TCI Express Limited (TCIEXP)
₹481.30 +1.20% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, TCI Express' revenue was ₹313 Cr (+9.3% year on year, -4.5% on the previous quarter), and net profit ₹20.5 Cr (+5.2% year on year); the operating margin was 10.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹313 | +9.3% | -4.5% |
| Operating profit | ₹31.4 | +12.0% | -1.8% |
| Net profit | ₹20.5 | +5.2% | +28.1% |
| EPS (₹) | 5.20 | +1.4% | +24.7% |
| Operating margin | 10.0% | — | — |
TCIEXP delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 51.48% of the TCIEXP shares traded on NSE were taken to delivery, against the stock's own 20-session average of 44.89%. That is close to its usual level. Turnover was only ₹63 lakh, so a handful of trades can move this figure. Volume was under a tenth of its average. It closed at a price band (circuit) on 1 session in about the last 20. 8 bulk or block deals were reported in TCIEXP in the last 60 days: ₹85 Cr bought and ₹85 Cr sold.
Delivery in the last 5 sessions: 40.7% · 46.8% · 50.8% · 54.6% · 51.5%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 30 Sep | Buy | Xps Cargo Services Limited | ₹25.20 Cr | ₹525.00 | 480,000 | Block |
| 30 Sep | Sell | Tci Trading | ₹25.20 Cr | ₹525.00 | 480,000 | Block |
| 29 Sep | Sell | Tci Trading | ₹29.59 Cr | ₹485.00 | 610,000 | Block |
| 29 Sep | Buy | Xps Cargo Services Limited | ₹29.59 Cr | ₹485.00 | 610,000 | Block |
| 29 Sep | Sell | Nk Securities Research Private Limited | ₹18.14 Cr | ₹556.36 | 326,009 | Bulk |
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
TCI Express Limited submitted a quarterly compliance report per SEBI guidelines regarding the re-lodgment of transfer requests for physical shares. For the period between July 1, 2026, and September 30, 2026, the company's Registrar and Share Transfer Agent, KFin Technologies, reported zero requests received. Consequently, no transfer requests were processed, approved, or rejected during this quarter. This filing is entirely procedural and has no impact on business operations or financials.
- SEBI compliance report covers the period from July 1, 2026, to September 30, 2026
- Number of physical share transfer re-lodgment requests received stood at NIL
- Zero requests processed, approved, or rejected by RTA KFin Technologies
- Filing submitted pursuant to SEBI Circular dated July 2, 2025
TCI Express Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate issued by Registrar & Share Transfer Agent KFin Technologies confirms that all share certificates received for dematerialisation were verified, cancelled, and substituted within 15 days. The underlying securities remain listed on the stock exchanges. This is a standard quarterly administrative filing with zero financial or operational impact.
- Compliance certificate submitted for the quarter ended September 30, 2026
- Issued by Registrar & Share Transfer Agent KFin Technologies Limited on October 07, 2026
- Securities received for dematerialisation confirmed and mutilated within the required 15-day period
TCI Express disclosed an inter-se promoter group transfer of 1,23,000 equity shares (0.32% of total share capital) executed on September 30, 2026. Promoter entity M/s. TCI Trading sold 1,23,000 shares, lowering its holding from 2.91% to 2.59%. Promoter Mr. Dharmpal Agarwal purchased the identical 1,23,000 shares via the open market, increasing his direct stake from 1.09% to 1.41%. The transaction does not alter the overall promoter group holding, which remains unchanged at 69.46%.
- 1,23,000 equity shares (0.32% of total capital) transferred inter-se within promoter group
- Seller M/s. TCI Trading reduced holding from 11,19,497 shares (2.91%) to 9,96,497 shares (2.59%)
- Buyer Dharmpal Agarwal increased holding from 4,19,314 shares (1.09%) to 5,42,314 shares (1.41%)
- Transaction conducted via open market inter-se transfer on September 30, 2026
TCI Express disclosed insider trading transactions under Regulation 7(2)(b) involving promoter group entities. Promoter group entity TCI Trading sold 10,90,000 equity shares (2.84% stake) for Rs 54,78,50,000 through an open market block deal on NSE. Simultaneously, XPS Cargo Services Limited, an incoming promoter group entity, purchased identical shares (10,90,000 shares) for Rs 54,78,50,000. As a result, total promoter group ownership remains unchanged.
- TCI Trading sold 10,90,000 equity shares, reducing its holding from 5.75% (22,09,497 shares) to 2.91% (11,19,497 shares)
- XPS Cargo Services Ltd purchased 10,90,000 equity shares (2.84%) at a total consideration of Rs 54,78,50,000
- The transaction executed via an NSE block deal between September 29 and September 30, 2026
- XPS Cargo Services became part of the Promoter Group pursuant to an agreement dated September 22, 2026
TCI Express disclosed an inter-se promoter group transaction executed via open market block deals on September 29 and September 30, 2026. Promoter entity M/s TCI Trading sold 10,90,000 equity shares (2.84% stake), reducing its shareholding from 5.75% to 2.91%. Simultaneously, M/s XPS Cargo Services Limited acquired the identical 10,90,000 equity shares (2.84% stake), entering as a new promoter group entity. Because this is a restructuring between promoter entities, overall promoter group holding remains essentially unchanged around 69.5%.
