Ladies and gentlemen, good day and welcome to the TCI Express Q1 FY 2026 earnings conference call hosted by ICICI Securities Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Mohit Lohia from ICICI Securities Limited. Thank you, and over to you, sir.
Yeah, hi. Thank you, Nidhi, and good evening, everyone. Thank you for joining us today for quarter one of FY 2026 call of TCI Express Limited. First of all, I would like to thank the management for providing us the opportunity to host the call. From the management side, we have Mr. Chander Agarwal, Managing Director, Mr. Mukti Lal, Executive Director and CFO, Mr. Pabitra Mohan Panda, Senior Chief Sales and Marketing Officer. Without further delay, I would now hand over the call to management for the opening remarks. Thank you, and over to you, sir.
Good evening, everyone, and welcome to Q1 FY 2026 earnings conference call for TCI Express Limited. I would like to thank all of you for joining us here today. I hope you and your families are staying healthy and fit. We have already circulated our earnings presentation on our website and stock exchanges, and I trust you have reviewed it. To begin, I will provide an overview of our business scenario and the performance of our service offerings for the quarter. Following that, I will hand over the call to our Executive Director and CFO, Mr. Mukti, who will walk you through the financial performance for Q1 financial year 2026. The first quarter of financial year 2026 marked a steady beginning for the company, with TCI Express sustaining its momentum through disciplined operational approach and continued investments in network expansion.
Performance during the quarter reflected balanced contribution from all service verticals, supported by evolving customer requirements, growing demand across industrial segments, and the company's strategic focus on multi-modal logistics. The Surface Express division remained the largest contributor to overall business, driven by demand from sectors such as retail, automotive, and industrial goods. Operational consistency ensured sustained volumes and service levels. The Rail Express segment continued to strengthen its network, supported by infrastructure improvements and increased adoption of cost-effective and environmentally compliant rail-based solutions. The Domestic Air Express division further expanded its last-mile connectivity, while the International Express division handled over 100 tons of cargo through multiple Indian gateways, recording a 33.25% year-on-year revenue growth. The C2C segment registered growth of over 40% during the quarter, in line with our focus on diversifying and strengthening revenue streams.
During the quarter, we added 10 new branches to enhance last-mile delivery and capabilities to improve customer accessibility in key regions. In addition, new sorting centers were commissioned in Nagpur, Raipur, and Indore, collectively spanning over 2 lakh sq uare feet. These facilities represent a significant step in our infrastructure expansion and will strengthen our processing capacity in Central India. Our multi-modal capabilities remain a core element of the long-term strategy, contributing to operational flexibility and optimized service timelines. Despite industry headwinds such as elevated pay grades, inflation in labor costs, and higher compliance expenses, our asset-light model surrounded by agile network management enables stable freight pricing and consistent service ability. Through disciplined execution and focus on cost efficiency, we maintained stable revenue performance in Q1 2026. This was supported by steady volumes, improved productivity, and an optimized cost structure. Profit after tax for the quarter stood at INR 21 crore.
We are pleased to share that TCI Express has been certified as a Great Place to Work for the fifth consecutive year, reaffirming our commitment to employee engagement and workplace excellence. As part of our CSR initiatives, the TCI Express Foundation, in collaboration with TCI Foundation, established an archery academy in Khunti, Jharkhand to support tribal children through structured coaching, quality equipment, and regular training sessions. Looking ahead, we will continue to focus on expanding our infrastructure and strengthening service capabilities. Plans are in place to replicate automation technologies at upcoming facilities, expand our branch and service network, and further develop the multi-modal segment through targeted sales and business development initiatives. We are also working to increase our presence in complex sectors such as aerospace and engineering, while scaling the Air Express network beyond metro cities through improved coverage.
