TCI Express Limited shareholders convened for the company’s 18th Annual General Meeting (AGM) on August 06, 2026, to approve critical board-level appointments and adopt financial statements for FY26. The meeting, conducted via Video Conferencing/Other Audio Visual Means (VC/OAVM), saw the consideration of four special resolutions and two ordinary resolutions, marking a significant update to the company’s leadership structure.

The proceedings were chaired by Mr. D. P. Agarwal, who welcomed members and confirmed the presence of the requisite quorum. The Company Secretary and Compliance Officer, Ms. Priyanka, briefed attendees on statutory procedures, including the non-applicability of proxy facilities and the availability of remote e-voting. She further informed members that the Statutory Auditors' Report and Secretarial Audit Report contained no qualifications, adverse remarks, or disclaimers with material impact on the financial statements or company affairs.

Key Resolutions Approved

The Board sought shareholder approval for several governance-related matters. The ordinary resolutions included receiving and adopting the Audited Financial Statements (Standalone and Consolidated) for the financial year ended March 31, 2026, along with the Reports of the Board of Directors and Auditors. Additionally, shareholders considered the re-appointment of Mr. Vineet Agarwal (DIN: 00380300), who retires by rotation and offered himself for re-appointment as a Director.

The special resolutions focused on expanding and renewing key board positions:

Leadership Changes

The most material outcome of the AGM was the restructuring of the independent director slate and the renewal of the Managing Director’s term. Shareholders approved the appointment of Mr. Pavan Kumar Munjuluri (DIN: 01514557) and Mr. Vikram Singh Mehta (DIN: 02200425) as Non-Executive Independent Directors for a first term of five consecutive years each.

Furthermore, the Board secured approval for the re-appointment of Mr. Chander Agarwal (DIN: 00818139) as Managing Director for a further term of five consecutive years. This resolution also included the approval of his remuneration and the terms and conditions of his re-appointment. The final special resolution addressed the payment of remuneration by way of commission to the Non-Executive and/or Independent Directors.

Voting and Compliance

The company facilitated remote e-voting for all resolutions listed in the AGM notice. Ms. Priyanka informed members that the e-voting window remained open for 15 minutes post-meeting conclusion. Queries from registered speaker shareholders were addressed by Mr. Chander Agarwal, Mr. Mukti Lal, and the management team during the session. Unanswered queries may be directed to secretarial@tciexpress.in .

The voting results, accompanied by the Scrutinizer's Report, are expected to be declared within two working days of the meeting’s conclusion. Upon declaration, the resolutions will be deemed passed if approved by the requisite majority under the Companies Act, 2013, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results will be uploaded to the company website and submitted to the stock exchanges in compliance with Regulation 30 read with Part A of Schedule III of the SEBI LODR Regulations, 2015, and SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

TCI Express reported a 6.7% year-on-year increase in standalone net profit to ₹22.4 crore for the quarter ended June 30, 2026 (Q1FY27), driven by robust growth across its multimodal logistics portfolio. Total income rose 8.7% to ₹315.3 crore, supported by an 8.8% increase in revenue from operations to ₹311.9 crore. The company’s debt-free balance sheet and asset-light model continued to underpin consistent cash flow generation, while the e-commerce segment emerged as the fastest-growing vertical with a 63% YoY surge. This performance underscores the company's ability to maintain margin discipline despite elevated industry-wide operating costs.

The Board of Directors approved the unaudited financial results at its meeting held on August 06, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results were reviewed by the Audit Committee and subjected to a limited review by statutory auditors Brahmayya & Co., Chartered Accountants, under Standard on Review Engagements (SRE) 2410.

Financial Performance

Standalone EBITDA increased 10.8% YoY to ₹37.0 crore, reflecting improved operational efficiency. Basic earnings per share (EPS) stood at ₹5.70, up from ₹5.40 in the corresponding quarter of FY26. Consolidated net profit rose 5.2% YoY to ₹20.5 crore. The company maintained an EBITDA margin of 11.7% and a PAT margin of 7.1%.

*Profit before exceptional items and tax.

Segment-Wise Growth Drivers

Surface Express remained the largest revenue contributor, growing 8.7% YoY due to higher business from existing customers and new account additions. The company expanded its network by adding 10 new branches in Q1FY27, bringing its total branch count to over 1,000 locations nationwide. Domestic Air Express recorded a 28.8% YoY growth, driven by enterprise customer acquisitions and optimized airline partnerships. International Air Express grew 27.3% YoY through expanded global carrier collaborations and customer win-backs.

The standout performer was the E-Commerce Express business, which surged 63.0% YoY, fueled by higher shipment volumes from e-commerce platforms and direct-to-consumer brands. C2C Express also showed momentum with wider regional coverage and fleet expansion. Rail Express strengthened its operational reach across major commercial corridors.

What the Numbers Show

The divergence between top-line growth (8.8%) and EBITDA expansion (10.8%) indicates improving operating leverage, likely stemming from technology-led efficiency gains and better capacity utilization. The company maintained its industry-leading margin profile despite competitive pricing pressures in certain segments. With a net cash position of ₹160.2 crore and zero debt, TCI Express is well-positioned to fund further automation and network expansion without external financing. Management highlighted continued investment in technology-led initiatives and network optimization as key strategic priorities.

GST Dispute Update

Statutory auditors highlighted an emphasis of matter regarding a GST demand of ₹51.36 crore along with applicable interest and penalty raised by the Additional Commissioner of Central Goods and Services Tax, Gurugram Commissionerate. The demand pertains to GST liability under Reverse Charge Mechanism (RCM) on goods transport agency supplies received from transporters between July 01, 2017, and March 31, 2022. The company’s appeal before the Commissioner (Appeals) GST was rejected on December 30, 2025, and it has subsequently filed an appeal before the Goods and Services Tax Appellate Tribunal (GSTAT), Haryana. Management remains confident of prevailing against the department’s position and has not made any adjustments in the current quarter’s results.