Transport Related Services industry

2 companies · ₹12,690 cr · 2 with AI deep dives · Q1FY27 report

Exhibit 3Structure

₹12,690 cr

Blackbuck Ltd is 79.1% of this industry by market cap. The top 5 are 100% and the top 10 are 100%.

mid 1small 12 above ₹500 cr

Exhibit 5Coverage (2 of 2)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Blackbuck Ltd	₹9,937 cr	58.6x	44.2x	12.8%	25.6%	+42.2%	Unlock
Kernex Microsystems (India) Ltd	₹2,650 cr	13.9x	18.6x	47.8%	34.6%	+800.4%

Blackbuck Ltd

Mcap: ₹9,937 cr
P/E: 58.6x
EV/EBITDA: 44.2x
ROCE: 12.8%
Margin: 25.6%
Rev YoY: +42.2%

Unlock

Kernex Microsystems (India) Ltd

Mcap: ₹2,650 cr
P/E: 13.9x
EV/EBITDA: 18.6x
ROCE: 47.8%

Exhibit 6What managements said

from Transport Services earnings calls · as of 2026-06-30

headwindMiddle East / Hormuz conflict disrupts trade lanes, vessels and international networks9 managements

This was the theme most managements voiced. Gateway, AGL, Mahindra Logistics, TVS SCS and TCI Express described lost or rerouted EXIM volume. SCI had vessels stranded and SEAMEC…

GATEWAY (Q1FY27): “The market has de-grown in the markets that we operate in. Basically, it's due to the war…”

headwind8 managements mixed6 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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