We remain optimistic about the upcoming festival season, which is expected to result in higher volumes across retail, electronics, auto, and lifestyle products. The company is well-positioned to manage the anticipated demand through its expanded network, upgraded infrastructure, and strengthened multi-modal capabilities. With a clear roadmap, TCI Express remains committed to sustaining growth through operational excellence, service reliability, and strategic execution in the quarters ahead. With this, I would like to now hand over the call to Mr. Mukti to talk about our financial performance for the last quarter.
Yeah. Thanks, Chander sir, and good evening, everyone. Thank you for joining us today. I will now take you through the financial performance of the company for this first quarter. Mr. Chander has already briefed about the overview of the business and environment and key development during the quarter. I will focus on financial performance, service-wise, my service offerings updates and operational progress, and our strategic priorities. Basically, this quarter we have achieved a revenue of INR 287 crore, and this is reflecting a sequential decline of 6.7%, and 2% is on a year-on-year basis. Total income of the quarter is INR 290 crore. EBITDA for this quarter was INR 33 crore, and it is a margin level stood is 11.5%, which is compared to 10.5% in Q4 and 12% in Q1.
Profit after tax is again just INR 21 crore with a margin level of 7.3%. Despite the revenue moderation on margin, as you know, margin profile remains resilient, supported by operational efficiency gain, higher network productivity, and improved business mix. The benefits from the automation at our sorting center and disciplined control on the records help offset part of the volume softness. Now I am giving service offering-wise performance. International Express registered growth during the quarter, supported by higher volumes through key gateways and increased customer adoption. First time in a quarter, we achieved 100 ton transportation for Air International. Service continued to handle both our outbound and inbound flows, provide two-way capabilities to clients. Same way, Rail Express reported stable growth with further expansion of network coverage and customer base, alongside a higher proportion of repeat businesses.
It remained positioned as an option balancing cost efficiency and delivery timeline across key routes. Again, about C2C Express recorded also an expansion in business during the quarter, supported by new customer acquisition in core industry sectors and increased adoption of customized delivery solutions. Efficiency in operation was achieved through route optimization and effective utilization of return loads. We continue to prioritize the expansion of our multi-modal portfolio with the objective of increasing its overall contribution to the revenue mix over the medium term. Apart that, we also spent INR 13 crore on the capital expenditure towards branch expansion, sorting center construction, and IT infrastructure upgradation. This is part of our multi-year CapEx plan, under which we already spent investment almost INR 200 crore in the last three years. We continue to operate with zero debt balances. Receivable days were maintained at 58 days.
Payable days are 35 days, so net working capital cycle is maintained at 23 days, consistent with our historical performance. Our asset-light model allows us to fund expansion entirely from internal accruals while maintaining strong liquidity will be maintained for the whole year and time to come also. Our priorities remain focused on expanding multi-modal capabilities along with surface expansion also. We have to increase the contribution of multi-modal services in overall pie from current level of 17.5%-18% to 20%-22% in over the next two to three years. Our strategy includes widening customer penetration in high potential industrial verticals, scaling International Express volumes, and leveraging technology and automation to improve productivity. Also in that, we also strategized where we earlier thought put on one team for the whole multimodal program.
Now we've decided to keep each service offerings have a separate throughout the ecosystem network from top to bottom. So we're creating that way also. So we're creating for air and international and then rail and C2C is a completely different. From top to bottom, we're creating in a separate team and separate network for that. On sustainability, on other sustainability side, or you can say like green logistics, we are piloting EVs for last mile and mid-mile operation in selected cities and implementing renewable energy solution, including solar rooftop at newly built up these three sorting center as Mr. Chander has mentioned. So ESG remains an integral part of our long-term strategy approach and business. To conclude Q1 was a steady start to the year.
We maintained stable margin despite a modest decline in revenues, continued to invest in network expansion and automation, and upheld our strong balance sheet and cash flow profile. We are confident that our strategic direction and disciplined execution will enable us to capture growth opportunities in the quarter ahead and deliver sustainable value for all stakeholders. Thank you very much, and now we can open the floor for questions, please. Thank you.
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Krupas hankar NJ from Avendus Spark. Please go ahead.
