TCIEXP

TCI Express share price & financials

Price
₹537.55
Market cap
₹2.1k Cr
Sector
Services
Calls analysed
6
Latest concall · Q1 FY27 · call held 06 Aug 2026

TCI Express Q1 FY27

EBITDA ₹37 cr +11%EBITDA Margin 11.7% PAT ₹22.4 cr +6%PAT Margin 7.1%

What went well

  • Total income of ₹315 crores, up 9% YoY, powered by customer additions and network expansion.
  • EBITDA grew 11% to ₹37 crores, with margin expanding to 11.7% from 11.5% last year.
  • Profit after tax (PAT) rose 6% to ₹22.4 crores, achieving a 7.1% margin.

What to watch

  • Fuel price hikes in mid-May impacted Q1, but management states 90% was passed on to customers, with full impact expected from Q2.
Read the full call →

What TCI Express does

TCI Express is a time-definite B2B express cargo company that moves shipments across India through its own network of branches, sorting centres and a containerized fleet, rather than through franchisees or third-party agents. It offers Surface Express, Domestic Air Express, International Air Express, Rail Express, C2C (full-truckload) Express and E-Commerce Express services, serving customers largely in automotive, pharma, engineering, defence, solar, EV and SME segments. Shipments are consolidated and sorted at company-run automated sorting centres before onward movement by road, rail or air, with international freight handled through tie-ups with airlines and overseas partners. The company was demerged from the erstwhile Transport Corporation of India and has been listed separately since 2016.

Segments

  • Surface Express
  • Domestic Air Express
  • International Air Express
  • Rail Express
  • C2C Express
  • E-Commerce Express
Company-owned branches
970+
Locations served across India
60,000+
Automated sorting centres
28
Containerized fleet
5,500+ vehicles
Air gateways served
150+
International Air Express reach
200+ countries/territories, 3,000+ overseas pickup points
Headquarters Gurugram, Haryana Company website

Guidance record · Q1 FY27

what the last two calls moved 23 tracked 1 delivered 6 missed 16 open
  • SME Business Mix delivered said Q4 FY25 Promised: bring back to like 50-50 Q1 FY27: Management confirmed the mix is back to the desired 50-50 ratio.
  • Revenue Growth missed said Q4 FY25 Promised: 10% to 12% for this year Q1 FY27: Promise relates to FY26, which is complete. The target was missed.
  • Revenue Growth revised down said Q3 FY26 Promised: 17%, 18% kind of revenue growth we are looking for Q1 FY27: Guidance revised down to 13% to 15% for FY27.

All 23 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 9.1%, net profit up 5.3% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue312 296 307 287 309 −1%314 +6%328 +7%313 +9%
EBITDA37 29 26 28 34 −8%32 +10%32 +23%31 +11%
Net profit25 19 19 19 24 −4%22 +16%16 −16%20 +5%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −28.0% 1Y

₹500₹600₹700Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 6 Nov 2025Q3 FY26 — 3 Feb 2026Q4 FY26 — 4 Jun 2026Q1 FY27 — 6 Aug 2026

1Y: ₹715.1 on 10 Sept 2025 → ₹514.6. High ₹761.1 (23 Sept 2025), low ₹461 (27 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+0.8%
6 Aug
Q4 FY26
+4.5%
4 Jun
Q3 FY26
+4.8%
3 Feb
Q2 FY26
−3.9%
6 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 0.1% a year over 3 years, FY23 to FY26. Operating margin narrowed to 10.2%.

Year endingFY23FY24FY25FY26
Revenue₹1.2k Cr₹1.3k Cr₹1.2k Cr₹1.2k Cr
Operating profit₹194 Cr₹187 Cr₹125 Cr₹126 Cr
Operating margin15.6%14.9%10.3%10.2%
Interest₹1 Cr₹0 Cr₹0 Cr₹1 Cr
Depreciation₹14 Cr₹20 Cr₹21 Cr₹25 Cr
Net profit₹139 Cr₹132 Cr₹85 Cr₹81 Cr
Net margin11.2%10.5%7.0%6.5%
Cash from operations₹147 Cr₹136 Cr₹118 Cr₹101 Cr
Free cash flow₹21 Cr₹84 Cr₹89 Cr₹-23 Cr
ROCE—27.0%15.0%14.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹8 Cr₹8 Cr₹8 Cr₹8 Cr₹8 Cr₹8 Cr
Reserves₹426 Cr₹528 Cr₹589 Cr₹696 Cr₹806 Cr₹811 Cr
Borrowings₹2 Cr₹1 Cr₹7 Cr₹10 Cr₹8 Cr₹63 Cr
Other liabilities₹110 Cr₹120 Cr₹132 Cr₹136 Cr₹146 Cr₹143 Cr
Total liabilities₹547 Cr₹657 Cr₹735 Cr₹850 Cr₹968 Cr₹1.0k Cr
Fixed assets₹228 Cr₹320 Cr₹374 Cr₹452 Cr₹457 Cr₹547 Cr
Capital work in progress₹28 Cr₹6 Cr₹61 Cr₹16 Cr₹26 Cr₹29 Cr
Investments₹60 Cr₹88 Cr₹33 Cr₹91 Cr₹152 Cr₹124 Cr
Other assets₹231 Cr₹243 Cr₹267 Cr₹292 Cr₹334 Cr₹326 Cr
Total assets₹547 Cr₹657 Cr₹735 Cr₹850 Cr₹968 Cr₹1.0k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +0.97 pp while DIIs trimmed −0.89 pp. The shareholder count shrank 6% to 48,357.

