TCIEXP - TCI Express Limited Share Price

Transport Services

₹694.60+24.15(+3.60%)

Market Closed as of Apr 28, 2025, 15:30 IST

What does TCI Express Limited do?

Logistics Solution Provider•Services•Small Cap

TCI Express Limited provides express delivery solutions in India and internationally. It provides surface express; domestic and international air express; reverse express; e-commerce express; C2C express; rail express; and cold chain express services. The company serves automobile, pharma cold chain, medical equipment, manufacturing, aerospace and defense, agri-tech, consumer durables, textile and garments, and engineering goods sectors. The company was formerly known as TCI Properties (Pune) Limited. TCI Express Limited was founded in 1996 and is based in Gurugram, India.

Industry Group:Transport Services

Employees:2,779

Website:www.tciexpress.in

Summary of Latest Earnings Report from TCI Express

Summary of TCI Express's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.

Earnings Outlook

Last updated: Feb 25

Management Outlook and Major Points:

Outlook:
TCI Express remains cautiously optimistic, anticipating economic recovery driven by government infrastructure investments, fiscal measures, and manufacturing growth. Key initiatives like the Union Budget's PM Gati Shakti integration (optimizing routes, reducing costs), air cargo infrastructure upgrades, and social schemes for gig workers are expected to boost efficiency and service quality. Management projects a gradual recovery in volumes, targeting double-digit growth (~10-12%) in FY26, supported by diversification into multimodal services (aiming 20-22% revenue share in 2-3 years) and focus on corporate clients.

Major Points:

Operational Challenges: Moderation in manufacturing PMI, muted festive demand, inflationary pressures (8-10% toll hikes, labor/transport costs), and SME sector weakness impacted Q3 volumes (-3% YoY) and margins (EBITDA margin: 11% vs. higher historical levels).
Strategic Shifts: Prioritizing big customers (53% of Q3 revenue) over SMEs (47%) to stabilize volumes and improve capacity utilization (82%). Automation in sorting centers (Gurgaon, Pune; Ahmedabad/Kolkata next) aims to cut costs by 30-50 bps.
Growth Drivers:
- Multimodal Expansion: Rail/Air Express (17-18% of revenue) to grow via faster delivery and cost advantages over traditional air cargo.
- International Foray: Singapore subsidiary to enhance global freight forwarding.
- Capex: Rs. 110 crore planned for FY26 to expand branches and sorting centers.
Financial Resilience: Debt-free status, strong cash flow (Rs. 40 crore from operations in 9M FY25), and interim dividend (Rs. 3/share) reflect robust balance sheet management.
Margins: Near-term pressure from cost inflation and lower SME pricing, but recovery expected via price hikes (1% targeted in Q4) and volume normalization post-elections.

Risks: SME sector recovery, global economic headwinds, and competitive pricing dynamics remain key watchpoints.

Q&A Session

Last updated: Feb 25

What has been the volume growth for this quarter?
Volume declined by 3% in Q3 FY25, attributed to reduced SME activity, muted manufacturing demand, and lower festive-season freight movement.

How are Q4 and margins expected to shape up amid persistent challenges?
Q4 volumes remain uncertain due to ongoing macroeconomic pressures, though partial price hikes (1% target) and cost management may stabilize margins. Margins face pressure from elevated toll, labor, and air freight costs, but gradual recovery is anticipated post-volume normalization.

Have competitors implemented price hikes, and why hasn't TCI followed?
Competitors' price hikes reflect inflationary adjustments rather than volume growth. TCI prioritized SME support during their downturn, delaying aggressive hikes for large clients until Q4. SME pricing flexibility remains constrained.

Is the 1.5x GDP growth target for logistics still viable?
The 1.5x GDP target holds long-term, but FY25 is an exception due to manufacturing slowdown and service-sector-driven GDP. Recovery is expected post-FY25 as manufacturing regains momentum.

What were January's volume trends, and what price hikes were implemented?
January saw volume improvement, but sustainability depends on March performance. Price hikes targeted large customers (~1% overall impact), with SME hikes deferred due to their financial strain.

Why invest $7.5M in Singapore amid domestic Capex cuts?
The Singapore subsidiary focuses on global freight forwarding to complement Indian operations, funded incrementally (10"“15% annual cash flow). Domestic Capex (sorting centers, automation) remains prioritized, with no overlap in funding.

