Transport Corporation of India’s (TRPC) Q1FY26 EBITDA of INR 1,210mn was broadly in line with consensus estimates. Overall revenue/EBITDA grew 9%/16% YoY. Blended EBITDA margin rose to 10.6% (9.9%/10.3% inQ1FY25/Q4FY25), mainly due to improved margins in seaways (36.9% EBIT in Q1FY26).