Transport Corporation of India Limited (TCI)
₹864.20 -1.20% last close, 16 Oct
Q2 FY27 results
📅 Next results: 27 Oct 2026 (board meeting)Transport Corporation of India Limited's board meets on 27 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Transport's revenue was ₹1,248 Cr (+9.6% year on year, -5.7% on the previous quarter), and net profit ₹107 Cr (-0.6% year on year); the operating margin was 10.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,248 | +9.6% | -5.7% |
| Operating profit | ₹135 | +11.7% | -4.8% |
| Net profit | ₹107 | -0.6% | -14.0% |
| EPS (₹) | 13.77 | -0.9% | -14.5% |
| Operating margin | 10.8% | — | — |
TCI delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 46.82% of the TCI shares traded on NSE were taken to delivery, against the stock's own 20-session average of 50.64%. That is close to its usual level. Volume was under a tenth of its average.
Delivery in the last 5 sessions: 39.7% · 41.8% · 56.4% · 46.7% · 46.8%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Transport Corporation of India Limited (TCI) submitted its quarterly compliance report regarding the re-lodgement of transfer requests for physical shares under SEBI's special window for the quarter ended September 30, 2026. According to Registrar KFin Technologies Limited, zero requests were received, processed, approved, or rejected during the period from July 1, 2026, to September 30, 2026. This is a purely statutory disclosure with no operational or financial bearing on the company.
- Zero (Nil) share transfer re-lodgement requests received during Q2 FY27 (July 1, 2026 to September 30, 2026)
- Nil requests processed, approved, or rejected by RTA KFin Technologies
- Filing submitted pursuant to SEBI Circulars dated July 2, 2025 and January 30, 2026
Transport Corporation of India Limited (TCI) has issued its Letter of Offer for a share buyback of up to 15,62,500 equity shares via tender offer. The buyback is priced at ₹960 per share, representing a 13.8% premium over the current market price of ₹843.9, for a total deal size of up to ₹150 crore. The buyback represents up to 2.03% of paid-up equity shares and 6.15% of consolidated net worth as of March 31, 2026. The tendering window opens on October 15, 2026, and closes on October 22, 2026, following the record date of October 9, 2026.
- Buyback size up to ₹150 crore comprising up to 15,62,500 equity shares (2.03% of total equity)
- Buyback price fixed at ₹960 per equity share, against the current price of ₹843.9
- Tendering window opens on October 15, 2026, and closes on October 22, 2026
- Reserved entitlement for small shareholders set at 32 shares for every 257 shares held on the record date
- Final bid settlement scheduled on or before October 28, 2026
CARE Ratings has reaffirmed Transport Corporation of India's (TCI) long-term bank facilities of ₹300 crore at 'CARE AA+; Stable' and reaffirmed ₹50 crore carved-out Commercial Paper at 'CARE A1+'. Additionally, a new ₹100 crore standalone Commercial Paper program was assigned an 'CARE A1+' rating to support working capital amidst upcoming capex plans. The ratings highlight TCI's low leverage (net cash position, total debt of ₹252 crore against net worth of ₹2,381 crore) and ~12.5% revenue CAGR over five years ending FY26. However, rating constraints remain focused on the supply chain division's 70–80% concentration in the automobile sector.
- Reaffirmed rating of 'CARE AA+; Stable' on ₹300 crore long-term bank facilities
- Assigned new 'CARE A1+' rating to proposed ₹100 crore Commercial Paper
- Reaffirmed 'CARE A1+' rating on ₹50 crore carved-out Commercial Paper
- Company reported FY26 total operating income growth of 9.5% YoY to ₹4,916.80 crore
- Automobile sector accounts for 70–80% of revenue in the Supply Chain Solutions division
Transport Corporation of India Limited (TCI) has issued a corrigendum to its Public Announcement dated September 29, 2026, regarding its proposed tender offer buyback. The company is buying back up to 15,62,500 fully paid-up equity shares (face value ₹2) at ₹960 per share, totaling up to ₹150 crore. The buyback amount represents approximately 2.2% of TCI's current market capitalization of ₹6,774 crore and 6.3% of its net worth (₹2,381 crore). The corrigendum was published on October 1, 2026, across Financial Express, Jansatta, and Nava Telangana.
