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Transport Corporation of India

TCI NSE
₹864.10 No trade today
P/E
14.52
View as Markdown
MCP
Close 4 Nov 2026 ₹864.10 −293.50 −25.4% 1Y
Start ₹1,157.60

Key Fundamentals

MicrocapTransport ServicesServices

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
19.40%
Debt to Equity
0.12
EPS (TTM)
₹59.50
Book Value
₹370.67
Market Cap
—
P/E (TTM)
14.52
P/B
2.33
ROE
19.20%
Dividend Yield
1.15%
EBITDA
₹565 Cr
52W High
₹1,185.90
52W Low
₹797.00
Volume
0

Peer Comparison

Services › Logistics & Cargo › Logistics Solution Provider

Transport Corporation of India peer comparison
Container Corporation of India
₹425.1026.08₹32,864 Cr2.420.84%9.81%12.60%₹9,085 Cr₹1,248 Cr
Delhivery
₹418.00331.75₹31,669 Cr3.190.00%−0.21%1.01%₹11,145 Cr₹94 Cr
Shadowfax Technologies
₹279.5074.53₹16,409 Cr8.690.00%10.70%10.30%₹4,608 Cr₹172 Cr
Blue Dart Express
₹4,437.8036.68₹10,508 Cr5.930.57%15.70%15.80%₹6,357 Cr₹286 Cr
Transport Corporation of India (this company)
₹864.1014.52₹6,695 Cr2.331.15%19.20%19.40%₹5,026 Cr₹461 Cr
VRL Logistics
₹331.2021.69₹5,356 Cr5.071.69%21.70%18.30%₹3,356 Cr₹268 Cr
TVS Supply Chain Solutions
₹116.6579.90₹5,056 Cr2.530.00%9.70%10.10%₹11,746 Cr₹67 Cr
Median 7 companies₹418.0036.68₹10,508 Cr3.190.57%10.70%12.60%₹6,357 Cr₹268 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

56 Good

Data confidence 100/100

Category scores

Quality
69
Strong
Returns, margins, earnings quality 22% weight
Valuation
53
Average
Cheap vs sector & own history 24% weight
Growth
49
Average
Sales & profit trajectory 9% weight
Financial Health
81
Strong
Solvency, leverage, coverage 9% weight
Momentum
41
Weak
Trend strength, vol-adjusted 12% weight
Ownership
53
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

No strengths listed

Weaknesses

2
  • The company has delivered a poor sales growth of 11.9% over past five years.
  • Tax rate seems low

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish973
OscillatorsNeutral171
Moving AveragesStrong Bearish802

Key readings

RSI (14)
49.36
Neutral
MACD (12,26,9)
2.08
Bullish
SMA (50)
863.67
Bullish
SMA (200)
937.93
Bearish

As of

Analyst Rating

Based on 6 analysts
BUY100%

6 of 6 analysts rate Buy, 0 Hold, 0 Sell.

As of

BUY
6
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+11.03%
5Y+11.90%
3Y+9.13%
1Y+9.46%
TTM+9.59%

Net profit

Net profit growth by window
10Y+17.99%
5Y+25.12%
3Y+12.74%
1Y+10.58%
TTM+6.96%

Operating cash flow

Operating cash flow growth by window
10Y+15.08%
5Y+7.80%
3Y+7.14%
1Y+23.68%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+5.46 pp
5Y+1.17 pp
3Y−0.67 pp
1Y+0.25 pp
TTM+0.15 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹1,943 Cr
Mar 2018₹2,350 Cr
Mar 2019₹2,754 Cr
Mar 2020₹2,718 Cr
Mar 2021₹2,802 Cr
Mar 2022₹3,259 Cr
Mar 2023₹3,783 Cr
Mar 2024₹4,024 Cr
Mar 2025₹4,492 Cr
Mar 2026₹4,917 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹81.00 Cr
Mar 2018₹124 Cr
Mar 2019₹145 Cr
Mar 2020₹143 Cr
Mar 2021₹150 Cr
Mar 2022₹293 Cr
Mar 2023₹321 Cr
Mar 2024₹354 Cr
Mar 2025₹416 Cr
Mar 2026₹460 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹147 Cr −16.6% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Generated 31 Jul 2026
AI opinion · based on fundamentals
Risk medium

Transport Corporation of India is an integrated logistics player with a market cap of ₹7,156 Cr, trading at a PE of 15.6x with consistent ROE of ~19% over the last decade. Revenue has compounded at 11% over 10 years while profit has compounded at 22% over the same period, though stock returns have turned negative at -21% over the trailing one year amid a broader market correction.

