TCI Express (TCIE)’s Q2FY24 EBITDA was in line with our estimates but missed street’s estimates by 5.2%. Key points: 1) EBITDA margin expanded by 55bps QoQ due to improved utilisation levels, price hike and additional contribution from non-surface business. 2) Volume was up a mere 2% YoY/ 5% QoQ owing to lower traction in lifestyle and consumer durables segments. 3) 12 new branches were added in H1FY24.