Good evening, and thank you for the opportunity. My first question is on the tonnage. While you have mentioned it is quite soft, any number you can provide on what would have been the tonnage for the quarter?
Yes. Tonnage is 2. 33 lakh tons for the quarter.
Understood, sir. With respect to improving C2C, is the existing network on the Surface Express side. Just wanted to get a sense on the utilization levels are at around 82%. Want to know, how are you trying to improve that in the Surface Express business? Any measures taken on that front?
Well, as you are aware, our volumes are soft. Last year we were highest, we touched around 83.5%, and then we maintained 15% for the whole year, and this is a good thing. In spite of slightly decline in volume, we are able to maintain 82%. Shortly, once we add the volume, then certainly we will be reached back to 83.5% - 84% for the surface for sure. Side by side, we also like adding the capacity or network expansion for my Air Domestic and Air International product, and as well as for Rail Express. For them, we are creating a separate network, so that cost is also adding in with my overall direct cost.
Is it fair to assume that the margins of the surface business have been higher and it is just because the other businesses are scaling up, the profitability is relatively lower? Is that understanding correct? Or any other thoughts you can share on what can drive margins from current levels?
If you talk about margin levels, margins in Surface Express, Air Express, Domestic Air Express, and Rail Express are all more or less equal and slightly less in International Air Express business because this is a very competitive business and it is a high volume business basically. That is right.
Okay.
Yeah.
Sorry. [inaudible]
Sorry?
Last point, what I wanted to know is that going ahead, is the growth expectation in the International Air Express business going to drive our top line growth over the near term? Is that going to be the key driver?
Basically, not only International Air Express, it will be all the multimodal products like Rail Express, Domestic Air Express and International Air Express, and C2C put together, they will be the growth driver also. But Surface Express is our key business. We still have 82%- 83% business is Surface Express, so that has to be also drive the growth. But we want to be slightly higher growth in this new segment. That is why we are creating a team. Our target is to strategy, supposing we all together achieving a growth of double digit or 10%, 11%, then we maybe achieve 8% growth in Surface Express and then 14%- 15% overall growth in multimodal products. That is the target, and margin level will be certainly improved once we will get the volumes and revenue growth, and we will be back to normal margin levels.
Profitability-wise, all products doing very well, but somehow some capacity is unutilized in new network we are creating for first mile and last mile deliveries for these new services like Rail Express and Air Express because mid mile is already decided as a train and flights. But first mile and second mile, we are creating more network to be reached to customer very fast and to service level has to be very high. So that somehow it is slight vacancy is there, which once we will be picking the volume gradually, then it will also fill up.
Understood, sir. Thank you. I will get back to you.
Yeah.
Thank you. The next question is from the line of Dhruvin Kadakia from SKP Securities. Please go ahead.
Hi, sir. I actually wanted to understand that with respect to our CapEx that we have till FY 2027, it would be really kind if you could give me some kind of a breakup as to how much are we planning to incur in FY 2026 and FY 2027.
Yeah. Well. We have taken a target for the last three years and including 2026 and 2027. For the five years, we have taken a target of INR 500 crore CapEx plan. Of that, in last three years, we spent INR 200 crore. Now, I think in this year we will be finished with the INR 100 crore, and again in next year, again INR 100 crore. This way, I think we will be finishing out of INR 500 crore, we may be INR 400+ crore . That-
Sure.
I think we will achieve by FY 2027, and then once we will be in the mid of year of 2027, then we will be finalized again next four, five years CapEx plan.
Is it safe to say that these INR 500 crore, chances are that it will extend beyond FY 2027, like it can happen till FY 2028?
Yes.
Yes.
There's a high probability, yes.
All right, sir. Any guidance that you would like to give with respect to EBITDA margin, volume growth or realization growth for the next two years?
In this year, we are targeting volume growth in higher single digits, like 8%-9%. With the price hikes, we want to be 11%-12% in FY 2026. Then in the next year around volume growth, again, double digits. Then profit margin is around 13% revenue growth, and margin would be back to, EBITDA will be normal in 15%-16% range.
