Transport Corporation of India Ltd. (TCI) is one of the largest integrated players in the organized logistics industry. Key business segments include freight, supply chain, warehousing solutions, & shipping services. business and stable performance in Seaways. EBITDA grew 17% YoY, with margins expanding 70 bps to 10.6%, supported by lower fuel costs. Consequently, net profit also rose 17% YoY. One ship was dry-docked in Q1, with two more scheduled in Q2 and Q3, which may temporarily impact Seaways volumes. Management has guided for 05% revenue growth in the Seaways division for FY26. We revise our FY26 EPS estimates downward by 1215% to factor in...