Transport Corporation of India Q2 FY27 results: net profit up 3.0% to ₹116.90 crore, revenue up 15.2%

How did Transport Corporation of India perform in Q2 FY27?

Transport Corporation of India reported consolidated revenue of ₹1,388 crore for Q2 FY27, up ₹183.10 crore or 15.2% from Q2 FY26. Against Q1 FY27, revenue rose ₹139.50 crore or 11.2%. Total income was ₹1,397.9 crore, while EBITDA increased ₹17.60 crore or 13.9% year on year to ₹144.30 crore; EBITDA margin was 10.4%, down 0.1 percentage points.

Consolidated profit before tax rose 5.3% year on year to ₹108.20 crore, while net profit increased ₹3.40 crore or 3.0% to ₹116.90 crore. PAT margin declined 1.0 percentage points to 8.4%. Basic EPS was ₹15.08, up ₹0.39 or 2.7% from Q2 FY26 and ₹1.31 or 9.5% from Q1 FY27. On the standalone basis, revenue was ₹1,185 crore and PAT was ₹91.7 crore, with revenue growth of 13.0% and PAT of ₹87.8 crore in the year-ago quarter.

What changed in Transport Corporation of India's costs and profit?

Total expenses increased ₹175.10 crore or 15.7% year on year to ₹1,290 crore. Other expenses rose ₹158.40 crore or 15.7% to ₹1,167 crore, employee cost increased ₹7.10 crore or 10.2% to ₹77 crore, depreciation rose ₹8.20 crore or 26.9% to ₹38.70 crore, and finance costs increased ₹1.40 crore or 23.7% to ₹7.30 crore. There was no exceptional item in either quarter.

Other income fell ₹2.60 crore or 20.8% to ₹9.90 crore from ₹12.50 crore, while tax expense increased ₹0.50 crore or 4.0% to ₹13 crore. Against Q1 FY27, other income rose ₹3.60 crore, employee cost increased ₹3.50 crore, depreciation rose ₹2.60 crore and finance costs increased ₹0.30 crore; tax expense increased ₹2.80 crore.

The filing does not provide a stated explanation for the year-on-year movement in profit. It reports that freight growth was pricing-led as diesel costs were passed through, while management said volumes were muted in some areas and new contracts were beginning to contribute to business growth.

How did the first half of FY27 go?

For H1 FY27, consolidated revenue rose ₹292.3 crore or 12.5% to ₹2,636.5 crore from ₹2,344.2 crore in H1 FY26. Total income increased ₹284.7 crore or 12.0% to ₹2,652.7 crore. Profit before tax rose ₹5.7 crore or 2.8% to ₹206.6 crore, while net profit increased ₹2.8 crore or 1.3% to ₹223.5 crore.

Basic EPS for the first half was ₹28.85, compared with ₹28.58 in H1 FY26, an increase of ₹0.27 or 0.9%. The results were approved by the Board on 27 October 2026 after review by the Audit Committee, and the statutory auditors conducted a limited review of the unaudited financial results.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹3,926.1 crore, compared with ₹3,481.8 crore at 31 March 2026, while total equity rose to ₹2,831.0 crore from ₹2,605.2 crore. Borrowings increased to ₹355.7 crore from ₹218.7 crore and cash rose to ₹108.1 crore from ₹93.2 crore. Trade receivables were ₹841.2 crore against ₹816.4 crore, while trade payables increased to ₹279 crore from ₹266.9 crore.

H1 FY27 operating cash flow was ₹165.9 crore, compared with ₹231.8 crore in H1 FY26. Investing cash flow was negative ₹263.0 crore against negative ₹222.2 crore, while financing cash flow increased to ₹112.0 crore from ₹3.8 crore. Capital expenditure was ₹390.2 crore for H1 FY27, compared with ₹201.9 crore in the year-ago period.

How has Transport Corporation of India done over the last 8 quarters?

Revenue reached its highest level of the reported period in Q2 FY27 at ₹1,388 crore, after ₹1,323.8 crore in Q4 FY26 and ₹1,248.5 crore in Q1 FY27. The lowest revenue in the series was ₹1,139.3 crore in Q1 FY26. Revenue rose year on year in each of the last eight quarters.

