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TCIEXP - TCI Express

📊 NSE: TCIEXP 🏢 Miscellaneous 📅 Last Updated: 12/14/2025 14:12

📢 Recent Corporate Announcements

TCI Express Q3 FY26: Revenue Up 6% YoY to ₹314 Cr, Declares ₹7 Interim Dividend

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 09 Feb 2026, 04:56 PM

TCI Express reported a stable Q3 FY26 with revenue growing 6% YoY to ₹314 crore and EBITDA margins at 11.6%. The company demonstrated strong growth in its non-surface segments, with Rail Express and International Air growing by 24% and 28% respectively. Management announced an interim dividend of ₹7 per share and revised its 5-year Capex guidance downwards to ₹400 crore. Despite a mixed industrial environment, the company remains debt-free with a healthy cash position of ₹146 crore.

Revenue for Q3 FY26 grew 6% YoY to ₹314 crore, while 9M FY26 revenue stood at ₹909 crore.
EBITDA for the quarter rose to ₹37 crore with an 11.6% margin; PAT reached ₹23 crore.
Strong performance in specialized segments: Rail Express (+24% YoY), International Air (+28% YoY), and C2C Express (+32% YoY).
Revised 5-year Capex plan to ₹400 crore from ₹500 crore, with ₹150 crore planned for the next 1.5 years.
Maintained a debt-free balance sheet with a net cash position of ₹146 crore and a 21-day working capital cycle.

💡 Investors should view the steady growth in high-margin non-surface segments and the dividend payout as positive signs of operational efficiency. Monitor the impact of revised pricing on future yields and the execution of the downsized Capex plan.

TCI Express Releases Q3 FY2026 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 03 Feb 2026, 06:31 PM

TCI Express Limited has released the audio recording of its analyst and institutional investor conference call held on February 3, 2026. The call focused on the company's financial performance for the third quarter and nine months ending December 31, 2025. This disclosure provides transparency into management's commentary regarding operational trends and growth drivers. Investors can access the recording on the company's official website to understand the nuances of the latest financial results.

Audio recording of the Q3 and 9M FY2026 earnings call is now available for public access.
The conference call was conducted on February 3, 2026, following the release of financial results.
The discussion covered the company's performance for the nine-month period ending December 31, 2025.
The recording is hosted on the company's website in compliance with SEBI Listing Regulations.

💡 Investors should listen to the recording to identify management's guidance on volume growth and margin sustainability in the express delivery market. Pay close attention to any commentary regarding the impact of economic conditions on B2B logistics demand.

TCI Express Q3 FY26: Strong Growth in C2C (32%+) and International Air (28%) Segments

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 03 Feb 2026, 03:44 PM

TCI Express reported robust growth across its specialized service verticals for Q3 FY26, with the C2C Express segment leading at 32%+ YoY growth. The International Air Express and Rail Express segments also showed strong momentum, growing by 28% and 24%+ respectively. The company is successfully leveraging its automated sorting centers in Taj Nagar and Chakan, which have improved sorting efficiency by 40%. Strategic expansions include the commencement of USA operations in January 2026 and the addition of 5 new branches to its 970+ branch network.

C2C Express segment recorded the highest growth of 32%+ YoY in Q3 FY26.
International Air Express grew by 28% YoY, with USA operations starting in Jan 2026.
Rail Express and Domestic Air Express segments grew by 24%+ and 14% YoY respectively.
Automation at Taj Nagar and Chakan sorting centers handles 15,000 and 11,000 packages per hour respectively.
Network expanded to 970+ company-owned branches covering 60,000+ locations.

💡 Investors should focus on the company's successful diversification into high-margin segments like Rail and International Air, which are outperforming the core surface business. The continued shift toward automation and an asset-light model provides a strong competitive moat for long-term margin expansion.

