.66%	0.71%	0.87%	1.43%	5.88%	2.27%	3.47%
	0.61%	1.12%	1.34%	0.46%	0.64%	0.94%	4.48%	1.43%	1.99%
EFFICIENCY	-	-	-	-	-	-	-	-	-
Debtor Days	56	39	36	40	23	24	8	14	40
Inventory Days	0	0	0	0	0	0	0	1	28
Payable Days	0	0	0	0	59	0	0	0	46
	56	39	36	40	-37	24	8	15	22
FINANCIAL HEALTH	-	-	-	-	-	-	-	-	-
Debt to Equity (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.04x
Interest Coverage (x)	117.78x	171.63x	127.36x	93.69x	26.92x	108.28x	207.56x	108.45x	8.16x
	41.62x	59.97x	39.39x	9.92x	34.73x	22.04x	43.11x	44.41x	4.55x
GROWTH	-	-	-	-	-	-	-	-	-
Revenue Growth %	0.00%	45.60%	-6.94%	-35.81%	41.23%	7.79%	222.11%	-46.94%	537.10%
Operating Profit Growth %	0.00%	78.29%	-15.98%	-56.36%	70.73%	79.81%	410.40%	-51.27%	82.89%
Net Profit Growth %	0.00%	68.94%	-3.06%	-67.02%	78.97%	82.27%	509.73%	-59.85%	62.01%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	124.43%	-22.70%	26.61%
VALUATION	-	-	-	-	-	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	8.32x	16.52x	14.37x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.93x	1.21x	1.24x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.86%	1.91%	3.30%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	17.09x	56.03x	34.18x

Mar 2018

EPS (₹): 8.58
Book Value (₹): 186.07
Dividend per Share (₹): 1.50
Cash EPS (₹): 1.25
Operating Margin %: 35.55%
Net Margin %: 26.18%
ROE %: 0.64%
ROCE %: 0.83%
: 0.61%
Debtor Days: 56
Inventory Days: 0
Payable Days: 0
: 56
Debt to Equity (x): 0.00x
Interest Coverage (x): 117.78x
: 41.62x
Revenue Growth %: 0.00%
Operating Profit Growth %: 0.00%
Net Profit Growth %: 0.00%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2019

EPS (₹): 9.10
Book Value (₹): 156.56
Dividend per Share (₹): 1.75
Cash EPS (₹): 2.07
Operating Margin %: 43.53%
Net Margin %: 30.38%
ROE %: 1.17%
ROCE %: 1.63%
: 1.12%
Debtor Days: 39
Inventory Days: 0
Payable Days: 0
: 39
Debt to Equity (x): 0.00x
Interest Coverage (x): 171.63x
: 59.97x
Revenue Growth %: 45.60%
Operating Profit Growth %: 78.29%
Net Profit Growth %: 68.94%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2020

EPS (₹): 5.17
Book Value (₹): 122.91
Dividend per Share (₹): 1.25
Cash EPS (₹): 2.03
Operating Margin %: 39.31%
Net Margin %: 31.65%
ROE %: 1.39%
ROCE %: 1.66%
: 1.34%
Debtor Days: 36
Inventory Days: 0
Payable Days: 0
: 36
Debt to Equity (x): 0.00x
Interest Coverage (x): 127.36x
: 39.39x
Revenue Growth %: -6.94%
Operating Profit Growth %: -15.98%
Net Profit Growth %: -3.06%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2021

