TCI Trading (Dharmpal Agarwal) disposed of 46,000 equity shares of TCI Express to TCI Express Consolidated Limited through an inter-se transfer executed via the open market. The transactions were completed on August 11 and August 12, 2026, as disclosed under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The restructuring within the promoter group resulted in a shift in shareholding percentages without altering the company's total equity capital. TCI Trading's stake decreased from 6.15% to 6.03%, while TCI Express Consolidated Limited's holding rose from 44.72% to 44.84%.

Transaction Details

Both entities are part of the promoter group of TCI Express Limited. The disclosures were signed by Ramesh Chand Pahuja, authorised signatory, on behalf of both parties.

Capital Structure

The total equity share capital of TCI Express Limited remains at ₹7,68,37,980, divided into 3,84,18,990 equity shares of ₹2.00 each. There were no changes to the total diluted share or voting capital following the transfer. No warrants, convertible securities, or other instruments entitling holders to receive shares carrying voting rights were involved in the transaction.

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.