TCI Express Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript TCI Express Ltd filed with BSE on 12 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
TCI Express reported total income of Rs 315 crore for Q1 FY27, up 9% year-on-year, with growth across Surface Express, Domestic Air Express, International Express, Rail Express and E-commerce Express. EBITDA grew 11% to Rs 37 crore with margin expanding to 11.7%, while profit after tax rose 6% to Rs 22.4 crore. Management described volume growth of 7.5% for the quarter and outlined plans for hub automation, capex, and margin improvement for the rest of the financial year.
Numbers mentioned
Total income: INR 315 crores (Q1 FY27)
p. 3
“Total income was INR 315 crores, up 9% year-on-year, powered by customer additions, expansion of our operating network, and sharp execution across the business.”
Chander Agarwal, page 3 of the filed PDF · View the filing
Income from operations: INR 312 crores (Q1 FY27)
p. 5
“So, during the quarter, income from operations came in at INR 312 crores, up almost 9% from INR 287 crores a year ago.”
Mukti Lal, page 5 of the filed PDF · View the filing
EBITDA: INR 37 crores (Q1 FY27)
p. 5
“EBITDA grew 11% to INR 37 crores from last year, with margin expanding to 11.7% from 11.5% of last year.”
Mukti Lal, page 5 of the filed PDF · View the filing
Profit after tax: INR 22.4 crores (Q1 FY27)
p. 5
“Profit after tax rose to 6% to INR 22.4 crores compared to INR 21 crores in Q1 of last year, with a margin of 7.1%.”
Mukti Lal, page 5 of the filed PDF · View the filing
Surface Express growth: 9% year-on-year (Q1 FY27)
p. 4
“Surface Express remained the largest contributor of our business, growing at a healthy 9% year-on-year, strong volumes from existing customers, new accounts, and robust industrial growth.”
Chander Agarwal, page 4 of the filed PDF · View the filing
Domestic Air Express growth: 29% year-on-year (Q1 FY27)
p. 4
“Domestic Air Express grew at an outstanding 29% year-on-year, driven by enterprise account growth, more direct airport deliveries, and a dedicated key account management team we built to raise the bar on customer service, backed by automation across flight management, pricing, and invoicing.”
Chander Agarwal, page 4 of the filed PDF · View the filing
International Express growth: 27% year-on-year (Q1 FY27)
p. 4
“International Express grew a strong 27% on new customers, win-backs, and expanded global carrier partnerships.”
Chander Agarwal, page 4 of the filed PDF · View the filing
E-commerce Express growth: 63% year-on-year (Q1 FY27)
p. 4
“The star of the quarter was our E-commerce Express business, which surged 63% year-on-year to become our fastest-growing service vertical by a wide margin, driven by rising volumes from E-commerce platforms and direct-to-consumer brands, along with our continued investment in fulfillment and last-mile delivery.”
Chander Agarwal, page 4 of the filed PDF · View the filing
Volume: 2,50,000 metric ton (Q1 FY27)
p. 6
“volume number for this quarter is 2,50,000 metric ton in Q1.”
Mukti Lal, page 6 of the filed PDF · View the filing
Volume growth: 7.5% (Q1 FY27)
p. 6
“It is a growth of around in volume-wise, this is a growth of around 7.5% in this tonnage numbers.”
Mukti Lal, page 6 of the filed PDF · View the filing
Net cash: INR 118 crores (as on June 30, 2026)
p. 5
“Our balance sheet is in great shape with net cash of around INR 118 crores as on June 30th, 2026.”
Mukti Lal, page 5 of the filed PDF · View the filing
Receivables days: 58 days (Q1 FY27)
p. 6
“Receivables stood at around 58 days, payables improved to like 32 days, and net working cycle therefore it is 26-27 days.”
Mukti Lal, page 6 of the filed PDF · View the filing
Capital expenditure: INR 19 crores (Q1 FY27)
p. 6
“Apart from that, we put around INR 19 crores to work this quarter in branch expansion, network infrastructure, and technology initiatives.”
Mukti Lal, page 6 of the filed PDF · View the filing
SME/B2B mix: 50-50 (Q1 FY27)
p. 7
“And now in this quarter, start with the very good note as a 50-50, which we desire for that actually.”
Mukti Lal, page 7 of the filed PDF · View the filing
E-commerce share of revenue: around 2% to 2.5% (Q1 FY27)
p. 7
“So it's around 2% to 2.5% of overall revenue part, yeah.”
Mukti Lal, page 7 of the filed PDF · View the filing
Air growth: around 28% (Q1 FY27)
p. 10
“So we getting more customers like as in this quarter we grown around 28% in Air.”
Mukti Lal, page 10 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
EBITDA margin improvement — 100 to 150 basis points · FY27
stated firmly by Mukti Lal
p. 10
“And with the obviously decent margin level which we targeted to be improve at least 100 basis points to 150 basis points in this overall year.”
Mukti Lal, page 10 of the filed PDF · View the filing
Volume growth — 11% to 12% · FY27
stated firmly by Mukti Lal
p. 10
“Yeah, so we are very much clear about volume growth in the range of 11% to 12% volume growth and price hikes net of about around 3%.”
