Tejas Cargo India Ltd Q2 FY26 – From Highway Hustle to ₹550 Cr Supply Chain Symphony (and Still No Toll on the Profit Lane)
1. At a Glance
Ladies and gentlemen, meet Tejas Cargo India Ltd (TEJASCARGO) — the logistics player that went from a Haryana truck yard in 2021 to a ₹701 crore market cap in just four years. The current stock price of ₹293 might not buy you a full tank of diesel these days, but it does represent a company that’s grown revenue from ₹209 crore in FY22 to ₹550 crore in FY25 — a growth rate even Ola drivers would envy.
Q2 FY26 numbers tell us Tejas has once again parked its trucks in the fast lane — with revenue of ₹301 crore (up 19.4% QoQ) and profit at ₹12.6 crore (up a juicy 43.6% QoQ). The company now runs a fleet of 1,231 vehicles, clocking over 98,913 trips annually — meaning some poor Excel sheet is crying under all that trip data.
Its latest on-time delivery rate stands at 78.13% — better than most Indian trains, honestly. ROE stands at 16.7%, ROCE at 15.6%, and a P/E of 30.5 keeps it slightly premium but still grounded for a logistics firm with this kind of traction.
Now, it’s time to reverse park into the details. Strap in.
2. Introduction
Picture this: 2021 — COVID still haunting supply chains, diesel prices spiking faster than Bitcoin, and India’s logistics scene more chaotic than a Delhi wedding baraat. Amid all this, Tejas Cargo India Limited rolls onto the scene with the quiet confidence of a truck driver who’s seen every ghat section twice.
Fast forward to FY25 — this Faridabad-based company now runs a pan-India road logistics empire across 10 states, touching sectors from FMCG to steel and e-commerce. The company’s secret sauce? A solid Full Truck Load (FTL) model that doesn’t waste time in half shipments — because half loads are for amateurs.
Tejas doesn’t just drive trucks; it drives data — from IoT-enabled tracking to route optimization. In an industry still dependent on calls like “Bhaiya truck kidhar hai?”, Tejas says, “Bro, we have real-time GPS — calm down.”
And while most logistics firms are still figuring out how to lease vehicles without losing money, Tejas is already transitioning to a hybrid model of owned + leased fleets, cutting capex like a true finance graduate who’s seen too many interest rate charts.
So yes, this isn’t just another transport story — it’s a roadmap from diesel to discipline.
3. Business Model – WTF Do They Even Do?
At its heart, Tejas Cargo is India’s long-haul logistics workhorse. The company’s main business is Full Truck Load (FTL) road transportation, which is essentially the logistics equivalent of “no sharing, bro — entire truck is mine.”
They specialize in serving multiple industries — logistics (60.77% of FY24 revenue), e-commerce (21.83%), industrial and chemicals (8.42%), FMCG & white goods (4.07%), and steel & cement (2.59%). Basically, if it can fit in a truck, Tejas can move it.
Their services include:
Shipment planning and route optimization (aka making Google Maps their best friend)
Fleet selection and allocation
Compliance management
Real-time tracking and performance evaluation
The business runs on three legs — like every truck should:
Own Fleet to Clients (60%) – Company-owned vehicles serving contractual clients.
Own Fleet to Market (4.7%) – Company trucks rented to open-market transporters.
Market Fleet to Clients (35%) – Third-party trucks leased to complete larger contracts.
This mix ensures operational flexibility and protects against asset-heavy fatigue. But the interesting twist? Tejas is expanding into rail logistics. Yep — the road guys are now eyeing tracks, having applied to lease a train from CONCOR (Container Corporation of India). So next time someone says “Tejas Express,” you might have to ask — “Which one?”
4. Financials Overview – Quarterly (Standalone)
Metric
Sep 2025 (Latest Qtr)
Sep 2024 (YoY Qtr)
Mar 2025 (Prev Qtr)
YoY %
QoQ %
Revenue
₹301 Cr
₹253 Cr
₹249 Cr
19.0%
20.9%
EBITDA
₹43 Cr
₹43 Cr
₹54 Cr
Flat
-20.3%
PAT
₹12.6 Cr
₹8.8 Cr
₹10.0 Cr
43.6%
26.0%
EPS (₹)
5.25
4.97
4.35
5.6%
20.7%
Data Type: Quarterly (Half-yearly reporting). Annualised EPS = 5.25 × 4 = ₹21.0 per share. At ₹293 CMP, P/E recalculated ≈ 13.9x annualised (not bad for a logistics stock growing 45% profit YoY).
Commentary: Revenue acceleration is real — +19% YoY and +21% QoQ — showing strong fleet utilization and rising freight yields. Profit growth outpaces revenue, suggesting cost discipline (or just good diesel karma).
5. Valuation Discussion – Fair Value Range (Educational)
Let’s break this down like a transport invoice:
a) P/E Method: Industry average P/E = 25.9x (as per peers). Company EPS (annualised)
