RATING RATIONALE
18Mar2026
TVS Electronics Ltd.
Brickwork Ratings reaffirms the long-term and short-term ratings for the Bank Loan Facilities of Rs. 138.91 Crs. of TVS Electronics Ltd.
Particulars| Facilities** | Amount (Rs.Crs.) | Tenure | Rating# | ||
|---|---|---|---|---|---|
| Previous | Present | Previous (09 Jan 2025) |
Present | ||
| Fund Based | 85.56 | 97.91 | Long Term |
BWR A/Stable
Reaffirmation |
BWR A
/Stable Reaffirmation |
| (4.50) | (2.86) | ||||
| (10.00) | (25.00) | ||||
| (15.00) | (20.00) | ||||
| (15.00) | (20.00) | ||||
| (15.00) | (20.00) | ||||
| (35.00) | (35.00) | ||||
| (35.00) | (35.00) | Short Term |
BWR A1
Assignment |
BWR A1
Reaffirmation |
|
| Non Fund Based | (35.00) | (35.00) | Long Term |
BWR A/Stable
Assignment |
BWR A
/Stable
Reaffirmation |
| (35.00) | (35.00) | ||||
| 21.00 | 41.00 | Short Term |
BWR A1
Reaffirmation |
BWR A1
Reaffirmation |
|
| (10.00) | (25.00) | ||||
| (6.00) | (6.00) | ||||
| (35.00) | (35.00) | ||||
| (35.00) | (40.00) | ||||
| (3.00) | (3.00) | ||||
| (35.00) | (40.00) | ||||
| (20.00) | (30.00) | ||||
| (5.00) | (5.00) | ||||
| Grand Total | 106.56 | 138.91 | (Rupees One Hundred Thirty Eight Crores and Ninety One lakhs Only) | ||
**Details of Bank Loan facilities,consolidation or instruments are provided in Annexure
RATING ACTION / OUTLOOK
?Brickwork Ratings (BWR) reaffirms the ratings BWR A/Stable/A1 for the long-term and short-term ratings of the bank loan facilities of TVS Electronics Limited, amounting to Rs. 138.91 crores. The ratings factor in the company’s extensive industry experience, management expertise, strong group reputation and the strategic plant location, which provides access to raw materials and skilled labor. The assessment also considers the company’s diversified product portfolio across product and customer service segments, a reputable client base, improved revenue performance with growth rate of 17% in FY25 and 6.93% as of 9M FY26 along with a CAGR of 5.5% and EBITDA margins of 2.67% in FY25, improving to 3.72% in 9M FY26 along with adequate liquidity with sufficient cash accruals and satisfactory debt protection metrics supported by satisfactory bankers feedback—each of which contributes to the overall credit strength.
However, the ratings are constrained by several factors, including risks associated with the working capital–intensive nature of operations, susceptibility to raw material price fluctuations and foreign exchange, as well as the highly competitive nature of the industry and exposure to technological obsolescence.
The stable outlook indicates a moderate likelihood of a rating change over the medium term due to promoters' extensive industry experience and expertise, the company's established market position, strong relationship with its clientele and its stable moderate financial risk profile. BWR expects the company to enhance its scale of operations, improve profitability margins and strengthen its liquidity position and stabilization of new product lines and services, all of which could lead to a positive outlook. However, any significant underperformance in revenue, deterioration in profitability or gearing indicators, or a deterioration in the capital structure due to fresh debt-financed capital expenditure, liquidity challenges? or a significant increase in the operating cycle could result in a revision to a negative outlook.
Credit Strengths:
-
Experienced management and established market position with a strong group reputation :
TVSEL possesses over thirty years of operational history and is affiliated with the TVS group, a recognized business conglomerate in India. The company is led by an experienced management team with more than three decades of industry-specific expertise. Its comprehensive internal control and risk management frameworks are designed to address potential risks associated with price fluctuations and technological advancements. TVSE has shown managerial adaptability and foresight through the introduction of new, sought-after products. The company actively pursues new opportunities through research and development, aligning with current industry demands and requirements.
