TCI Express (TCIEXP) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 total income rose 8.8% YoY to ₹339.3 crore; EBITDA increased 10.8% to ₹43 crore, margin reached 12.7%, and PAT grew 6% to ₹26.7 crore.

• H1 FY27 total income increased 8.7% to ₹654.6 crore, EBITDA grew 10.8% to ₹80 crore, and PAT rose 6.1% to ₹49 crore.

• Customer additions, disciplined pricing, network expansion and capacity utilisation of 84% supported growth.

Financial highlights

• Q2 standalone revenue was ₹335.91 crore and consolidated revenue ₹338.02 crore; standalone PAT was ₹26.66 crore and consolidated PAT ₹23.47 crore.

• Q2 income from operations was ₹335.9 crore, up 8.9% YoY; EBIT rose 7.5% to ₹36.1 crore, PBT increased 5.9% to ₹35.1 crore, and EPS was ₹6.9.

• H1 standalone revenue was ₹647.85 crore and consolidated revenue ₹651.42 crore; standalone PAT was ₹49.03 crore and consolidated PAT ₹43.97 crore.

• H1 EBIT rose 7.5% to ₹66 crore and PBT grew 6% to ₹64.7 crore on the standalone basis.

Outlook and guidance

• FY27 targets remain double-digit volume and revenue growth, with full-year margin improvement of 50–100 bps YoY.

• For the remaining two quarters, management expects 14%–15%+ revenue growth and ~11%–12% volume growth; October trading was described as strong.

• H2 EBITDA margin guidance is 13%+; management targets a return to 15%–16% margins in two to three years, subject to profitable growth.

• Other service lines are targeted to exceed 18% of revenue by FY27 year-end and 22% by 2030, from ~17%–17.5% currently.

• Priorities include enterprise customers, air gateway teams and partnerships, rail development, e-commerce fulfilment and digital capabilities.