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Transport Corporation of India’s (TRPC) revenue grew 7.5% YoY to ~INR12b in 2QFY26 (in line). Revenue growth experienced a slowdown across segments despite the company witnessing strong demand across auto, FMCG, and consumer durables.

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...

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% in
Q1FY25/Q4FY25), mainly due to improved margins in seaways (36.9% EBIT in Q1FY26).

Transport Corporation of India Ltd (TRPC) is well-positioned to benefit from structural tailwinds like the China+1 strategy, the PLI scheme, and rising infrastructure investments.

Transport Corporation of India’s (TRPC) Q4FY25 EBITDA of INR 1,217mn was broadly in line with our estimate. Overall revenue/EBITDA grew 9.3%/11.2% YoY and 2.8%/2.7% QoQ.

Transport Corporation of India’s (TRPC) revenue grew 14.5% YoY to ~INR11.5b in 3QFY25 (in line). EBITDA margin came in at 10.3% (est. 10.8%), up 40bp YoY and down ~10bp QoQ. EBITDA increased 19% YoY to INR1.2b, while APAT grew 27% YoY to ~INR1b (est. INR1b).

Diversified service offerings (Freight, Supply Chain, and Seaways), coupled with sectoral resilience, helped TRPC maintain double-digit growth in 1HFY25.

We retain Buy on TCI Limited with a revised PT of Rs. 1400, increasing our valuation multiples for its
strong performing SCM, Seaways and Transystem JV businesses.

We retain BUY on TCI with a revised SOTP-based PT of Rs. 1,200, as we roll forward our valuation to
H1FY2027E earnings.

Transport Corporation of India Limited (TCI) reported an in-line consolidated revenue at Rs. 1,045 crore (up 10.0% y-o-y), aided by sustained growth in SCM (revenue up 11.6% y-o-y), pick up in seaways (up 14.2% y-o-y), while freight (up 5.9% y-o-y) remained soft.

Despite the likely decline in seaways business, we expect EBITDA margin to improve to 10.5% by FY26E on the back of higher proportion of LTL in surface division.

TRPC is benefiting immensely from being a multi-modal logistics provider. It is
the only player in the domestic logistics industry that offers services across
road, rail, and sea.