-
Stable performance of the product and customer service segments backed by effective business plans and initiatives :
The company's performance is stable, with year-over-year revenue growth and a Compound Annual Growth Rate (CAGR) of 5.5%. Operations are divided into two revenue segments: Products and Solutions, and Customer Support Services. The Products and Solutions segment represented 71.39% of total revenue in FY25, a slight decrease from 73% in the prior year, and was 72.5% as of 9MFY26. Revenue from the Customer Support Services segment saw a 2% year-over-year increase, contributing 28.61% to total revenue in FY25 and 28.40% as of 9MFY26.
The company is shifting its focus towards B2B services, including Content Management Systems (CMS), Electronic Medical Records (EMR), and Information Management Systems (IMS), expecting to see increased revenue in this area alongside its EMS product and service offerings and the newly launched Aikya platform for technology driven remote monitoring and infrastructure management for IT Infringement Services and a strategic expansion plan from Solar Operations and Maintenance business to current portfolio of 2.2 GW of solar power assets to 4.3 GW, Additionally the company’s ability to offer a comprehensive range of solutions, which includes hardware, applications, digital payment systems, and cloud computing software across various sectors such as retail, banking, and government. The company has also invested in M/S Swiftomatics Services Private Limited (Royal Pos) by subscribing to 2,000 optionally convertible and redeemable preference shares. This integration of the company's Point of Sale products is intended to provide effective billing solutions for customers and they have associate partners for the retail solutions for Point of Sales Systems are Queue Buster, Royal Pos and Snap Bizz.
-
Reputed client base, diversified product portfolio and access to skilled labor :
The company provides a varied range of products and services across several divisions. The Retail division offers printers, cash counting machines, barcode scanners, and thermal receipt printers. The IT Solutions division includes billing software, TVSepay, and TVSepay e-parking.The EMS (Electronic Manufacturing Services) division provides PCB assembly, box builds, and general assembly.The CSS segment delivers specialized services such as banking, shipping and logistics, managed IT, green energy solutions, and e-waste management. The company has established long-term partnerships within the BFSI, retail, logistics, and government sectors. Its clients include Landmark, TATA Zudio, Star, Axis Bank, Toyota Financial Services, Razorpay, PhonePe. TVS Motors, DELL, Amazon,Hinduja Renewable Energies and TATA Power as well as government organizations such as India Post, NABARD, Indian Railways, and Chennai Metro Rail.
Headquartered in Chennai, the company operates manufacturing and repair facilities in Tumkur and Bangalore, Karnataka. Bangalore's status as a significant IT center offers access to a skilled labor pool and vital infrastructure, including airport and port amenities that facilitate the efficient import of raw materials.
-
Moderate in Financial Risk Profile :
?The company recorded revenue of Rs 430.49 crore in FY25, reflecting a growth rate of 17.73% and a compound annual growth rate (CAGR) of 5.5%. As of the first nine months of FY26, the revenue reached Rs 337.83 crore, showing a growth rate of 6.93%. This growth was attributed to increased sales in the product and solution segment, particularly in IT peripherals, as well as higher revenue from customer support services. By the end of the first nine months of FY26, the company achieved approximately 69% of its revenue projections for FY26, supported by adequate liquidity and sufficient cash accruals to cover the current portion of long-term debt. The operating margin stood at 2.67% in FY25 and improved to 3.72% in the first nine months of FY26. The total net worth was Rs 68.16 crore and debt-to-equity was 0.46 times in FY25, with an interest service coverage ratio (ISCR) of 2.15 times and a debt service coverage ratio (DSCR) of 1.71 times.Growth in all parameters is expected in FY26, driven by improvements in both the PSG and CSS segments.