Promoters
69.5%
FIIs
0.8%
DIIs
8.9%
Public
20.9%

Since Jun 2025

  • Public +0.97 pp
  • DIIs −0.89 pp
  • Promoters −0.07 pp

How it drifted, 12 quarters

Over this window the public went from 18.5% to 20.9% — +2.4 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 69.6%, FIIs 3.0%, DIIs 8.8%, Public 18.5%.Dec '23: Promoters 69.6%, FIIs 2.9%, DIIs 8.3%, Public 19.1%.Mar '24: Promoters 69.6%, FIIs 2.4%, DIIs 8.9%, Public 19.1%.Jun '24: Promoters 69.6%, FIIs 1.6%, DIIs 10.2%, Public 18.6%.Sep '24: Promoters 69.5%, FIIs 1.7%, DIIs 10.1%, Public 18.6%.Dec '24: Promoters 69.5%, FIIs 0.9%, DIIs 9.7%, Public 19.8%.Mar '25: Promoters 69.5%, FIIs 0.8%, DIIs 9.6%, Public 20.1%.Jun '25: Promoters 69.5%, FIIs 0.8%, DIIs 9.8%, Public 19.9%.Sep '25: Promoters 69.5%, FIIs 0.8%, DIIs 9.4%, Public 20.3%.Dec '25: Promoters 69.5%, FIIs 0.8%, DIIs 9.4%, Public 20.3%.Mar '26: Promoters 69.5%, FIIs 0.8%, DIIs 9.4%, Public 20.4%.Jun '26: Promoters 69.5%, FIIs 0.8%, DIIs 8.9%, Public 20.9%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 1 holder trimming and 2 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of TCI Express above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Tci Express Consolidated Limited 44.48%+0.08 pp
Tci Trading (Dharmpal Agarwal) 6.40%−0.07 pp
Vineet Agarwal 5.22%unchanged
Nippon Life India Trustee Ltd-A/C Nippon India Large Cap Fund Mutual fund3.87%+0.85 pp
HDFC Mutual Fund - HDFC Manufacturing Fund Mutual fund3.77%newly disclosed
Dharam Pal Agarwal (Huf) 2.65%unchanged
Urmila Agarwal 2.41%unchanged
Chander Agarwal 2.39%unchanged
Priyanka Agarwal 2.27%unchanged
Investor Education And Protection Fund Authority 1.50%unchanged
Nirmal Mishrilal Bang Huf 1.13%unchanged
Dharmpal Agarwal 1.09%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in TCIEXP

Filings to Aug 2026

0 new, 0 added, 1 trimmed, 0 sold out — net −5.37 L shares (−15.7%).

Held by funds
₹158 Cr
4 schemes
Biggest holder
Nippon India Multi Cap Fund
₹109 Cr · 0.2% of that fund
SchemeHoldingLast month
Nippon India Multi Cap Fund Nippon India Mutual Fund₹109 Crheld
HDFC Small Cap Fund HDFC Mutual Fund₹27 Cr−5.37 L
HDFC Manufacturing Fund HDFC Mutual Fund₹21 Crheld
HDFC Large and Mid Cap Fund HDFC Mutual Fund₹1 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

0 added, 1 trimmed — net −5.37 L shares (−15.7%)

Funds are sitting on
-40%
vs est. average cost
Held by funds
₹158 Cr
4 schemes · ≈ 7.4% of the company
Biggest holder
Nippon India Multi Cap Fund
₹109 Cr · 0.2% of that fund
Longest holder
HDFC Large and Mid Cap Fund
3y 8m · since Dec '22

Shares held by these funds +1650%

Aug '23 28.95 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹515, this stock must grow earnings at 18% every year for 7 years. Our analysis caps realistic growth at ~-16%. At that growth it is worth ₹81 — downside of 84%.

Growth the price implies
17.8% a year
for 7 years, fading to 4%
It has actually compounded at
-16.5% a year
net profit, FY23–FY26 · EPS -16.4%
The gap
0.3 pp
-84% downside if it only repeats history
Price today ₹514.6 Value at the reference growth ₹80.75

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse TCI Express

Guides on how to read this kind of business and the numbers that matter.