Transport Corporation of India Ltd. share price target

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...

Consolidated revenues stood at Rs. 1,139.3 crore (rising 9.0% y-o-y), with operating profit growing 16.6% y-o-y to Rs. 121 crore. Freight revenues rose 4.9% y-o-y to Rs. 539 crore, and EBIT declined by 17.9% YoY to Rs. 12.8 crore due to weak industrial sector growth.

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’s (TRPC) revenue grew 9% YoY to ~INR11.4b in 1QFY26 (in line). The growth was driven by the supply chain business, which grew ~23% YoY in 1QFY26.

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.

Powering India's logistics with seamless and smart supply chain solutions

Consolidated revenue stood at Rs. 1,178.8 crore (up 9.3% y-o-y) in Q4FY25, while OPM grew 18 bps y-o-y to 10.3%.

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 9% YoY to ~INR11.8b in 4QFY25 (in line). TRPC’s revenue growth was driven by the supply chain business, which recorded a growth of 22% YoY in 4QFY25.

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.

Transport Corporation of India Limited (TCI) reported higher-than-estimated consolidated revenue at Rs. 1,147 crore (up 14.5% y-o-y), driven by growth in SCM (12.9% y-o-y), while freight (up 8.8% y-o-y) remained soft as expected and Seaways revenue (up 9% y-o-y).

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 with an unchanged SOTP-based PT of Rs. 1,400, considering its sustained healthy earnings growth trajectory over the next 2-3 years.

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.