1. Opening Hook
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 for8% volume growthand10% revenue growthin FY26 — modest, but believable (finally). EBITDA
