NSE: TCI · BSE: 532349
TRANSPORT CORPN OF INDIA
Provides multi-modal logistics across India, running three core businesses that together generated Rs 4,916.8 crore in FY26 revenue. Supply Chain Solutions is the largest segment at 42.1% of segment revenue with an EBIT of Rs 110.6 crore, serving industries such as automotive, consumer goods and quick commerce. Freight Division contributes 40.4% of segment revenue with an EBIT of Rs 41.3 crore, focused on road haulage. Seaways Division is the smallest at 14.8% of segment revenue but produced the highest segment EBIT at Rs 252.2 crore from coastal shipping. The cost structure is dominated by other operating expenses at 83.9% of revenue, with diesel and bunker fuel flagged as specific cost pressures in Q1 FY27 commentary. Demand was weak in chemicals, tiles and packaging, and the company employs 4,776 employees and 8,904 workers per the FY26 BRSR. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Supply Chain Solutions Division (42%), Freight Division (40%), Seaways Division (15%), Unallocable (3%), Energy Division (0%). Asset-heavy multi-modal logistics spanning road freight, contract logistics and coastal shipping.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,257 | 3,783 | 4,024 | 4,492 | 4,917 |
| EBITDA (ex other income) | 409 | 421 | 408 | 461 | 517 |
| margin % | 12.6 | 11.1 | 10.1 | 10.3 | 10.5 |
| Owners' profit | 290 | 317 | 351 | 413 | 460 |
| EPS, as reported (₹) | 37.50 | 40.96 | 45.18 | 53.43 | 59.49 |
| ROE % · ROCE % | 20.1 · 20.5 | 18.5 · 18.0 | 17.4 · 14.7 | 19.0 · 16.2 | 17.7 · 15.2 |
| Debt / equity (x) | 0.04 | 0.04 | 0.08 | 0.07 | 0.08 |
| Cash from operations | 368 | 361 | 299 | 359 | 444 |
| Capex | (76) | (156) | (243) | (354) | (414) |
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 | 1,121 | 1,147 | 1,179 | 1,139 | 1,205 | 1,249 | 1,324 | 1,249 |
| Profit before tax | 94 | 89 | 105 | 98 | 103 | 101 | 113 | 98 |
| Net profit | 107 | 102 | 115 | 107 | 114 | 116 | 125 | 107 |
| EPS (₹) | 13.68 | 13.04 | 14.80 | 13.90 | 14.69 | 14.96 | 16.12 | 13.77 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Freight division | 650 | 12.4 |
| supply chain solutions division | 558 | 10.6 |
| seaways division | 185 | 3.5 |
| energy division | 1 | 0.0 |
| unallocable | 11 | 0.2 |
| Freight Division | 1,704 | 32.4 |
| Supply Chain Solutions Division | 1,641 | 31.2 |
| Seaways Division | 469 | 8.9 |
| Energy Divison | 4 | 0.1 |
| Unallocable & Corporate | 22 | 0.4 |
| Unallocable | 8 | 0.2 |
| Total, before eliminations | 5,251 | 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 | 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 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.5 | 15.6 | 20 of 51 | 62% |
| P/B | 2.6 | 1.6 | 31 of 40 | 23% |
| ROCE | 14.4 | 7.7 | 10 of 55 | 83% |
| ROE | 17.6 | 6.0 | 4 of 40 | 92% |
| Debt / Equity | 0.1 | 0.3 | 11 of 40 | 74% |
| EBITDA margin | 11.3 | 8.7 | 18 of 43 | 60% |
| Revenue growth | 9.6 | 9.5 | 21 of 42 | 51% |
| Profit growth | (0.6) | 22.5 | 24 of 35 | 32% |
| Market cap | 6668 | 121 | 5 of 56 | 93% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · TCI publishes newspaper ad for September 2026 quarterly and half-year results | compliance | minimal | — | — |
| 27 Oct 2026 · TCI Q2 FY27 sales up 14.8%, profit after tax up 3.0% | compliance | low | — | — |
| 27 Oct 2026 · September 2026 results: revenue rises, profit stable; buyback and debt plan | results | high | — | — |
| 27 Oct 2026 · Board approves up to Rs 300 crore NCD issue | fund raising | medium | — | — |
| 27 Oct 2026 · TCI names internal executive as Seaways CEO-Designate; clears ₹300 crore NCDs | management changes | high | — | — |
| 27 Oct 2026 · TCI Q2 FY27: revenue up 15%, profit up 3%, debt issue approved | results | high | — | — |
| 22 Oct 2026 · Compliance certificate for dematerialization filed for Q2 FY27 | compliance | minimal | — | — |
| 22 Oct 2026 · Board to consider private placement of non-convertible debt | fund raising | medium | — | — |
| 19 Oct 2026 · TCI reschedules investor call to Oct 30 to discuss Q2 FY27 results | board shareholder meetings | low | — | — |
| 15 Oct 2026 · Re-lodgement of physical share transfer requests under SEBI special window | 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.