TCI Express (TCIEXP) Q4 24/25 earnings summary

Executive summary

• FY25 saw strategic expansion in multimodal logistics, with Rail and Air Express segments driving growth and operational efficiency through technology and network expansion.

• Achieved total income of Rs. 1,221.1 Cr to Rs. 1,253.82 Cr, with EBITDA of Rs. 143.0 Cr (11.7% margin) and PAT of up to Rs. 90.8 Cr (7.4% margin), despite a challenging macro environment.

• Maintained an asset-light model, high capacity utilization (82.5%), and stable service levels despite cost pressures from tolls, labor, and compliance.

• Recognized as a Great Place to Work for five consecutive years and received multiple awards for sustainability and CSR initiatives.

• Board recommended a final dividend of Rs. 2 per share, totaling Rs. 8-10 per share for FY25 (400% payout on face value).

Financial highlights

• FY25 revenue from operations was Rs. 1,208-1,254 Cr, down from the previous year; Q4 FY25 revenue was Rs. 307-313 Cr.

• FY25 EBITDA was Rs. 143 Cr (11.7% margin), PAT was up to Rs. 91 Cr (7.5% margin); Q4 EBITDA was Rs. 33.7-34 Cr (10.8% margin), PAT was Rs. 20.7-21 Cr (6.6% margin).

• Cash flow from operations for FY25 was Rs. 117.5-118.42 Cr.

• Dividend payout maintained at Rs. 8-10 per share.

• Basic EPS for the year was Rs. 22.36.

Outlook and guidance

• FY26 guidance: tonnage growth of 7%-8%, revenue growth of 10%-12%, and margin improvement of 150-200 basis points driven by cost rationalization and a 3% price hike.

• Branch network to expand by 80 in FY26 and 100 in FY27, with half dedicated to Rail and Air Express.

• CapEx plan of Rs. 80-100 Cr annually, focused on sorting centers and automation.

• Multimodal express contribution targeted to reach 20-22% of revenue in 2-3 years.

• Continued investment in automation and expansion of sorting centers in Ahmedabad and Kolkata planned.