Latest stock research reports with share price targets forecast, buy, hold, and sell recommendations along with upside. Search by company or broker name.
TCI Express (TCIE)’s Q2FY26 EBITDA of INR 33.5mn was broadly in line with consensus estimates. Volumes were largely stable at 248kte (250kte in Q2FY25). EBITDA margin improved QoQ to 10.9% (vs. 9.8% in Q1FY26 and 11.8% in Q2FY25), mainly on account of 25bps price hike and cost stabilisation and optimisation.
VRL Logistics (VRL)’s Q2FY26 EBITDA was slightly ahead of Street’s estimate. Realisation/te improved 12.8% YoY to INR 7,166, while EBITDA/te has improved to INR 1,548 (INR 1,216 in Q2FY25).
TCI Express (TCIE)’s 2QFY26 revenue was flat YoY at INR3.08b (+8% QoQ), in line with our estimate. Volume growth was flat YoY, hit by the GST rate cut.
Delhivery’s Q2FY26 results (excluding Ecom) were in line with our revenue/EBITDA estimates. With network investments in core transportation businesses (for the festive season) behind us, seasonality would aid peak profitability in H2FY26, coupled with the lower-than-anticipated integration cost (~Rs2bn vs Rs3bn earlier) boosting PAT in FY26, in our view.
Delhivery posted a 17% YoY rise in revenue to INR25.6b in 2QFY26 (in line). During the quarter, the company recognized INR900m of costs related to ecom express integration. The acquisition was formally completed in Jul’25.
VRL’s revenue was flat YoY at INR8.0b (+7% QoQ) in 2QFY26, in line with our estimate. Volume dipped 11% YoY to 0.97m tons, while realization grew by 12% YoY to INR 8,079/ton, driven by a price hike.
Mahindra Logistics’ (MLL) revenue grew ~11% YoY to INR16.8b in 2QFY26, in line with our estimate. EBITDA margin came in at 5% (up 60bp YoY and 30bp QoQ) vs. our estimate of 5.1%. EBITDA grew ~28% YoY to INR851m (in line with our estimate).
According to the RBI, total electronic payments surged to INR11.3t on 22nd Sep’25, nearly ten times higher than the INR1.18t recorded the previous day.
Glottis Ltd. is a multi-modal integrated logistics solutions provider which includes end-to-end transportation solutions through ocean, air and road logistics services. The company integrates services of its intermediaries and in-house infrastructure to offer an end-to-end logistical solution to customers. Glottis serves customers across multiple industries with particular emphasis on energy infrastructure and renewable energy projects. The company operates across India through a network of 8 branch offices in New Delhi, Gandhidham, Kolkata, Mumbai, Tuticorin,...
TCI Express’ (TCIE) Q1FY26 EBITDA was slightly below consensus estimates. Volume fell 0.9% YoY to 233kte (235kte in Q1FY25) on subdued demand. EBITDA margin improved QoQ to 9.8% (vs. 8.5% in Q4FY25 and 11.2% in Q1FY25), mainly on account of 75bps price hike and stable variable costs in Q1.
We cut our EPS estimates by 14%/9% for FY26E/FY27E amid persistent volume growth challenges and pricing pressure. TCIEXP IN reported weak set of results as revenues declined 2.1% YoY to Rs2,868mn (PLe Rs2,950mn) with an EBITDA margin of 9.8% (PLe 11.4%) as volumes declined for 7th quarter in a row to 233,000 MT (auto was the key segment facing challenges this time). Pricing pressure was also evident as realization was down 1.3% YoY to Rs12.3 per KG. Given stiff competition, we expect volume and realization CAGR of 4%/1% over...
TCI Express (TCIE)’s Q1FY26 results were in line with our muted expectations. The company’s efforts to diversify business beyond surface express seem to be fructifying, as international air express/C2C segments registered 33%/14% YoY growth, respectively.
TCI Express’s (TCIE) 1QFY26 revenue declined 2% YoY to INR2.9b (-7% QoQ), 9% below our estimate. Volumes declined ~1% YoY in 1QFY25, impacted by slower growth in the SME segment.