-
Susceptibility of profitability to raw material price volatility and high working capital requirements, and foreign exchange risk. :
The company imports raw materials, including essential microchips, semiconductors and cutting-edge Surface Mount Technology (SMT), along with advanced machinery, primarily from China and Korea. This reliance on East Asian imports leaves the cost structure vulnerable to raw material price volatility or increases in raw material prices or changes in import policies can raise material costs. Furthermore, diversified product segment portfolios and the adoption of industry demand and technological upgrades necessitate increased working capital requirement. A significant portion of purchases would be through direct/indirect imports, resulting in margin susceptibility to forex fluctuations. However, the risk is partially mitigated by the availability of hedging limits from its lenders.
-
Intense competition and moderate scale of operations. :
The company operates in an intensely competitive and fragmented electronics industry.TVSE's moderate size and the cyclical nature of client renewals create operational challenges in a fragmented electronics market, but the company's established brand presence helps mitigate its vulnerability. Continuous research and development (R&D) pushes the industry forward while requiring ongoing adaptation to emerging technologies that constantly change industry standards, thereby putting pressure on operational agility and pricing flexibility. Nonetheless, TVSE maintains a strong market position through its brand equity and long-term relationships with Tier-1 clients. Its diversified exposure to EMS, IT peripheral manufacturing, infrastructure management, and green energy contributes to a wider revenue base and encourages long-term client retention with well-known global players.
-
Exposure to technological obsolescence.
:
The company deals in technology-related products and services, remains directly exposed to technological obsolescence risks inherent in the sector. Rapid advancements in technology, shortening product life cycles, and continuous innovation in hardware and automation solutions necessitate frequent product upgrades and sustained capital investments.
For arriving at its ratings, Brickwork Ratings has adopted a standalone approach and applied its rating methodology as detailed in the Rating criteria below. As of Dec 2025, the company does not have any subsidiary, associate, or joint venture entities.
RATING SENSITIVITIES
The company’s ability to increase its scale of operations, improve profitability and margins, efficiently manage its working capital requirements with strong liquidity, debt protection metrics and strengthen overall credit profile would be the key rating sensitivities.
Positive Rating Factors:
- The rating outlook may be positive if the company achieves revenue more than 700 crores supported by improved profitability of EBITDA margins above 7%.
- A healthier debt profile, including Total Debt/TNW below 0.65x, TOL/TNW below 1.50x, debt protection metrics of DSCR above 2x and ISCR above 3x along with improved liquidity indicator of current ratio above current level.
Negative Rating Factors:
- The ratings may be negative if revenue declines by more than 10% YoY due to weaker demand or orders or if profitability weakens, with EBITDA margins below 2%.
- A rising debt burden, accompanied by a decline in key ratios such as Total Debt to Tangible Net Worth (TOD/TNW) above 1.00x Current Ratio (CR) below 1.00x, Interest Coverage Ratio (ISCR) below 1.5x, and Debt Service Coverage Ratio (DSCR) falling below 1.5x.
The company’s liquidity position is adequate with an EBITDA of Rs.17.11 Crores and Cash Accruals of Rs.8.77 crores in FY25 which is adequate to cover interest and finance charges of Rs.5.12 crores and the current portion of long-term debt of Rs.7.52 crores. The average utilization of working capital facilities stands at around 70%, reflecting efficient but careful use of the sanctioned limits. The unused portion of the working capital facility provides an additional cushion to meet short-term funding needs. The company has liquid current investments of Rs.6.71 Crores and which are currently unutilized and can be readily liquidated to meet any additional cash requirements of the business based on requirements. Based on these factors, the liquidity is assessed as "Adequate”
ABOUT THE ENTITY| Macro Economic Indicator | Sector | Industry | Basic Industry |
|---|---|---|---|
| Information Technology | Information Technology | IT - Services | IT Enabled Services |
TVS Electronics Limited (hereinafter referred to as ‘TVSEL’ or ‘the company’) was set up as an IT Peripherals manufacturer for retail Solutions and has transformed itself into a leading Transaction Automation IT Products & Solution provider like Electronics Manufacturing Solutions, Banking, Shipping & Logistic Solutions and Infra Managed IT Services, Green Energy Solutions and E-Waste Management. It is based out in Chennai and has production/repair facilities presently at Tumkur (Karnataka). The company is listed on the BSE and NSE. Its business consists of two revenue segments, viz., (a) Products and Solutions and (b) Customer Support Services. The products cater to seven broad sectors, viz., Retail – SME, Government, BFSI, Hospitality, Healthcare, E-commerce and Transport, Large Format Retail (LFR) Stores and Quick Service Restaurants (QSRs).