TCI Express Q3 Net Profit Rises to ₹22 Cr; Declares ₹7.00 Interim Dividend

🔵 WATCH ⭐ 8/10

EARNINGS 📅 03 Feb 2026, 03:34 PM

TCI Express reported a consolidated total income of ₹317.54 crore for Q3 FY26, a growth from ₹299.04 crore in the same quarter last year. Net profit for the quarter stood at ₹22.03 crore, up from ₹18.61 crore YoY, though it saw a slight sequential decline from ₹23.36 crore in Q2. The company declared a substantial interim dividend of ₹7.00 per share (350%). Investors should be aware of a persistent legal risk involving a ₹51.36 crore GST demand, for which a recent appeal was rejected.

Consolidated Total Income grew to ₹317.54 crore in Q3 FY26 from ₹299.04 crore in Q3 FY25.
Net Profit for the quarter increased to ₹22.03 crore compared to ₹18.61 crore in the corresponding previous year period.
Declared an interim dividend of ₹7.00 per equity share (350%) with a record date of February 07, 2026.
A ₹51.36 crore GST demand appeal was rejected on December 30, 2025; the company plans further legal action.
Basic EPS for the quarter stood at ₹5.74 compared to ₹4.85 in the same quarter last year.

💡 Investors should monitor the outcome of the GST litigation as the ₹51.36 crore demand is significant compared to annual profits. While the dividend payout is attractive, the sequential dip in profit suggests a need to watch operating margins closely.

TCI Express Declares 1st Interim Dividend of Rs 7.00 Per Share; Record Date Feb 07

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 03 Feb 2026, 03:32 PM

TCI Express Limited has announced its first interim dividend for the financial year 2025-26 at a rate of 350%. This results in a payout of Rs. 7.00 per equity share with a face value of Rs. 2.00. The company has designated February 07, 2026, as the record date for identifying eligible shareholders. The dividend will be paid within the statutory timeline to all registered members as of the record date.

Interim dividend of 350% amounting to Rs. 7.00 per equity share.
Record date for dividend eligibility fixed as February 07, 2026.
Dividend applies to equity shares with a face value of Rs. 2.00 each.
The announcement follows the Board Meeting held on February 03, 2026.

💡 Investors seeking to benefit from this dividend must ensure they hold the shares in their demat account before the ex-dividend date. This payout demonstrates the company's consistent policy of sharing profits with shareholders.

TCI Express Declares 1st Interim Dividend of Rs 7 Per Share for FY 2025-26

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 03 Feb 2026, 03:29 PM

TCI Express Limited has announced its first interim dividend for the financial year 2025-26. The Board of Directors approved a dividend of Rs 7.00 per equity share, representing a 350% payout on the face value of Rs 2. The company has fixed February 07, 2026, as the record date to determine eligible shareholders. This move demonstrates the company's consistent policy of sharing profits with its investors.

Interim dividend of Rs 7.00 per equity share declared for FY 2025-26
Dividend payout represents 350% of the face value of Rs 2 per share
Record date for dividend eligibility is set for February 07, 2026
Payment to be completed within the statutory time limit to registered members

💡 Investors interested in the dividend must hold the stock before the record date of February 07, 2026. The high payout ratio reflects strong cash flow generation and a shareholder-friendly management approach.

TCI Express Q3 Net Profit at ₹22.88 Cr; Declares ₹7.00 Interim Dividend

🔵 WATCH ⭐ 8/10

EARNINGS 📅 03 Feb 2026, 03:24 PM

TCI Express reported a standalone net profit of ₹22.88 crore for Q3 FY26, a slight increase from ₹22.54 crore in the same quarter last year. Total income rose to ₹317.54 crore, up from ₹298.89 crore YoY, reflecting steady operational growth. The company declared a significant interim dividend of ₹7.00 per share (350% of face value). However, a legal overhang persists as a ₹51.36 crore GST demand appeal was recently rejected by the Commissioner (Appeals), which the company plans to contest further.

Standalone Revenue from operations grew 6% YoY to ₹314.05 Cr in Q3 FY26.
Net Profit for the quarter stood at ₹22.88 Cr compared to ₹22.54 Cr in the previous year.
Declared an interim dividend of ₹7.00 per equity share with a record date of February 07, 2026.
GST demand of ₹51.36 Cr plus interest/penalty remains a concern after the appeal was rejected on December 30, 2025.
Basic EPS for the quarter is ₹5.97, showing marginal growth from ₹5.94 YoY.

