When the GST gods sneezed, India’s logistics caught a cold — and TCI Express wasn’t spared. Despite Diwali lights and demand spikes, tonnage stayed flat, like your fitness goals after Navratri. Yet, management insists “the worst is over” — which, to be fair, they said last quarter too. With automation humming, rail wagons rolling, and the Mumbai mega hub now alive, optimism rolled smoother than their trucks (on good roads, at least). Stick around — because between GST hiccups, MSME comebacks, and AI-powered milk runs, there’s more action here than in a Rajdhani Express kitchen. 🚛
2. At a Glance
Revenue ₹312 Cr (flat YoY): Growth took a chai break during GST “adjustments.”
EBITDA ₹39 Cr (12.4% margin): CFO calls it “stable”; Excel calls it Ctrl+C from last year.
PAT ₹25 Cr: 8% margin — small, but proudly debt-free.
Volumes 2.5 lakh tons: The only number lighter than the company’s trucks.
Capex ₹28 Cr H1FY26: Sorting centres, IT toys, and dreams of automation.
Debt-free with ₹150 Cr cash: Rich, but not flashy.
Stock flat: Investors waiting for something to actually move — besides parcels.
3. Management’s Key Commentary
“Despite moderation in industrial segments, we maintained efficiency.” (Translation: When growth paused, we cut costs and prayed.)
“Rail Express grew 25% YoY.” (Translation: Indian Railways finally ran on time… sometimes.)
“International Air Express up 40%.” (Translation: Someone’s exporting more iPhones and insulin again.)
“Surface Express underperformed due to GST realignments.” (Translation: GST glitch — the Indian CEO’s favorite scapegoat.)
“We leased a larger Mumbai sorting center, three times bigger.” (Translation: More space to move the same number of boxes, efficiently.)
“We’re expanding into EV, defense, and solar sectors.” (Translation: If it moves or glows, we’ll transport it.)
“Debt-free with ₹150 Cr in cash.” (Translation: We’re rich, but still won’t splurge on automation unless it’s 1.5 lakh sq. ft.) 😏
4. Numbers Decoded
Metric
Q2FY26
Q2FY25
YoY
Takeaway
Revenue (₹ Cr)
312
314
-0.6%
GST paused the party 🎉
EBITDA (₹ Cr)
39
38
+2.6%
Margins, not markets, did the heavy lifting
EBITDA Margin
12.4%
12.1%
+30 bps
Barely above last year, still a win
PAT (₹ Cr)
25
25
0%
“Flat is the new up” – CFO, probably
Volume (Lakh tons)
2.5
2.48
+0.8%
At least not negative
Net Cash (₹ Cr)
150
130
+15%
Silent strength under the hood
Truck Utilization
83.5%
84%
-0.5%
Almost full — but not quite there
Bottom Line: TCI moved cargo, not the needle.
5. Analyst Questions
Q: “Is the worst over?” A: “Yes, things are evening out.” (Translation: Cross your fingers till next quarter.)
Q: “Surface business looks weak — what’s wrong?” A: “MSMEs recovering slowly.” (Translation: We’ll blame the small guys, not execution.)
Q: “When do automation centers go live?” A: “Next December.” (Translation: One more year of PowerPoint updates.)
Q: “Margins down — why?” A: “Toll, labor, air rates — take your pick.” (Translation: Logistics costs — the eternal villain.)
Q: “Truck utilization?” A: “83.5% — we’ll hit 85% soon.” (Translation: Every decimal matters here.)
6. Guidance & Outlook
Management guided for 8% volume growth and 10% revenue growth in FY26 — modest, but believable (finally). EBITDA margins expected at 12.5%–13% for H2, inching up
