Transport Corporation Of India Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Supply Chain Solutions Division: 43.2% • Freight Division: 41.5% • Seaway Divition: 15.2%
AI Sector View
AI GENERATEDServices
Broad services remain in expansion. Services PMI was 54.1 (Aug/26), export of services grew 13.0% YoY (2026-06), and urban employment was still positive at 2.0% YoY (2026-07), although airport passenger traffic was -2.0% YoY (2026-06). FPI inflows of INR 7081 crore over 3 months to 2026-08-31 support the constructive sector view.
PROS
- Company has delivered good profit growth of 26.9% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 21.5%
- Company has a good return on equity (ROE) track record: 3 Years ROE 20.1%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 0.94x)
CONS
- A large part of profit comes from other income (26.6% of PBT)
- Total debt has risen sharply - up 58.1% year on year
- Effective tax rate is unusually low at 7.4% - earnings may be flattered
- Recurring exceptional / one-off items are inflating headline profit
- Growth is decelerating - 3Y profit CAGR (13.5%) trails the 5Y trend (26.9%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| CONCOR | 505.80 | 31.02 | 38522.64 | 1.70 | 268.90 | 0.61 | 2159.76 | 0.28 | 13.63 | 20.41 |
| DELHIVERY | 451.00 | 361.29 | 33793.18 | 0.00 | 31.91 | -64.96 | 2930.73 | 27.76 | 2.97 | 4.75 |
| SHADOWFAX | 255.05 | 133.96 | 14964.56 | 0.00 | 654.00 | 6732.86 | 13581.20 | 1806.32 | 11.58 | 6.76 |
| BLACKBUCK | 585.40 | 63.17 | 10664.07 | 0.00 | 42.17 | 25.14 | 204.17 | 42.17 | 12.75 | 24.35 |
| TCI | 856.45 | 14.41 | 6580.20 | 1.17 | 106.60 | -0.56 | 1248.50 | 9.58 | 20.52 | 12.30 |
| TVSSCS | 128.95 | 87.86 | 5689.58 | 0.00 | 22.48 | -96.84 | 3335.22 | 28.66 | 11.51 | 6.75 |
| VRLLOG | 231.45 | 18.87 | 4048.92 | 0.00 | 805.30 | 1509.31 | 8788.40 | 1080.70 | 26.47 | 21.23 |
| MAHLOG | 399.70 | 103.12 | 3968.12 | 0.63 | 278.30 | 3048.09 | 20028.80 | 1132.85 | 10.40 | 5.76 |
| SINDHUTRAD | 23.81 | 47.44 | 3671.33 | 0.00 | 38.74 | -79.39 | 129.21 | -21.85 | 12.80 | 45.34 |
| GATEWAY | 53.58 | 10.96 | 2677.09 | 6.07 | 51.27 | -17.56 | 549.30 | -0.21 | 17.99 | 21.31 |
| TCIEXP | 535.25 | 24.95 | 2057.72 | 1.31 | 20.49 | 5.24 | 313.40 | 9.29 | 13.92 | 10.03 |
| ALLCARGO | 12.29 | 61.36 | 1840.77 | 0.00 | 140.00 | 241.47 | 5460.00 | 43.06 | 8.70 | 13.00 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 860 | 900 | 900 | 954 | 939 | 998 | 994 | 1,004 | 984 | 1,048 | 1,065 | 1,128 | 1,070 | |
| 763 | 803 | 806 | 851 | 839 | 889 | 884 | 888 | 871 | 935 | 943 | 995 | 982 | |
| Operating Profit | 97 | 97 | 94 | 103 | 100 | 109 | 110 | 117 | 113 | 114 | 121 | 133 | 87 |
| OPM % | 11.25% | 10.75% | 10.45% | 10.84% | 10.67% | 10.95% | 11.05% | 11.64% | 11.49% | 10.83% | 11.40% | 11.79% | 8.16% |
| 28 | 11 | 44 | 10 | 44 | 14 | 49 | 14 | 50 | 17 | 48 | 13 | 42 | |
| Interest | 2 | 3 | 2 | 3 | 3 | 3 | 4 | 4 | 4 | 5 | 4 | 5 | 5 |
| Depreciation | 30 | 30 | 31 | 30 | 26 | 27 | 27 | 26 | 25 | 27 | 28 | 31 | 31 |
| Profit before Tax | 93 | 75 | 105 | 80 | 115 | 93 | 127 | 102 | 134 | 99 | 137 | 110 | 129 |
| Tax % | 10.24% | 11.58% | 9.43% | 2.49% | 9.19% | 11.00% | 6.78% | 10.84% | 7.17% | 11.13% | 4.95% | 7.47% | 7.20% |
| Net Profit | 83 | 66 | 95 | 78 | 105 | 82 | 118 | 90 | 124 | 88 | 130 | 102 | 120 |
| 10.74 | 8.56 | 12.25 | 10.07 | 13.49 | 10.61 | 15.28 | 11.73 | 16.21 | 11.45 | 17.02 | 13.23 | 15.60 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,804 | 2,181 | 2,558 | 2,513 | 2,452 | 2,907 | 3,430 | 3,614 | 3,936 | 4,225 | 4,311 | |
| 1,647 | 1,969 | 2,314 | 2,280 | 2,204 | 2,514 | 3,024 | 3,223 | 3,500 | 3,744 | 3,856 | |
| Operating Profit | 157 | 212 | 244 | 233 | 248 | 393 | 407 | 391 | 436 | 481 | 455 |
| OPM % | 8.71% | 9.72% | 9.55% | 9.29% | 10.11% | 13.51% | 11.85% | 10.82% | 11.08% | 11.38% | 10.56% |
| 18 | 18 | 27 | 18 | 21 | 29 | 61 | 93 | 121 | 128 | 120 | |
