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Latest filing: 2026-08-14 21:07
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Tejas Cargo Wins ₹135.56 Cr in New Orders Across Mining, EV Logistics and Fly Ash
Tejas Cargo India Limited reported securing ₹135.56 Cr in new order wins and renewals across 7 contracts during April–July 2026, marking an expansion into bauxite mining and industrial EV fleet operations. Significant multi-year deals include an 8-year ₹38.00 Cr EV contract with Dalmia Cements, a 5-year ₹27.00 Cr EV contract with Jindal Stainless Steel, and a 5-year ₹28.00 Cr bauxite mining order from CMDC. Additionally, the company added 43 vehicles (including 20 EVs and 10 car carriers) to expand its operational fleet.
Confidence: HIGH
What changedTejas Cargo bagged ₹135.56 Cr in new logistics and mining contracts while adding 43 vehicles to its operating fleet.
Why it mattersThe multi-year contracts (5 to 8 years) in EV transportation and bauxite mining broaden revenue visibility and diversify the business mix away from traditional FTL client concentration.
Total new order value: ₹135.56 CrDalmia Cements EV contract: ₹38.00 CrCMDC Bauxite Mining contract: ₹28.00 CrJindal Stainless EV contract: ₹27.00 CrFleet addition: 43 vehicles
📅 Short termShort-term contracts in fly ash (CSPGCL, RVNL, Shivalaya) and coal multimodal transport (Hindalco) will begin immediate execution and cash flows over the next 2-6 months.
📈 Long termExpansion into industrial EV dedicated fleets and mining operations provides annuity-like long-term revenue visibility, supporting margin expansion and lower client concentration.
⚠ Risk flags
- Pending blast approval required prior to commercial commencement of the CMDC bauxite mining project
- Operational and maintenance performance risks on newly deployed commercial EV fleets
- Historically elevated client concentration in the logistics segment
Key Highlights
Secured total new order value of ₹135.56 Cr across 7 contract wins and renewals during April–July 2026
Bagged long-term EV deployment deals worth ₹38.00 Cr (8 years with Dalmia Cements) and ₹27.00 Cr (5 years with Jindal Stainless)
Awarded a 5-year ₹28.00 Cr bauxite mining work order from Chhattisgarh Mineral Development Corporation (CMDC)
Added 43 vehicles to fleet, comprising 20 EVs, 10 car carriers, 10 SXL trailers (32 ft), and 3 tippers
👀 What to Watch
Track the receipt of blast approvals for the CMDC bauxite mining project to begin operations, and monitor execution milestones on the 20 newly deployed industrial EVs.
ICRA Reaffirms [ICRA]BBB+ (Stable) Rating; Total Rated Debt Enhanced to Rs 301 Cr
ICRA has reaffirmed Tejas Cargo India Limited's long-term rating at [ICRA]BBB+ (Stable) and short-term rating at [ICRA]A2. The total rated bank facilities have been enhanced from Rs 200 crore to Rs 301 crore to support business growth. The company reported a 25% revenue increase in FY2026 to Rs 628 crore, maintaining a healthy interest coverage ratio of 6.4x. While operating margins moderated to 17%, the financial profile remains stable with a gearing of 1.1x.
Confidence: HIGH
What changedICRA reaffirmed the company's existing credit ratings while assigning ratings to an additional Rs 101 crore of bank facilities, bringing the total rated amount to Rs 301 crore.
Why it mattersThe rating reaffirmation and limit enhancement provide the company with the necessary financial headroom to fund its 20% growth target and expand its fleet of 1,231 vehicles into specialized segments like car carriers and EVs.
Total Rated Amount: Rs 301.00 crFY2026 Revenue: Rs 628 crInterest Coverage Ratio: 6.4xGearing Ratio: 1.1xRated Debt vs FY26 Revenue: 47.9%
📅 Short termThe reaffirmation of the 'Stable' outlook suggests no immediate credit concerns, and the enhanced limits indicate continued support from lenders for working capital and term loans.
📈 Long termThe company's shift toward a mix of owned and leased vehicles and its entry into the EV and mining sectors are structural changes that will determine if it can sustain its 20% growth rate while managing a 1.1x gearing.
⚠ Risk flags
- High client concentration with top 10 clients contributing 78% of revenue
- Exposure to fuel price volatility and toll charge increases
- Potential margin moderation due to increased proportion of leased vehicles
Key Highlights
Total rated bank facilities increased by 50.5% from Rs 200 crore to Rs 301 crore
Revenue grew 25% year-on-year to Rs 628 crore in FY2026 from Rs 503 crore in FY2025
Long-term fund-based term loans enhanced to Rs 147 crore from Rs 89 crore
Interest coverage ratio remains robust at 6.4x with a gearing of 1.1x as of March 31, 2026
Operating profit margin stood at approximately 17% in FY2026 despite some moderation
👀 What to Watch
Monitor the company's ability to maintain its 17% operating margin amidst rising fuel and toll costs, and track the utilization of the enhanced Rs 301 crore credit limit for fleet expansion.