Mukti Lal, page 10 of the filed PDF · View the filing
Overall revenue growth — 13% to 15% · FY27
stated firmly by Mukti Lal
p. 10
“So overall like in the range of 13% to 15% on overall growth we will be go with that.”
Mukti Lal, page 10 of the filed PDF · View the filing
PAT growth — 20% to 25% · FY27
stated firmly by Mukti Lal
p. 10
“And obviously then it will be my profit will be increase in the range of certainly 20% to 25% for the overall year at PAT level.”
Mukti Lal, page 10 of the filed PDF · View the filing
Capital expenditure — INR125 crores to INR140 crores · FY27
stated firmly by Mukti Lal
p. 11
“So yes, so this year capex is around INR125 crores to INR140 crores.”
Mukti Lal, page 11 of the filed PDF · View the filing
Kolkata hub automation completion — March '27 or max June '27
stated conditionally by Mukti Lal
p. 11
“So I think it might be like Kolkata be automate in by this year-end, means March ‘27 or max June ‘27.”
Mukti Lal, page 11 of the filed PDF · View the filing
Multimodal logistics revenue share — 17%-18% to 19% · FY27
stated as an aspiration by Mukti Lal
p. 12
“So this year we are targeting to be have around from 17%-18% to 19% and in a longer term if by 2030 we want to be in the range of 22% to 25%.”
Mukti Lal, page 12 of the filed PDF · View the filing
Multimodal logistics revenue share long-term — 22% to 25% · by 2030
stated as an aspiration by Mukti Lal
p. 12
“So we want a share of 22% to 25% on a longer term.”
Mukti Lal, page 12 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said fuel price hikes were delayed until mid-May due to elections and were passed on to 90% of customers mostly in June, so the benefit will show more fully in Q2.
Answered by Mukti Lal
Asked by Chirag: Why have price hikes appeared lower than the industry's 3-5%?
p. 6
“So we have also almost passing on to 90% customer this fuel. But so ultimate this price hike has come into in overall June month.”
Mukti Lal, page 6 of the filed PDF · View the filing
Management said the mix moved back to a 50-50 split between SME and larger B2B customers from 48-52 in FY26.
Answered by Mukti Lal
Asked by Chirag: What is the SME versus B2B revenue mix this quarter?
p. 7
“Earlier in last whole FY26, our mix was 48-52, 48 SME and 52 B2B, means big customers.”
Mukti Lal, page 7 of the filed PDF · View the filing
Management said the D2C-linked e-commerce segment is profitable in the 16-18% EBITDA range and that it supports the broader Surface business by building platform relationships.
Answered by Mukti Lal
Asked by Chirag: What is the EBITDA margin profile of the e-commerce business given it typically has lower margins?
p. 8
“So it is in the range of 16% to 18%. And that's why we continue with that.”
Mukti Lal, page 8 of the filed PDF · View the filing
Management said they are avoiding highly competitive low-margin segments and focusing on smaller customers that allow better margins, keeping the business intentionally small.
Answered by Mukti Lal
Asked by Koundinya: How profitable is the last-mile e-commerce business given it is typically low margin?
p. 9
“We are going on the small customers, which is allow us to be getting the margin.”
Mukti Lal, page 9 of the filed PDF · View the filing
Management attributed the improvement to strengthened regional teams across verticals, branch expansion, digitalization, and a clear pipeline of future business.
Answered by Mukti Lal
Asked by Koundinya: What has driven three consecutive quarters of double-digit EBITDA growth and improved volume growth?
p. 10
“So we getting more customers like as in this quarter we grown around 28% in Air.”
Mukti Lal, page 10 of the filed PDF · View the filing
Management said two hubs (Tajnagar and Chakan) are automated, with Kolkata and Ahmedabad under construction and expected to be automated within the next year.
Answered by Mukti Lal
Asked by Anshul Agrawal: What is the status of the hub automation program?
p. 11
“So basically yes, so we already did two automation, and one again in Tajnagar, North India and Chakan, Pune.”
Mukti Lal, page 11 of the filed PDF · View the filing
Management confirmed that fuel price increases were passed to over 90% of customers by June and expects margin improvement to show clearly from Q2 onward.
Answered by Mukti Lal
Asked by Anshul Agrawal: Will margins improve in Q2 given the fuel-related absorption in Q1?
p. 12
“So yes, in quarter ahead you will see the very good number increase in that margin level.”
Mukti Lal, page 12 of the filed PDF · View the filing
Risks flagged
Elevated industry operating costs and competitive pricing pressure
p. 4
“The industry as a whole saw elevated operating costs and competitive pricing in certain segments, but our discipline and our focus on service quality and our investment in technology kept us firmly ahead of the curve.”
Chander Agarwal, page 4 of the filed PDF · View the filing
Delay in passing on fuel price increases to customers
p. 7
“So we held the price hikes because we know about that government will be certainly increase the prices fuel after, elections.”
Mukti Lal, page 7 of the filed PDF · View the filing
Last-mile e-commerce delivery is a highly competitive, lower-margin segment
p. 9
“So for again, we are not going into much competitive market where there are less profits.”
Mukti Lal, page 9 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.