TCI Express Limited (TCIEXP) — Financial Results | 4 June 2026

TCI Express reported Q4 FY26 revenue of ₹327 crores, up 6% YoY, and EBITDA of ₹37 crores, up 11% YoY, with full-year revenue at ₹1,236 crores and EBITDA margin at 11.7%. The company highlighted a debt-free balance sheet, strong liquidity (current ratio 3x, net cash ₹136 crores), and maintained working capital efficiency. Capex was revised to ₹400 crores (FY23-FY27), with ₹130 crores spent in FY26. Management expects 100-150 bps margin expansion by FY27, driven by multimodal growth (18.5% current, targeting 20-25% by 2030), volume growth of 8-10% in FY27, and e-commerce contribution rising from 2.5% to 5%. Strategic investments include automation at Nagpur, Kolkata, and Ahmedabad (ramping up by FY28 H2), with 100 new branches planned. Depreciation rose 50% to ₹9 crores due to new leases, and fuel cost increases are being passed through with further hikes expected.