ESG ProfileThe company's ESG profile demonstrates an Adequate profile across environmental, social, and governance dimensions, aligned with the operational characteristics of the services sector.
Environmental: The company focuses on optimizing energy consumption across its operations, with solar energy and TVSEL adopted Environmental responsibility and is integrated throughout the company's value chain. Efforts focus on reducing the carbon footprint and promoting circular economy practices for long-term ecological balance. Manufacturing facilities incorporate solar panel installations, electric vehicle (EV) buses for internal transit, automated sensor-based lighting, and water treatment systems to enhance energy efficiency and minimize environmental impact. The company adheres to Extended Producer Responsibility (EPR) regulations, utilizes e-auctions for waste recycling, and operates a repair factory for electronics refurbishment, supporting sustainable consumption. Additionally, services for solar installation and maintenance, support for EV charger installation and refurbishment, and the integration of recycled plastic into product design are offered, promoting green innovation and environmentally conscious production.
Social: From a social perspective, the company employed 950 people and emphasizes fair wages, competitive benefits, and employee well-being. Health and safety policies apply across both office-based and remote work environments Diversity and inclusion efforts are reflected in 72% male and 28% female gender diversity and inclusive hiring initiatives. Employee capability development remains a priority, supported by training programmers and structured career progression initiatives. The well-being of communities and employees is a priority, addressed through various social initiatives. These include fostering workplace diversity and inclusion, investing in employee development, and supporting local communities via education, health, and skill-building programs. These initiatives aim to create an environment where employees can thrive and contribute positively to society. Employee and community well-being are highly prioritized. The workplace promotes gender equality in recruitment, equal remuneration, and an inclusive culture. The company has received a "Great Place to Work" certification, supported by comprehensive employee well-being programs such as health insurance, maternity benefits, on-site medical services, childcare facilities, and nutritious meals provided through its canteen.
Governance: From a governance standpoint, the company’s framework includes the effectiveness of investor and stakeholder grievance-redressal mechanisms, the structure and independence of the board (with 62% independent directors and a maximum tenure of 5 years), and adherence to regulatory and ethical standards. Workforce governance policies promote fairness and equity across the organization. Ethical conduct is guided by a documented code of conduct and anti-corruption policies, as on date management confirmed no violations reported during the period. Data security and cybersecurity are assessed based on the presence of governance policies, oversight mechanisms, and internal controls intended to safeguard sensitive information, ensure compliance with applicable regulations, maintain client trust, and support business continuity.
Significant investment is made in Learning and Development (L&D) to empower employees and support their growth. Beyond internal operations, the company contributes positively to society through Corporate Social Responsibility (CSR) initiatives, with a particular emphasis on education. Stakeholder engagement is facilitated through platforms like SMILE camps, earnings calls, investor calls, and the Annual General Meeting, fostering transparency and inclusivity. Commitment to the highest standards of ethics, transparency, and accountability is maintained. The governance framework features a diverse Board, with a majority of independent directors on key committees, ensuring strong oversight and balanced decision-making. Structured policies and a Code of Ethics are in place and consistently enforced through an automated compliance monitoring system.Sustainability is a core aspect of the product philosophy, not merely an initiative. Products are designed and delivered to be energy-efficient, durable, and increasingly utilize recycled materials. Emphasis on repairability and refurbishment extends product lifecycles and reduces waste.
In alignment with global ESG frameworks and reporting standards, the company continuously assesses, monitors, and improves its performance. The journey towards a more sustainable future is ongoing, with a steadfast commitment to responsible innovation, inclusive growth, and environmental stewardship, aiming to create lasting value for all stakeholders.
