India · Delayed Price · Currency is INR TCI Express Earnings Call Transcripts
Fiscal Year 2027
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Q1 FY27 delivered 9% revenue growth and 11% EBITDA growth, with strong performance across all segments, especially e-commerce and air express. Margin expansion and robust cash flow were supported by disciplined execution, network expansion, and technology investments.
Fiscal Year 2026
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Q4 FY 2026 saw 6% revenue growth and 11% EBITDA growth year-over-year, with strong performance in multimodal and e-commerce segments. FY 2027 guidance targets 10%+ volume and 15%+ revenue growth, with margin improvement expected as fuel costs are passed to customers.
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Q3 FY26 saw 6% YoY revenue growth, strong customer additions, and robust segment performance, with Surface Express leading and other segments like Rail and Air Express showing double-digit growth. The company remains debt-free, revised CapEx plans, and targets 15%+ volume growth in FY27.
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Q2 and H1 FY26 saw stable financials with Q2 income at INR 312 crore and EBITDA margin at 12.4%. Rail and Air Express segments grew strongly, offsetting Surface Express softness due to MSME and GST impacts. Management guides for 8% volume and 10% revenue growth for FY26.
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Q1 FY 2026 saw stable margins and operational resilience despite a slight revenue and volume decline. Multi-modal and international segments posted strong growth, with ongoing investments in automation and network expansion. Margin normalization and double-digit growth are targeted for the coming quarters.
Fiscal Year 2025
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FY 2025 saw strategic expansion in multimodal logistics, with Rail and Air Express segments driving growth despite cost pressures and SME weakness. FY 2026 guidance targets 7%-8% tonnage and 10%-12% revenue growth, with margin improvement and continued investment in automation and network expansion.
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Q3 FY25 saw revenue of INR 300 crore and a 3% volume decline, with margins pressured by cost inflation and weak SME demand. Multimodal services are set to grow, automation is improving efficiency, and management expects gradual recovery with targeted price hikes and continued CapEx.
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Sequential revenue and profit improved in Q2 FY25, but year-on-year results declined due to weak demand and higher costs. Automation and Rail Express expansion supported margins, while CapEx and branch growth remain cautious until volumes recover.
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Q1 FY25 saw a 3.5% revenue decline and margin compression due to lower volumes and higher costs, but management expects margins to normalize and double-digit growth to resume from Q2, supported by automation, multimodal expansion, and sectoral growth in auto and pharma.