Bull Case 8
  • Consistent ROE of 19-20% maintained across 3, 5, and 10-year periods, indicating disciplined capital allocation
  • Compounded profit growth of 22% over 10 years and 24% over 5 years significantly outpaces revenue growth, reflecting improving margins
  • EBITDA margin expanded 189 bps YoY to 12.21% in Q4 FY26, with EBITDA growing 33% YoY to ₹160 Cr — indicating strong operational leverage
  • Low debt-to-equity of approximately 0.09 (₹184 Cr debt vs ₹1,981 Cr net worth as of Mar 2025), providing financial flexibility for capex
  • Diversified multi-modal logistics platform across Freight, Supply Chain Solutions, Seaways, and Energy segments with ~10,000 trucks and 14 mn sq ft warehousing space
  • Reasonable valuation at 15.6x PE and 2.8x PB relative to 19% ROE and double-digit profit growth track record
  • Supply chain solutions segment expected to surpass freight as main revenue stream by FY26, with 10-15% annual growth in warehousing and automotive logistics backed by ₹350 Cr capex allocation
  • Consolidated revenue grew 9.4% to ₹4,965 Cr in FY25 and further accelerated to 11.8% YoY in Q4 FY26, showing improving momentum
Bear Case 8
  • Stock price has declined 21% over the trailing one year, significantly underperforming the broader market
  • Compounded sales growth of only 11-12% over 5 and 10 years is modest for a mid-cap logistics company in a growing economy
  • Net profit growth of 8.7% in Q4 FY26 lagged EBITDA growth of 33%, suggesting higher depreciation or tax drag offsetting operational gains
  • Debt has risen from ₹85 Cr in Mar 2023 to ₹184 Cr in Mar 2025 to ₹252 Cr in Mar 2026 — a 3x increase in three years, albeit from a low base
  • Dividend yield of only 1.07% offers limited income support during periods of stock price weakness
  • TTM profit growth has decelerated to 7% versus the 5-year CAGR of 24%, indicating a potential slowdown in earnings momentum
  • Logistics sector remains highly fragmented and competitive with thin margins, limiting pricing power — overall EBITDA margins still only at ~10-12%
  • Tax rate flagged as seemingly low, which if normalized could compress reported net profit going forward

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

94d ago

TL;DR: TCI is delivering consistent top-line growth (~9%) with healthy profit expansion in FY26 and momentum carrying into Q1FY27. The key risk is fuel cost inflation compressing margins on spot contracts, though structural demand from automotive and quick-commerce segments remains supportive. Shareholder engagement is strong with near-unanimous AGM approvals. If fuel pass-throughs normalize over coming quarters, margin recovery should follow and sustain the earnings growth trajectory.

Headwinds 1
  • Fuel cost squeezes net profit Jul 31

    Q1FY27 net profit dipped slightly as fuel cost inflation outpaced immediate pass-throughs in spot contracts, despite 9.1% revenue growth to ₹12,548 Mn.

Positives 3
  • FY26 PAT up 10.5% YoY Jul 6

    Consolidated revenue rose 9.40% to ₹49,650 Mn for FY26 with PAT growing 10.53% to ₹4,599 Mn. Standalone PAT increased 12.15% to ₹4,440 Mn.

  • Q1FY27 revenue grows 9.1% Jul 31

    Top-line grew 9.1% to ₹12,548 Mn and EBITDA expanded 5.2%, driven by strong automotive and quick-commerce logistics segments.

  • 99.8% shareholder vote for dividend Aug 1

    AGM on Jul 30 approved Re. 1 final dividend with 99.9998% votes in favour and 83.5% e-voting turnout, reflecting robust investor confidence.

Neutral 3
  • Carbon neutrality target by FY2040 Jul 6

    TCI filed its BRSR for FY26, disclosing a carbon neutrality target by FY 2040.

  • Q1 earnings call moved to Aug 3 Jul 29

    Analyst conference call for Q1 FY27 results rescheduled from Jul 31 to Aug 3, 2026, at 4:00 PM IST with MD Vineet Agarwal and CFO Ashish Tiwari.

  • 31st AGM held via video Jul 6

    TCI scheduled and held its 31st AGM on Jul 30, 2026 via video conferencing; annual report dispatched to shareholders.

Quarterly Results

₹ Cr
TCI quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
950
994
1,002
1,079
1,045
1,121
1,147
1,179
1,139
1,205
1,249
1,324
1,248
1,388
Expenses
849
893
902
970
941
1,004
1,029
1,057
1,018
1,078
1,122
1,181
1,113
1,244
Operating Profit
101
100
100
109
104
117
118
122
121
127
127
142
135
144
OPM %
11%
10%
10%
10%
10%
10%
10%
10%
11%
11%
10%
11%
11%
10%
Other Income
26
32
28
34
32
35
29
40
31
36
35
32
25
32
Interest
2
3
4
4
4
5
6
6
5
6
6
6
7
7
Depreciation
31
31
33
33
29
29
30
29
29
30
32
36
36
39
PBT
94
97
91
106
103
118
111
127
118
126
124
132
117
130
Tax %
11%
10%
12%
3%
11%
9%
8%
10%
9%
10%
6%
6%
9%
10%
Net Profit
83
88
80
103
92
107
102
115
107
114
116
124
107
117
EPS (₹)
10.6
11.21
10.22
13.13
11.69
13.9
13.17
14.91
13.89
14.68
14.95
16.11
13.76
—

