TCI Express Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript TCI Express Ltd filed with BSE on 04 Jun 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 Q4 FY26 revenue of Rs 327 crore, up 6% year-on-year, with EBITDA of Rs 37 crore at an 11.3% margin and PAT of Rs 21 crore at a 6.3% margin. For the full year, income rose to Rs 1,236 crore with EBITDA margin of 11.7% and PAT margin of 7.2%, while the company crossed the Rs 1,000 crore balance sheet milestone and handled over 1 million tons of cargo. Management attributed margin pressure during the quarter to elevated airline fuel prices from the Gulf conflict, airline consolidation, and higher labor costs linked to SIR-related disruptions.
Numbers mentioned
Revenue: INR 327 crores (Q4 FY26)
p. 5
“So, we achieve revenue of INR 327 crores as compared to INR 308 crores in Q4 of last year, registering a growth of 6% plus.”
Mukti Lal, page 5 of the filed PDF · View the filing
Total income: INR 331 crores (Q4 FY26)
p. 5
“And on a sequential basis, we have grown 4% and total income stood at INR 331 crores in this quarter.”
Mukti Lal, page 5 of the filed PDF · View the filing
EBITDA: INR 37 crores (Q4 FY26)
p. 5
“EBITDA for Q4 stood at INR 37 crores as compared to INR 34 crores in Q4 of last year.”
Mukti Lal, page 5 of the filed PDF · View the filing
EBITDA margin: 11.3% (Q4 FY26)
p. 5
“So, it is reflecting a growth of 11% year-on-year basis and EBITDA margin for the quarter is 11.3%.”
Mukti Lal, page 5 of the filed PDF · View the filing
Profit after tax: INR 21 crores (Q4 FY26)
p. 6
“So, profit after tax stood at INR 21 crores, which is also like similar of last year and with a margin of 6.3%.”
Mukti Lal, page 6 of the filed PDF · View the filing
Full year income: INR 1,236 crores (FY26)
p. 6
“For the full year, we also increased our income after 2 years. So our income is INR 1,236 crores against INR 1,208 crores in last year, reflecting a growth of 2% plus.”
Mukti Lal, page 6 of the filed PDF · View the filing
Full year EBITDA margin: 11.7% (FY26)
p. 6
“And EBITDA for this year is INR 146 crores with a margin of 11.7% and profit after tax is INR 90 crores with a PAT margin of 7.2% for the whole year.”
Mukti Lal, page 6 of the filed PDF · View the filing
Return on capital employed: around 20% (FY26)
p. 6
“And from a return and efficiency perspective, return on capital employed for FY26 is around 20%, reflecting efficient capital utilization despite continued investment towards infrastructure and network expansion.”
Mukti Lal, page 6 of the filed PDF · View the filing
Current ratio: 3x (FY26)
p. 6
“Current ratio has also remained healthy at 3x, highlighting strong liquidity position, continue and balance sheet flexibility.”
Mukti Lal, page 6 of the filed PDF · View the filing
Net cash position: approximately INR 136 crores (as of March 2026)
p. 6
“So net cash position remained healthy at approximately INR 136 crores as of March 2026.”
Mukti Lal, page 6 of the filed PDF · View the filing
Cash flow from operations: INR 112 crores (FY26)
p. 6
“Cash flow from operation is also very robust at INR 112 crores during the year.”
Mukti Lal, page 6 of the filed PDF · View the filing
Capital expenditure: INR 67 crores (FY26)
p. 6
“This year the company incurred capital expenditure of INR 67 crores, primarily towards branch expansion, construction of sorting center and technology enhancement initiative across business verticals.”
Mukti Lal, page 6 of the filed PDF · View the filing
Total volume: INR 267,000 tons (Q4 FY26)
p. 8
“So whole volume Alok Ji is INR 267,000 precisely.”
Mukti Lal, page 8 of the filed PDF · View the filing
Full year volume: 1,004,000 tons (FY26)
p. 8
“And in the whole year, we cross again 1 million and to be precise its 1,004,000 basically.”
Mukti Lal, page 8 of the filed PDF · View the filing
Volume growth: 4% (Q4 FY26 vs Q4 FY25)
p. 8
“And volume growth in this Q4 is 4% over last year.”