💡 Investors should enjoy the healthy dividend payout but remain cautious regarding the ₹51.36 crore GST litigation. Monitor the company's next steps in the Appellate Tribunal as the rejection of the first appeal could lead to potential provisions in the future.

TCI Express Declares ₹7 Interim Dividend; Q3 Consolidated Net Profit Rises to ₹22.03 Cr

🟡 NEUTRAL ⭐ 7/10

DIVIDEND 📅 03 Feb 2026, 03:22 PM

TCI Express has declared an interim dividend of ₹7 per share (350% of face value) for FY 2025-26, with the record date set for February 07, 2026. The company reported a consolidated net profit of ₹22.03 crore for Q3 FY26, showing a modest growth from ₹20.68 crore in the corresponding quarter of the previous year. Total consolidated income for the quarter rose to ₹317.54 crore compared to ₹299.04 crore YoY. However, the company is currently contesting a significant GST demand of ₹51.36 crore plus interest and penalties following a recent appeal rejection.

Interim dividend of ₹7.00 per equity share declared with a record date of February 07, 2026
Consolidated Q3 FY26 Net Profit grew to ₹22.03 crore from ₹20.68 crore in Q3 FY25
Total Consolidated Income for the quarter increased to ₹317.54 crore vs ₹299.04 crore YoY
Company is contesting a GST demand of ₹51.36 crore after an appeal was rejected on December 30, 2025
9-month consolidated net profit stands at ₹65.40 crore, slightly down from ₹69.08 crore in the previous year

💡 Investors should note the dividend payout but remain cautious regarding the ₹51.36 crore GST litigation which could impact future cash flows if not resolved in the company's favor. The modest earnings growth indicates a stable performance, but the legal overhang is a key monitorable.

TCI Express Schedules Q3 & 9M FY26 Earnings Conference Call for February 3, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 28 Jan 2026, 03:59 PM

TCI Express Limited has announced its earnings conference call to discuss the un-audited financial results for the third quarter and nine months ended December 31, 2025. The call is scheduled for Tuesday, February 3, 2026, at 17:00 IST and will be hosted by Phillip Capital (India) Private Limited. Senior management, including Managing Director Mr. Chander Agarwal and CFO Mr. Mukti Lal, will be present to address queries regarding operations and financial performance. This is a routine but essential event for investors to gain insights into the company's growth trajectory in the logistics sector.

Earnings conference call scheduled for February 3, 2026, at 5:00 PM IST
Focus on un-audited standalone and consolidated financial results for Q3 and 9M FY 25-26
Management participants include the Managing Director, Executive Director & CFO, and Chief Business Officer
Call organized by Phillip Capital (India) Private Limited via virtual mode
Primary dial-in numbers provided: +91 22 6280 1143 / 7115 8044

💡 Investors should attend the call or review the transcript to understand management's outlook on volume growth and margins amidst the current economic environment. Key focus areas should be the performance of the express cargo segment and any updates on capital expenditure.

TCI Express Completes 100% Acquisition of TCI Global (Singapore) for SGD 18,000

🟢 POSITIVE ⭐ 6/10

M&A 📅 26 Jan 2026, 10:59 PM

TCI Express Limited, through its subsidiary TCI Express Pte. Ltd., has completed the 100% acquisition of TCI Global (Singapore) Pte. Ltd. for a cash consideration of SGD 18,000. The target entity was acquired from TCI Holdings Asia Pacific Pte. Ltd., making it a step-down wholly-owned subsidiary of TCI Express. While the target company has reported nil turnover for the last three years, the acquisition is intended to provide a cost-effective and faster entry into the Singapore logistics market. This related-party transaction was executed on an arm's length basis.

Acquisition of 100% equity shares of TCI Global (Singapore) Pte. Ltd. completed on January 26, 2026.
Total cash consideration for the acquisition is SGD 18,000.
Target entity has recorded zero turnover over the last three financial years.
Strategic move to expand the company's logistics and transport footprint in the Singapore region.
Transaction is a related-party deal conducted at arm's length with the promoter group.