- Buyback size capped at an aggregate amount of up to ₹150 crore
- Buyback price fixed at ₹960 per equity share against current market price of ₹876.9
- Up to 15,62,500 equity shares to be repurchased via tender offer route
- Corrigendum published on October 1, 2026, in Financial Express, Jansatta, and Nava Telangana
Transport Corporation of India (TCI) has approved a share buyback of up to 1,562,500 equity shares (2.03% of paid-up capital) via a tender offer route. The buyback is priced at ₹960 per share, representing a 10% premium to its current price of ₹872.5, for a total outlay of up to ₹150 crore (~2.2% of market cap). Promoter and promoter group members have expressed their intention not to participate. The board has fixed October 9, 2026, as the record date for determining shareholder eligibility.
- Buyback of up to 1,562,500 equity shares at ₹960 per share, payable in cash
- Total aggregate buyback size not exceeding ₹150,000,000 (₹150 crore)
- Represents 2.03% of total paid-up equity shares and 6.15% of consolidated net worth/reserves as of March 31, 2026
- Record date fixed for October 9, 2026; promoters will not participate in the buyback
- 15% of the offer is reserved for small retail shareholders as per SEBI regulations
Transport Corporation of India Limited (TCI) has issued a public announcement for a share buyback of up to 15,62,500 fully paid-up equity shares via the tender offer route. The buyback price is set at ₹960 per share, representing an aggregate outlay of up to ₹150 crore. The buyback price is at a premium of approximately 10.5% over the latest closing price of ₹868.8. The total buyback size constitutes approximately 2.2% of TCI's current market cap (₹6,712 crore) and 6.3% of its net worth (₹2,381 crore).
- Board approved buyback of up to 15,62,500 equity shares of face value ₹2 each
- Buyback price fixed at ₹960 per equity share payable in cash
- Total aggregate transaction value not exceeding ₹150 crore (₹1,500,000,000)
- Executed on a proportionate basis through the tender offer route under SEBI Buyback Regulations
- Public announcement published on September 30, 2026 across English, Hindi, and Telugu editions
Transport Corporation of India (TCI) approved a buyback of up to 1,562,500 equity shares (2.03% of paid-up capital) at ₹960 per share via the tender offer route, aggregating up to ₹150 crore. The buyback price represents a 10.5% premium over the current share price of ₹868.70. Notably, the promoter group (holding 68.66% as of June 2026) has communicated their intention to not participate in the buyback. Consequently, the acceptance ratio for public and retail shareholders will be significantly higher, and the promoter stake will increase post-buyback.
- Buyback size of up to ₹150 crore representing up to 1,562,500 equity shares (2.03% of paid-up capital)
- Buyback price fixed at ₹960 per share, a 10.5% premium to the closing price of ₹868.70
- Promoter group communicated in writing on September 29, 2026, their intention to not participate in the buyback
- Buyback size represents approximately 2.2% of TCI's market cap of ₹6,711 crore and 6.3% of its net worth (₹2,381 crore)
Transport Corporation of India (TCI) approved a tender offer buyback of up to 15,62,500 shares (2.03% of equity) at ₹960 per share, totaling up to ₹150 crore. The buyback price represents a ~12% premium over the current market price of ₹856.9, with promoters (holding 68.66%) choosing not to participate. Additionally, the board approved incorporating a wholly-owned subsidiary in China with an investment of up to USD 2 million (~₹16.7 crore) to support an India-China-Far East trade corridor. The record date for the buyback is October 9, 2026.
