From Freight God to Forgotten Gem? Why TCI Might Be the Most Boring Multibagger You Missed
⚡ At a Glance
TCI runs India’s most integrated logistics empire – road, rail, sea, and even cold chain. While Delhivery keeps burning investor cash for lunch, TCI has quietly grown profits at 22% CAGR, expanded margins, kept debt low, and paid dividends. Yet nobody’s screaming “tech unicorn.” Why? Because this one actually delivers.
🏗️ 1. Business Model: Freight with Brains, Not Burn
- Core Business:Full truckload (FTL), express cargo, warehousing, coastal shipping
- Segments:
- Freight Division (B2B Trucking):Still the cash cow
- Supply Chain Solutions (3PL):End-to-end for autos, pharma, retail
- Seaways:Ships that carry bulk goods along the eastern and western coasts
- USP:Multimodal. Where Delhivery uses
- trucks, TCI uses rail + road + ships like a logistics chess master.
💡 Think of them as the “IRCTC + Blue Dart + Adani Ports” of integrated logistics.
💸 2. Financial Glow-Up (FY20–FY25)
| Metric | FY20 | FY25 | CAGR |
|---|---|---|---|
| Revenue (â‚ą Cr) | 2,718 | 4,492 | 10.6% |
| Net Profit (â‚ą Cr) | 143 | 416 | 24.2% |
| EPS (â‚ą) | 18.53 | 52.92 | 23.7% |
| Operating Margin (%) | 9% | 10% | Stable |
| ROE (%) | 14% | 20% | ↑ |
| ROCE (%) | 14% | 21% | ↑ |
| Dividend Payout (%) | 11% | 15% | đź‘‘ Steady |
| Debt (â‚ą Cr) | 422 | 242 | âś… Down |
🧠They don’t just grow. They compoundintelligently.
đźš› 3. What Makes TCI Stand Out (and Sit Quietly in Your Portfolio)
- 5Y PAT Growth:22% CAGR — while keeping cash flows positive every year
- P/E:21x — compare that to Delhivery at 160x and still showing red ink
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