NSE: TCIEXP · BSE: 540212
TCI EXPRESS LIMITED
Operates as a logistics solution provider offering express cargo and surface transportation services in India. The business generated Rs 1,237.53 cr in revenue in FY26, with an EBITDA margin of 11.17% and net profit of Rs 81.43 cr. The cost structure is dominated by 'other operating expenses' at 78.1% of revenue, which in a surface-logistics setup covers hired transport, fuel, hub and line-haul costs; employee costs add 11.8% and depreciation 2.1%. The fleet is being progressively decarbonised, with 214 CNG vehicles and 58 electric vehicles added recently, taking the clean-energy share of the fleet to 13.2%. Cargo is also moved by rail, with 8,936.6 MT transported by that mode, which the company says avoided 1,439 tCO2e of emissions. Total assets crossed Rs 1,000 cr in FY26, the company is debt-free, and cash from operations stood at Rs 103.80 cr; dividend per share was raised to Rs 7. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Express cargo and surface logistics. Service-oriented, asset-heavy surface logistics and express cargo operator
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 1,241 | 1,254 | 1,208 | 1,238 |
| EBITDA (ex other income) | 194 | 187 | 125 | 123 |
| margin % | 15.7 | 14.9 | 10.3 | 9.9 |
| Owners' profit | 0 | 0 | 0 | 81 |
| EPS, as reported (₹) | 36.24 | 34.36 | 22.36 | 21.21 |
| ROE % · ROCE % | 23.4 · 30.5 | 18.7 · 24.3 | 11.2 · 14.9 | 9.9 · 12.6 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.04 |
| Cash from operations | 147 | 136 | 118 | 101 |
| Capex | (126) | (52) | (51) | (125) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 312 | 296 | 307 | 287 | 309 | 314 | 328 | 313 |
| Profit before tax | 34 | 26 | 26 | 26 | 32 | 30 | 23 | 28 |
| Net profit | 25 | 19 | 19 | 19 | 24 | 22 | 16 | 20 |
| EPS (₹) | 6.49 | 5.00 | 5.05 | 5.13 | 6.23 | 5.74 | 4.77 | 5.20 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CONTAINER CORP OF IND LTD | 31,836 | 25.5 | 2.44 | 13.5 | 9.5 | 11.6 | 7.2 | 24.5 |
| DELHIVERY LIMITED | 28,831 | 308.0 | 2.98 | 29.4 | 1.6 | 1.2 | — | 8.7 |
| SHADOWFAX TECHNOLOGIES L | 17,055 | 106.0 | 9.77 | 67.6 | 6.4 | 5.7 | — | 8.3 |
| BLUE DART EXPRESS LTD | 10,159 | 35.4 | 5.72 | 10.7 | 13.9 | 13.4 | 13.3 | 16.7 |
| TRANSPORT CORPN OF INDIA | 6,668 | 14.5 | 2.56 | 12.0 | 17.7 | 14.4 | 11.9 | 11.3 |
| TVS SUPPLY CHAIN SOL L | 4,919 | 76.3 | 2.39 | 6.0 | 5.7 | 4.8 | — | 7.2 |
| VRL LOGISTICS LIMITED | 4,707 | 17.6 | 4.12 | — | 20.7 | 14.5 | — | 21.9 |
| MAHINDRA LOGISTIC LIMITED | 4,257 | 115.0 | 3.55 | 10.9 | 0.9 | 2.0 | 16.5 | 6.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.9 | 15.6 | 35 of 51 | 32% |
| P/B | 2.3 | 1.6 | 26 of 40 | 36% |
| ROCE | 12.4 | 7.7 | 14 of 55 | 76% |
| ROE | 9.9 | 6.0 | 11 of 40 | 74% |
| Debt / Equity | 0.0 | 0.3 | 8 of 40 | 82% |
| EBITDA margin | 11.3 | 8.7 | 19 of 43 | 57% |
| Revenue growth | 9.3 | 9.5 | 23 of 42 | 46% |
| Profit growth | 5.2 | 22.5 | 22 of 35 | 38% |
| Market cap | 1845 | 121 | 11 of 56 | 82% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · TCI Express board to approve Q2 and first-half results on November 5 | results | low | — | — |
| 14 Oct 2026 · No re-lodgment requests for physical shares in Q2 FY27 | compliance | minimal | — | — |
| 8 Oct 2026 · Compliance certificate for Q2 FY27 dematerialisation filings | compliance | minimal | — | — |
| 1 Oct 2026 · Promoter reshuffle: TCI Trading sells 1.23L shares, D Agarwal buys same | ownership changes | high | — | — |
| 1 Oct 2026 · TCI Express promoter group reshuffles stake via inter se transfer | ownership changes | high | — | — |
| 1 Oct 2026 · Promoter group reshuffle: TCI Trading sells 2.84% to XPS Cargo | ownership changes | medium | — | — |
| 30 Sept 2026 · TCI Express promoter group reshuffle: 10.9L shares worth 54.78cr moved | ownership changes | medium | — | — |
| 30 Sept 2026 · Promoter group reshuffle: TCI Trading sells 2.84% stake, XPS Cargo buys 2.84% | ownership changes | medium | — | — |
| 30 Sept 2026 · TCI Express ICRA A1+ rating reaffirmed on Rs 25 cr commercial paper | credit debt | medium | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1, 2026 until Q2 results announcement | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.