- Share buyback of up to 1,562,500 shares (2.03% equity) at ₹960 per share, totaling ₹150 crore
- Promoters holding 68.66% stake will not participate in the buyback tender offer
- Record date set as October 9, 2026 to determine shareholder eligibility
- Approval to incorporate a Wholly Owned Foreign-Owned Enterprise in China with financial commitment up to USD 2 million
Transport Corporation of India (TCI) approved a tender offer buyback of up to 15,62,500 shares (2.03% of equity) at ₹960 per share, totaling up to ₹150 crore. The buyback price represents a ~12% premium over the current market price of ₹856.9, with promoters (holding 68.66%) choosing not to participate. Additionally, the board approved incorporating a wholly-owned subsidiary in China with an investment of up to USD 2 million (~₹16.7 crore) to support an India-China-Far East trade corridor. The record date for the buyback is October 9, 2026.
- Share buyback of up to 1,562,500 shares (2.03% equity) at ₹960 per share, totaling ₹150 crore
- Promoters holding 68.66% stake will not participate in the buyback tender offer
- Record date set as October 9, 2026 to determine shareholder eligibility
- Approval to incorporate a Wholly Owned Foreign-Owned Enterprise in China with financial commitment up to USD 2 million
Transport Corporation of India (TCI) approved a tender offer buyback of up to 15,62,500 shares (2.03% of equity) at ₹960 per share, totaling up to ₹150 crore. The buyback price represents a ~12% premium over the current market price of ₹856.9, with promoters (holding 68.66%) choosing not to participate. Additionally, the board approved incorporating a wholly-owned subsidiary in China with an investment of up to USD 2 million (~₹16.7 crore) to support an India-China-Far East trade corridor. The record date for the buyback is October 9, 2026.
- Share buyback of up to 1,562,500 shares (2.03% equity) at ₹960 per share, totaling ₹150 crore
- Promoters holding 68.66% stake will not participate in the buyback tender offer
- Record date set as October 9, 2026 to determine shareholder eligibility
- Approval to incorporate a Wholly Owned Foreign-Owned Enterprise in China with financial commitment up to USD 2 million
Transport Corporation of India Limited (TCI) approved a share buyback of up to 1,562,500 shares (2.03% of paid-up capital) at ₹960 per share via the tender offer route, aggregating to ₹150 Cr. The buyback price reflects a 12.0% premium over the market price of ₹856.9, with promoters opting not to participate, effectively boosting public shareholding entitlement. The record date is fixed for October 9, 2026. Separately, the board approved incorporating a wholly owned subsidiary in China with an investment of up to USD 2 million to strengthen international corridors.
- Buyback of up to 1,562,500 shares (2.03% of equity capital) at ₹960 per share
- Total buyback size capped at ₹150 Cr (6.15% of consolidated net worth and free reserves)
- Record date set for October 9, 2026, with promoter group choosing not to participate
- Approved incorporation of a Wholly Owned Foreign-Owned Enterprise (WFOE) in China with up to USD 2 Million financial commitment
Transport Corporation of India Limited (TCI) announced the immediate closure of its trading window ahead of a Board of Directors meeting scheduled for September 29, 2026. The board will meet to consider and approve a proposal for the buyback of fully paid-up equity shares. In addition to the buyback considerations, the trading window will remain closed continuously until 48 hours after the declaration of financial results for the quarter and half-year ending September 30, 2026.
- Board meeting scheduled on September 29, 2026, to consider a share buyback proposal
- Trading window closed with immediate effect from September 24, 2026
- Window to remain closed until 48 hours after declaration of Q2 / H1 results ending September 30, 2026
Transport Corporation of India Limited (TCI) has issued notices to shareholders regarding the proposed transfer of equity shares to the Investor Education and Protection Fund (IEPF) Authority under Section 124(6) of the Companies Act, 2013. The transfer applies to shares where dividends have remained unclaimed for seven consecutive years starting from FY 2019-20 (1st interim dividend). Affected shareholders are required to claim their unpaid amounts on or before December 11, 2026, failing which the shares and dividends will be credited to the IEPF.
- Notices dispatched on September 11, 2026, to concerned shareholders via RTA KFin Technologies.
- Unclaimed dividends starting from FY 2019-20 (1st interim dividend) face transfer after 7 consecutive years.
- Cut-off deadline to submit claims before shares and dividends transfer to IEPF is December 11, 2026.
- Full details of affected folio numbers and shares are hosted on the company's website.
