Tejas Cargo India Limited (TEJASCARGO)
Latest quarterly results (H1 FY26)
In its latest reported quarter, H1 FY26, Tejas Cargo's revenue was ₹302 Cr, and net profit ₹13.0 Cr; the operating margin was 14.2%.
| H1 FY26 (₹ Cr) | Value | YoY | vs prev. half |
|---|---|---|---|
| Revenue | ₹302 | — | — |
| Operating profit | ₹43.0 | — | — |
| Net profit | ₹13.0 | — | — |
| EPS (₹) | 5.27 | — | — |
| Operating margin | 14.2% | — | — |
📢 Recent Corporate Announcements
Tejas Cargo India Limited submitted a Non-applicability Certificate regarding corporate governance report requirements under Regulation 27(2) of SEBI LODR Regulations for the quarter ended September 30, 2026. The exemption is claimed under Regulation 15(2)(b) as the company is listed on NSE's SME Emerge platform. This is a recurring regulatory compliance process with no impact on core logistics operations or financials.
- Corporate governance report under Regulation 27(2) declared non-applicable for the quarter ended September 30, 2026
- Exemption claimed under Regulation 15(2)(b) due to listing on NSE SME Emerge Platform
- Filing verified by Practicing Company Secretary Abhishek Gupta & Associates dated October 13, 2026
Tejas Cargo India Limited submitted its voting results and Scrutinizer's Report for its 5th Annual General Meeting held on September 30, 2026. A total of 2,29,02,240 votes were polled across 286 total shareholders, representing 95.85% of outstanding shares. All three ordinary resolutions were passed with 100% votes in favour and zero dissenting votes. The resolutions covered the adoption of FY26 financial statements, the reappointment of Whole-time Director Manish Bindal, and the reappointment of Statutory Auditors.
- All 3 ordinary resolutions passed unanimously with 100% votes in favour (2,29,02,240 votes)
- Overall voting turnout stood at 95.85% of the total 2,38,92,840 outstanding shares
- Promoter and Promoter Group cast 1,78,49,640 votes, achieving 100% turnout and assent
- Public Non-Institutions polled 21,71,400 votes representing 68.67% of their category
- Total shareholder count as on the cut-off date (September 23, 2026) was 286
Tejas Cargo India Limited concluded its 5th Annual General Meeting (AGM) held on September 30, 2026. During the address, the Chairman reported consolidated total income of ₹636.50 crore, EBITDA of ₹117.20 crore, and profit after tax of ₹20.93 crore for FY 2025-26. Three ordinary resolutions were tabled, including the adoption of FY26 financial statements and the re-appointment of Whole-time Director Manish Bindal. The voting results and scrutinizer report will be declared separately within statutory timelines.
- 5th AGM held and concluded on September 30, 2026, within 21 minutes (11:30 AM to 11:51 AM)
- FY26 consolidated total income reported at ₹636.50 crore with EBITDA of ₹117.20 crore
- Consolidated Profit After Tax stood at ₹20.93 crore for FY 2025-26
- A total of 8 members attended the meeting conducted via video conferencing
- Auditor reports from Statutory and Secretarial Auditors contained zero qualifications or adverse remarks
Tejas Cargo India Limited concluded its 5th Annual General Meeting (AGM) held on September 30, 2026. During the address, the Chairman reported consolidated total income of ₹636.50 crore, EBITDA of ₹117.20 crore, and profit after tax of ₹20.93 crore for FY 2025-26. Three ordinary resolutions were tabled, including the adoption of FY26 financial statements and the re-appointment of Whole-time Director Manish Bindal. The voting results and scrutinizer report will be declared separately within statutory timelines.