KEY FINANCIAL INDICATORS (Standalone)
| Key Parameters | Units |
FY 23 - 24 (Audited) |
FY 24 - 25 (Audited) |
FY 25 - 26 (Certified - Others(9M FY26)) |
|---|---|---|---|---|
| Operating Revenue | Rs.Crs. | 366.04 | 430.49 | 337.83 |
| EBITDA | Rs.Crs. | 9.63 | 11.51 | 12.56 |
| PAT | Rs.Crs. | 0.27 | -3.79 | -1.59 |
| Tangible Net Worth | Rs.Crs. | 80.83 | 68.16 | Not Available |
| Total Debt / Tangible Net Worth | Times | 0.46 | 0.46 | Not Available |
| Current Ratio | Times | 1.37 | 1.18 | Not Available |
The terms of sanction include standard covenants normally stipulated for such facilities.
STATUS OF NON-COOPERATION WITH PREVIOUS CRA
Not Applicable
ANY OTHER INFORMATIONNot Applicable.
RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)| Facilities | Current Rating (2026) | 2025 | 2024 | 2023 | |||||
|---|---|---|---|---|---|---|---|---|---|
| Type | Tenure | Amount (Rs.Crs.) |
Rating | Date | Rating | Date | Rating | Date | Rating |
| Fund Based | LT | 97.91 |
BWR A/Stable
(Reaffirmation) |
09Jan2025 |
BWR AStable
(Reaffirmation) |
NA |
NA
|
10Oct2023 |
BWR AStable
(Reaffirmation) |
| 0.00 |
NA
|
NA |
NA
|
NA |
NA
|
22Nov2023 |
BWR AStable
(Reaffirmation) |
||
| FB SubLimit | LT | (2.86) |
BWR A/Stable
(Reaffirmation) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
| (25.00) |
BWR A/Stable
(Reaffirmation) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
||
| (20.00) |
BWR A/Stable
(Reaffirmation) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
||
| (20.00) |
BWR A/Stable
(Reaffirmation) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
||
| (20.00) |
BWR A/Stable
(Reaffirmation) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
||
| (35.00) |
BWR A/Stable
(Reaffirmation) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
||
| FB SubLimit | ST | (35.00) |
BWR A1
(Reaffirmation) |
09Jan2025 |
BWR A1
(Assignment) |
NA |
NA
|
NA |
NA
|
| NFB SubLimit | LT | (35.00) |
BWR A/Stable
(Reaffirmation) |
09Jan2025 |
BWR AStable
(Assignment) |
NA |
NA
|
NA |
NA
|
| NFB SubLimit | LT | (35.00) |
BWR A/Stable
(Reaffirmation) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
| Non Fund Based | ST | 41.00 |
BWR A1
(Reaffirmation) |
09Jan2025 |
BWR A1
(Reaffirmation) |
NA |
NA
|
10Oct2023 |
BWR A1
(Reaffirmation) |
| 0.00 |
NA
|
NA |
NA
|
NA |
NA
|
22Nov2023 |
BWR A1
(Reaffirmation) |
||
| NFB SubLimit | ST | (25.00) |
BWR A1
(Reaffirmation) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
| (6.00) |
BWR A1
(Reaffirmation) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
||
| (35.00) |
BWR A1
(Reaffirmation) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
||
| (40.00) |
BWR A1
(Reaffirmation) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
||
| (3.00) |
BWR A1
(Reaffirmation) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
||
| (40.00) |
BWR A1
(Reaffirmation) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
||
| (30.00) |
BWR A1
(Reaffirmation) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
||
| (5.00) |
BWR A1
(Reaffirmation) |
NA |
NA
|
NA |
NA
|
NA |
NA
|
||