💡 Investors should recognize this as a strategic, low-cost entry into a new geography rather than a major financial driver. Monitor future updates for how the company plans to operationalize this entity to generate revenue in the Singapore market.

TCI Express Reports Nil Physical Share Transfer Re-lodgment Requests as of January 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 19 Jan 2026, 08:11 PM

TCI Express Limited has filed a status report regarding the re-lodgment of transfer requests for physical shares in compliance with SEBI circulars. The report, provided by KFIN Technologies, indicates that zero requests were received, processed, or approved as of January 6, 2026. This is a standard regulatory disclosure following the SEBI circular dated July 2, 2025, regarding special windows for physical share transfers. There is no impact on the company's capital structure or operational performance.

Compliance filing as per SEBI Circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97 dated July 02, 2025.
Report confirms zero (Nil) requests received for re-lodgment of physical share transfers.
Zero requests were processed, approved, or rejected during the period ending January 06, 2026.
The status report was issued by KFIN Technologies Limited, the company's Registrar & Share Transfer Agent.

💡 No action is required from investors as this is a routine regulatory filing with no impact on the company's fundamentals. Investors should focus on the company's quarterly earnings and logistics sector trends.

TCI Express Receives ₹51.36 Crore GST Demand Order; To File Appeal

🔴 NEGATIVE ⭐ 6/10

LEGAL 📅 16 Jan 2026, 08:46 PM

TCI Express has been served a GST demand order totaling ₹51.36 crore for the financial years 2017-18 through 2021-22. The order, issued under Section 74(1) of the CGST Act, includes the tax amount along with interest and penalties. While the company previously contested the demand, the latest order from the Commissioner (Appeals) maintains the original demand. TCI Express plans to file a further appeal, asserting a strong legal position and stating no current material impact on operations.

GST demand of ₹51,36,02,450 confirmed for the period FY 2017-18 to FY 2021-22.
Demand issued by the Office of the Commissioner (Appeals) of CGST, Gurugram.
The company intends to file an appeal before the GST Appropriate Authority.
Management claims no immediate material impact on financial or operational activities.

💡 Investors should track the litigation progress as the demand amount is significant relative to the company's annual earnings. Maintain a watch on potential provisions if the appeal does not favor the company.

TCI Express Board Meeting Scheduled for February 03, 2026 to Approve Q3 FY26 Results

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 10 Jan 2026, 02:52 PM

TCI Express Limited has announced that its Board of Directors will meet on Tuesday, February 03, 2026, to consider and approve the un-audited financial results for the third quarter and nine months ended December 31, 2025. This meeting will cover both standalone and consolidated financial performance. In compliance with SEBI insider trading regulations, the trading window for the company's equity shares has been closed since January 1, 2026. The window will reopen 48 hours after the financial results are made public. This is a routine regulatory filing ahead of the quarterly earnings release.

Board meeting date set for February 03, 2026, to review Q3 and nine-month financial performance.
Financial results to be considered for the period ending December 31, 2025.
Trading window remains closed from January 1, 2026, until 48 hours after the results declaration.
The meeting will address both standalone and consolidated un-audited financial results.

💡 Investors should mark February 03, 2026, on their calendars to evaluate the company's quarterly performance and growth trajectory. No immediate action is required as this is a standard procedural announcement.

TCI Express Submits SEBI Regulation 74(5) Compliance Certificate for Q3 FY2025-26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Jan 2026, 03:23 PM

TCI Express Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, for the period ended December 31, 2025. The certificate, issued by KFIN Technologies Limited, confirms that all share dematerialization requests were processed and confirmed to depositories within the mandated 15-day timeframe. It also verifies that physical share certificates were mutilated and cancelled after due verification. This is a standard procedural filing required by all listed companies in India to ensure the integrity of electronic shareholding records.

Compliance certificate issued for the quarter ended December 31, 2025.
Confirmation provided by Registrar and Share Transfer Agent (RTA), KFIN Technologies Limited.
All dematerialization requests were processed and confirmed within the 15-day regulatory limit.
Physical certificates were mutilated and cancelled after substitution of depository names in the register of members.