Are you shifting focus to corporate clients over SMEs?
Temporarily prioritizing corporate clients to offset SME volume declines and improve truck utilization. SME focus will resume post-recovery to maintain a 50-50 revenue mix.

Why hesitate to pass cost inflation to SMEs?
SMEs, facing high borrowing costs and weak demand, are granted pricing relief to preserve long-term relationships. Cost inflation (200 bps) is manageable, with margin recovery tied to volume normalization.

What is the FY26"“27 branch expansion plan?
50"“75 branches in FY26 and 75"“100 in FY27, focusing on SME and Multimodal Logistics support. Expansion aligns with volume recovery and automation rollouts (Ahmedabad/Kolkata hubs by FY27).

What is Rail Express's contribution and differentiation?
Rail Express (17"“18% of revenue) offers 2"“3-day delivery at 25% of air freight costs, serving time-sensitive B2B sectors. It complements Surface Express without cannibalization, targeting niche demand.

How will Dedicated Freight Corridors (DFCs) impact Surface business?
DFCs focus on bulk/commodity transport, not door-to-door express logistics. TCI may adopt rail for mid-mile if service efficiency improves, but Surface Express remains core for last-mile delivery.

What sectors drive volume weakness, and when will normalization occur?
Lifestyle, engineering, and electronics sectors lag due to muted demand. Normalization is expected post-FY25, aided by potential rate cuts, inflation easing, and post-election economic momentum.

What is Multimodal's revenue target and margin outlook?
Multimodal (Air/Rail) aims for 22% revenue share in 3 years, with margins slightly above corporate-focused Surface Express. Growth will stem from rail's cost advantage and air's premium service.

How has automation impacted costs?
Automated sorting centers (Gurgaon/Pune) cut processing time and costs by 30"“50 bps. Ahmedabad/Kolkata automation (FY27) will extend efficiency gains, supporting margin recovery.

What is the international expansion strategy?
Singapore subsidiary will facilitate global freight forwarding, leveraging existing agent networks. No near-term revenue targets, but the focus is on inbound/outbound synergies with Indian operations.

The Good, Bad and Ugly

Growth

Profitability

Size

Dilution Rank

Balance Sheet

Momentum

Technicals

Smart Money

Insider Trading

Share Holdings

Understand TCI Express ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.

Holding Pattern

Major Shareholders

Share Holding Details

As of 2025-03-31

Shareholder Name	Holding %
TCI EXPRESS CONSOLIDATED LIMITED	44.45%
TCI TRADING (DHARMPAL AGARWAL)	6.48%
VINEET AGARWAL	5.23%
HDFC Large and Mid Multi Cap Fund	4.39%
DHARAM PAL AGARWAL (HUF)	2.66%
URMILA AGARWAL	2.41%
CHANDER AGARWAL	2.39%
Nippon Life India Trustee Ltd A/Cn Nippon India Multi Cap fund	2.37%
PRIYANKA AGARWAL	2.27%
Canara Robeco Mutual Fund A/C nCanara Robeco Emerging Equities	1.52%
INVESTOR EDUCATION PROTECTION nFUND AUTHORITY	1.4%
NIRMAL MISHRILAL BANG HUF	1.13%
DHARMPAL AGARWAL	1.09%
CHANDRIMA AGARWAL	0.97%
VIHAAN AGARWAL	0.58%
NAV AGARWAL	0.58%
TCI EXIM PRIVATE LIMITED	0.41%
ESOP or ESOS or ESPS	0.09%
VINEET AND SONS (HUF)	0.03%
CHANDER AND SONS (HUF)	0%

