TCI Q4 FY26 Investor Presentation: Growth & Outlook

Transport Corporation of India Limited – Investor Presentation Summary

Key Operational Highlights

23rd consecutive quarter of growth, with impact in March due to Gulf crisis
Supply Chain division became the largest business
Container Management: 165K TEUs handled in 12M FY26 vs 154K in 12M FY25; 391K CBUs handled in 12M FY26 vs 304K in 12M FY25
Yards & Terminals: 67 yards and 70 terminals managed
Saved 190,000 tonnes of e-CO2 in terms of GHG emissions in FY26 (150,000 in FY25)
TCI Freight Division: 5,000+ trucks under operation, 25 offices, 750+ strategically located hubs

Key drivers of operational performance: Rapid quick-commerce and omni-channel adoption, rising demand for specialized logistics services, adoption of digital control towers and automation, green logistics push with EV fleets and alternative fuels.

Segment-wise Performance

TCI Supply Chain Division

| Particulars | Q4 FY26 | Q4 FY25 | Growth | FY26 | FY25 | Growth |

| Revenue | 4,694 | 4,224 | 11% | 18,617 | 16,367 | 14% |

| EBDITA | 477 | 416 | 15% | 1,785 | 1,569 | 14% |

| % to Revenue | 10.2% | 9.9% | | 9.6% | 9.6% | |

| EBIT | 278 | 270 | 3% | 1,105 | 1,024 | 8% |

| % to Revenue | 5.9% | 6.4% | | 5.9% | 6.3% | |

Explanation of significant changes: Strong momentum amid retention & expansion and roll out of several new contracts. Strong underlying demand sustained in Retail, Consumer and E-commerce/QuickCommerce segments. Good traction for multimodal logistics and warehousing services. Margin profile remained steady amid capacity enhancement.

TCI's Joint Ventures

| Revenue | 5,503 (4,556) | 1,095 (941) | 13,176 (11,837) |

| Y-o-Y Growth | 21% (32%) | 16% (16%) | 11% (17%) |

| Capital Employed | 744 (592) | 1,132 (937) | 3,376 (3,470) |

| Strategic Partner Share | 49% | 20% | 51% |

Financial Highlights

Revenue: Not explicitly stated for consolidated entity

EBITDA: Not explicitly stated for consolidated entity

PAT: Not explicitly stated for consolidated entity

EPS: Not explicitly stated

Consistent performance key indicators:

Market Cap: Rs 70,835 million
Debt Including Leases: Rs 2,518 million
Cash equivalents: Rs 2,961 million (surplus)
Enterprise Value: Rs 70,391 million
P/E: 15.9
EV/EBITDA: 11.6
52 Week High: Rs 1,289 per share
52 Week Low: Rs 881 per share

Geographical Revenue Split

Domestic vs Export/Regional Revenue: Not specified

Balance Sheet Snapshot

Net Debt/Equity: Not specified

Reserves: Not specified

Current Assets/Liabilities: Not specified

Working Capital/Leverage Metrics: Not specified

Financial Health Insights: Strong liquidity with surplus cash of ₹2,500 million

Capex & Cash Flow Health

Capital Expenditure: ₹3,690 million actual in FY26 (₹4,500 million budgeted); ₹6,000 million budgeted for FY27

Free Cash Flow: Not specified

Operating Cash Flow: Not specified

Net Debt Movement: Not specified

Investment Rationale: Continued investments in strategic asset classes including hubs, ships, containers, trucks & rakes

Breakdown of Capex (Figures in million Rs):

| Hub Centre & Small WH | 7,444 | 1,320 | 713 | 920 |

| Ship | 3,989 | 1,350 | 691 | 2,370 |

| Container | 1,704 | 120 | 175 | 410 |

| Trucks & Rakes | 6,474 | 1,280 | 1,194 | 1,220 |

| Others (W/H Equip, IT)| 2,142 | 430 | 916 | 1,080 |

| Total | 21,752 | 4,500 | 3,690 | 6,000 |

Strategic & R&D Initiatives

Investments in Innovation: Robotics Process Automation, Business Process Optimization, Artificial Intelligence & ML, Business Intelligence Tool, Data Analytics, High Availability Disaster Recovery, Logistics Control Tower, Fleet Management System, Customer Portal & App Control tower, SRM & app, Supplier Performance Management

Expected impact on growth: Technology enables customized freight solutions with end-to-end visibility and supports growth in specialized logistics services

Strategic Rationale: Everything Logistics strategy with single window solutions, multimodal network capabilities, and sustainable digital solutions

Industry Trends & Business Environment

Macro/Industry Trends: USD 180 billion freight transport market (highly fragmented), USD 15 billion supply chain market, 3PL growth CAGR 15%, cargo movement on inland waterways rose from 18 MMT in 2013-14 to 145+ MMT in 2024-25, targeted to exceed 200 MMT by 2030

Impact on Company: Policy push via National Logistics Policy, sustained budget support for infrastructure, digitization of logistics data via ULIP, GOI initiatives for green logistics and coastal shipping support TCI's multimodal approach

Management Commentary & Growth Outlook

Strategic Outlook: Economic outlook has clouds of fuel prices increase, inflationary pressure, uncertainty around Middle East crisis, suboptimal Monsoon forecast and consequent impact on rural demand

FY Guidance: Business growth expected to remain steady though challenging and rangebound supported by diversified exposure across sectors. Revenue and Profit growth outlook remain at 10-12%

Market Share Targets: Not specified

Risks and Opportunities: Fuel price increases, inflationary pressure, Middle East crisis uncertainty, monsoon impact on rural demand

ESG Updates

Environmental: 2,800+ train movements (2,500+ previous year), produced 15.2 million renewable green energy units (14.6 million previous year), under Green Trucking 80+ trips completed, TCI IIM-B made TEMT tool ISO:14083 certified by SGS for emission measurement

Social: Bharat Mobility Road safety events under TCI Safe Safar across 10 states engaging 60,000+ drivers, health initiatives across 18 states administering 1.5+ million vaccinations & other health services to 2.2 million people, artificial limb center empowered 2,500 beneficiaries, Urmila Sports Academy trained players winning 53 medals

Governance: Strong and diverse Board, started BRSR in FY22 voluntarily, long-term performance-linked robust remuneration system, comprehensive Enterprise risk management and Business continuity plan