- 5th AGM held and concluded on September 30, 2026, within 21 minutes (11:30 AM to 11:51 AM)
- FY26 consolidated total income reported at ₹636.50 crore with EBITDA of ₹117.20 crore
- Consolidated Profit After Tax stood at ₹20.93 crore for FY 2025-26
- A total of 8 members attended the meeting conducted via video conferencing
- Auditor reports from Statutory and Secretarial Auditors contained zero qualifications or adverse remarks
Tejas Cargo India Limited reported the conclusion of an analyst and institutional investor meeting held on September 09, 2026. The interaction was organized by Adfactors PR and involved representatives from 8 firms, including CLSA India, ICICI Securities (Retail), Dolat Capital, and Moneybee Investment Advisors. The disclosure is a regulatory intimation under Regulation 30 without any presentation materials or financial projections provided in the filing.
- Meeting conducted on September 09, 2026, following prior intimation on September 07, 2026
- Interaction covered 8 participating institutional and advisory firms
- Key participating entities included CLSA India Private Limited and Dolat Capital
- Meeting organized via Investor Relations agency Adfactors PR
Tejas Cargo India Limited has issued the notice convening its 5th Annual General Meeting (AGM) on Wednesday, September 30, 2026, at 11:30 AM IST via video conferencing. The company has fixed Wednesday, September 23, 2026, as the cut-off date to determine shareholder voting eligibility. Remote e-voting will commence on September 27, 2026 (9:00 AM IST) and conclude on September 29, 2026 (5:00 PM IST). Additionally, the FY2025-26 Annual Report has been made available to shareholders electronically.
- 5th AGM scheduled for September 30, 2026, at 11:30 AM IST via VC/OAVM
- Shareholder voting cut-off date fixed as September 23, 2026
- Remote e-voting window open from September 27 (9:00 AM) to September 29, 2026 (5:00 PM)
- Speaker pre-registration open from September 25 to September 27, 2026
Tejas Cargo India Limited has issued the notice for its 5th Annual General Meeting (AGM) scheduled for September 30, 2026, via Video Conferencing. Key ordinary agenda items include the adoption of FY26 audited financial statements, the re-appointment of CEO and Whole-Time Director Mr. Manish Bindal (retiring by rotation), and the re-appointment of statutory auditors M/s A H P N & Associates for a 5-year term. The cut-off date to determine voting eligibility is September 23, 2026, with the register of members closed from September 24 to September 30, 2026.
- 5th AGM scheduled for September 30, 2026 at 11:30 AM IST via VC/OAVM
- Cut-off date for remote e-voting fixed as September 23, 2026
- Share transfer books and register of members closed from September 24 to September 30, 2026
- Proposal to re-appoint statutory auditor M/s A H P N & Associates for a 5-year term until the 10th AGM
- Director re-appointment: Mr. Manish Bindal holds 90,13,006 shares and drew Rs 1.20 crore remuneration in FY26
Tejas Cargo India Limited has informed the exchange about an upcoming interaction with analysts and institutional investors scheduled for September 9, 2026. The meeting will be hosted in Mumbai by its investor relations agency, Adfactors PR, in both group and one-on-one formats (in-person and virtual). The company clarified that no Unpublished Price Sensitive Information (UPSI) will be shared during the interactions.
- Meeting scheduled for Wednesday, September 9, 2026
- Format includes both group and one-on-one interactions (in-person / virtual) in Mumbai
- Interaction hosted by Investor Relations agency, Adfactors PR
- Company confirmed no Unpublished Price Sensitive Information (UPSI) will be discussed
Tejas Cargo India Limited has announced the closure of its Register of Members and Share Transfer Books from September 24, 2026, to September 30, 2026 (both days inclusive). The book closure is scheduled for the purpose of conducting the company's 5th Annual General Meeting (AGM). The AGM will take place on Wednesday, September 30, 2026. This is a standard annual corporate compliance filing.