Sep 2026: from the results filed on 27 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
TCI profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
2,417
1,727
1,943
2,350
2,754
2,718
2,802
3,259
3,783
4,024
4,492
4,917
5,026
Expenses
2,222
1,639
1,780
2,133
2,504
2,476
2,539
2,847
3,357
3,613
4,029
4,398
4,495
Operating Profit
195
88
163
216
250
241
263
412
425
411
463
519
531
OPM %
8%
5%
8%
9%
9%
9%
9%
13%
11%
10%
10%
11%
11%
Other Income
8
92
27
37
44
34
31
44
70
119
135
131
127
Interest
34
25
30
32
37
34
27
13
10
13
20
23
24
Depreciation
55
52
59
69
77
82
93
113
121
128
118
127
135
PBT
114
103
100
152
179
159
174
330
364
388
459
500
499
Tax %
29%
15%
19%
19%
19%
10%
14%
11%
12%
9%
9%
8%
—
Net Profit
82
88
81
124
145
143
150
293
321
354
416
460
460
EPS (₹)
10.75
11.46
10.53
16.08
18.84
18.53
19.08
37.45
40.91
45.12
53.83
59.45
59.5
Div. Payout %
14%
13%
10%
10%
10%
11%
13%
11%
17%
16%
15%
17%
—

Balance Sheet

₹ Cr
TCI balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
15
15
15
15
15
15
15
15
16
16
15
15
Reserves
605
560
631
746
877
1,009
1,154
1,415
1,686
1,988
2,139
2,551
Borrowings
320
354
421
440
470
422
297
96
92
194
242
312
Other Liabilities
197
129
162
196
254
237
272
301
307
304
537
603
Total Liabilities
1,137
1,058
1,229
1,398
1,616
1,683
1,739
1,827
2,101
2,501
2,934
3,482
Fixed Assets
521
532
542
626
727
772
805
801
791
862
964
1,193
CWIP
7
12
57
56
4
22
5
7
26
109
255
343
Investments
7
76
87
104
117
135
150
193
286
543
411
487
Other Assets
602
438
544
611
768
755
779
826
998
988
1,304
1,459
Total Assets
1,137
1,058
1,229
1,398
1,616
1,683
1,739
1,827
2,101
2,501
2,934
3,482

Cash Flow

₹ Cr
TCI cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
125
109
99
157
179
243
305
368
361
299
359
444
Investing
−121
−101
−122
−131
−158
−135
−107
−76
−193
−404
−99
−367
Financing
−4
−12
32
−30
−24
−104
−176
−258
−65
18
−292
−35
Net Cash Flow
−1
−4
8
−4
−3
3
21
34
102
−87
−32
42
Free Cash Flow
−12
11
−15
6
17
97
183
297
208
57
10
32
CFO/EBITDA
78
160
76
89
85
118
114
101
89
82
86
101

Ratios

TCI financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
66
69
67
66
68
65
67
57
54
54
59
61
Cash Conversion Cycle
66
69
67
66
68
65
67
57
54
54
59
61
Working Capital Days
17
7
12
18
25
28
38
49
48
53
52
51
ROCE %
17%
10%
13%
16%
17%
14%
15%
23%
22%
20%
21%
19%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Transport Corporation of India insights

68 extracted metrics across FY06–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 68.66%
  • DIIs 13.08%
  • Public 10.18%
  • Others 5.04%
  • FIIs 3.04%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Transport Corporation of India

What does Transport Corporation of India Ltd do?
Transport Corporation of India is engaged in the Business of Freight Transport,Supply Chain Solutions and Transport through Seaways.
Where is Transport Corporation of India Ltd (TCI) listed?
Transport Corporation of India Ltd trades as TCI on the NSE and under code 532349 on the BSE.
Which sector does Transport Corporation of India Ltd belong to?
Transport Corporation of India Ltd is classified under the Logistics & Cargo sector, in the Logistics Solution Provider industry.
What is the PE ratio of Transport Corporation of India Ltd?
Transport Corporation of India Ltd trades at a PE ratio of 14.52 as of 4 Nov 2026, on earnings per share of ₹59.5, against a book value of ₹370.67 per share.
What is the 52-week high and low of Transport Corporation of India Ltd?
Over the last 52 weeks Transport Corporation of India Ltd has traded between ₹797 and ₹1,185.9 as of 4 Nov 2026.
Does Transport Corporation of India Ltd pay dividends?
Transport Corporation of India Ltd has a dividend yield of 1.15%.
What is the Return on Equity (ROE) of Transport Corporation of India Ltd?
Transport Corporation of India Ltd reported a return on equity of 19.20%. Its debt-to-equity ratio is 0.12.

Company Information

Transport Corporation of India is engaged in the Business of Freight Transport,Supply Chain Solutions and Transport through Seaways.

Website tcil.com
CEO Mr. Dharmpal P. Agarwal B.Com.
Employees 4,056
Listed 21 Jan 2002
Face Value ₹2

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