Transport Corporation of India (TCI) reported a 9% consolidated top-line growth for Q1 FY27, marking its 24th consecutive quarter of growth. The company aggressively deployed Rs 167 Cr in capex during the quarter, which is approximately 45% of the total capex spent in FY26. Management maintained a full-year growth guidance of 10-12% for the freight business and 12-15% for supply chain solutions, despite headwinds from high bunker prices (Rs 86,000/ton) and port congestion at JNPT.
- Consolidated revenue grew by 9% YoY, representing the 24th consecutive quarter of growth for the company.
- Deployed Rs 167 Cr in capex during Q1 FY27, a significant portion compared to the Rs 370 Cr total capex in FY26.
- Bunker fuel prices for the Seaways division reached approximately Rs 86,000 per ton due to the West Asia crisis.
- Reported significant port congestion with a backlog of 10,000-12,000 containers at JNPT affecting logistics efficiency.
- Maintained a cash balance of approximately Rs 160 Cr as of the end of the quarter.
Transport Corporation of India (TCI) has made the audio recording of its Q1 FY2027 analyst conference call available to the public. The call, held on August 03, 2026, discussed the company's performance for the quarter ended June 30, 2026. TCI currently maintains a TTM revenue of Rs 4,917 Cr and a strong ROCE of 21.0%. This disclosure is a standard regulatory requirement following the announcement of quarterly financial results.
- Audio recording of the conference call held on August 03, 2026, is now accessible.
- The call pertains to the unaudited standalone and consolidated financial results for Q1 FY2027.
- TCI operates with a market capitalization of Rs 7,072 Cr and a low Debt/Equity ratio of 0.11.
- Management maintains a long-term expected growth rate target of 10-12%.
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 11.5% YoY to INR 4,507.9 Cr in FY2025. By segment: Freight division (48% of revenue) saw a -0.9% decline in 6M FY2026 to INR 836.4 Cr; Supply Chain Solutions (39% of revenue) grew 14% in 6M FY2026 to INR 917.9 Cr; Seaways division (13% of revenue) grew 12.5% in 9M FY2025 to INR 3,313 Cr (consolidated 9M).
Geographic Revenue Split
Primarily India-based with cross-border deliveries across SAARC-BBIN regions. Specific regional % splits are not disclosed, but the company operates 25 strategically located hubs across India.
Profitability Margins
Operating Profitability Margin (OPM) remained steady at 10.6% in FY2025. PAT margin (including JV profits) was 8.8% in FY2024 (INR 354 Cr) and improved to 9.3% in FY2025 (INR 419 Cr).
EBITDA Margin
EBITDA margin (excluding JV profit) was 10.2% in 9M FY2025. Segmental EBIT margins: Seaways improved from 25.1% to 32.3% in FY2025 due to steady freight rates; Freight declined from 3.2% to 2.6% due to subdued volumes and fixed costs; SCS remained stable at 6.1% in 6M FY2026.
Capital Expenditure
Planned capex of INR 1,000 Cr over the medium term (3 years). FY2026 budget is INR 450 Cr, including INR 132 Cr for Hub centers/warehousing, INR 135 Cr for ships, INR 128 Cr for trucks/rakes, and INR 43 Cr for IT/equipment.
Credit Rating & Borrowing
Reaffirmed [ICRA]AA (Stable) for long-term facilities and [ICRA]A1+ for commercial paper. Interest coverage ratio stood at 23.8 times in FY2025, down from 32.3 times in FY2024 due to marginal debt increases.
Operational Drivers
Raw Materials
Fuel (Diesel) is the primary operational cost, representing a significant portion of freight and shipping expenses. Lower fuel prices in Q2 FY2026 helped maintain Seaways margins despite lower volumes.
Import Sources
Domestic procurement for fuel and equipment; ships are often sourced or built internationally (e.g., new ship delivery expected by Q1 FY2027).
Key Suppliers
Mitsui & Co. (JV partner for Cold Chain and Transystem), Container Corporation of India (JV partner for TCI-CONCOR), and various shipbuilders for fleet expansion.