Okay, sir. That is all from my side. Thank you so much.
Thank you.
Thank you. The next question is from the line of Achal Lohade from Nuvama Institutional Equities. Please go ahead.
Yeah. Thanks for taking my question. Sir, if you could help us understand, INR 200 crore you mentioned in terms of CapEx, but I presume the OpEx is also hurting us. Is there any estimation as to what is the extent of the under-absorption of these costs? Let me put it in another fashion. If you could help us understand on the Surface Express, which has been our core in the past, what is the margin compression we have seen? From a 15%, has it fallen to 10% or 9% or it is still 13%-14%, but balance 400 basis points impact is because of the other verticals.
Yeah. Well, you rightly said, there is no margin compression itself in Surface Express because this is the biggest service we are offering here. Margin is slightly declined in other multimodal products because we have seen an inflationary pressure or duo flow by these airlines and airport privatization in air segment. Obviously, this increase in air internationally is slightly low margin business. Its EBITDA margin is around in the range of 10%-12%. Though it is not in a big business right now, it will grow. That is our long-term strategy, to de-risk the revenue stream because we are usually depending on the one segment of business. Though we de-risk ourselves by the clientele ratio because we have high clientele and surface, but we want to de-risk ourselves with the diversification on the service level also.
That is why we want to strengthen this multimodal services or other services, these offerings also. That is why we simultaneously creating a team for these other services also. That is why margin is slightly less on this. Otherwise, on operating level, these are also very good margin and other services also, except this one, air international business.
Sir, I am a bit lost. If you could elaborate a little bit very clearly. So let us say, you have said 17% is the other verticals, right? 82%-83% is Surface Express. Have I understood the number right?
Yeah.
You have said that your margins are fairly stable for the Surface, which used to be 15% before, right?
Yes.
That alone can give you 12% EBITDA margin.
Now it is around-
Yes.
Yeah, now it is around 13%.
13%, okay. So there is a 200 basis point contraction there. And that is driven by what? Is that to do with the pricing competition, or simply you are not able to take a price increase? What is it?
Yeah. It is a combination of three things because we faced this challenge in our last year. This year, hopefully, you have seen the numbers. They are the same cost what we are in the last year. Basically, that was happened due to toll tax increases and labor wages increases, and we were not able to passing on to customers. That is why that contraction happened on 200 basis points in last year only, 150 basis points - 200 basis points. This year, we trying to increase the prices which we already taken in this Q1, almost 75 basis points in prices. And we will be keep continuing this year. We are targeting to increase at least 2% in overall pricing from the Surface Express segment. We are working on that. That is our strategy.
Right. Sorry, I am just trying to clarify for the sake of understanding. You are saying that 83% is at 13%, that alone gives 10%. That 17% is at zero margin. Have I understood right?
No, not zero, but they are very less margin because we are creating a network for that.
Okay.
That is why, because in each month we are adding the branches, we are adding the vehicle to get more businesses on Rail Express and this Air Express. That is why supposing we put so each month we are adding the capacity. I think we will be streamlined that one in quarter two, more or less. Then after that, we will be building the capacity and building the customer base, and then we will be further if need some expansion, then we will do after that only. We will finish that. Other thing also, we are creating a team for this business also. That cost is also adding. I think we will finish the hiring by September end, and then it will normalize. Margin level would be again in that way, EBITDA margin will become in the range of 14%-15% for this multimodal products also put together.
Understood. Just last question, if I may, with respect to the CapEx, what we have spent on the automation. Of this INR 200 crore or of the total INR 400 crore what we will end up spending between FY 2023 to FY 2027, right? 2023, 2024, 2025. Yeah. Correct. Of this, how much is going for the automation and how much is going for the new branches, new locations, new warehousing, et cetera?
