TCI Express Ltd(TCIEXP)

NSE: TCIEXPBSE: 540212

₹ 458.6-2.62%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,763 crWebsite: www.tciexpress.inUpdated: 24 Oct 2026

About

TCI Express is an Indian express logistics company offering surface, rail, air and consumer-to-consumer (C2C) freight services across more than 1,000 locations. In FY26 it handled over 1 million tonnes of cargo and reported revenue of Rs.1,237.53 crores. The company operates a debt-free balance sheet and serves sectors including pharma, automotive, EV and SME.^[1][2][3]

Business segments

Surface Express is the largest segment, growing 8.7% YoY in Q1 FY27; it serves pharma, auto, EV and SME customers via a nationwide road network.^[3]
Multimodal services (Rail, Air, C2C, E-Commerce) collectively represented 18.5% of revenue in FY26, up from ~17 - 17.5%, after growing ~20% in the year.^[1]
E-Commerce Express contributed ~2 - 2.5% of total revenue in Q1 FY27, focused on D2C brands and small customers, operating at 16 - 18% EBITDA margin.^[3]
Multimodal revenue mix stood at ~17 - 18% in Q1 FY27, with a target to reach ~19% by end of FY27 and 22 - 25% by 2030.^[3]

Key operating numbers

Volume was 2,50,000 MT in Q1 FY27, up ~7.5% YoY; full-year FY26 volume exceeded 1,004,000 tonnes.^[3][1]
Capacity utilisation was 84% in Q1 FY27, up from 83.25% in Q4 FY26 and Q3 FY26.^[3][1]
SME/B2B mix recovered to 50-50 in Q1 FY27 from 48-52 (SME/B2B) across full-year FY26.^[3]
Receivable days were 58 days and net working capital days were 26 - 27 days in Q1 FY27.^[3]

Service verticals - growth rates

E-Commerce Express grew 63% YoY in Q1 FY27, making it the fastest-growing vertical.^[3]
Domestic Air Express grew 28.8% YoY in Q1 FY27, driven by enterprise accounts, direct airport deliveries and a dedicated KAM team.^[3]
International Air Express grew 27.3% YoY in Q1 FY27 through new customers, win-backs and expanded global carrier partnerships.^[3]
Rail Express grew 35% YoY in Q4 FY26 and C2C Express grew 21% YoY in Q4 FY26.^[1]

Network and operations

Branch network crossed 1,000 locations in Q1 FY27, after 35 new branches were added in the quarter (10 Surface, 10 Rail, 16 C2C).^[3]
~70 branches were added in FY26, primarily for Air and Rail verticals.^[1]
A new semi-automated Nagpur sorting centre (70,000 - 75,000 sq ft, owned) commenced operations in Q4 FY26, replacing a leased facility.^[1]
Mumbai sorting centre was relocated in Q2 FY26 to a leased facility on Nashik Road three times the size of the prior one, reducing turnaround time for western India operations.^[4]
A dedicated E-Commerce hub was launched in Delhi to support B2C and D2C capabilities.^[5]
International Air Express completed the pilot for Air Cargo Consolidation in December 2025, with USA operations commencing January 2026.^[5]

Customers and sectors

Surface Express growth in Q1 FY27 was supported by customer additions and industrial demand from pharma, auto, EV and SME sectors.^[3]
Company signed an agreement with an EV vehicle provider in South India commencing volumes from November 2025; also expanding into defence and solar energy verticals.^[4]
E-Commerce segment targets small D2C brands and B2B merchant-to-warehouse movements; management has set a goal to grow e-commerce share from ~2.5% to 5% of revenue.^[1]

Expansion and capex

FY27 total capex is guided at Rs.125 - 140 crores; Rs.19 - 20 crores was spent in Q1 FY27, leaving ~Rs.112 crores to deploy across Ahmedabad and Kolkata sorting centres, a corporate office, Lucknow facility, and land in Mumbai/Chennai/Bangalore.^[3]
Kolkata automated sorting centre is targeted to be operational by March 2027, or at the latest June 2027.^[3]
Ahmedabad automated sorting centre is targeted to be operational by mid-FY28 (approximately September 2027).^[3]
Total 5-year capex plan is Rs.400 crores, revised down from Rs.500 crores originally.^[5][1]
40 - 50 dedicated air-focused branches across Tier I and Tier II cities are planned, with the Delhi Air Hub as the first step.^[3]
FY27 branch expansion targets 100 new branches: 40 for surface and 60 for multimodal (Air/Rail/C2C).^[1]

Balance sheet and financial milestones

TCI Express is debt-free with net cash of Rs.118 crores as of June 30, 2026; net debt/equity stood at -0.14x.^[3]
FY26 marked two milestones: balance sheet crossed Rs.1,000 crores and cargo handled exceeded 1 million tonnes for the year.^[1]

Market Cap

₹1,763 Cr

High / Low

₹706 / 451

Stock P/E

21.4

Price / Book

2.1

Book Value

₹213

EPS

₹21.2

No. of Shares

3.84 Cr

ROCE

14.0%

ROE

10.3%

OPM

9.2%

Debt / Equity

0.04

Sales

₹1,238 Cr

Net Profit

₹81 Cr

Promoter holding

69.4%

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