TCI Express (TCIEXP) Q3 24/25 earnings summary

Executive summary

• Maintained leadership in B2B express logistics with an asset-light, technology-driven model, serving 60,000+ locations and 2.25 lakh customers, and focusing on network expansion and automation for operational resilience amid muted manufacturing and inflationary pressures.

• Expanded multimodal offerings, including Rail, Air, C2C, and Pharma Cold Chain Express, with automation at key sorting centers boosting efficiency.

• Recognized for operational excellence, sustainability, CSR, and workplace culture with multiple awards and certifications.

• Reported unaudited financial results for Q3 and 9M FY25, reviewed and approved by the Board and subject to limited review by statutory auditors.

Financial highlights

• Q3 FY25 total income was ₹298.89 crore, EBITDA ₹33 crore (11% margin), and PAT ₹20.68 crore (6.9% margin), with year-over-year declines.

• 9M FY25 total income was ₹908.09 crore, EBITDA ₹109.3 crore (12% margin), and PAT ₹70.12 crore (7.7% margin), all lower year-over-year.

• Cash flow from operations for 9M FY25 was ₹40 crore; capex of ₹20 crore focused on network and automation.

• Interim dividend of ₹6 per share for FY25, representing a 300% payout on face value.

Outlook and guidance

• Management expects gradual recovery, supported by government infrastructure investments, policy measures, and upcoming budget.

• Price hikes of about 1% are being implemented, mainly targeting large customers, with further improvement expected in the next year.

• Volume growth for FY26 is targeted at 10%-12%, with value growth of 12%-15%.

• Extended and value-added services are expected to contribute 20%-25% of revenue in the next 2-3 years.

• Branch expansion will be moderate until SME volumes recover, with 50-75 branches planned for FY26 and 75-100 for FY27.