| Grand Total | 138.91 | (Rupees One Hundred Thirty Eight Crores and Ninety One lakhs Only) | |||||||
- General Criteria
- Approach to Financial Ratios
- Manufacturing Companies
- Short Term Debt
- Service Sector Company
| Analytical Contacts | |
|---|---|
|
Likith M S Rating Analyst likith.ms@brickworkratings.com |
Suryanarayan N Associate Director - Ratings suryanarayan.n@brickworkratings.com |
| 1-860-425-2742 | media@brickworkratings.com | Customer Support | CustSupport@brickwrokratings.com |
| SL.No. | Name of the Bank/Lender | Type Of Facilities | Long Term(Rs.Crs.) | Short Term(Rs.Crs.) | Total(Rs.Crs.) | Complexity of the Instrument |
|---|---|---|---|---|---|---|
| 1 | Axis Bank Ltd. | Term LoanSanctioned | 2.86 | _ | 2.86 | Simple## |
| Sub-Limit (Capex LC) Sanctioned | (2.86) | |||||
| 2 | Axis Bank Ltd. | Cash CreditSanctioned | 6.00 | _ | 6.00 | Simple## |
| Sub-Limit (LC/BG) Sanctioned | (6.00) | |||||
| 3 | ICICI Bank | Term LoanSanctioned | 9.05 | _ | 9.05 | Simple## |
| 4 | ICICI Bank | Working Capital Demand LoanSanctioned | 35.00 | _ | 35.00 | Simple## |
| Sub-Limit (Bank Guarantee) Sanctioned | (35.00) | |||||
| Sub-Limit (Cash Credit ) Sanctioned | (35.00) | |||||
| Sub-Limit (Inland Purchase/Sales Bill Discounting) Sanctioned | (35.00) | |||||
| Sub-Limit (Letter of Credit) Sanctioned | (35.00) | |||||
| Sub-Limit (SBLC Buyers Credit) Sanctioned | (35.00) | |||||
| 5 | IDFC First Bank Limited | ILC/FLC/BGSanctioned | _ | 40.00 | 40.00 | Simple## |
| Sub-Limit (Bank Guarantee (Financial/Perfromance/SBLC)) Sanctioned | (30.00) | |||||
| Sub-Limit (BG/ SBLC for Buyers Credit) Sanctioned | (40.00) | |||||
| Sub-Limit (Cash Backed Limits (BG/LC)) Sanctioned | (3.00) | |||||
| Sub-Limit (LCBD) Sanctioned | (5.00) | |||||
| Sub-Limit (Letter of Credit (Domestic/Imports) ) Sanctioned | (40.00) | |||||
| 6 | IDFC First Bank Limited | Cash CreditSanctioned | 20.00 | _ | 20.00 | Simple## |
| Sub-Limit (FCDL) Sanctioned | (20.00) | |||||
| Sub-Limit (Sales Bill Discounting (SBD)) Sanctioned | (20.00) | |||||
| Sub-Limit (WCDL) Sanctioned | (20.00) | |||||
| 7 | RBL Bank | Credit Exposure Limit (CEL)Sanctioned | _ | 1.00 | 1.00 | Simple## |
| 8 | RBL Bank | Cash CreditSanctioned | 25.00 | _ | 25.00 | Simple## |
| Sub-Limit (BG/LC) Sanctioned | (25.00) | |||||
| Sub-Limit (WCDL) Sanctioned | (25.00) | |||||
| Total | 97.91 | 41.00 | 138.91 | |||
| TOTAL (Rupees One Hundred Thirty Eight Crores and Ninety One lakhs Only) | ||||||
## BWR complexity levels are meant for educating investors. The BWR complexity levels are available at www.brickworkratings.com / download / ComplexityLevels.pdf. Investors queries can be sent to info@brickworkratings.com.
| Instrument | Issue Date | Amount (Rs.Crs) | Coupon Rate (%) | Maturity Date | ISIN Particulars | Complexity of the Instrument |
|---|---|---|---|---|---|---|
| Nil | Nil | Nil | Nil | Nil | Nil | Nil |
| Name of Entity | % Ownership | Extent of consolidation | Rationale for consolidation |
|---|---|---|---|
| Nil | Nil | Nil | Nil |
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