1. At a Glance – Blink and You’ll Miss the Capex Trucks
If Indian infrastructure had a backstage crew, Tara Chand Infralogistic Solutions Ltd (TCISL) would be the guy lifting the entire stage while others take selfies. With a market cap of ~₹495 Cr, current price near ₹63, and a recent 3-month return of -27%, the stock looks like it fell off a crane. But look under the hood and you’ll see a company running 392 machines, clocking 83% utilisation, and posting Q3 FY26 revenue of ₹68.6 Cr with a chunky OPM of ~36%.
Debt stands at ~₹130 Cr, ROE is a spicy ~19.6%, and ROCE is ~17.3%, which is impressive for a business that literally eats depreciation for breakfast. PAT for the quarter came in at ₹5.22 Cr, flat QoQ, but margins remain solid. The order book sits at ₹128.9 Cr, fully executable within FY26, which means visibility is better than most smallcap infra names that survive on hope and PPTs.
So why the stock pain? Capex heavy, debt funded, and the market currently hates anything that smells like “asset-heavy”. But is this a value trap… or a misunderstood crane operator with cash flow muscles? Let’s dig.
2. Introduction – Logistics, But Make It Muscular
TCISL was incorporated in 2012 and operates at the intersection of logistics, heavy equipment rental, and steel processing. This is not a tech startup pretending to be “asset-light”. This is an old-school, grease-on-hands, crane-on-site business that grows when India pours concrete.
The company has quietly built capabilities across steel warehousing, multimodal transportation, heavy crane rentals, piling rigs, aerial platforms, and even on-site steel processing. While most infra stories talk about “execution capability”, TCISL actually shows up with machines that weigh more than your portfolio.
Over the years, TCISL has transitioned from a pure logistics player into a full-stack infra support services provider, serving sectors like steel, cement, renewables, oil & gas, power, railways,
and urban infrastructure. The result? High operating margins, predictable rentals, and recurring clients.
But make no mistake—this is a capex-hungry beast. Growth is funded by machines, not memes. And that’s where the risk-reward equation gets interesting.
3. Business Model – WTF Do They Even Do?
Think of TCISL as the “infra ka Swiss Army knife.”
a) Warehousing & Multi-modal Transportation
This is the steel backbone. TCISL handles steel warehousing, consignment management, stocking, and transportation, with 7.21 Mn MT handled in H1 FY26. Steel majors don’t like experiments, so if SAIL, Tata Steel, and JSW trust you, you’re doing something right.
b) Construction Equipment Rental – The Real Cash Machine
This is where the real flex happens. TCISL owns 392 machines, including:
- Cranes up to 900 MT
- Crawler cranes up to 800 MT
- Aerial platforms reaching 68 meters
- Piling rigs, RTGs, trailers, and more
All equipment is 100% owned, average age 6–7 years, and utilisation averages 83%. Translation: these machines don’t sit idle watching Netflix.
Clients include L&T, Reliance, Tata Steel, JSW, Aditya Birla Group, and even the Mumbai–Ahmedabad Bullet Train project.
c) Steel Processing & Distribution
A small but strategic vertical. TCISL processes TMT rebars and steel products on-site, reducing logistics costs for clients and improving stickiness. Revenue contribution is tiny (