Overall Distribution

Distribution across major stakeholders

Ownership Distribution

Distribution across major institutional holders

Cash Flow for TCI Express

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	-42%	1.47	1.81	0.91
Depreciation	28.6%	19	15	9.98
Impairment loss / reversal	5.4%	-0.22	-0.29	-0.12
Dividend income	-	0	0	5.37
Adjustments for interest income	-18.8%	4.11	4.83	0
Share-based payments	17.2%	3.93	3.5	3.29
Net Cashflows from Operations	-7.4%	176	190	153
Income taxes paid (refund)	-7.1%	40	43	42
Net Cashflows From Operating Activities	-7.5%	136	147	111
Proceeds from sales of PPE	-81.8%	0	0.45	0.44
Purchase of property, plant and equipment	-59.2%	52	126	80
Proceeds from sales of investment property	-	0.28	0	0
Dividends received	-	0	0	5.37
Interest received	-18.8%	4.11	4.83	0
Net Cashflows From Investing Activities	-64.9%	-108.34	-65.32	-89.33
Proceeds from issuing shares	-	0	0	1.99
Payments to acquire or redeem entity's shares	-102.4%	0	43	0
Proceeds from exercise of stock options	15%	2.15	2	0
Proceeds from borrowings	314.6%	2.03	0.52	0
Repayments of borrowings	-445.5%	-0.2	0.78	0.98
Dividends paid	0%	31	31	31
Interest paid	-42%	1.47	1.81	0.91
Other inflows (outflows) of cash	90.8%	0	-9.9	0
Net Cashflows from Financing Activities	66.1%	-27.76	-83.74	-30.69
Net change in cash and cash eq.	61.2%	-0.26	-2.25	-9.22

Consolidated figures (in Rs. Crores) / View Standalone Data

Finance costs	-42%
Depreciation	28.6%
Impairment loss / reversal	5.4%
Adjustments for interest income	-18.8%
Share-based payments	17.2%
Net Cashflows from Operations	-6.9%
Income taxes paid (refund)	-7.1%
Net Cashflows From Operating Activities	-7.5%
Proceeds from sales of PPE	-81.8%
Purchase of property, plant and equipment	-59.2%
Proceeds from sales of investment property	-
Interest received	-18.8%
Net Cashflows From Investing Activities	-61.4%
Payments to acquire or redeem entity's shares	-102.4%
Proceeds from exercise of stock options	15%
Proceeds from borrowings	314.6%
Repayments of borrowings	-445.5%
Dividends paid	0%
Interest paid	-42%
Other inflows (outflows) of cash	90.8%
Net Cashflows from Financing Activities	66.1%
Net change in cash and cash eq.	175.2%

Income Statement for TCI Express

Standalone figures (in Rs. Crores) / View Consolidated Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	-4.8%	296	311	293	317	312	320
Other Income	7.5%	2.57	2.46	2.28	1.93	1.97	1.77
Total Income	-4.8%	299	314	295	319	314	322
Employee Expense	0%	34	34	34	34	34	33
Finance costs	1.3%	0.26	0.25	0.27	0.4	0.33	0.35
Depreciation and Amortization	-0.5%	5.29	5.31	5.08	4.86	4.77	4.72
Other expenses	-2.9%	232	239	226	239	233	236
Total Expenses	-2.9%	271	279	265	278	271	275
Profit Before exceptional items and Tax	-23.5%	27	35	30	42	42	47
Total profit before tax	-23.5%	27	35	30	42	42	47
Current tax	-29.9%	5.77	7.8	6.75	9.11	9.66	11
Deferred tax	71.4%	0.96	0.86	0.6	0.81	0.59	0.67
Total tax	-25.2%	6.73	8.66	7.35	9.92	10	12
Total profit (loss) for period	-20%	21	26	23	32	32	36
Other comp. income net of taxes	-12.1%	-0.58	-0.41	-0.29	0.65	0.22	-0.57
Total Comprehensive Income	-24%	20	26	23	32	32	35
Earnings Per Share, Basic	-25.1%	5.39	6.86	6.04	8.24	8.4	9.27
Earnings Per Share, Diluted	-25%	5.37	6.83	6.02	8.22	8.38	9.26

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	1%	1,254	1,241	1,081	844	1,032	1,024
Other Income	-0.3%	7.15	7.17	8.17	7.65	4.37	3.19
Total Income	1%	1,261	1,248	1,090	852	1,036	1,027
Employee Expense	8.1%	134	124	110	87	102	86
Finance costs	-42%	1.47	1.81	0.91	0.78	0.9	3.78
Depreciation and Amortization	28.6%	19	15	9.98	8.97	7.79	6.53
Other expenses	1.2%	933	922	797	622	809	819
Total Expenses	2.2%	1,087	1,064	918	719	919	915
Profit Before exceptional items and Tax	-6%	174	185	172	132	117	112
Total profit before tax	-6%	174	185	172	132	117	112
Current tax	-7.3%	39	42	40	30	29	37
Deferred tax	-13.7%	2.82	3.11	2.83	1.34	-1.05	1.66
Total tax	-6.8%	42	45	43	32	28	39
Total profit (loss) for period	-5.1%	132	139	129	101	89	73
Other comp. income net of taxes	82.4%	0.57	-1.44	-1.04	-0.27	-0.98	-0.86
Total Comprehensive Income	-4.4%	132	138	128	100	88	72
Earnings Per Share, Basic	-5.3%	34.36	36.24	33.48	26.19	23.23	19.02
Earnings Per Share, Diluted	-5.5%	34.27	36.2	33.45	26.15	23.19	19

