TCI Express Limited submitted its Q4 FY2025-26 and full-year FY2026 earnings presentation to the stock exchanges in compliance with SEBI Listing Regulations (Regulation 30). The document provides a comprehensive overview of the company's financial performance, operational highlights, and strategic outlook.

Financial Performance (Standalone)

Q4 FY2026 Results:

  • Total Income: ₹331.1 Crores (5.8% YoY growth from ₹313.1 Cr in Q4 FY2025)
  • Income from Operations: ₹326.8 Crores (6.3% YoY growth from ₹307.5 Cr)
  • Other Income: ₹4.3 Crores (compared to ₹5.6 Cr in Q4 FY2025)
  • EBITDA: ₹37.4 Crores (10.9% YoY growth from ₹33.7 Cr)
  • EBITDA Margin: 11.3% (vs 10.8% in Q4 FY2025)
  • EBIT: ₹28.3 Crores (1.8% YoY growth from ₹27.8 Cr)
  • EBIT Margin: 8.5% (vs 8.9% in Q4 FY2025)
  • PBT: ₹27.3 Crores (-0.2% YoY from ₹27.3 Cr)
  • PBT Margin: 8.2% (vs 8.7% in Q4 FY2025)
  • PAT: ₹20.8 Crores (0.5% YoY growth from ₹20.7 Cr)
  • PAT Margin: 6.3% (vs 6.6% in Q4 FY2025)
  • EPS: ₹5.4 (unchanged from Q4 FY2025)

Sequential Performance (Q4 FY2026 vs Q3 FY2026):

  • Total Income increased 4.4% from ₹317.1 Cr
  • EBITDA increased 1.9% from ₹36.7 Cr
  • PAT decreased 9.2% from ₹22.9 Cr
  • EPS decreased 9.2% from ₹6.0

Full Year FY2026 Performance:

  • Total Income: ₹1,250.4 Crores (2.4% YoY growth from ₹1,221.1 Cr in FY2025)
  • Income from Operations: ₹1,236.2 Crores (2.3% YoY growth from ₹1,208.3 Cr)
  • Other Income: ₹14.3 Crores (from ₹12.9 Cr in FY2025)
  • EBITDA: ₹146.0 Crores (1.9% YoY growth from ₹143.0 Cr)
  • EBITDA Margin: 11.7% (unchanged from FY2025)
  • EBIT: ₹120.6 Crores (-0.6% YoY from ₹121.4 Cr)
  • EBIT Margin: 9.6% (vs 9.9% in FY2025)
  • PBT: ₹118.8 Crores (-1.1% YoY from ₹120.1 Cr)
  • PBT Margin: 9.5% (vs 9.8% in FY2025)
  • PAT: ₹89.8 Crores (-1.0% YoY from ₹90.8 Cr)
  • PAT Margin: 7.2% (vs 7.4% in FY2025)
  • EPS: ₹23.4 (-1.1% YoY from ₹23.7)

Operational Highlights

Business Segments Performance:

  • Surface Express: Maintained stable performance as core growth driver
  • C2C Express: Recorded 21% YoY growth in Q4 FY2026
  • Domestic Air Express: Delivered 18% YoY growth in Q4 FY2026
  • Rail Express: Recorded 35% YoY growth in Q4 FY2026
  • International Air Express: Achieved 22% annual growth in FY2026
  • E-Commerce Express: Maintained strong momentum with B2C last-mile expansion

Network and Infrastructure:

  • Capacity utilization during Q4 FY2026: 83.5%
  • Expanded operational footprint with 8 new branches added during the quarter
  • Total branches: 970+ company-owned branches (increased from 500 in FY2017)
  • Service coverage: 60,000+ locations (increased from 32,000 in FY2017)
  • Sorting centers: 28 (increased from 26 in FY2017)
  • Customer count: 2.25 Lakh (increased from 1.6 Lakh in FY2017)
  • Fleet: 5,500+ fully containerized GPS-enabled vehicles

Automation and Technology:

  • Taj Nagar (Gurugram) Sorting Centre: 15,000 packages per hour capacity, 600 KW solar panels
  • Chakan (Pune) Sorting Centre: 11,000 packages per hour capacity, 280 KW solar panels
  • Automation reduces sorting time by 40%
  • ERP-enabled operations with AI e-Learning systems

Capital Expenditure and Balance Sheet

Capital Expenditure:

  • FY2026 Capex: ₹67 Crores for branch network expansion, sorting center construction, and IT infrastructure
  • Total Capex till FY2026: ₹269 Crores against planned ₹500 Cr over 5 years (FY23-FY27)
  • FY2027 Planned Capex: ₹131 Crores
  • Revised projected capex: ₹400 Crores (from originally planned ₹500 Cr)
  • Future capex plans include construction and automation in Kolkata and Ahmedabad
  • Capex funded through internal accruals

Balance Sheet Position (Standalone as of FY2026):