- TCI Trading sold 10,90,000 equity shares representing 2.84% of total share capital
- TCI Trading holding declined from 22,09,497 shares (5.75%) to 11,19,497 shares (2.91%)
- XPS Cargo Services acquired 10,90,000 equity shares (2.84%), increasing from nil holding
- Transactions executed via open market block deals on September 29 and September 30, 2026
- Company equity base remains unchanged at 3,84,44,165 equity shares of Rs 2.00 each
TCI Express Limited announced that ICRA Limited has reaffirmed its short-term credit rating of [ICRA]A1+ for its Commercial Paper Programme. The total rated instrument size stands at Rs 25.00 crore. With total borrowings at Rs 30 crore against a net worth of Rs 829 crore, the rated facility represents a tiny fraction of its balance sheet. The reaffirmation indicates the highest degree of safety regarding timely debt servicing.
- ICRA reaffirmed the credit rating at [ICRA]A1+ on September 29, 2026
- Current rated amount for the Commercial Paper programme is Rs 25.00 crore
- Validity requires issuance within 3 months if not already issued, with up to 12 months maturity
TCI Express Limited has announced the closure of its trading window for designated persons beginning Thursday, October 01, 2026. This closure complies with SEBI (Prohibition of Insider Trading) Regulations for the upcoming Q2 and half-year ended September 30, 2026 un-audited financial results. The trading window will reopen 48 hours after the declaration of the financial results to the stock exchanges. This is a routine administrative filing with no direct impact on business operations.
- Trading window closes effective Thursday, October 01, 2026
- Closure covers the un-audited standalone and consolidated results for the period ending September 30, 2026
- Trading window reopens 48 hours post-declaration of the financial results to exchanges
- Filing submitted under SEBI (Prohibition of Insider Trading) Regulations, 2015
TCI Express Limited disclosed an inter-se transfer of equity shares among its promoter group entities under SEBI SAST Regulation 29(2). On September 8, 2026, TCI Trading (Dharmpal Agarwal) sold 12,000 shares (0.03% of total voting capital) via the open market. Simultaneously, TCI Express Consolidated Limited acquired the 12,000 shares, taking its stake to 45.09%. Overall promoter group holding remains effectively unchanged, making the operational and financial impact negligible.
- Inter-se promoter transfer involving 12,000 equity shares (0.03% stake) executed on September 08, 2026
- Seller TCI Trading (Dharmpal Agarwal) reduced shareholding from 5.78% (22,21,497 shares) to 5.75% (22,09,497 shares)
- Acquirer TCI Express Consolidated Limited increased holding from 45.06% (1,73,24,233 shares) to 45.09% (1,73,36,233 shares)
- Company total voting capital stands unchanged at Rs. 7,68,88,330 divided into 3,84,44,165 equity shares of Rs. 2.00 each
TCI Express Limited disclosed an inter-se transfer of 15,000 equity shares (0.04% of total share capital) between promoter group entities executed on September 03 and September 04, 2026. TCI Trading (Dharmpal Agarwal) sold 15,000 shares, reducing its holding from 5.82% (22,36,497 shares) to 5.78% (22,21,497 shares). Concurrently, TCI Express Consolidated Limited acquired the 15,000 shares, raising its holding from 45.02% (1,73,09,233 shares) to 45.06% (1,73,24,233 shares). The transaction is an internal realignment within the promoter group and does not impact aggregate promoter shareholding.
- Inter-se open market transfer of 15,000 equity shares (0.04% of total equity) between promoter entities.
- TCI Trading (Dharmpal Agarwal) reduced its stake from 5.82% (22,36,497 shares) to 5.78% (22,21,497 shares).
- TCI Express Consolidated Limited increased its holding from 45.02% (1,73,09,233 shares) to 45.06% (1,73,24,233 shares).
- Total voting capital remains unchanged at 3,84,44,165 equity shares of Rs 2.00 face value each.
TCI Express disclosed an inter-se transfer within its promoter group conducted on September 01, 2026. Promoter group entity TCI Trading (Dharmpal Agarwal) sold 13,100 equity shares (0.03% stake), reducing its shareholding from 5.85% (22,49,597 shares) to 5.82% (22,36,497 shares). Concurrently, promoter group entity TCI Express Consolidated Limited acquired the 13,100 shares (0.03%), increasing its stake from 44.99% (1,72,96,133 shares) to 45.02% (1,73,09,233 shares). The transaction is an internal realignment within the promoter group with no net change in total promoter holding.
