TCI Express Limited reported revenue of ₹327 crore for the quarter ended March 31, 2026, representing a year-on-year growth of 6%. Profit after tax for the quarter stood at ₹21 crore with a margin of 6.3%. For the full financial year FY26, the company recorded a total income of ₹1,236 crore and a profit after tax of ₹90 crore. The company released the transcript of its earnings call conducted on May 29, 2026, to discuss these audited standalone and consolidated financial results.

Financial Performance

The company achieved an EBITDA of ₹37 crore in Q4FY26, an 11% increase compared to the corresponding period of the previous year, with an EBITDA margin of 11.3%. For the full year, EBITDA reached ₹146 crore, reflecting a margin of 11.7%. TCI Express maintained a debt-free balance sheet with a net cash position of approximately ₹136 crore as of March 2026. The return on capital employed for FY26 was around 20%.

Operational Highlights

During the quarter, the company handled a volume of 267,000 tons, recording a 4% year-on-year growth. For the full year, TCI Express surpassed 1 million tons of cargo handled. The surface express business remained the largest contributor, while other verticals such as Rail Express and Domestic Air Express reported strong growth. Capacity utilization during the quarter was around 83.25%. The company incurred capital expenditure of ₹67 crore during the year, primarily towards branch expansion, construction of sorting centers, and technology enhancement.

Strategic Outlook

Looking ahead to FY27, the management has guided for a revenue growth of 15% and volume growth of 10%. The company aims to increase its EBITDA margin by 100 to 150 basis points. TCI Express plans to open 100 branches in the current financial year and continues to focus on strengthening its multimodal logistics capabilities. The transcript of the earnings call is available on the company's official website.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE586V01016/45c79da637264eff.pdf

TCI Express continues to attract institutional attention as global brokerage Jefferies maintains its Buy rating on the stock, even as it revises its target price to ₹635 from ₹805. The brokerage's updated assessment reflects a nuanced view of the company's near-term growth prospects alongside its longer-term recovery potential.

Jefferies Retains Positive Stance Amid Target Revision

Despite the reduction in target price, Jefferies' decision to retain a Buy rating signals continued confidence in TCI Express's fundamental outlook. The brokerage cites an ongoing recovery as a primary driver of its constructive view, suggesting that the business is on a gradual path toward improved performance.

The key details from Jefferies' updated assessment are summarised below:

Key Factors Underpinning the Buy Call

Jefferies highlights several factors supporting its positive stance on TCI Express:

• Continued Recovery: The brokerage acknowledges that the company's recovery remains on track, forming the foundation of its Buy thesis.
• Volume Growth Guidance: Management has guided for single-digit volume growth for June 2026, providing near-term visibility into business momentum.
• Attractive Valuations: Current valuations are noted to be near historic lows, which Jefferies views as an attractive entry point for investors.
• Capex Spillover: There is a possibility that capital expenditure plans may spill over into FY28, which could have implications for the company's investment cycle and capacity expansion timeline.

Context on Target Price Revision

The reduction in target price from ₹805 to ₹635 reflects a recalibration of expectations, even as the overall investment recommendation remains unchanged. The maintained Buy rating alongside the revised target suggests that Jefferies views the current risk-reward as favourable, particularly given valuations that are described as being near historic lows. The potential capex spillover into FY28 adds a layer of consideration for investors monitoring the company's capital allocation strategy.