| Interest | 29 | 31 | 36 | 32 | 25 | 11 | 8 | 11 | 15 | 18 | 19 |
| Depreciation | 58 | 67 | 75 | 78 | 88 | 108 | 117 | 121 | 106 | 111 | 117 |
| Profit before Tax | 89 | 132 | 160 | 142 | 156 | 303 | 343 | 353 | 436 | 480 | 475 |
| Tax % | 20.83% | 21.14% | 20.36% | 10.89% | 13.72% | 11.77% | 11.48% | 8.54% | 9.26% | 7.43% | 7.43% |
| Net Profit | 70 | 104 | 128 | 126 | 135 | 267 | 304 | 322 | 396 | 444 | 440 |
| EPS | 9.18 | 13.53 | 16.62 | 16.46 | 17.47 | 34.48 | 39.05 | 41.47 | 51.68 | 57.85 | — |
| Dividend Payout % | 11.99% | 11.81% | 10.81% | 12.15% | 14.30% | 17.35% | 17.89% | 16.88% | 15.48% | 17.29% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 10%
- 5 Years:
- 11%
- 3 Years:
- 7%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 22%
- 5 Years:
- 27%
- 3 Years:
- 14%
STOCK PRICE CAGR
- 10 Years:
- 17%
- 5 Years:
- 15%
- 3 Years:
- 3%
- 1 Year:
- -26%
RETURN ON EQUITY
- 10 Years:
- 18%
- 5 Years:
- 21%
- 3 Years:
- 20%
- Last Year:
- 20%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 15 | 15 | 15 | 15 | 15 | 15 | 16 | 16 | 15 | 15 |
| 566 | 658 | 815 | 926 | 1,058 | 1,290 | 1,542 | 1,820 | 1,953 | 2,351 | |
| 409 | 426 | 452 | 407 | 255 | 70 | 81 | 106 | 147 | 202 | |
| Trade Payables | 34 | 57 | 65 | 63 | 74 | 73 | 58 | 49 | 188 | 210 |
| 108 | 122 | 173 | 163 | 184 | 183 | 209 | 242 | 317 | 361 | |
| Total Liabilities | 1,132 | 1,278 | 1,520 | 1,574 | 1,587 | 1,632 | 1,906 | 2,232 | 2,620 | 3,139 |
| 533 | 624 | 706 | 752 | 779 | 779 | 765 | 805 | 870 | 1,085 | |
| Capital Work in Progress | 57 | 56 | 4 | 22 | 5 | 7 | 26 | 109 | 253 | 326 |
| 30 | 31 | 94 | 89 | 86 | 100 | 172 | 436 | 336 | 390 | |
| 3 | 3 | 5 | 6 | 7 | 8 | 5 | 11 | 7 | 15 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 530 | 633 | 707 | |
| Cash & Bank | 18 | 13 | 12 | 18 | 31 | 58 | 169 | 87 | 67 | 108 |
| 492 | 550 | 699 | 687 | 679 | 679 | 769 | 257 | 454 | 509 | |
| Total Assets | 1,132 | 1,278 | 1,520 | 1,574 | 1,587 | 1,632 | 1,906 | 2,232 | 2,620 | 3,139 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 111 | 189 | 202 | 275 | 298 | 399 | 359 | 316 | 341 | 432 | |
| Cash from Investing | -117 | -130 | -148 | -135 | -96 | -73 | -185 | -365 | -106 | -345 |
| Cash from Financing | 37 | -28 | -26 | -96 | -194 | -257 | -51 | -33 | -277 | -32 |
| 8 | -5 | -5 | 4 | 14 | 26 | 105 | -82 | -41 | 56 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - Transport Corporation of India Limited has informed the Exchange regarding 'Intimation with respect to transfer of equity shares under Section 124(6) of the Companies Act, 2013 to the Investor Education and Protection Fund (IEPF) Authority'.
2026-09-11 - TCI has informed the Exchange about Submission of newspaper publications of the Notice for proposed transfer of equity shares to the Investor Education and Protection Fund ( IEPF ) Authority
2026-08-07 - Transport Corporation of India Limited has informed the Exchange about Transcript for the quarter ended June 30, 2026
2026-08-03 - Transport Corporation of India Limited has informed the Exchange about Link of Recording
2026-08-03 - Transport Corporation of India Limited has informed the Exchange about Investor Presentation
2026-07-31 - Transport Corporation of India Limited has informed the Exchange about copy of newspaper publication of unaudited financial results (standalone and consolidated) published for the period ended June 30, 2026
2026-07-30 - Voting Results and Scrutinizer's report of the 31st Annual General Meeting held on July 30, 2026.
2026-07-30 - Transport Corporation of India Limited has informed the Exchange regarding Summary of the Proceedings of Annual General Meeting held on July 30, 2026
2026-07-30 - Transport Corporation of India Limited has informed the Exchange regarding a press release dated July 30, 2026, on Unaudited Financial Results (Standalone and Consolidated) for the First Quarter Ended on June 30, 2026.
News
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