💡 No action is required from investors as this is a routine regulatory filing confirming the company's administrative compliance with SEBI norms.

TCI Express to Close Trading Window from Jan 1, 2026 for Q3 FY26 Financial Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Dec 2025, 02:27 PM

TCI Express Limited has announced the closure of its trading window for all designated persons starting January 1, 2026. This move is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of the company's un-audited financial results for the third quarter and nine months ending December 31, 2025. The trading window will remain closed until 48 hours after the financial results are officially submitted to the stock exchanges. This is a standard regulatory procedure to prevent insider trading during the earnings announcement period.

Trading window closure begins on Thursday, January 1, 2026.
Closure pertains to the un-audited financial results for Q3 and nine months ending December 31, 2025.
The window will reopen 48 hours after the results are communicated to BSE and NSE.
Compliance maintained under SEBI (Prohibition of Insider Trading) and LODR Regulations.

💡 This is a routine regulatory filing and requires no immediate action from investors. Shareholders should look forward to the upcoming Q3 earnings release to evaluate the company's operational performance.

View All TCIEXP Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Road transportation of express cargo accounts for 85-90% of total revenue. Total income for Q2 FY26 was INR 312 Cr, representing a 7.6% increase from Q1 FY26 (INR 290 Cr), though it slightly declined by 0.6% compared to INR 314 Cr in Q2 FY25. Growth in H1 FY24 was sluggish at 4% due to a manufacturing sector slowdown.

Geographic Revenue Split

The company services 60,000+ locations across India and provides international services to 200+ countries through 150+ air gateways. Specific regional percentage splits within India are not disclosed, but the network has expanded from 32,000 locations in FY 2017 to 60,000 in FY 2025.

Profitability Margins

Profitability has seen moderate compression; PAT margins were 11.9% in FY22, 11.2% in FY23, and 10.5% in FY24. The decline is attributed to inflationary pressures and weak load availability. Operating margins are expected to improve above 16% over the medium term through price hikes and better operational efficiencies.

EBITDA Margin

EBITDA margin for Q2 FY26 stood at 12.4% (INR 39 Cr). Historically, EBITDA grew at a CAGR of 10.7% till FY25. Margins are sensitive to the 10-12% threshold; falling below this level would trigger a downward credit rating action.

Capital Expenditure

TCIEXP plans a moderate capex of INR 100 Cr per annum over the medium term (FY26-FY28) for setting up and upgrading sorting centers and increasing automation. For FY25, the planned capex is INR 40-50 Cr, funded entirely through internal accruals.

Credit Rating & Borrowing

The company maintains a strong credit profile with an [ICRA]A1+ rating for its INR 25 Cr Commercial Paper. It is virtually debt-free with an adjusted debt/networth ratio of 0.00. Interest coverage was robust at 132.13 times in FY24.

⚙️ Operational Drivers

Raw Materials

The primary operational costs are vehicle hire charges (market vehicles) and fuel prices. While not 'raw materials' in a manufacturing sense, fuel price variations are critical as they impact the cost of the 5,500+ containerized vehicles used in the network.

Import Sources

Not applicable as a service provider; however, the company operates across all Indian states and connects to 200+ countries for international express services.

Key Suppliers

The company utilizes an asset-light model, sourcing vehicle capacity from various third-party market truck operators rather than owning a large fleet. Specific vendor names are not disclosed.

Capacity Expansion

Branch offices increased from 500 in FY 2017 to 970+ in FY 2025. Sorting centers grew from 26 to 28 in the same period. Planned capex of INR 100 Cr/year focuses on further automating these centers to handle higher volumes efficiently.

Raw Material Costs

Operating costs are heavily influenced by fuel and hire charges. TCIEXP has a pass-through mechanism for approximately 70% of its business which is contracted, allowing it to mitigate fuel price volatility, though intense competition limits full pass-through for the remaining 30%.

Manufacturing Efficiency

Efficiency is measured by sorting center utilization and automation. The company is transitioning to owned, automated sorting centers to improve turnaround times and reduce manual handling errors.

