NSE: TREL · BSE: 543955
TRANSINDIA REAL ESTATE L
Operates logistics parks — warehouses and industrial facilities leased to logistics, e-commerce, manufacturing and retail tenants. In FY26, the Logistics Park segment made up 98.2% of segment revenue at INR82.23 cr (segment EBIT INR27.93 cr), with the remaining 1.8% (INR1.52 cr) from equipment hiring. Two operating warehouses, Koproli and Khopta, are both 100% leased. The company is in a build-out phase: it has a land bank of roughly 200 acres supporting 1.8-2 million sq ft of developable area, with an INR1,000 cr capex programme starting Q3 FY26 across 4-5 projects, construction funded 70-80% by debt. The lead project is a 98-acre consolidation at Mubarikpur, Haryana, targeting completion around Q4 FY27, with INR70-80 cr of incremental rent potential at stabilisation. In July 2026 it acquired 48.28% (with 100% voting rights) in Comptech Solutions for about INR24 cr, adding a 20,043 sq ft leasable commercial property in Gurugram. The cost structure is dominated by depreciation (20.9% of revenue) and employee costs (19.1%), consistent with an asset-heavy model. Capex ran at 89.9% of revenue in FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Logistic Park (98%), Equipment Hiring (2%). Asset-heavy, capex-intensive logistics warehousing and industrial park developer in build-out phase.
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 97 | 83 | 84 |
| EBITDA (ex other income) | 336 | 68 | 46 |
| margin % | 346.7 | 82.9 | 55.0 |
| Owners' profit | 250 | 53 | 37 |
| EPS, as reported (₹) | 10.20 | 2.14 | 1.50 |
| ROE % · ROCE % | 20.6 · 26.4 | 4.2 · 6.0 | 2.9 · 3.6 |
| Debt / equity (x) | 0.05 | 0.00 | 0.00 |
| Cash from operations | 75 | 85 | 43 |
| Capex | (0) | (181) | (75) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 23 | 21 | 21 | 20 | 21 | 22 | 22 | 23 |
| Profit before tax | 13 | 39 | 13 | 12 | 13 | 11 | 13 | 12 |
| Net profit | 9 | 33 | 7 | 9 | 11 | 10 | 11 | 8 |
| EPS (₹) | 0.36 | 1.32 | 0.31 | 0.36 | 0.44 | 0.40 | 0.47 | 0.33 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Logistic Park | 21 | 25.5 |
| Equipment Hiring | 0 | 0.3 |
| Logistics Park and commercial properties | 41 | 48.5 |
| Equipment Hiring (Non crane) | 1 | 0.7 |
| Continuing Logistics Park and commercial properties | 20 | 24.1 |
| Continuing Equipment Hiring (Non crane) | 1 | 0.9 |
| Total, before eliminations | 84 | 100.0 |
Exhibit 4: 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 | 33,496 | 27.4 | 2.48 | 16.9 | 4.6 | 5.6 | 7.2 | 23.1 |
| DELHIVERY LIMITED | 32,070 | 173.3 | 3.27 | 49.7 | 0.7 | 0.7 | — | 6.7 |
| SHADOWFAX TECHNOLOGIES L | 17,051 | 74.3 | 9.03 | 79.2 | 7.1 | 6.1 | — | 6.7 |
| BLUE DART EXPRESS LTD | 10,714 | 37.3 | 6.03 | 11.2 | 13.9 | 13.4 | 13.3 | 15.8 |
| TRANSPORT CORPN OF INDIA | 6,630 | 14.4 | 2.34 | 13.1 | 7.9 | 6.6 | 11.9 | 10.4 |
| VRL LOGISTICS LIMITED | 5,909 | 14.7 | 4.46 | — | — | — | — | 22.1 |
| TVS SUPPLY CHAIN SOL L | 5,173 | 80.3 | 2.51 | 7.3 | 5.7 | 4.8 | — | 6.7 |
| MAHINDRA LOGISTIC LIMITED | 4,180 | 55.6 | 3.39 | 10.9 | 4.6 | 4.5 | 16.5 | 5.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.9 | 15.5 | 23 of 51 | 56% |
| P/B | 0.5 | 1.4 | 3 of 41 | 95% |
| ROCE | 1.8 | 5.6 | 42 of 50 | 16% |
| ROE | 1.5 | 5.0 | 33 of 40 | 18% |
| Debt / Equity | 0.1 | 0.3 | 10 of 41 | 78% |
| EBITDA margin | 61.7 | 6.7 | 1 of 56 | 100% |
| Revenue growth | 12.6 | 12.6 | 22 of 43 | 50% |
| Profit growth | (6.6) | 78.2 | 28 of 36 | 23% |
| Market cap | 602 | 126 | 18 of 56 | 69% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Nov 2026 · Transindia publishes September 2026 quarter and half-year results | compliance | minimal | — | — |
| 5 Nov 2026 · Jatin Chokshi to retire as Managing Director effective December 31, 2026 | management changes | critical | — | — |
| 4 Nov 2026 · Managing Director retirement and successor approved for 2027 | management changes | medium | — | — |
| 4 Nov 2026 · Consolidated September 2026 quarter revenue up 12.6%, profit after tax down 6.6%, margin expands | results | low | — | — |
| 29 Oct 2026 · Board to approve September quarter and half-year results on November 4 | results | low | — | — |
| 9 Oct 2026 · RTA certificate on dematerialisation filed for Q2 FY26 | compliance | minimal | — | — |
| 1 Oct 2026 · Newspaper publication of NCLT notice for amalgamation with wholly owned subsidiary | compliance | minimal | — | — |
| 25 Sept 2026 · Trading Window Closure from October 01, 2026 for Q2 FY26 Results | compliance | minimal | — | — |
| 22 Sept 2026 · AGM voting results filed, both resolutions passed with over 99.9 percent majority | board shareholder meetings | medium | — | — |
| 21 Sept 2026 · Transindia Real Estate 5th AGM proceedings filed; 2 resolutions considered | board shareholder meetings | medium | — | — |
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 |
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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.