Consolidated figures (in Rs. Crores) / View Standalone Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	-5.1%	296	312	293	317	312	320
Other Income	6.8%	2.57	2.47	2.28	1.93	1.97	1.77
Total Income	-4.8%	299	314	295	319	314	322
Employee Expense	0%	35	35	35	34	34	33
Finance costs	-10.4%	0.26	0.33	0.27	0.4	0.33	0.35
Depreciation and Amortization	-0.2%	5.3	5.31	5.08	4.86	4.77	4.72
Other expenses	-2.9%	232	239	226	239	233	236
Total Expenses	-2.5%	273	280	266	278	271	275
Profit Before exceptional items and Tax	-24.2%	26	34	30	42	42	47
Total profit before tax	-24.2%	26	34	30	42	42	47
Current tax	-29.9%	5.77	7.8	6.75	9.11	9.66	11
Deferred tax	71.4%	0.96	0.86	0.6	0.81	0.59	0.67
Total tax	-25.2%	6.73	8.66	7.35	9.92	10	12
Total profit (loss) for period	-25%	19	25	22	32	32	36
Other comp. income net of taxes	-12.1%	-0.58	-0.41	-0.29	0.65	0.22	-0.57
Total Comprehensive Income	-25%	19	25	22	32	32	35
Earnings Per Share, Basic	-27.1%	5	6.49	5.82	8.24	8.4	9.27
Earnings Per Share, Diluted	-27.1%	4.98	6.46	5.8	8.22	8.38	9.26

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	1%	1,254	1,241	-	-	-	-
Other Income	-0.3%	7.15	7.17	-	-	-	-
Total Income	1%	1,261	1,248	-	-	-	-
Employee Expense	8.1%	134	124	-	-	-	-
Finance costs	-42%	1.47	1.81	-	-	-	-
Depreciation and Amortization	28.6%	19	15	-	-	-	-
Other expenses	1.2%	933	922	-	-	-	-
Total Expenses	2.2%	1,087	1,064	-	-	-	-
Profit Before exceptional items and Tax	-6%	174	185	-	-	-	-
Total profit before tax	-6%	174	185	-	-	-	-
Current tax	-7.3%	39	42	-	-	-	-
Deferred tax	-13.7%	2.82	3.11	-	-	-	-
Total tax	-6.8%	42	45	-	-	-	-
Total profit (loss) for period	-5.1%	132	139	-	-	-	-
Other comp. income net of taxes	82.4%	0.57	-1.44	-	-	-	-
Total Comprehensive Income	-4.4%	132	138	-	-	-	-
Earnings Per Share, Basic	-5.3%	34.36	36.24	-	-	-	-
Earnings Per Share, Diluted	-5.5%	34.27	36.2	-	-	-	-

Ticker	Name	Mkt Cap	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
BLUEDART	Blue Dart ExpressLogistics Solution Provider	15.4 kCr	5.67 kCr	+5.77%	+2.72%	55.99	2.72	+8.76%	-6.02%
TCI	Transport Corp of IndiaLogistics Solution Provider	8.48 kCr	4.44 kCr	+0.45%	+26.25%	20.98	1.91	+11.87%	+21.19%
ALLCARGO	Allcargo LogisticsLogistics Solution Provider	2.93 kCr	15.67 kCr	+4.27%	-59.73%	73.52	0.19	+18.14%	-80.50%

Investor Care
Dividend Yield	1.58%
Dividend/Share (TTM)	11
Shares Dilution (1Y)	0.12%
Diluted EPS (TTM)	25.46

