TSF INVESTMENTS (TSFINV) AI Stock Analysis

• Market Cap: ₹10.74B
• Dividend Yield: N/A
• Average Volume (3M): N/A
• Price to Earnings (P/E): 24.9
• Beta (1Y): N/A
• Revenue Growth: 61.59%
• EPS Growth: -17.60%
• Country: IN
• Employees: 16
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 4.64
• Shares Outstanding: 222,103,870
• 10 Day Avg. Volume: N/A
• 30 Day Avg. Volume: N/A
• PEG Ratio: -0.73
• Price to Book (P/B): 1.22
• Price to Sales (P/S): 44.29
• P/FCF Ratio: 37.97
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 71 Outperform
• Price Target: ―
• Action: Reiterated Date: 12/30/25
• Date: Action: Reiterated 12/30/25

The score is primarily driven by strong financial performance—especially low leverage and solid, consistent cash generation. Offsetting this is meaningful income statement volatility (notably the FY2025 revenue drop and outsized net income vs. revenue). Technical and valuation inputs are neutral due to missing data.

Positive Factors

Low Leverage

Low leverage enhances financial flexibility and reduces refinancing risk, supporting long-term stability and growth potential.

Strong Cash Generation

Consistent cash generation supports ongoing operations and investment capacity, contributing to sustainable business growth.

Revenue Growth

Strong revenue growth indicates expanding business activities and potential for increased market share, enhancing long-term prospects.

Negative Factors

Income Statement Volatility

Volatility in revenue and disproportionate net income raise concerns about earnings quality and predictability, impacting confidence in future performance.

Earnings Durability

Reliance on non-operating items for net income suggests potential instability in core earnings, affecting long-term financial health.

Return Consistency

Inconsistent returns may indicate challenges in maintaining growth momentum, affecting investor confidence and long-term valuation.

TSF INVESTMENTS Business Overview & Revenue Model

Company Description

TSF Investments Limited engages in the business of investments, and business processing and support services in India and internationally. It invests in the automotive sector. The company also offers outsourcing services to large and mid-sized firms. In addition, it engages in shared services business; and manufactures forge components. The company was formerly known as Sundaram Finance Holdings Limited and changed its name to TSF Investments Limited in October 2025. TSF Investments Limited was incorporated in 1993 and is based in Chennai, India.

How the Company Makes Money

Sundaram Finance Holdings generates revenue through multiple key streams. The primary source of income comes from interest earned on vehicle loans and financing services, as it provides loans for purchasing commercial and personal vehicles. Additionally, the company earns fees and commissions from its asset management segment, which includes mutual funds and portfolio management services. Insurance premiums and investment returns from its insurance operations also contribute significantly to its revenue. The company benefits from strategic partnerships with various banks and financial institutions, enhancing its distribution capabilities and customer reach. Overall, its diversified portfolio allows Sundaram Finance Holdings to capitalize on various market segments, ensuring steady revenue generation.

TSF INVESTMENTS Financial Statement Overview

Summary

Strong overall fundamentals supported by a very low-debt balance sheet and consistently positive operating/free cash flow with strong recent cash conversion. The main risk is income statement volatility, including a sharp FY2025 revenue decline and net income that appears outsized versus revenue, which reduces confidence in earnings durability.

Income Statement

Profitability looks exceptionally strong on paper, with very high gross and operating margins across most years and solid reported net margins. However, the revenue line is volatile—most notably a sharp decline in FY2025 (annual report) after growth in FY2024—raising questions about consistency and business mix. Net income is also unusually large relative to revenue in several years, which may indicate reliance on non-operating items; this reduces the quality and predictability of earnings despite strong headline profitability.

Balance Sheet

The balance sheet is conservatively positioned with extremely low leverage (debt-to-equity consistently near zero), providing strong financial flexibility and low refinancing risk. Equity and assets have generally expanded over time, and return on equity has been healthy in recent years (peaking around FY2023–FY2024) though it eased in FY2025. Overall, the key weakness is that returns are not consistently rising year over year, but the capital structure is a clear strength.

Cash Flow

Cash generation is a major positive: operating cash flow and free cash flow are consistently positive, and free cash flow tracks net income closely in recent years (near 1:1). FY2024 and FY2025 show particularly strong cash conversion and sizeable free cash flow. The main watch-out is variability in free cash flow growth across the history (including a contraction in FY2020), but the more recent trajectory is strong.

Breakdown	Mar 2025	Mar 2023	Mar 2022	Mar 2021	Mar 2021
Income Statement
Total Revenue	1.55B	2.91B	910.20M	808.61M	602.65M
Gross Profit	1.29B	2.59B	597.74M	450.57M	248.07M
EBITDA	1.16B	2.43B	469.00M	294.55M	131.24M
Net Income	4.12B	4.12B	5.33B	2.38B	1.63B
Balance Sheet
Total Assets	58.37B	49.48B	49.48B	36.35B	30.96B
Cash, Cash Equivalents and Short-Term Investments	159.19M	159.19M	4.67B	165.62M	144.98M
Total Debt	160.97M	160.97M	182.51M	182.51M	31.87M
Total Liabilities	2.30B	1.55B	1.55B	645.06M	934.56M
Stockholders Equity	56.07B	47.93B	47.93B	35.70B	30.02B
Cash Flow
Free Cash Flow	1.81B	1.32B	819.67M	294.96M	177.45M
Operating Cash Flow	1.82B	1.32B	1.00B	298.57M	189.26M
Investing Cash Flow	-1.41B	1.36B	1.36B	-3.45B	-96.38M
Financing Cash Flow	-2.11B	-1.03B	-1.03B	3.19B	-79.31M

TSF INVESTMENTS Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TSFINV	71 Outperform	₹10.74B	24.92	―	―	61.59%	-17.60%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
MUTHOOTFIN	66 Neutral	₹1.30T	13.64	―	0.68%	41.32%	56.12%
LICHSGFIN	55 Neutral	₹281.49B	5.31	―	1.87%	4.79%	13.08%
IOB	52 Neutral	₹656.07B	12.72	―	―	―	―
MANAPPURAM	49 Neutral	₹222.49B	27.09	―	0.80%	-3.68%	-80.12%