TCI Express (TCIEXP) Q3 25/26 earnings summary

Executive summary

• Achieved total income of INR 317 crore in Q3 FY26, up 6.1% year-over-year, with PAT of INR 23 crore, and EBITDA margin at 11.6% for the quarter.

• Maintained debt-free status, strong liquidity, and high capacity utilization at 83.25% in Q3 FY26.

• Expanded network with 5 new branches in Q3 and over 60 branches in 9M FY26, supporting growth across all service verticals.

• Recognized as a Great Place to Work for the sixth consecutive year and received multiple industry awards.

• Interim dividend of INR 7 per share (350% payout) declared for Q3 FY26.

Financial highlights

• Q3 FY26: Total income INR 317 crore (+6.1% YoY), EBITDA INR 37 crore (margin 11.6%), PAT INR 23 crore (margin 7.2%), EPS INR 6.0.

• 9M FY26: Total income INR 919.3 crore (+1.2% YoY), EBITDA INR 109 crore (margin 11.9%), PAT INR 69 crore (margin 7.5%).

• Free cash flow for nine months: INR 15 crore; net cash position: INR 146 crore.

• Capex of INR 45 crore in 9M FY26 for network, branch, and IT expansion.

• Dividend payout maintained at 350% of face value.

Outlook and guidance

• Targeting 15%+ volume growth and 17-18% revenue growth in FY27, with PAT expected to rise over 20%.

• Price hikes of 2% planned for FY27 and FY28, aiming for a 5% increase in realization by FY28.

• EBITDA margin expected to improve to 13%+ next year and reach 15%+ by FY28-29.

• Focus on expanding Air and Rail Express networks, investing in automation, and strengthening last-mile delivery.

• Management does not anticipate adverse financial impact from ongoing GST dispute; new labour codes assessed as immaterial.