Well, so basically, for automation put together, we will be considering like two we already did, and two more will be done by 2027. So total put together, CapEx is around INR 80 crore- INR 100 crore in automation, and remaining on construction and land buying and all. So this is the ratio for that. So 25% and 75%. Because branch expansion, we really don't need much because there is enough OpEx is there for the putting the vehicle for additional and all. But to put another branch network, we don't need to put anything much CapEx for that. For the one branch, I think INR 1 lakh and INR 2 lakh suffice for that. Sometime, supposing we are opening up the branch for the Rail Express, so we might put in the same location, so there is no additional CapEx we need to put there.
Understood.
Yeah.
And just in-
Branch, we really don't need CapEx, and hardly it is basically going into in 90%+ is going into this sorting center only.
Right.
Yeah.
Okay. And just one factual question. Is there any overlap in terms of the operations between us and TCI, whether it is last mile or mid mile, as in line haul or the warehousing or no corporate office at all?
No. Since inception of this division, as we are a part of TCI, since that time, we were not having any kind of operation together. Except a few offices we're sitting together because these are the admin offices, like regional offices or controlling offices and all. Other than that, nothing we are doing, like anything is overlapping there.
Okay. Already totally independent. Okay.
Independent, and business line is also completely different because we are doing Air Express, they are not doing Air Express at all. They are doing shipping, we are not doing shipping. So completely different service offerings and different network and altogether.
Got it. This is very helpful, sir. Thank you so much. Thank you.
Thank you.
Thank you. Before we take the next question, I would like to remind the participants, anyone who wishes to ask a question may press star and one on their touchtone telephone. The next question is from the line of Ashwin Reddy from Samatva Investments. Please go ahead.
Yeah. Hi, good evening. My first question is regarding the multimodal transportation, what we are doing. So what are the broad timelines by when we believe the margins will come back to the surface level? Is it one year away, two years away, or how far are we from when the margins will start to come back to company level margins?
Yeah. So basically, on multimodal and other offerings, we will be almost done the expansion for current time. I think by September, we slightly face margin pressure on multimodal. After that, because we are building up the revenues also in additional network we created. We also like putting team for the more businesses. So I am hopeful quarter three onwards, we will be normalizing the range of 12%-14% margin level will be start in multimodal as well. Because then we will be able to utilize this network fully or in a maximum level. So that will be directly add to our profits. Yeah.
Got it.
Because our strategy is very clear. We are not putting extensive network, which is creating a loss to us, because we are not a startup company. Whatever we are doing as a sustainable basis and gradually we are doing. We at least have to be some margin on these businesses, and we are building up the capacities over the period, so gradually. We are not putting something in one year and then declining that way. We are growing gradually. Whatever we did, initially, we did that. Quarter three onwards, this will be normalized as a margin level.
Got it. Just to extend the same question. The clients that you get here, what is the overlap with your existing clientele that you have? Is it primarily the same customer, or are you going out and getting new customers for this business?
Yeah. It is basically kind of almost 50%- 60% is the same client, which is need in a different service. Like Pharma Commutec, so they are also doing Surface Express they are taking from us. Earlier, they are using continuously Air Express services. Now we also convince them to use Rail Express services wherever they are fast, like kind of mid solution in times of tax, like Surface Express and Air Express in between they want. Service offering to same customer is repetition of this 50%- 60%. Customer base is almost same.
Got it. My second question is regarding the approach to e-commerce segment. Has there been any change in your approach to e-commerce, and has there been any change in the e-commerce industry itself? Is it now more viable to get more focus on e-commerce or any thoughts there would be helpful.
Yeah, that's a very good question. I just also forget that for the Air International is a completely different customer. I just forgot to mention and answer your last question. Based on a customer base, it's completely different. Other services like either is a C2C or Air Domestic or Rail Express is almost like 50%- 60% customer are the same. I am now giving an answer for next question. For e-commerce, yes, we repurchase our confidence on to restart the business for the e-commerce customer, though we have already for the very few customer. Now we creating a separate team and refocusing on, because we seeing market is stabilized. Whatever we're doing is visible, whether we will be under profit or not profit. We're growing in a small customer because new entrants are also there.