Mukti Lal, page 8 of the filed PDF · View the filing
Multimodal revenue share: 18.5% (FY26)
p. 7
“Yes, Ravi ji. So basically, you see total, we have this multi-model revenues is around 18.5% for the full year in FY26, which is growing.”
Mukti Lal, page 7 of the filed PDF · View the filing
Capacity utilization: 83.25% (Q4 FY26)
p. 18
“Yes, 83% plus, so kind of like 83.25%”
Mukti Lal, page 18 of the filed PDF · View the filing
SME vs non-SME revenue mix: 48 to 52 (current)
p. 15
“Yes. Since last two decades, we maintaining in a 50-50 right now is around 48 to 52 because again, everyone knows SMEs are under stress slightly.”
Mukti Lal, page 15 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.
Revenue growth — 15%-plus · FY27
stated firmly by Mukti Lal
p. 17
“So again, it is very hard to say after that. But again, for FY27, we are for sure like 15% in revenue growth, I'm saying and volume is 10%, 11%.”
Mukti Lal, page 17 of the filed PDF · View the filing
Volume growth — 10% plus · FY27
stated firmly by Mukti Lal
p. 15
“Yes. So 10% is achievable and we will be surely achieved for that and we're making lots of effort for that.”
Mukti Lal, page 15 of the filed PDF · View the filing
EBITDA margin improvement — 100 to 150 basis points · FY27
stated conditionally by Mukti Lal
p. 10
“So FY27 Again, we have an intention to be increased at least 100 basis points to 150 basis points on that with a revenue growth of double digit plus.”
Mukti Lal, page 10 of the filed PDF · View the filing
Multimodal revenue share — 22 plus · by 2030
stated as an aspiration by Mukti Lal
p. 15
“No. So this is not that way. Actually, I am saying slightly higher growth in multimodal, which is we want to become currently is around 18%.”
Mukti Lal, page 15 of the filed PDF · View the filing
Multimodal segment growth — 20% · FY27
stated firmly by Mukti Lal
p. 18
“Yes and even slightly increase, but for sure, yes, 20%.”
Mukti Lal, page 18 of the filed PDF · View the filing
Branch expansion — 100 branches · FY27
stated firmly by Mukti Lal
p. 17
“So again, expansion plan for the 100 branches would be there in this year.”
Mukti Lal, page 17 of the filed PDF · View the filing
Depreciation run rate — INR 30 crores to INR 32 crores · next year
stated firmly by Mukti Lal
p. 17
“But I think in run rate would be for the whole year or INR 30 crores to INR 32 crores in next year because this is around INR 2.5 crores amount has been increased from INR 2.5 crores to INR 3 crores increase due to ROU, we have taken in this quarter, and it will be also same in the next quarter as well.”
Mukti Lal, page 17 of the filed PDF · View the filing
Automation completion at Kolkata and Ahmedabad — FY28 half year
stated firmly by Mukti Lal
p. 13
“Yes, Kolkata and Ahmedabad will be automated. And I think Ahmedabad and Kolkata construction will be finished in this year and automation will be ramped up by next half year, like in FY28 half year we'll be there.”
Mukti Lal, page 13 of the filed PDF · View the filing
E-commerce business share — 5%
stated as an aspiration by Mukti Lal
p. 19
“And to ultimately right now, we are around 2.5% kind of business in e-com, which we want to be increased to like 5% also.”
Mukti Lal, page 19 of the filed PDF · View the filing
Capex plan revision — INR 400 crores · FY23 to FY27
stated firmly by Mukti Lal
p. 6
“So I just would like to clarify that earlier, we had a capex plan of INR 500 crores from FY23 to FY27 and which we've been revised from INR 500 crores to INR 400 crores.”
Mukti Lal, page 6 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 attributed the decline to industry demand-supply cycles following COVID that take years to normalize, while noting dividends continued to be paid.
Answered by Chander Agarwal
Asked by Ravi Naredi: Why has net profit margin declined over the past four years despite modernization of sorting centers?
p. 7
“So that was a knee-jerk reaction. And then slowly, it came down to 18% and then 15% and then 5% and so forth.”
Chander Agarwal, page 7 of the filed PDF · View the filing
Management cited geopolitical disruption affecting the air business after the Gulf conflict began, along with airline consolidation, labor cost inflation, and privatization of airport funds, while expecting margin improvement of 100-150 bps in FY27.