- Book closure period set from September 24, 2026 to September 30, 2026 (both days inclusive)
- 5th Annual General Meeting scheduled for Wednesday, September 30, 2026
- Filing submitted pursuant to SEBI Listing Regulations on September 05, 2026
Tejas Cargo India Limited has announced that its 05th Annual General Meeting (AGM) will be convened on Wednesday, September 30, 2026, at 11:30 A.M. IST via Video Conferencing / Other Audio-Visual Means. The company stated that the AGM notice along with the Annual Report for the financial year ended March 31, 2026, including audited financial statements, will be circulated to members and filed with the stock exchange within prescribed timelines. This is a routine statutory intimation with no operational or financial impact.
- 05th Annual General Meeting scheduled for September 30, 2026 at 11:30 A.M. IST
- Meeting to be held virtually through Video Conferencing (VC) / Other Audio-Visual Means (OAVM)
- Notice and Annual Report for the financial year ended March 31, 2026 to be circulated per statutory timelines
Tejas Cargo India Limited announced the outcome of its Board Meeting held on September 05, 2026. The Board approved convening the 5th Annual General Meeting (AGM) on September 30, 2026, via video conferencing. Key agenda items include the re-appointment of CEO & Whole Time Director Manish Bindal upon retirement by rotation, and the re-appointment of Statutory Auditors M/s. A H P N & Associates for a 5-year term. The register of members will remain closed from September 24 to September 30, 2026.
- 5th Annual General Meeting scheduled for September 30, 2026
- Book closure fixed from September 24, 2026 to September 30, 2026
- Approved re-appointment of M/s. A H P N & Associates as Statutory Auditors for 5 consecutive years
- Recommended re-appointment of Manish Bindal as Director upon retirement by rotation
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.
- 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
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.
- 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
Financial Performance
Revenue Growth by Segment
Total income surged 20.27% YoY to ₹508.24 crore in FY25 from ₹422.59 crore. Revenue from hired fleets contributed approximately 19.05% of total revenue, while the remaining ~80.95% is driven by the owned asset-heavy model. Growth is primarily fueled by a 17% expansion in fleet strength to 1,199 vehicles.
Geographic Revenue Split
The company operates on a pan-India basis through 27 branch offices strategically located in industrial and logistics corridors. While specific regional percentage splits are not disclosed, the network covers key hubs for FMCG, pharmaceuticals, and e-commerce sectors.
Profitability Margins
Net profit margins improved to 3.8% in FY25 from 3.1% in FY24. Net profit rose 44.7% to ₹19.14 crore from ₹13.22 crore. This improvement is attributed to higher fleet utilization and a shift toward higher-margin own-fleet operations.
EBITDA Margin
EBITDA margin reached 20.4% in FY25, up from 16.34% in FY24. EBITDA grew 50.2% YoY to ₹103.69 crore, driven by economies of scale, technological efficiencies, and disciplined cost management.
Capital Expenditure
The company invested heavily in fleet expansion, adding 176 vehicles in FY25 to reach 1,199 units. In H1 FY26, an additional 115 vehicles (83 in Q1, 32 in Q2) were added, bringing the total fleet to 1,231. These investments were funded via IPO proceeds and internal accruals.
Credit Rating & Borrowing
Assigned CARE BBB-; Stable for long-term facilities (₹124.30 crore) and CARE A3 for short-term facilities (₹15.70 crore). Interest coverage ratio stood at 5.9x in FY25, slightly down from 6.3x in FY24 due to increased debt for expansion.
Operational Drivers
Raw Materials
Fuel (Diesel) is the primary operational cost, though specific percentage of total cost is not disclosed. Other major costs include driver wages, toll charges, and vehicle maintenance.
Import Sources
Not disclosed in available documents; fuel is sourced domestically through oil marketing companies.
Key Suppliers
Not disclosed in available documents, though the company utilizes multiple bankers for debt financing and maintains relationships with vehicle manufacturers for fleet expansion.
Capacity Expansion
Current fleet stands at 1,231 vehicles as of H1 FY26 (923 container trucks and 276 trailers as of FY25 end). The company is expanding into car carriers and electric vehicles (EVs) to diversify capacity.