Logistics & Distribution

Distribution is the core business. The company leverages 5,500+ containerized vehicles and 970+ branches to provide 'door-to-door' delivery, which is the primary value proposition for its 2.25 lakh customers.

📈 Strategic Growth

Expected Growth Rate

18-20%

Growth Strategy

Growth will be driven by: 1) Increasing SME customer share from 48% to 55% to capture higher-margin business; 2) Expanding the branch network beyond the current 970+; 3) Scaling new high-growth services like Rail Express, C2C Express, and Air International; 4) Investing INR 300 Cr over 3 years in automated sorting centers to improve throughput.

Products & Services

Domestic and International Express parcel services, Surface Express, Rail Express, Air Express, C2C (Customer-to-Customer) Express, and E-commerce logistics.

Brand Portfolio

TCI Express, XPS (legacy division name).

New Products/Services

New services include Rail Express and C2C Express. While currently smaller contributors, they are expected to support medium-term growth. Air International has slightly lower margins but adds to the service portfolio.

Market Expansion

Expansion is focused on deepening the domestic reach from 60,000 to more pin codes and increasing the branch count. The company is also targeting a higher share of the SME market, which currently stands at 48% of the mix.

Market Share & Ranking

TCIEXP is a leading organized player in the road express segment. It competes with Blue Dart, DTDC Express, and Gati Ltd in a highly fragmented industry where the unorganized sector still holds a significant share.

Strategic Alliances

The company maintains long-standing relationships with 2.25 lakh customers. It was originally demerged from TCI Ltd in 2016 to focus exclusively on the express business.

🌍 External Factors

Industry Trends

The industry is seeing a structural shift from unorganized to organized players (like TCIEXP) driven by GST, e-way bills, and the National Logistics Policy (NLP). The sector is evolving toward multi-modal (Rail + Road) and automated operations.

Competitive Landscape

Intense competition from large organized players (Blue Dart, Gati, DTDC) and a vast unorganized sector. Competition is primarily on price and delivery speed.

Competitive Moat

The moat is built on an extensive 'asset-light' network of 60,000 locations and 970+ branches, which is difficult for new entrants to replicate quickly. This network effect, combined with a debt-free balance sheet, provides a sustainable cost and reach advantage.

Macro Economic Sensitivity

Highly sensitive to GDP and manufacturing output. A slowdown in industrial activity directly reduces load availability, as seen in the 4% growth rate during the manufacturing lull in H1 FY24.

Consumer Behavior

Increased demand for 'fast delivery' is pushing the company to optimize its surface and air networks. There is a growing preference for organized logistics providers who can offer end-to-end tracking and reliability.

Geopolitical Risks

International parcel services are subject to global trade regulations and geopolitical stability, though this remains a small portion of the overall revenue mix compared to domestic road express.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Motor Vehicles Act, GST regulations, e-way bill requirements, and the National Logistics Policy (NLP), which encourages organized logistics growth.

Environmental Compliance

TCIEXP is investing in sustainability, evidenced by its 'Sustainable Organisation 2025' award. ESG profile supports its strong credit risk rating.

Taxation Policy Impact

The company is subject to standard Indian corporate tax rates. PAT margins of 10.5% reflect post-tax profitability.

Legal Contingencies

Not disclosed in the available documents. No major pending court cases or values were specified.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the pace of recovery in the manufacturing sector. A fall in operating profitability below 10-12% is a key risk factor that could lead to a credit rating downgrade.

Geographic Concentration Risk

Revenue is well-distributed across India with 60,000 locations, though it is 85-90% concentrated in the road transportation segment.

Third Party Dependencies

High dependency on third-party truck house owners for the 5,500+ vehicles, as part of the asset-light strategy. However, this is mitigated by long-standing relationships.

Technology Obsolescence Risk

Risk is mitigated by the planned INR 100 Cr annual investment in sorting center automation and technology upgrades to stay competitive with tech-heavy new-age logistics startups.

Credit & Counterparty Risk

Low risk due to a highly diversified client base (2.25 lakh customers) and a significant portion (52%) of business coming from established corporate clients.