TCI Express Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
TCIEXP · price
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On the reaction day the stock moved 3.6 pts less than Nifty Microcap 250 and 3.5 pts less than its Logistics Solution Provider peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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TCI Express reported standalone total income of ₹1,250.42 Cr for FY2026 vs ₹1,221.14 Cr in FY2025, a marginal ~2.4% increase. Standalone PAT was ₹90.77 Cr vs ₹90.23 Cr, roughly flat. However, consolidated PAT declined to ₹85.05 Cr from ₹90.01 Cr (~5.5%), impacted by a new subsidiary (TCI Global Singapore, acquired January 2026) contributing losses. The company declared an unmodified audit opinion, but the auditor's report included an Emphasis of Matter on a ₹51.36 Cr GST demand (plus interest/penalty) related to reverse charge mechanism on GTA supplies from July 2017–March 2022. The company's first appeal was rejected, and it plans to escalate to the Appellate Authority. Exceptional items include ₹2.28 Cr investment impairment (standalone). The Board approved re-appointment of Managing Director Chander Agarwal and two new Independent Directors, along with a ₹250 price ESOP grant of 46,200 options to employees.
Revenue growth is modest at ~2.4%, and consolidated PAT declined ~5.5% due to subsidiary losses, which could disappoint growth-focused investors. The unresolved ₹51.36 Cr GST demand is a contingent liability risk, though management is optimistic. Clean audit opinion and ESOP grant signal retention focus.