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.

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).

We maintain a neutral stance on TCI Express (TCIE) due to ongoing challenges in volume and profitability.

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’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.

We  remain optimistic about ADANIPORTS’ growth prospects, supported by its  integrated port-logistics model, capacity expansions, and international forays.

Service EBITDA margin of PTL business zooms to 10.7% (3.2% in 1QFY25). We increase our FY26E/FY27E EBITDA estimates by 3.7%/2.0% amid strong performance in 1QFY26 but downgrade DELHIVER IN to ACCUMULATE (earlier BUY) with a TP of Rs466 given 34% appreciation in stock price since our last update report. While DELHIVER IN's top-line was a miss by 6.8% due to weak performance from SCS and cross border businesses, B2C shipment volume growth was back in double-digits after 5 quarters. Operating performance was...

Navkar FY26 revenue/ EBIDTA to reach Rs7-8bn/Rs1bn volume growth and lower contribution from logistics business. Cargo volumes maintenance shutdowns, and lower third-party cargo, despite strong coal handling operations at Ennore, PNP and Paradip. Volumes at its largest port, Jaigarh, remained tepid due to the delay in government orders to Jul'25. Port...

Proceeds from rights issuance will be utilized to deleverage the BS. As of 30th June, debt on books stood at ~Rs6,040mn We increase our EPS estimates by 26%/8% for FY26E/FY27E amid interest cost reduction arising from debt repayment with the proceeds expected to be received from rights issuance. MAHLOG IN reported an in-line operating performance with an EBITDA margin of 4.7% (PLe 4.9%). While volumes in the B2B express business were up by 10% on a sequential basis, yields remained...

Delhivery's consolidated revenue saw a 5.6% YoY increase, reaching Rs. 2,192cr in Q4FY25, owing to increasing the Part Truckload (PTL) volumes. Indian operations contributed Rs. 2,191cr (+5.6% YoY). International revenue,...

Revenue declined by 3.0% YoY: Revenue decreased by 3.0% YoY to Rs3,075mn (PLe Rs3,033mn) on account of lower volumes. Gross margin declined to 28.3% Rs341mn) on account of higher operational expenses like toll tax and labor cost....

TCI Express (TCIE)’s 4QFY25 revenue decreased 3% YoY to INR3.1b (+4% QoQ), in line with our estimate. Volumes declined 1% YoY in 4QFY25. Volumes were hit by slower growth in the SME segment.

Express business has secured new monthly orders of ~5,000 MT to lower demand in core 3PL segment, operating performance was broadly inline with EBITDA margin of 5.0% (PLe 4.6%). Though EBITDA losses in B2B express business have narrowed from Rs803mn in FY24 to Rs511mn in FY25, a complete turnaround in near term continues to remain a cause of concern. While management expects EBITDA break-even by 2QFY26E, incremental...

Mahindra Logistics (MLL)’s revenue grew ~8% YoY to INR15.7b in 4QFY25, in line with our estimate. EBITDA margin came in at 5% (+110bp YoY and +30bp QoQ) vs. our estimate of 4.7%. EBITDA rose ~37% YoY to INR777m (in line).

We remain optimistic about InterGlobe Aviation’s long-term growth trajectory, supported by its leadership in India’s aviation market, sustained profitability, and clear roadmap for international expansion.

India’s aviation boom: The Indian aviation industry is witnessing a rapid expansion, with domestic air travel set to double by CY30. This growth will be driven by a rising middle class, increasing disposable incomes, and government-led infrastructure projects.

As “Leaders in Logistics”, TCI continuously strives to better existing systems, processes and productivity. Its integrated and diversified business profile and customer base, coupled with a healthy proportion of contracted business, provide adequate revenue visibility.

We remain optimistic about ADANIPORTS’ growth prospects, supported by its integrated port-logistics model, capacity expansions, and international forays.