Financial Performance (Standalone)

Q2 FY27 (Quarter Ended September 30, 2026)

  • Income from Operations: INR 336 crores, up 9% YoY (from INR 309 crores in Q2 FY26)
  • Total Income: INR 339 crores, up 8.8% YoY (from INR 312 crores)
  • EBITDA: INR 43 crores, up 10.8% YoY (from INR 39 crores)
  • EBITDA Margin: 12.7% (vs. 12.4% in Q2 FY26) - highest in five quarters
  • EBIT: INR 36 crores, up 7.5% YoY
  • Profit Before Tax (PBT): INR 35 crores, up 6% YoY
  • Profit After Tax (PAT): INR 27 crores, up 6% YoY
  • PAT Margin: 7.9%
  • Earnings Per Share (EPS): INR 6.9, up 6%

H1 FY27 (Half Year Ended September 30, 2026)

  • Income from Operations: INR 648 crores, up 8.8% YoY (from INR 595 crores in H1 FY26)
  • Total Income: INR 655 crores, up 8.7% YoY (from INR 602 crores)
  • EBITDA: INR 80 crores, up 10.8% YoY (from INR 72 crores)
  • EBITDA Margin: 12.2% (vs. 12.0%)
  • EBIT: INR 66 crores, up 7.5% YoY
  • Profit Before Tax (PBT): INR 64.7 crores, up 6% YoY
  • Profit After Tax (PAT): INR 49 crores, up 6% YoY (from INR 46 crores)
  • PAT Margin: 7.5%

Sequential Performance (Q2 vs Q1 FY27)

  • EBITDA increased 16% quarter-on-quarter
  • PAT increased 19% quarter-on-quarter

Operational Metrics

  • Volume (Q2 FY27): 265,000 tons, up 7.5% YoY
  • Service Line Growth (YoY):
  • Surface Express: ~9% growth
  • Domestic Air Express: 29% growth
  • International Air Express: 26% growth
  • E-Commerce Express: 51.6% growth
  • C2C Express: Declined (specific percentage not quantified)
  • Customer Mix: 50% from SME customers, 50% from large customers

Business Segments and Strategy

E-Commerce Express Strategy

  • Focusing on D2C (Direct-to-Consumer) customers
  • Targeting merchants on e-commerce platforms
  • Concentrating on smaller e-commerce players rather than major platforms
  • Geographic focus on Tier 2 cities including Surat, Bengaluru, and Ludhiana
  • Maintaining EBITDA margin target of 15% for e-commerce business

Air Express Strategy

  • Decoupling air network from surface network for better service delivery
  • Created dedicated teams in 20 cities for air express services
  • Target to increase share of new services (Air Express, International Air Express, Rail, E-Commerce, C2C) from current 17.5% to 18%+ by FY27 end and 22% by 2030

Railway Business

  • Operating in express cargo through passenger trains (not commodity wagons)
  • Maintaining 99% delivery service level
  • No significant impact expected from Indian Railways' own parcel service initiatives

Digital Initiatives

  • Developing digital wallet for online bookings
  • Integration with wallet company underway
  • Target launch by calendar year end (December 2026)
  • Primary focus on Domestic E-Commerce Express and International Air Express dockets

Balance Sheet and Cash Flow

  • Net Cash Position (as of September 30, 2026): INR 77 crores
  • Liquid Assets: INR 93 crores
  • Total Debt: INR 15 crores (described as temporary in nature)
  • Working Capital Metrics:
  • Receivable Days: 59 days
  • Payable Days: 32 days
  • Net Working Capital: 27 days (same as previous quarter)
  • Cash Flow from Operations (H1 FY27): INR 28 crores

Capital Expenditure

  • H1 FY27 Capex: INR 80 crores
  • Capex Allocation: Branch network expansion, sorting center construction, IT infrastructure
  • Current Projects:
  • Lucknow sorting center
  • Ahmedabad sorting center
  • Kolkata sorting center
  • Corporate office construction
  • Automation Timeline: Ahmedabad and Kolkata centers to be automated by Q1/Q2 FY28
  • Future Capex Plan: INR 100+ crores annually for next 4-5 years
  • Long-term Target: 80-85% of revenue through company-owned sorting centers by 2030-2031

Guidance and Outlook

  • Volume Growth Target: Double-digit growth for FY27 (11-12%)
  • Revenue Growth Target: 14-15% for Q3 and Q4 FY27
  • Margin Target: 13%+ EBITDA margin for H2 FY27 (50-100 bps improvement over FY26)
  • Pricing: Net 1.5% price hikes achieved, expected to continue in Q3 and Q4
  • October Performance: Described as "great" with positive momentum

Corporate Social Responsibility

  • TCI Express Foundation: Supported 489 beneficiaries through artificial limb initiative in H1 FY27
  • Archery Academy: Provided structured training to 52 young athletes in Jharkhand

Management Participants

  • Mr. Chander Agarwal – Managing Director
  • Mr. Mukti Lal – Executive Director and Chief Financial Officer
  • Mr. Pabitra Panda – Chief Business Officer
  • Mr. Vikram Suryavanshi – PhillipCapital India Private Limited (Moderator)