TCI Express Ltd.
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ABOUT
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 is almost debt free
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.19x)
- Company has been maintaining a healthy dividend payout of 33.0%
- Company comfortably covers its interest (52.8x coverage)
- Company generates healthy free cash flow
- Stock looks reasonably valued - P/E of 23.9 is below its historical median
CONS
- Operating margins have contracted to 10.1% from 15.7%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| CONCOR | 499.80 | 30.65 | 38065.66 | 1.72 | 268.90 | 0.61 | 2159.76 | 0.28 | 13.63 | 20.41 |
| DELHIVERY | 438.60 | 351.36 | 32864.05 | 0.00 | 31.91 | -64.96 | 2930.73 | 27.76 | 2.97 | 4.75 |
| SHADOWFAX | 253.25 | 133.05 | 14862.94 | 0.00 | 654.00 | 6732.86 | 13581.20 | 1806.32 | 11.58 | 6.76 |
| BLACKBUCK | 629.05 | 67.88 | 11459.23 | 0.00 | 42.17 | 25.14 | 204.17 | 42.17 | 12.75 | 24.35 |
| TCI | 859.95 | 14.47 | 6607.09 | 1.16 | 106.60 | -0.56 | 1248.50 | 9.58 | 20.52 | 12.30 |
| TVSSCS | 130.35 | 88.81 | 5751.35 | 0.00 | 22.48 | -96.84 | 3335.22 | 28.66 | 11.51 | 6.75 |
| VRLLOG | 231.45 | 18.88 | 4048.92 | 0.00 | 805.30 | 1509.31 | 8788.40 | 1080.70 | 26.47 | 21.23 |
| MAHLOG | 396.65 | 102.33 | 3937.84 | 0.63 | 278.30 | 3048.09 | 20028.80 | 1132.85 | 10.40 | 5.76 |
| SINDHUTRAD | 24.08 | 47.98 | 3712.96 | 0.00 | 38.74 | -79.39 | 129.21 | -21.85 | 12.80 | 45.34 |
| GATEWAY | 53.34 | 10.91 | 2665.10 | 6.09 | 51.27 | -17.56 | 549.30 | -0.21 | 17.99 | 21.31 |
| TCIEXP | 513.50 | 23.94 | 1974.11 | 1.36 | 20.49 | 5.24 | 313.40 | 9.29 | 13.92 | 10.03 |
| ALLCARGO | 12.15 | 60.66 | 1819.80 | 0.00 | 140.00 | 241.47 | 5460.00 | 43.06 | 8.70 | 13.00 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 305 | 320 | 312 | 317 | 293 | 312 | 296 | 307 | 287 | 309 | 314 | 328 | 313 | |
| 258 | 270 | 266 | 272 | 260 | 275 | 268 | 281 | 259 | 275 | 282 | 297 | 290 | |
| Operating Profit | 46 | 50 | 46 | 45 | 33 | 37 | 29 | 26 | 28 | 34 | 32 | 32 | 24 |
| OPM % | 15.21% | 15.77% | 14.61% | 14.14% | 11.17% | 11.82% | 9.75% | 8.55% | 9.78% | 10.86% | 10.34% | 9.61% | 7.53% |
| 1 | 2 | 2 | 2 | 2 | 2 | 3 | 6 | 4 | 4 | 3 | 1 | 4 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Depreciation | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 6 | 5 | 5 | 6 | 9 | 7 |
| Profit before Tax | 43 | 47 | 42 | 42 | 30 | 34 | 26 | 26 | 26 | 32 | 30 | 23 | 28 |
| Tax % | 24.59% | 24.54% | 24.15% | 23.90% | 24.78% | 25.78% | 25.96% | 25.54% | 25.94% | 25.16% | 25.62% | 28.79% | 25.87% |
| Net Profit | 0 | 0 | 0 | 0 | 22 | 25 | 19 | 19 | 19 | 24 | 22 | 16 | 20 |
| 8.41 | 9.27 | 8.40 | 8.24 | 5.82 | 6.49 | 5.00 | 5.05 | 5.13 | 6.23 | 5.74 | 4.77 | 5.20 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|
| 1,241 | 1,254 | 1,208 | 1,237 | 1,264 | |
| 1,047 | 1,067 | 1,083 | 1,112 | 1,143 | |
| Operating Profit | 194 | 187 | 125 | 125 | 121 |
| OPM % | 15.67% | 14.93% | 10.34% | 10.12% | 9.58% |
| 7 | 7 | 13 | 13 | 13 | |
| Interest | 2 | 1 | 1 | 2 | 3 |
| Depreciation | 15 | 19 | 22 | 26 | 28 |
| Profit before Tax | 185 | 174 | 115 | 110 | 112 |
| Tax % | 24.52% | 24.31% | 25.50% | 26.21% | 26.19% |
| Net Profit | 139 | 132 | 86 | 81 | 82 |
| EPS | 36.37 | 34.33 | 22.35 | 21.21 | — |
| Dividend Payout % | 22.00% | 23.30% | 35.80% | 33.01% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 0%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- -16%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- -19%
- 3 Years:
- -30%
- 1 Year:
- -27%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 14%
- Last Year:
- 10%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Equity Capital | 8 | 8 | 8 | 8 |
| 585 | 691 | 752 | 807 | |
| 4 | 7 | 5 | 54 | |
| Trade Payables | 88 | 89 | 85 | 81 |
| 50 | 56 | 69 | 75 | |
| Total Liabilities | 735 | 850 | 919 | 1,025 |
| 374 | 452 | 462 | 547 | |
| Capital Work in Progress | 61 | 16 | 15 | 29 |
| 33 | 91 | 148 | 124 | |
| 211 | 232 | 226 | 239 | |
| Cash & Bank | 17 | 20 | 15 | 20 |
| 39 | 40 | 52 | 67 | |
| Total Assets | 735 | 850 | 919 | 1,025 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| 147 | 136 | 118 | 101 | |
| Cash from Investing | -65 | -105 | -91 | -89 |
| Cash from Financing | -84 | -28 | -32 | -8 |
| -2 | 3 | -5 | 4 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-10 - TCI Express Limited has informed the Exchange regarding 'Disclosures Under Regulation 29(2) Of SEBI (Substantial Acquisition Of Shares And Takeovers) Regulations, 2011'.
2026-09-08 - Newspaper Cuttings Publication regarding Transfer of Equity Shares to IEPF Authority and Special Window for Physical Securities
2026-09-05 - TCI Express Limited has informed the Exchange regarding 'Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011'.
2026-09-03 - TCI Express Limited has informed the Exchange regarding 'Disclosures Under Regulation 29(2) Of SEBI (Substantial Acquisition Of Shares And Takeovers) Regulations, 2011'.
2026-08-29 - TCI Express Limited has informed the Exchange regarding 'Disclosures under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011'.
2026-08-17 - TCI Express Limited has informed the Exchange regarding Cessation of Mr as Non- Executive Independent Director of the company w.e.f. August 17, 2026.
2026-08-17 - TCI Express Limited has informed the Exchange regarding Cessation of Mr. Prashant Jain as Non- Executive Independent Director of the company w.e.f. August 17, 2026.
2026-08-17 - TCI Express Limited has informed the Exchange regarding Change in Director(s) of the company.
2026-08-14 - TCI Express Limited has informed the Exchange regarding 'Disclosure under the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011'.
News
Recent coverage and analyst commentary for TCIEXP
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