Financial Performance Highlights

Consolidated Performance:

  • 25th consecutive quarter of growth achieved
  • Buyback of size ₹150 Cr offered with 7,000+ shareholders participating

TCI Freight Segment (Q2 FY27 vs Q2 FY26):

  • Revenue: ₹4,758 Mn vs ₹4,252 Mn (11.9% growth)
  • EBDITA: ₹137 Mn vs ₹128 Mn (6.8% growth)
  • EBDITA Margin: 2.9% vs 3.0%
  • EBIT: ₹119 Mn vs ₹114 Mn (4.4% growth)
  • EBIT Margin: 2.5% vs 2.7%

TCI Freight Segment (H1 FY27 vs H1 FY26):

  • Revenue: ₹9,325 Mn vs ₹8,364 Mn (11.5% growth)
  • EBDITA: ₹271 Mn vs ₹253 Mn (7.0% growth)
  • EBDITA Margin: 2.9% vs 3.0%
  • EBIT: ₹234 Mn vs ₹225 Mn (4.0% growth)
  • EBIT Margin: 2.5% vs 2.7%

Operational Expansion:

  • Network expansion continued with focus on LTL mix
  • 30 new branches planned, 11 opened during the period
  • Growth driven by new contracts and inventory pre-stocking ahead of festive season

TCI Supply Chain Solutions:

  • Became TCI's largest business segment in FY26 with revenue of ₹1,862 Cr (up 14% YoY)
  • Managed 17 Mn sqft warehousing space
  • Operated 180+ trains per month
  • 4,500+ vehicles under operation
  • Strong demand for multimodal remained: 1,076 rakes vs 1,141 during previous year

TCI Seaways:

  • Operates six Indian-flagged vessels across eastern, western and southern coasts
  • Two additional vessels under construction, to be commissioned by Q3FY27
  • Acquired 500-TEU cellular container carrier named TCI SETU, to be operational during November 2026
  • Impact of bunker price on margins noted

Joint Ventures Performance (H1 FY27)

TCI CONCOR (49% Strategic Partner's Share):

  • Revenue: ₹2,712 Mn (₹5,503 Mn in comparable period)
  • YoY Growth: 10.5% (20.8% in comparable period)
  • Capital Employed: ₹755 Mn (₹744 Mn in comparable period)
  • Operates on asset-light model with integrated multimodal logistics solutions for Chemicals, Food Grain, Metals

Cold Chain JV (20% Strategic Partner's Share):

  • Revenue: ₹793 Mn (₹1,095 Mn in comparable period)
  • YoY Growth: 50.2% (16.4% in comparable period)
  • Capital Employed: ₹1,068 Mn (₹1,132 Mn in comparable period)
  • Provides temperature control warehousing, primary & secondary distribution requirements

Transystem JV with Mitsui (51% Strategic Partner's Share):

  • Revenue: ₹6,851 Mn (₹13,176 Mn in comparable period)
  • YoY Growth: 7.3% (11.3% in comparable period)
  • Capital Employed: ₹4,751 Mn (₹3,376 Mn in comparable period)
  • Focused on automotive logistics for Japanese clients

Capital Structure and Investments

Capital Expenditure (Actual H1 FY27): ₹3,432 Mn invested in strategic asset classes, with ₹2,954 Mn from internal accruals

Breakdown of Capex (H1 FY27 Actual vs FY27 Budget vs Historical):

  • Hub Centre & Small WH: ₹1,001 Mn (₹920 Mn budget, ₹8,163 Mn historical FY07-FY26)
  • Ship: ₹1,480 Mn (₹2,370 Mn budget, ₹4,681 Mn historical)
  • Container: ₹136 Mn (₹410 Mn budget, ₹1,875 Mn historical)
  • Trucks & Rakes: ₹527 Mn (₹1,220 Mn budget, ₹7,664 Mn historical)
  • Others (W/H Equip, IT): ₹288 Mn (₹1,080 Mn budget, ₹3,056 Mn historical)
  • Total: ₹3,432 Mn (₹6,000 Mn budget, ₹25,440 Mn historical)

Financial Indicators (as of September 30, 2026):

  • Market Cap: ₹67,035 Mn
  • Debt Including Leases: ₹4,054 Mn
  • Cash Equivalents: ₹2,277 Mn
  • Enterprise Value: ₹68,813 Mn
  • P/E: 15.9x
  • EV/EBITDA: 11.2x
  • 52 Week High: ₹1,242 per share
  • 52 Week Low: ₹797 per share

Operational Capabilities and Market Position

Service Offerings: Integrated multimodal logistics including Freight (LTL, FTL, ODC), Supply Chain Solutions (3PL/4PL, warehousing), Seaways (coastal shipping), Chemical Logistics, Cold Chain

Network Reach:

  • 19,000+ pin codes reached with cross-border linkages into Nepal and Bangladesh
  • 750+ branches/IT-enabled offices
  • 5,000+ trucks under operation in Freight segment
  • 4,500+ vehicles under operation in Supply Chain segment

Technology Infrastructure: Three-layer digital architecture comprising Visibility (control towers, GPS tracking), Intelligence (MILKRUN route consolidation, AI document-intelligence), and Integration (single shipment identity across modes)

Sustainability Achievements (FY 2025-26):

  • 80,000+ CNG/clean-fuel trips executed
  • 2,800+ rail rake movements
  • 58,000+ green points delivered through rail logistics
  • 0.190 Mn tonnes of CO₂ emissions saved via modal shift
  • EcoVadis score: 53 'Committed' rating
  • Dun & Bradstreet ESG rating: 'Very Good'
  • Credit rating: AA+/Stable (CARE)

Industry Context and Growth Drivers

Indian Logistics Market: Projected at USD 592 Bn by 2031 with 3PL/4PL demand growing at ~12% CAGR

Macroeconomic Enablers:

  • India's real GDP grew 7.7% in FY26, up from 7.1% in FY25
  • GST collections at ₹17.4 lakh Cr; e-way bills up 21%
  • 96% of Freight Corridors operational, supporting road-to-rail shift
  • Logistics cost target: ≤8% of GDP by 2030
  • ULIP crossed 160 Cr+ transactions
  • Infrastructure growth driven by 4% of GDP capex
  • PLI schemes attracted ₹2 lakh Cr+ investment

Future Outlook and Guidance

Growth Guidance: Revenue and margin growth maintained at 10-12%

Key Growth Drivers: Infrastructure spending, PLI-led manufacturing, new trade agreements, festive-season urban demand

Identified Risks: Inflation, weak monsoon, rate tightening, West Asia tensions, weakening rural demand

Strategic Positioning: Diversified, customized services, expanding multimodal network, automation-led efficiency

Disclaimer

The presentation contains forward-looking statements subject to risks including economic conditions, fuel costs, government policy, competition, interest rates, monsoon patterns, and geopolitical events. TCI undertakes no obligation to update forward-looking statements except as required by law.