Now brands also like doing direct deliveries to customers. D2C model is also working here. We're focusing again as a gradually, and we will go with the only profitable approach only. We will not invest anything which is making loss for the company. We are very much clear on that. So we-
But is this more of a B2B or B2C, is what you're focusing on the last mile delivery, what you're focusing on? Or is it more on the B2B within e-commerce?
B2B are normal for the Surface Express we're doing since long and is always in a focus. But now we are focusing more into B2C as well.
Okay.
-employing the team there as well.
Got it. Got it. Thank you so much.
Yeah.
Thank you. The next question is from the line of Koundinya Nimmagadda from Jefferies. Please go ahead.
Yeah. Hi, sir. Thanks for the opportunity. Sir, starting with, if you can little bit throw some color on what is on the macro background for the quarter gone by, given the material volume growth, and what is your outlook? I mean, 2Q, nearly 50% of 2Q is already done, so what is the kind of, I mean, how is it looking like at this point in time? If you can speak a little bit about it, please.
Yeah, well, so few positives happened in this quarter, like cost visibility is there. So we have stable the cost and what the pressure we feel in a whole last year for the increase in labor cost or increase in toll cost and other costs. So that is slightly stable. Second, business environment is slightly more probable now. Earlier is like more uncertainty what customer committed, but until ultimately we will not get that. But now it is slightly certain in some cases. But still we are facing few, two, three segments, like especially engineering companies are really not. They are kind of having the growth of moderate growth or flattest growth continue. And same way, lifestyle companies also doing the same way. But few segment has grown well, like pharma is upstate, taking shape and new segment of paint division or kitchenware companies, they are doing very well.
So that way is like a mixed bag, basically. Few segment is really doing well, and few segment is still having flattest kind of growth. Yeah.
Sir, so, I mean, if I were to look at your guidance side, you need to do about a 12% kind of growth at least for the balance nine months vis-à-vis decline in the current quarter.
Yeah.
How do you see this growth recovery part? Is it going to be immediate or are you doing it's going to be back-ended? Because this year our festival season is concluded, but still you are saying that we haven't seen any recovery on the macro outlook. At the same time, if I were to look at our volume growth side, I mean, for some reason, I mean, one of your peers, I mean, they are reporting really good set of numbers while you're lagging. Just trying to understand, I mean, the difference with respect to the commentary and also delivery part, I mean, what is happening and how do you intend to achieve your guidance?
Well, our key business is, again, Surface Express, and we are focusing on wherever with a high growth segment, high growth like in Pharma Cold Chain and this other segment I had mentioned. We will be focusing more and putting more sales team to achieve the higher revenue growth there. Second, multimodal, as we mentioned, and also given very good numbers in Air International and C2C Express business. These numbers, again, you've seen like 14% growth and 33% growth and kind of numbers. We're seeing slightly higher growth traction in these multimodal segments and kind of like 6%- 7% growth in, or you can say like around 8% growth with together price hiking. We are hopeful will be achieved because now certainty is slightly higher than last year. That's the only thing I can say.
Okay. So certainty as in you are saying that at least there will not be degrowth, maybe it's at least bottoming out, at least on the negative growth front. Is that what you're trying to highlight?
Yeah, yeah.
Yeah. Sir, can you put a number on, I mean, you used to do this SME versus corporate customer mix. I mean, what is it now and what was it earlier? Because I think you also said earlier in one of the previous calls spoke of increase in the corporate mix to an SME weakness.
Yeah.
How is it now?
That is also like in positive side. We have improved that earlier. Last quarter, I think in a whole year, we maintained 52 corporate and 48 as a sundry. Now it is 49 in a sundry and 51 corporate because our target to be achieve 50/50. That is also going well. That way, I am hopeful because sundry side, slightly we have very positive signs for every customer. We will be improve on that as well. Ratio by year-end would be 50/50, and that is also directly added to our profit margin. That's why we are very confident to achieve a higher profit margin this year.
