TCI Express’ (TCIE) Q4FY23 EBITDA performance surpassed our estimates by ~12.7% primarily on higher volumes and better capacity utilisation leading to higher margins. Key points: 1) Truck utilisation improved to ~85% in Q4FY23 vs average of 84.25% in FY23; 2) EBITDA margin expanded by 190bps QoQ to 16.6% (vs 16.8% in Q4FY22 and 14.7% in Q3FY23).