Key Approvals and Financial Information

The Board of Directors at its meeting, which commenced at 1:00 PM IST and concluded at 2:20 PM IST, approved the following items:

  • 1. The un-audited Standalone and Consolidated Financial Results for the first quarter ended June 30, 2026.
  • 2. The Limited Review Report issued by the statutory auditors, Brahmayya & Co., on the aforementioned financial results.
  • 3. The reconstitution of several Board committees.

The financial results have been prepared in accordance with Indian Accounting Standard 34 (Ind AS 34) and include the results of its subsidiaries: TCI Express Pte Limited and TCI Global (Singapore) Pte. Limited (with effect from January 26, 2026). The consolidated figures for these two subsidiaries, which were not reviewed by their own auditors, reflect a total revenue of ₹2.12 Crores and a total net loss after tax of ₹1.89 Crores for the quarter. Management has represented that these results are not material to the Group.

Regulatory and Legal Contingency: GST Demand

A significant ongoing matter disclosed is a GST demand. The Additional Commissioner of Central Goods and Services Tax, Gurugram Commissionerate, had issued a demand order for a GST tax liability of ₹51.36 Crores, plus applicable interest and penalty, for the period from July 01, 2017, to March 31, 2022. The demand is on account of the company not discharging its GST liability under Reverse Charge Mechanism (RCM) on GTA supplies received from its transporters.

  • The company preferred an appeal before the Commissioner (Appeals) GST on March 12, 2025.
  • This appeal was rejected vide order dated December 30, 2025.
  • The company has now filed a further appeal before the Goods and Services Tax Appellate Tribunal (GSTAT), Haryana.
  • The management is confident of prevailing and does not anticipate any adverse financial outcome. Consequently, no provision has been made in the financial results for the quarter ended June 30, 2026.

The statutory auditors have included an "Emphasis of Matter" paragraph in their review report to draw attention to this note in the financial statements.

Exceptional Item from Previous Quarter

Note 4 to the financial results highlights an exceptional item from the previous quarter (Q4 FY2026 ended March 31, 2026): an impairment of investment amounting to ₹2.28 Crores.

Board Committee Reconstitution

The Board approved the reconstitution of the following committees, which is subject to shareholder approval for the related director appointments/re-appointments at the 18th Annual General Meeting:

  • Nomination and Remuneration Committee: Mr. Pavan Kumar Munjuluri (Independent Director) is proposed as the new Chairperson, replacing Mr. Phool Chand Sharma. Mr. Prashant Jain is proposed to be removed from the committee.
  • Audit Committee: Mr. Vikram Singh Mehta (Independent Director) is proposed as the new Chairperson, replacing Mr. Murali Krishna Chevuturi. Mr. Pavan Kumar Munjuluri is proposed as a new member, while Mr. Prashant Jain is proposed to be removed.
  • Stakeholders' Relationship Committee: Mrs. Taruna Singhi remains Chairperson. Mr. Chander Agarwal (Managing Director) and Mr. Mukti Lal (Executive Director & CFO) are proposed as new members, replacing Mr. Phool Chand Sharma and Mr. Vineet Agarwal.
  • Risk Management Committee: Mr. Phool Chand Sharma is proposed as the new Chairperson, replacing Mr. Prashant Jain. Mr. Vikram Singh Mehta is proposed as a new member.

Other Notes

The figures for the quarter ended March 31, 2026, are balancing figures derived from the audited full-year results and the previously published unaudited nine-month figures. The company operates in a single business segment, "Express Cargo," making segment reporting under Ind AS 108 not applicable.