Capacity Expansion
Adding 2 new ships by Q1 FY2027 to address retirement of older vessels. Added 100 trucks in the SCS division in H1 FY2026. Expanding hub-and-spoke network with 25 existing hubs.
Raw Material Costs
Fuel costs are highly volatile; Seaways EBIT margin improved to 30.9% in 9M FY2025 partly due to fuel price stabilization and steady freight rates.
Manufacturing Efficiency
Asset-light model in the Freight division allows for high ROCE (14.9% in 6M FY2026) despite low EBIT margins (2.7%).
Logistics & Distribution
Distribution network includes 25 hubs and a focus on LTL to optimize truck utilization and increase yield per kilometer.
Strategic Growth
Expected Growth Rate
10-12%
Growth Strategy
Focus on increasing LTL share in freight to improve margins; expanding 3PL services in the SCS division (industry growing at 15% CAGR); adding 3 ships to the seaways fleet; and leveraging JVs with Mitsui for cold chain and Concor for rail-road multimodal services.
Products & Services
Full Truck Load (FTL), Less Than Truck Load (LTL), Coastal Shipping, 3PL Supply Chain Management, Temperature-controlled Warehousing (Cold Chain), and Multimodal Rail-Road transport.
Brand Portfolio
TCI Freight, TCI Supply Chain Solutions, TCI Seaways, TCI-CONCOR (JV), TCI Cold Chain, Transystem (JV).
New Products/Services
Expansion of 'TCI Chem Log' via slump sale and increased focus on 'Quick Commerce' and FMCG restructuring in the SCS segment.
Market Expansion
Deepening presence in SAARC-BBIN regions for cross-border logistics and expanding the hub-and-spoke network for the auto sector.
Market Share & Ranking
Market leader in the organized logistics segment in India.
Strategic Alliances
49% JV with Container Corporation of India (TCI-CONCOR); 20% JV with Mitsui & Co. (TCI Cold Chain); 49% JV with Mitsui (Transystem Logistics) for Toyota Kirloskar.
External Factors
Industry Trends
3PL penetration in India is 4.5% vs 11% globally, providing a 15% CAGR growth opportunity. Shift toward multimodal transport to reduce carbon footprint and logistics costs.
Competitive Landscape
Faces intense competition from unorganized players in road freight and new-age tech startups in the 3PL space.
Competitive Moat
Durable moat through an integrated multimodal network (Road-Rail-Sea), asset-light freight model, and long-standing JVs with global leaders like Mitsui and Concor.
Macro Economic Sensitivity
Highly sensitive to GDP growth and infrastructure spending. GST implementation has accelerated the shift from unorganized to organized players.
Consumer Behavior
Rising demand for 'Quick Commerce' and integrated customized solutions is driving SCS growth.
Geopolitical Risks
Global supply chain disruptions and fuel price volatility impact shipping and freight costs.
Regulatory & Governance
Industry Regulations
Compliance with GST and e-way bill regulations; maritime regulations regarding ship safety and age; road safety norms for driver training.
Environmental Compliance
Ship operations are subject to age-factor regulations, necessitating the retirement of older vessels and investment in new fleet.
Taxation Policy Impact
Effective tax rate not specified, but PAT includes significant dividend income from JVs (expected INR 60-65 Cr in FY2025).
Legal Contingencies
No significant pending court cases or values disclosed in the provided documents.
Risk Analysis
Key Uncertainties
Vulnerability of the FTL segment to economic downturns (44% of revenue). Potential margin compression in SCS if capacity addition (trucks/warehouses) outpaces revenue recognition.
Geographic Concentration Risk
Heavy concentration in the Indian market, particularly in industrial and automotive hubs.
Third Party Dependencies
High dependence on the driver community; retaining human capital is critical for disruption-free operations.
Technology Obsolescence Risk
Risk of falling behind new-age logistics startups; mitigated by INR 430 Mn planned investment in IT and automation.
Credit & Counterparty Risk
Receivables are monitored; a stretch beyond 90 days is identified as a primary downward rating sensitivity factor.