  • Total Assets: ₹1,000.1 Crores (crossed ₹1,000 Cr milestone)
  • Net Worth: ₹828.8 Crores
  • Equity Share Capital: ₹7.7 Crores
  • Total Debt: ₹3.0 Crores (Short Term Debt)
  • Liquid Assets: ₹104.6 Crores
  • Net Cash Position: ₹(101.6) Crores
  • Net Debt/Equity: (0.14x)
  • Debt-free balance sheet maintained

Cash Flow:

  • Cash flow from operations: ₹112 Crores for FY2026
  • Efficient working capital management

Credit Ratings:

  • CRISIL: AA- (Long Term)
  • ICRA: A1+ (Short Term)

Management Commentary

Mr. Chander Agarwal, Managing Director, commented on the performance:

  • Q4 FY2026 marked positive business momentum with sequential improvement and maintained growth trajectory
  • Demand trends remained encouraging across pharmaceuticals, automotive, engineering, renewable energy and SME-led shipments
  • Operating environment challenged by geopolitical tensions in West Asia, elevated airline ATF prices, rising labor costs, and temporary disruptions from voter-related SIR activities
  • Company focused on service reliability, network efficiency and customer-centric execution
  • FY2026 achievements: Crossed ₹1,000 crore balance sheet, handled over one million tonnes of cargo
  • Company declared highest dividend in its history and executed share buyback of ₹42.48 crore during the period

Strategic Outlook and Growth Initiatives

Growth Focus Areas:

  • High-growth segments: Automotive, Defence, Solar, EV, SME and E-Commerce
  • Strengthen Air Express network through operational optimization and Prime Flight utilization
  • Expand Rail Express network across high-potential corridors
  • Scale E-Commerce capabilities through ONDC & Unicommerce platform integrations
  • Strengthen C2C customer engagement through dedicated broker mobile application
  • Enhance technology platforms and digital visibility systems

Expansion Plans:

  • Continue expanding owned branch network with deeper penetration in Tier II, Tier III and emerging manufacturing clusters
  • Strengthen international connectivity through expansion of pickup points and airline partnerships across 200+ countries
  • Increase presence in high-potential industrial corridors and logistics parks aligned with PM Gati Shakti

Technology and Sustainability:

  • Scale automation across sorting centres replicating Gurugram and Pune model
  • Leverage AI, ML and route optimization tools
  • Expand use of renewable energy with additional solar installations
  • Increase adoption of cleaner fuels and vehicles including EVs, CNG and biofuels
  • Target gradual addition of green vehicles and environmentally efficient logistics solutions

ESG and CSR Initiatives

Sustainability Achievements:

  • Total installed solar capacity: 990 kWp across Medchal, Tajnagar, and Pune facilities
  • Generated over 1 million kWh of renewable electricity in FY26
  • Obtained Integrated Management System certifications: ISO 9001:2015, ISO 45001:2018, ISO 14001:2015
  • Provisional LEED certification for corporate building under construction
  • Vehicle fleet upgraded to BSVI standards with CNG and EV vehicles

CSR Programs:

  • Kavach: Benefited 1,307 elderly and differently-abled individuals with mobility aids
  • Shourya: Empowered 478+ individuals through Olympic sports training
  • Samantha: Benefited 1,200+ individuals across rural communities
  • Saksham: Supported 198+ individuals through vocational skill development
  • Archery Academy: 36 tribal youth enrolled in Khunti, Jharkhand
  • Artificial Limb Centres: Empowered 1,300+ beneficiaries in Lucknow and Patna

Awards and Recognition:

  • Great Place to Work certification for sixth consecutive year (2026)
  • Times Now Sustainable Organization 2025 award
  • Various industry awards including Most Promising Business Leaders of Asia 2025-26, Entrepreneur Asia Awards 2026, Marksmen Daily Most Preferred Brand 2025-26
  • ET Young Industry Leader 2025 (Mr. Chander Agarwal)
  • The Economic Times Iconic Brands of India 2025

Market Context and Challenges

Industry Outlook:

  • India targets $5T economy by 2027 with logistics playing key role
  • Sector contributes 12-14% to GDP and employs 22M+ people
  • Projected to grow at 8.8% CAGR by 2029
  • Government initiatives: 12 greenfield airports operationalized, 35 Multimodal Logistics Parks planned, cargo handling capacity expansion

Challenges Highlighted:

  • Uneven demand recovery across sectors and regions
  • Manufacturing PMI declined due to softer demand conditions and elevated input costs
  • Infrastructure bottlenecks and urban congestion
  • Complex regulatory ecosystem with multiple state-level compliances
  • Skilled manpower availability issues
  • Global supply chain and geopolitical uncertainty
  • Geopolitical tensions in West Asia impacting fuel prices and logistics costs

Forward-Looking Statements

The presentation contains forward-looking statements regarding strategic initiatives and future business developments. The company notes that actual results may differ due to market conditions, macroeconomic factors, governmental regulations, competitive pressures, technological changes, and other unknown factors. TCI Express undertakes no obligation to publicly revise any forward-looking statements.