TCI Express Ltd
NSE:TCIEXP

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TCI Express Ltd
NSE:TCIEXP
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Price: 581.8 INR 3.04% Market Closed
Market Cap: 22.4B INR

TCI Express Ltd
Investor Relations

TCI Express Ltd. engages in the logistics solutions business. The company is headquartered in Gurgaon, Haryana and currently employs 2,858 full-time employees. The company went IPO on 2016-12-15. The firm is engaged in express distribution and first and last mile delivery services provider. Its services include surface express, domestic and international air express, pharmaceutical, retail, engineering, apparel, cold chain express service and customer to customer (C2C) express, E-com express. The company comprises of approximately 500 express routes, 2,500 feeder routes, 40,000 pickup and delivery points, and 5,000 containerized vehicles. The firm provides around the clock services and time sensitive express deliveries by air mode. The company provides business-to-consumer (B2C) and business-to-business (B2B) on multi-model distribution for optimum on time delivery with value added features of cash on delivery (COD), pick n pack, late night and early morning deliveries.

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Last Earnings Call
Fiscal Period
Q2 2026
Call Date
Nov 6, 2025
AI Summary
Q2 2026

Stable Financials: TCI Express delivered steady results in Q2 FY'26, with income of INR 312 crores and EBITDA margin of 12.4%, despite near-flat top-line growth.

GST Impact: Growth was hindered by GST rate cuts and related system adjustments, leading to flat volumes and revenue; management expects this to be temporary.

Service Mix: Strong growth reported in Rail (25% YoY), International Air Express (40% YoY), and C2C (15% YoY), while Surface Express remained soft due to weak MSME demand.

Guidance Maintained: Management reiterated full-year guidance of 8% volume growth and 10% revenue growth, with expectations for higher single-digit growth in Q3.

Margin Outlook: Margins remained healthy and are expected to improve to around 12.5%–13% in the coming quarters, with a longer-term goal to return to 15%+ as utilization improves.

Expansion & Capex: Branch network and infrastructure expansion continue, with about INR 28 crores capex in H1 and further investments planned, especially in automation at key hubs.

Asset-Light & Debt-Free: The company remains debt-free, with strong liquidity and a disciplined approach to cost management.

Key Financials
Total Income (Q2)
INR 312 crores
Total Income (H1)
INR 602 crores
EBITDA (Q2)
INR 39 crores
EBITDA Margin (Q2)
12.4%
EBITDA (H1)
INR 72 crores
EBITDA Margin (H1)
12%
Profit After Tax (Q2)
INR 25 crores
PAT Margin (Q2)
8.1%
Profit After Tax (H1)
INR 46 crores
PAT Margin (H1)
7.7%
Volumes (Q2)
2.5 lakh tonnes
Volumes (H1)
482,000 tonnes
Volume Growth Guidance
8% for FY'26
Revenue Growth Guidance
10% for FY'26
Rail Express Growth
25% YoY
International Air Express Growth
40% YoY
C2C Express Growth
15% YoY
Net Working Capital Cycle
20 days
Receivable Days
60 days
Payable Days
40 days
Cash Flow from Operations (H1)
INR 20 crores
Capex (H1)
INR 28 crores
Truck Utilization (Q2)
83.5%
Truck Utilization (H1)
83%
Corporate/SME Revenue Mix
52% corporate / 48% SME
Non-Surface Revenue Share
18%
Other Earnings Calls

Management

Mr. Chander Agarwal B.Sc.
MD & Executive Director
No Bio Available
Mr. Mukti Lal
VP & CFO
No Bio Available
Ms. Priyanka Bhadana
Company Secretary & Compliance Officer
No Bio Available
Mr. Pabitra Mohan Panda
Sr. Chief Sales & Marketing Officer
No Bio Available
Mr. Hemant Srivastava
Chief Operating Officer & COO of Non-Surface Express Businesses
No Bio Available
Mr. Subimal Mukherjee
HR Head
No Bio Available
Mr. Sivaraman Narayana Das
Head of Operation & E-Commerce
No Bio Available
Mr. Rambali Singh Yadav
Regional Head
No Bio Available

Contacts

Address
HARYANA
Gurgaon
TCI House, 69, Institutional Area, Sector-32
Contacts
+911242384090
www.tciexpress.in