TCI Express (TCIEXP) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 began steadily with stable operational momentum, total income at Rs. 290.2 Cr, and PAT at Rs. 21.0 Cr, maintaining margin stability despite industry headwinds.

• Surface Express remained the largest contributor, while International Express grew 33.25% year-over-year and C2C segment grew over 40%.

• Infrastructure expansion included 10 new branches and new sorting centers in Nagpur, Raipur, and Indore, enhancing last-mile delivery and processing capacity.

• Asset-light model and disciplined execution maintained stable revenue and margins; focus on multimodal logistics, automation, and expanding service offerings.

• Certified as a Great Place to Work for the fifth consecutive year; ongoing CSR initiatives and multiple awards for sustainability and governance.

Financial highlights

• Q1 FY26 revenue was INR 287 crore, down 6.7% sequentially and 2% year-over-year; total income stood at INR 290 crore.

• EBITDA was INR 33.4 crore with an 11.5% margin; PAT was INR 21 crore with a 7.3% margin; EPS at 5.6.

• Tonnage for the quarter was 2.33 lakh tons, with volume down less than 1% year-over-year.

• CapEx in Q1 FY26 was INR 13 crore for network and IT expansion.

• Cash flow from operations for FY25 was INR 117.5 crore, with a debt-free capital structure.

Outlook and guidance

• Targeting volume growth of 8%-9% and revenue growth of 11%-12% in FY 2026, with double-digit volume growth in FY 2027.

• EBITDA margin expected to normalize to 15%-16% as network utilization improves and price hikes are implemented.

• Multi-modal contribution to rise from 17.5%-18% to 20%-22% over the next 2-3 years.

• Price hikes of up to 2% planned by December to offset cost pressures.

• Plans to replicate automation at new sorting centers in Kolkata and Ahmedabad.