EPS (₹): 4.89
Book Value (₹): 145.27
Dividend per Share (₹): 0.50
Cash EPS (₹): 0.74
Operating Margin %: 26.72%
Net Margin %: 16.26%
ROE %: 0.48%
ROCE %: 0.71%
: 0.46%
Debtor Days: 40
Inventory Days: 0
Payable Days: 0
: 40
Debt to Equity (x): 0.00x
Interest Coverage (x): 93.69x
: 9.92x
Revenue Growth %: -35.81%
Operating Profit Growth %: -56.36%
Net Profit Growth %: -67.02%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): 7.35
Book Value (₹): 135.16
Dividend per Share (₹): 2.75
Cash EPS (₹): 0.98
Operating Margin %: 32.31%
Net Margin %: 20.61%
ROE %: 0.67%
ROCE %: 0.87%
: 0.64%
Debtor Days: 23
Inventory Days: 0
Payable Days: 59
: -37
Debt to Equity (x): 0.00x
Interest Coverage (x): 26.92x
: 34.73x
Revenue Growth %: 41.23%
Operating Profit Growth %: 70.73%
Net Profit Growth %: 78.97%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 10.70
Book Value (₹): 160.73
Dividend per Share (₹): 4.00
Cash EPS (₹): 1.49
Operating Margin %: 53.89%
Net Margin %: 34.84%
ROE %: 0.96%
ROCE %: 1.43%
: 0.94%
Debtor Days: 24
Inventory Days: 0
Payable Days: 0
: 24
Debt to Equity (x): 0.00x
Interest Coverage (x): 108.28x
: 22.04x
Revenue Growth %: 7.79%
Operating Profit Growth %: 79.81%
Net Profit Growth %: 82.27%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 24.00
Book Value (₹): 215.79
Dividend per Share (₹): 7.70
Cash EPS (₹): 8.78
Operating Margin %: 83.38%
Net Margin %: 65.96%
ROE %: 4.60%
ROCE %: 5.88%
: 4.48%
Debtor Days: 8
Inventory Days: 0
Payable Days: 0
: 8
Debt to Equity (x): 0.00x
Interest Coverage (x): 207.56x
: 43.11x
Revenue Growth %: 222.11%
Operating Profit Growth %: 410.40%
Net Profit Growth %: 509.73%
: 124.43%
P/E (x): 8.32x
P/B (x): 0.93x
Dividend Yield %: 3.86%
: 17.09x

Mar 2025

EPS (₹): 18.55
Book Value (₹): 252.43
Dividend per Share (₹): 5.85
Cash EPS (₹): 3.61
Operating Margin %: 74.89%
Net Margin %: 49.91%
ROE %: 1.48%
ROCE %: 2.27%
: 1.43%
Debtor Days: 14
Inventory Days: 1
Payable Days: 0
: 15
Debt to Equity (x): 0.00x
Interest Coverage (x): 108.45x
: 44.41x
Revenue Growth %: -46.94%
Operating Profit Growth %: -51.27%
Net Profit Growth %: -59.85%
: -22.70%
P/E (x): 16.52x
P/B (x): 1.21x
Dividend Yield %: 1.91%
: 56.03x

Mar 2026

EPS (₹): 23.49
Book Value (₹): 271.62
Dividend per Share (₹): 11.15
Cash EPS (₹): 6.35
Operating Margin %: 20.50%
Net Margin %: 12.69%
ROE %: 2.15%
ROCE %: 3.47%
: 1.99%
Debtor Days: 40
Inventory Days: 28
Payable Days: 46
: 22
Debt to Equity (x): 0.04x
Interest Coverage (x): 8.16x
: 4.55x
Revenue Growth %: 537.10%
Operating Profit Growth %: 82.89%
Net Profit Growth %: 62.01%
: 26.61%
P/E (x): 14.37x
P/B (x): 1.24x
Dividend Yield %: 3.30%
: 34.18x

Shareholding Pattern

Numbers in percentages

TRADES

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	54.97	54.97	54.97	54.97	54.97	54.97	55.01	54.99	54.99
	0.78	1.04	1.02	1.01	1.44	2.60	3.15	3.20	3.27
	5.30	5.19	5.19	5.19	5.15	4.90	4.78	4.75	4.27
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	38.94	38.80	38.82	38.83	38.45	37.53	37.06	37.05	37.46

Jun 2024

: 54.97
: 0.78
: 5.30
Government: 0.00
: 38.94

Sep 2024

: 54.97
: 1.04
: 5.19
Government: 0.00
: 38.80

Dec 2024

: 54.97
: 1.02
: 5.19
Government: 0.00
: 38.82

Mar 2025

: 54.97
: 1.01
: 5.19
Government: 0.00
: 38.83

Jun 2025

: 54.97
: 1.44
: 5.15
Government: 0.00
: 38.45

Sep 2025

: 54.97
: 2.60
: 4.90
Government: 0.00
: 37.53

Dec 2025

: 55.01
: 3.15
: 4.78
Government: 0.00
: 37.06

Mar 2026

: 54.99
: 3.20
: 4.75
Government: 0.00
: 37.05

Jun 2026

: 54.99
: 3.27
: 4.27
Government: 0.00
: 37.46

Documents

Announcements

Shareholders meeting
2026-08-20 - TSF INVESTMENTS LIMITED has informed the Exchange regarding Notice of Postal Ballot
Acquisition
2026-08-19 - TSF INVESTMENTS LIMITED has informed the Exchange about Acquisition

Annual Reports

Credit Ratings

Nothing filed yet.

Concalls

Nothing filed yet.