- Inter-se promoter transfer involving 13,100 equity shares (0.03% of total voting capital) executed on September 01, 2026.
- Seller TCI Trading (Dharmpal Agarwal) reduced holding from 22,49,597 shares (5.85%) to 22,36,497 shares (5.82%).
- Acquirer TCI Express Consolidated Limited increased holding from 1,72,96,133 shares (44.99%) to 1,73,09,233 shares (45.02%).
- Total paid-up voting equity share capital remains unchanged at Rs 7.69 Cr (3,84,44,165 shares of Rs 2 each).
TCI Express disclosed an inter-se transfer of 16,000 equity shares (0.04% of total equity) between promoter group entities via the open market on August 27, 2026. TCI Trading (Dharmpal Agarwal) sold 16,000 shares, decreasing its stake from 5.89% (22,65,597 shares) to 5.85% (22,49,597 shares). Simultaneously, TCI Express Consolidated Limited acquired the 16,000 shares, taking its stake from 44.95% (1,72,80,133 shares) to 44.99% (1,72,96,133 shares). Total promoter group ownership remains unchanged following this transaction.
- Inter-se transfer of 16,000 equity shares (0.04% stake) executed on August 27, 2026
- TCI Trading (Dharmpal Agarwal) reduced holding from 5.89% (22,65,597 shares) to 5.85% (22,49,597 shares)
- TCI Express Consolidated Limited increased holding from 44.95% (1,72,80,133 shares) to 44.99% (1,72,96,133 shares)
- Paid-up share capital noted at 3,84,44,165 equity shares (₹7.69 Cr) following allotment of 25,175 ESOP shares
TCI Express Limited announced the cessation of Mr. Murali Krishna Chevuturi and Mr. Prashant Jain as Non-Executive Independent Directors effective August 17, 2026. The cessation follows the successful completion of their statutory second terms. Both individuals also step down as Chairmen and Members of their respective Board committees. This is a routine governance transition with no material impact on the company's financials or operations.
- 2 Independent Directors completed their tenure at close of business on August 17, 2026
- Mr. Murali Krishna Chevuturi (DIN: 01770851) and Mr. Prashant Jain (DIN: 00769291) completed their second terms
- Both directors step down from all Board committee chairmanships and memberships as of August 17, 2026
- Statutory rotation under SEBI LODR regulations with no operational disruptions reported
TCI Express Limited announced that Mr. Murali Krishna Chevuturi and Mr. Prashant Jain have ceased to be Independent Directors of the company effective close of business hours on August 17, 2026. The cessation is due to the scheduled completion of their respective second terms under statutory governance guidelines. Consequently, both individuals also step down as Chairmen and members across various Board committees. The move represents routine corporate governance succession rather than unexpected resignations.
- Tenure of 2 Independent Directors concluded on August 17, 2026
- Cessation follows completion of their statutory second terms
- Both directors cease to hold Chairman/Member roles across Board committees effective August 17, 2026
TCI Express has disclosed an inter-se transfer of 52,000 equity shares (representing 0.13% of total share capital) between promoter group entities via the open market. Promoter entity TCI Trading (Dharmpal Agarwal) sold 52,000 shares, decreasing its holding from 6.03% (23,17,597 shares) to 5.90% (22,65,597 shares). Concurrently, promoter entity TCI Express Consolidated Limited acquired the 52,000 shares, increasing its stake from 44.84% (1,72,28,133 shares) to 44.98% (1,72,80,133 shares). The net aggregate promoter group shareholding remains unchanged at 69.46%.
- 52,000 equity shares (0.13% of total capital) transferred between promoter entities
- TCI Trading (Dharmpal Agarwal) reduced stake from 6.03% to 5.90% (22,65,597 shares)
- TCI Express Consolidated Limited increased stake from 44.84% to 44.98% (1,72,80,133 shares)
- Transaction executed on August 13, 2026 and August 14, 2026 via the open market
TCI Express has disclosed an inter-se transfer of 46,000 equity shares, representing 0.12% of the total share capital, between promoter group entities. TCI Trading (Dharmpal Agarwal) disposed of the shares, which were simultaneously acquired by TCI Express Consolidated Limited via the open market on August 11 and 12, 2026. This transaction is a reshuffling within the promoter group and does not change the aggregate promoter holding of approximately 69.5%. The transaction value is estimated at approximately ‡2.58 crore based on current market prices, which is negligible compared to the ‡2,153 crore market capitalization.
- Inter-se transfer of 46,000 equity shares executed on August 11 and 12, 2026
- Transaction involves 0.12% of the total paid-up equity share capital
- Acquirer TCI Express Consolidated Limited increased its stake from 44.72% to 44.84%
- Seller TCI Trading (Dharmpal Agarwal) reduced its stake from 6.15% to 6.03%
- Total equity share capital remains unchanged at 3,84,18,990 shares of ‡2 each
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.