Sure, sir. Thank you and all the best.
Thank you.
Thank you. The next question is from the line of Pravesh from FourLion Capital. Please go ahead.
Hi, sir. Thank you for the opportunity. One quick clarification. You mentioned that the multimodal even today is between 17%-18% of the revenue. We have seen very high growth on both C2C and Air International, as you said. I am wondering why is that mix not increasing in the overall revenue? Because this was the same 17%-18% even in Q1 FY 2025.
Basically, you are right, you said so. That number for the whole last year was around 17%. Now it is near to 18%, but sometime earlier we have the e-commerce business was around 3% in overall, but now it is almost reduced to 2%. This year onward, we again focusing on that is the reason this maintain is around 18%. Because again, these number like we have the growth in Air International business, which is very small business right now, which will we grow. This number is around 18% now.
Understood. What was our growth for the Rail Express business this quarter?
It's around 8%.
Understood. Secondly, in terms of branch openings, I think we had a target for 80 branches this year. We've done 10 in this quarter. How much have we done in Q2 till now?
Q2, we only opened three branches in this July month.
Okay.
Because in overall our internal meetings and all, that's why focus was slightly less to open the branches. Maximum branches, I think we will be open in September month. In this quarter, may not be more than 12 or 13 branches in this quarter as well, yeah.
Got it. Understood. Lastly, when are you thinking about the 2% price hike that you mentioned, and what's the confidence that this time we'll be able to get it through the customer?
It is consistent process as I had taken in quarter one is around 75 basis points, and same way we want to be 60 basis points- 75 basis points in this quarter. So it will be continuous process because after that, we targeting to improve almost 2%. That will happen by, I think in Q4 it is not possible to take hike because that's the business time. Usually it happen whatever happen till calendar year ends. So by this December, I think we will be finished this process.
Understood. Thank you.
Yeah.
Thank you. The next question is from the line of Jainam Shah from Equirus Securities. Please go ahead.
Yeah. Thanks for the opportunity. Sir, I joined the call late. If you can give me the volume number for this quarter.
Yeah. So volume number is exactly 233,000 ton, Jainam. Yeah.
Got it, sir. What I see over here is that our volume is de-grown by around 1% for the quarter. When I recollect the transcript of the last quarter, after April and May, the volume is expected to grow in the low single digit during those two months. Eventually, can we say that June has been kind of a worse quarter for us, which led to around from plus, let's say low single digit to - 1% growth for this quarter. Has that been the case or something else would say?
No, basically, April was April, it is like a journey in a different way. June, we were expecting slightly higher volume, but June did not well that way. May was okay. May was fantastic. April was basically slightly okay, but June was the biggest that way. July is again a good month. Somehow, now revenue has stabilized. As you have seen, decline in volume is hardly less than 1%. This is okay, but we are focusing more into in this quarter two. Visibility, I can say visibility is there for the current quarters. Last year we faced as in visibility was, uncertainty was high. That way overall basis and overall customer base, we are seeing certainty is higher than last year, and the visibility is slightly high. That is it. Yeah.
Sir, the line for the current participant has disconnected.
Yeah, no worry, please.
A reminder to the participants, anyone who wishes to ask a question may press star and one on their touch-tone telephone. Ladies and gentlemen, anyone who wishes to ask a question may press star and one on their touch-tone telephone.
If there is no question, we can conclude the call right now maybe.
Okay, sir. As there are no further questions, I would now like to hand the conference over to the management for closing comments.
Chander sir, your comments please.
One second. Thank you all for joining us today. We have endeavored to address all your questions. Should you have any further inquiries, please feel free to reach out to our investor relations team, and we will be happy to assist. We look forward to connecting with you in the next quarter. Wishing you a healthy time ahead and a happy Independence Day and Krishna Janmashtami in advance. Thank you.
Thank you, everyone.
Thank you. On behalf of ICICI Securities Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.
Thank you.