PAT was highest at ₹124.5 crore in Q4 FY26 and lowest at ₹102.1 crore in Q3 FY25. It fell to ₹106.6 crore in Q1 FY27 before rising to ₹116.9 crore in Q2 FY27. EBITDA margin peaked at 10.8% in Q4 FY26 and Q1 FY27 and eased to 10.4% in Q2 FY27; its lowest level in the series was 10.2% in Q3 FY26.

Which businesses drove the quarter?

Freight Division revenue was ₹638 crore in Q2 FY27, up 11.9% from ₹570 crore, while EBIT rose to ₹15.2 crore from ₹13.1 crore. Its EBIT margin was 2.4%. Supply Chain Solutions Division revenue increased 10.9% to ₹644.3 crore from ₹581 crore, and EBIT rose to ₹36.9 crore from ₹32.8 crore; the reported EBIT margin was 5.7%.

Seaways Division revenue rose 29.0% to ₹183.6 crore from ₹142.3 crore, while EBIT increased to ₹59.8 crore from ₹53.3 crore. Its EBIT margin was 32.6%. Energy Division reported revenue of ₹2.1 crore and EBIT of ₹0.9 crore, while unallocable revenue was ₹8.4 crore and EBIT was unchanged at no exceptional amount.

What else did the company announce?

On 27 October 2026, the Board approved the appointment of Bhudev Bhushan Giri as CEO-Designate of the TCI Seaways Division and Senior Management Personnel, effective from the same date. The appointment followed a recommendation from the Nomination and Remuneration Committee.

The Board also approved the issuance of secured, listed and redeemable non-convertible debentures for an aggregate amount not exceeding ₹300 crore, in one or more tranches through private placement. It authorised the Executive Authorization Committee to finalise terms and execute the necessary documents. The results filing also stated that a buyback of up to 15,62,500 fully paid-up equity shares at ₹960 per share, aggregating up to ₹1,500 Mn excluding transaction cost, was in progress.

What did Transport Corporation of India's management say?

Management reiterated FY27 consolidated revenue growth guidance of 10%-12% and bottom-line growth guidance of 10%-12%. It raised the FY27 capex plan to about ₹600 crore from roughly ₹500-550 crore discussed earlier and expected net debt of approximately ₹150-200 crore by FY27 year-end. Depreciation was indicated at 2.6%-2.7% of revenue against about 2.5% previously.

Management expected seaways revenue growth of 15%-20% in FY27 and more than 20% in FY28, with a 35%-40% normalised EBITDA margin, while supply-chain growth was expected at 12%-13% in FY27. It said two 500-TEU ships would add about 17%-18% seaways capacity, with the full contribution mainly in FY28.

Managing Director Vineet Agarwal said, “But as I said, this year is going to be, in terms of the overall margin, a period of rebuilding.” He also said freight growth was two-thirds pricing-led and one-third volume-led as diesel costs were passed through. Management identified slower auto pre-stocking and retail offtake, volatile bunker and freight rates, possible overcapacity, and higher depreciation, finance costs and net debt as risks.

How did Transport Corporation of India shares react?

By the next day's close, the stock was up 2.5% from its pre-results close, compared with a 1.2% industry median and a 1.8% market move. By the fifth session, it was up 3.1%, versus a 2.8% industry median and a 1.6% market move; its excess return over the industry was 0.3 percentage points.

Earlier reaction-day moves were 2.4% on 30 July 2026, 1.5% on 26 May 2026 and negative 1.9% on 4 February 2026. Earlier results days also included an unchanged close on 29 October 2025, followed by falls of 1.8% on 28 July 2025, 1.2% on 14 May 2025 and 1.4% on 25 January 2025.

How did other Logistics Solution Provider companies do?

Among 26 other Logistics Solution Provider companies that had filed for the quarter as of 6 November 2026, the median revenue growth was 14.1%. Thirteen peers grew revenue more slowly than Transport Corporation of India, and 13 grew faster than the company. Transport Corporation of India’s revenue growth was 15.2%.

Of the 23 peers for which profit was compared, 16 reported higher profit. The peer comparison therefore covered 26 companies on revenue growth and 23 on profit, with the median revenue growth for the quarter at 14.1%.