TEJASCARGO
Tejas Cargo financials
- Market cap
- ₹956 Cr
- Sector
- Services
- Calls analysed
- 2
Tejas Cargo Q4 FY26
What went well
- Total income for FY26 grew 25.2% YoY to INR 636.5 crore.
- PAT for FY26 grew 9.4% YoY to INR 20.90 crore.
- Added 205 vehicles, including 40 car carriers, taking total owned fleet to 1,339.
What to watch
- EBITDA margins moderated to 18.4% in FY26, primarily due to high market hiring costs, increasing toll, and insurance.
- Diesel price advantage from Peso license reduced from 10-14% to 3-4% in H2 FY26.
Guidance record · Q4 FY26
what the last two calls moved 12 tracked 3 delivered 3 missed 6 open- Additional vehicles delivered said Q2 FY26 Promised: 40 to 50 additional vehicles Q4 FY26: Exceeded target. Added 108 vehicles in H2 FY26 (Total fleet grew from 1,231 at end of H1 to 1,339 at end of FY26).
- Onboarding remaining OEMs for car carrier segment went quiet said Q2 FY26 Promised: Tata, MG, and Murphy by next three to four months Q4 FY26: The deadline of March 2026 has passed. There was no specific mention of onboarding Tata, MG, or Murphy in the Q4 earnings update.
- Own vehicle vs. market hiring for placements on track said Q2 FY26 Promised: 60% to 70% own vehicle, 30% to 40% market hiring in next year or two Q4 FY26: On track. Management reiterated this strategy with a new, more specific target of 40% revenue from aggregated fleet by FY27, which aligns with the original goal.
All 12 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
| Line item | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|
| Revenue | 253 | 249 | 301 | 327 |
| EBITDA | 43 | 54 | 43 | 66 |
| Net profit | 9 | 10 | 13 | 8 |
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 +25.4% 1Y
1Y: ₹319 on 10 Sept 2025 → ₹400. High ₹425 (19 May 2026), low ₹251 (17 Dec 2025).
How the price took the results
close before → close after
- Q2 FY26
- −5.0%
- 18 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.
Balance sheet
| Year ending | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹24 Cr | ₹24 Cr |
| Reserves | ₹3 Cr | ₹13 Cr | ₹55 Cr | ₹162 Cr | ₹169 Cr |
| Borrowings | ₹31 Cr | ₹83 Cr | ₹161 Cr | ₹180 Cr | ₹220 Cr |
| Other liabilities | ₹29 Cr | ₹20 Cr | ₹19 Cr | ₹36 Cr | ₹34 Cr |
| Total liabilities | ₹64 Cr | ₹116 Cr | ₹236 Cr | ₹402 Cr | ₹447 Cr |
| Fixed assets | ₹17 Cr | ₹53 Cr | ₹124 Cr | ₹204 Cr | ₹190 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹13 Cr | ₹19 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹19 Cr | ₹18 Cr | ₹30 Cr |
| Other assets | ₹46 Cr | ₹64 Cr | ₹93 Cr | ₹167 Cr | ₹208 Cr |
| Total assets | ₹64 Cr | ₹116 Cr | ₹236 Cr | ₹402 Cr | ₹447 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 Mar 2026
Since Mar 2025, promoters added +1.08 pp while the public trimmed −0.63 pp. The shareholder count shrank 57% to 206.
- Promoters
- 74.7%
- FIIs
- 12.1%
- Public
- 13.2%
Since Mar 2025
- Promoters +1.08 pp
- Public −0.63 pp
- DIIs −0.25 pp
How it drifted, 3 quarters
Over this window promoters went from 73.6% to 74.7% — +1.1 pp.
Ownership split by quarter, oldest first. Mar '25: Promoters 73.6%, FIIs 12.3%, DIIs 0.3%, Public 13.8%.Sep '25: Promoters 74.3%, FIIs 12.1%, DIIs 0.3%, Public 13.4%.Mar '26: Promoters 74.7%, FIIs 12.1%, Public 13.2%.
Who bought this quarter
since Sep 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Manish Bindal +0.43 pp 37.72% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Tejas Cargo above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Manish Bindal | 37.72% | +0.43 pp |
| Chander Bindal | 36.98% | unchanged |
| Saint Capital Fund FPI fund | 9.22% | unchanged |
| Lords Multigrowth Fund FPI fund | 2.48% | −0.42 pp |
| New Berry Advisors Limited | 2.04% | unchanged |
| Team India Managers Ltd | 1.08% | unchanged |
| Pawan Bindal | 0.00% | unchanged |
| Meenu Bindal | 0.00% | unchanged |
| Nirmal Bindal | 0.00% | unchanged |
| Kirti Bindal | 0.00% | unchanged |
| Harsh Gupta | 0.00% | 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.
What the price assumes
- Growth the price implies
- 18.9% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
All earnings calls (2)
Read the Q4 FY26 call →Learn to analyse Tejas Cargo
Guides on how to read this kind of business and the numbers that matter.