Answered by Mukti Lal
Asked by Alok Deora: What caused the shortfall versus the earlier high single-digit growth guidance, and what is the margin outlook?
p. 9
“And major disruption on air side, where our international business is also getting affected after this Gulf war started on Feb end and domestic business also because there is a disruption in the prices because the ATF has increased in 50%.”
Mukti Lal, page 9 of the filed PDF · View the filing
Management explained the increase was due to two sorting centers being moved to long-term leases recognized as right-of-use assets, and said air segment margin disruption was temporary while rail and C2C margins remained stable.
Answered by Mukti Lal
Asked by Jinesh Joshi: Why did depreciation and interest expense increase sharply, and is the multimodal segment margin dilutive?
p. 11
“So basically, what happened, we have taken two big sorting center on lease on a longer term of which one is in Kolkata.”
Mukti Lal, page 11 of the filed PDF · View the filing
Management said rail and air are hired-space businesses with different route pricing dynamics, and both have gross profit margins above 30%.
Answered by Mukti Lal
Asked by Chirag: Is the rail business, run through passenger trains, profitable given it lacks two-way freight movement typical of the industry?
p. 14
“So on that sense, gross profit in both the cases is more than 30%.”
Mukti Lal, page 14 of the filed PDF · View the filing
Management said fuel cost pass-through of about 85% to customers should help restore margins by 100-150 bps if conditions stabilize, but further sharp fuel hikes could pressure margins again.
Answered by Mukti Lal
Asked by Chirag: What is the unit economics outlook for EBITDA per kg given historical levels were higher?
p. 16
“Then this is slightly challenge and might be like we also bear that cost for some extent.”
Mukti Lal, page 16 of the filed PDF · View the filing
Management said the company is refocusing on D2C deliveries and B2B movement for e-commerce platforms rather than quick-commerce, targeting SME and second-line clients rather than large platforms.
Answered by Mukti Lal
Asked by Pravesh Kochar: What is TCI Express doing in the e-commerce business and who are its competitors?
p. 19
“No Qcommerce, we are really not going under that. This is not in our strategy actually.”
Mukti Lal, page 19 of the filed PDF · View the filing
Risks flagged
Geopolitical tensions and conflict in West Asia raising airline fuel prices and logistics costs
p. 3
“The operating environment during the quarter remained challenging due to the geopolitical tensions and the conflict in West Asia, which resulted in elevated airline fuel prices and increased logistics costs across the industry.”
Chander Agarwal, page 3 of the filed PDF · View the filing
Higher labor costs and disruptions from voter-related SIR activities
p. 4
“Additionally, higher labor costs and temporary business disruptions were arising from the voter-related SIR activities impacted operating conditions across select markets.”
Chander Agarwal, page 4 of the filed PDF · View the filing
Airline consolidation affecting margins beyond company control
p. 9
“Second thing, margin level type as we mentioned in the last time also, one reason was to consolidation of airlines, which is again beyond our control and we are now trying to be, I mean, this quarter is again a disrupted quarter for that rate prices and all you are aware about that.”
Mukti Lal, page 9 of the filed PDF · View the filing
Privatization of airport funds increasing costs beyond company control
p. 9
“Another thing is obviously privatization of the airport funds. So it is also beyond our control.”
Mukti Lal, page 9 of the filed PDF · View the filing
Disproportionate rise in labor costs across the industry
p. 10
“Third thing, labor costs everybody is talking about an industry where labor cost is unproportionately increased for every logistic player, which is also having on my overall cost is almost increased by 100 basis points, though this cost is like less than 10% to overall cost.”
Mukti Lal, page 10 of the filed PDF · View the filing
Unpredictable geopolitical environment creating uncertainty in fuel prices and cost pass-through
p. 12
“Otherwise, supposing is stable. That's why we are giving a cautious statement also because this time is highly, highly unpredictable environment is going on.”
Mukti Lal, page 12 of the filed PDF · View the filing
Rupee depreciation and rising input costs beyond fuel
p. 16
“Like dollar is what you've seen is in a worse condition rupee dollar ratio and all and labor cost is still bound because government want to give us social security to these guys, minimum wages is increasing continuously and over and above, like state government also want to be like putting very high pressure to implement these norms by every state and we are a Pan India company.”
Mukti Lal, page 16 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.