Financial Health
Current Ratio	3.56
Debt/Equity	0
Debt/Cashflow	146.26

Valuation
Market Cap	2.67 kCr
Price/Earnings (Trailing)	26.58
Price/Sales (Trailing)	2.17
EV/EBITDA	17.23
Price/Free Cashflow	39.7
MarketCap/EBT	20.05

Fundamentals
Revenue (TTM)	1.23 kCr
Rev. Growth (Yr)	-4.71%
Rev. Growth (Qtr)	-4.77%
Earnings (TTM)	100.31 Cr
Earnings Growth (Yr)	-35.76%
Earnings Growth (Qtr)	-17.05%

Profitability
Operating Margin	10.78%
EBT Margin	10.83%
Return on Equity	13.42%
Return on Assets	11.39%
Free Cashflow Yield	2.52%

Balance Sheet for TCI Express

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	8.3%	14	13	12	13	21	16
Current investments	-1.1%	87	88	44	32	61	87
Loans, current	-	0	0	0	0	0	0
Total current financial assets	3.8%	360	347	318	270	312	304
Current tax assets	52%	8.13	5.69	2.43	4.93	3.63	4.09
Total current assets	4.3%	392	376	345	299	335	330
Property, plant and equipment	-1.1%	442	447	374	371	343	317
Capital work-in-progress	66.7%	26	16	70	61	29	6.09
Non-current investments	172.2%	16	6.51	2.95	1.05	1.05	1.05
Total non-current financial assets	172.2%	16	6.51	2.95	1.05	1.05	1.05
Total non-current assets	3%	488	474	450	436	377	327
Total assets	3.5%	880	850	795	735	712	657
Borrowings, non-current	-	0	0	0	0	0.01	0.21
Total non-current financial liabilities	75.2%	6.01	3.86	6.83	3.84	4.71	0.33
Total non-current liabilities	25%	21	17	19	14	14	8.19
Borrowings, current	-103.6%	0.93	2.96	0.13	0.73	0.52	0.78
Total current financial liabilities	-19.1%	90	111	96	101	85	91
Provisions, current	64.7%	7.72	5.08	7.9	5.12	7.2	5.55
Total current liabilities	-14.8%	110	129	117	124	112	113
Total liabilities	-10.3%	131	146	135	139	126	121
Equity share capital	0.1%	7.68	7.67	7.67	7.66	7.7	7.7
Total equity	6.4%	749	704	660	596	587	536
Total equity and liabilities	3.5%	880	850	795	735	712	657

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	12.5%	19	17	12	14	-	-
Current investments	-3.4%	87	90	44	32	-	-
Total current financial assets	3.4%	365	353	318	270	-	-
Current tax assets	52%	8.13	5.69	2.43	4.93	-	-
Total current assets	4.2%	398	382	346	299	-	-
Property, plant and equipment	0.4%	449	447	374	371	-	-
Capital work-in-progress	66.7%	26	16	70	61	-	-
Non-current investments	400%	2.44	0.52	2.55	0.43	-	-
Total non-current financial assets	400%	2.44	0.52	2.55	0.43	-	-
Total non-current assets	3%	482	468	450	436	-	-
Total assets	3.5%	880	850	795	735	-	-
Total non-current financial liabilities	75.2%	6.01	3.86	6.83	3.84	-	-
Total non-current liabilities	25%	21	17	19	14	-	-
Borrowings, current	-103.6%	0.93	2.96	0.13	0.73	-	-
Total current financial liabilities	-17.3%	92	111	96	101	-	-
Provisions, current	64.7%	7.72	5.08	7.9	5.12	-	-
Total current liabilities	-13.3%	112	129	117	124	-	-
Total liabilities	-9%	133	146	135	139	-	-
Equity share capital	0.1%	7.68	7.67	7.67	7.66	-	-
Total equity	6.3%	748	704	660	596	-	-
Total equity and liabilities	3.5%	880	850	795	735	-	-

TCIEXP - TCI Express Limited Share Price

What does TCI Express Limited do?

Summary of Latest Earnings Report from TCI Express

Share Holdings

Holding Pattern

Share Holding Details

Overall Distribution

Ownership Distribution

Cash Flow for TCI Express

Income Statement for TCI Express

Is TCI Express Better than it's peers?

Investor Care

Financial Health

Valuation

Fundamentals

Profitability

Balance Sheet for TCI Express

Price to Sales Ratio

Revenue (Last 12 mths)

Net Income (Last 12 mths)