1. At a Glance – Blink and You’ll Miss It
₹106 crore market cap.
₹623 crore trailing twelve-month revenue.
Stock price at ₹65.6, down ~22% over three years, while profits suddenly woke up like a student in the last semester.
Total Transport Systems Ltd (TTL) is that classic Indian logistics stock which quietly moves containers across continents while its share price refuses to move even across 5 rupees. Q3 FY26 numbers show ₹156 crore revenue and ₹2.3 crore PAT, while 9M FY26 PAT stands at ₹7.6 crore, a 2.5× YoY jump. EBITDA margins have improved to ~3%, which in logistics terms is equivalent to suddenly finding extra samosas in your tiffin.
P/E sits at 7.99, EV/EBITDA at 5.17, price-to-sales at 0.17, and debt-to-equity at 0.43. In an industry where many players burn cash like diesel, TTL is at least earning something and surviving without equity dilution drama.
But before we celebrate, let’s be honest: this is not a sexy business. This is freight forwarding, consolidation, deconsolidation, customs clearance, last-mile delivery, and paperwork that could give GST officers nightmares.
So the real question is:
Is TTL a boring cash compounding machine in disguise, or just another low-margin logistics grinder?
Let’s unpack the containers.
2. Introduction – Logistics, but Make It Desi
Incorporated in 1994, Total Transport Systems Ltd has survived liberalisation, multiple shipping cycles, global financial crises, COVID, Red Sea disruptions, and the eternal Indian port congestion. That alone deserves some respect.
TTL is a Non-Vessel Operating Common Carrier (NVOCC). Translation for non-logistics people:
They don’t own ships. They own relationships, contracts, documentation expertise, and the ability to move your cargo faster than your CA files returns.
Their business spans:
- LCL consolidation
- FCL freight forwarding
- Air freight
- Customs clearance
- Integrated logistics & last-mile delivery
They operate across all major Indian ports, plus Nepal and Bhutan, with access to 1,100+ destinations across 89 countries. That’s global reach without owning a single ship, plane, or port. Asset-light on paper, stress-heavy in execution.
Despite this massive operational footprint, the market treats TTL like a forgotten courier receipt lying at the bottom of your bag.
Why?
Because logistics is brutal. Margins are thin. Volumes fluctuate. And investors prefer flashy tech-enabled loss-making unicorns over boring profit-making midcaps.
But Q3 FY26 data shows something interesting changing under the hood.
3. Business Model – WTF Do They Even Do?
Imagine TTL as the middleman who actually knows what he’s doing.
A. LCL Consolidation, Freight Forwarding & Air Freight
This is the core engine.
Operated through:
- CP World Logistics India
- (100%)
- Seedeer India (JV)
- Total Transport Systems Nepal (64%)
Here, TTL consolidates smaller export/import shipments into containers, negotiates rates with global shipping lines, and ensures cargo reaches 1,100 destinations without clients having to lose sleep over customs codes.
They have long-term tie-ups with Maersk, MSC, CMA-CGM, ONE, Hapag-Lloyd, COSCO, etc. This matters because in shipping, relationships = survival.
Revenue split in H1 FY26 tells the story:
- LCL imports: ~41.3%
- LCL exports: ~58.7%
- FCL exports dominate at ~86.9%
- Air freight exports: ~78.3%
TTL clearly rides India’s export engine more than import dependency.
B. Custom House Agent (CHA) Services
Handled via R. N. Freight Forwarders Pvt. Ltd. (60% subsidiary).
This business is less glamorous but extremely sticky. Customs clearance is where delays cost money, reputations, and sanity. TTL uses this vertical to lock in clients end-to-end.
Margins here are stable, relationships long-term, and switching costs high.
C. Last-Mile Delivery – Abhilaya Brand
Operated via One World Logistics Pvt. Ltd. (100% subsidiary) under the Abhilaya brand.
This is where TTL touches e-commerce and time-critical logistics.
They operate:
- 62 EDSPs
- 12 DSPs
- 1,500+ vehicles
- 4,500+ trained associates
- 1,500+ pincodes
Shipments handled in Q2 FY26: 11+ million.
This vertical looked promising, but spoiler alert: TTL is now selling 81% of OneWorld Logistics for ₹75 crore. More on that drama later.
D. Global LCL Network & Alliances
TTL is part of:
- CP World Global Network (since 2005)
- iCargo Alliance (since 2011)
This gives access to 180+ agents, 166 offices, and exclusive cargo flows across Asia, Europe, the Americas, Africa, and the Gulf.
In logistics, network is moat. And TTL has built one slowly, quietly, and without investor hype.
So the business model works. The question is profitability.
4. Financials Overview