Raw Material Costs
Fuel costs are a significant variable; the company uses fuel price escalation clauses in contracts to mitigate volatility, though it cannot always pass on 100% of increases to customers.
Manufacturing Efficiency
Fleet capacity utilization is maintained at approximately 82%, which supports the 20.4% EBITDA margin by ensuring assets are not sitting idle.
Logistics & Distribution
Distribution is handled via 27 branches. The company is shifting toward a hybrid model to balance the reliability of owned assets with the cost-efficiency of hired vehicles.
Strategic Growth
Expected Growth Rate
20%
Growth Strategy
Growth will be achieved by increasing the share of hired fleet revenue for flexibility, entering the mining industry through joint ventures, and expanding the car carrier division. The company also signed a 5-year agreement to deploy EVs for Amazon to capture green logistics demand.
Products & Services
Full Truck Load (FTL) transportation, containerized truck services, trailer transport, car carriers, and specialized logistics for minerals, fly ash, and coal.
Brand Portfolio
Tejas Cargo India Limited.
New Products/Services
Electric Vehicle (EV) fleet services for e-commerce (Amazon contract) and specialized car carrier services for the automobile sector.
Market Expansion
Targeting deeper penetration in minerals transportation and mining sectors in FY26, alongside expanding the 27-branch network into underpenetrated industrial corridors.
Market Share & Ranking
Not disclosed in available documents; however, the company is listed on the NSE SME platform as of February 2025.
Strategic Alliances
Planned joint ventures for entry into the mining industry; existing 5-year agreement with Amazon for EV deployment.
External Factors
Industry Trends
The industry is shifting toward formalization, multimodal logistics (Gati Shakti), and green logistics. Tejas Cargo is positioning itself by adopting EVs and increasing its trailer fleet for bulk minerals.
Competitive Landscape
Highly fragmented and competitive industry with pressure from unorganized players and large organized competitors like Bluedart and Safexpress.
Competitive Moat
Moat is built on an asset-heavy model (1,231 vehicles) providing high service reliability, combined with a pan-India 27-branch network and deep technology integration (IoT/Telematics) which unorganized players lack.
Macro Economic Sensitivity
Highly sensitive to India's GDP growth and manufacturing output, as logistics demand is directly linked to industrial activity in FMCG, Steel, and Cement.
Consumer Behavior
Rising e-commerce demand is driving the need for faster, tech-enabled FTL services and green delivery options (EVs).
Geopolitical Risks
Indirect risks via fuel price volatility driven by global oil markets and potential regulatory changes in emission norms (BS-VI and beyond).
Regulatory & Governance
Industry Regulations
Subject to environmental regulations for aging fleets and labor laws. The auditor noted non-provisioning for gratuity under AS 15 (Employee Benefits), though the impact is deemed not significant.
Environmental Compliance
Spent ₹25.00 Lakhs on CSR including environmental protection. The company is aligning with Gati Shakti objectives and deploying EVs to reduce Scope 3 emissions for clients.
Taxation Policy Impact
The company follows standard Indian corporate tax rates; specific effective tax rate % not disclosed.
Legal Contingencies
Pending litigations exist regarding emissions and labor, but specific case values in INR are not disclosed in the provided documents.
Risk Analysis
Key Uncertainties
Fuel price volatility and the ability to pass on costs; driver shortages affecting fleet utilization; and cybersecurity risks due to high IT integration.
Geographic Concentration Risk
Operates via 27 branches nationwide; while pan-India, revenue is likely concentrated in key industrial corridors of North and West India.
Third Party Dependencies
19.05% of revenue depends on hired fleets; loss of reliable third-party vendors during peak seasons could impact scalability.
Technology Obsolescence Risk
The company is mitigating this by investing in digital transformation, IoT, and automated financial controls with real-time reporting.
Credit & Counterparty Risk
Receivable cycle is 69.93 days. While clients are reputed (Safexpress, Bluedart), the high concentration (78% top 10) creates significant counterparty risk.
