TCI Express Ltd. · NSE:TCIEXP
TCI Express — Q2 FY27 Earnings Presentation
36 slides from TCI Express's earnings presentation, November 2026
Slide 1: Express Expansion. Precision in Every Direction. Q2 FY27 Earnings Presentation
EXPRESS EXPANSION. PRECISION IN EVERY DIRECTION. Q2 FY27 Earnings Presentation November 2026 1 www.tciexpress.in 1
Slide 2: TCI Express at a Glance
TCI Express at a Glance Completed a decade post demerging, positioning itself as a leading B2B delivery 1 company in India. Ranked 1,040 by market capitalization as of December 31, 2025 B2B customers account for ~97% of the 2016 60,000+ 200+ customer base, with B2C at ~3% Year of Listing Locatio
Slide 3: Why TCI Express?
Why TCI Express? Asset Light Business Model Containerized & Multimodal Network Operating with an asset-light model, End-to-end containerized movement enabling high network utilization, cost ensuring secure handling, reduced transit discipline, and flexibility to scale capacity damage, and consistent
Slide 4: Service Offerings and Geographical Footprint
Service Offerings and Geographical Footprint Express Services Surface 28 Express Sorting Centres Domestic Air Express 500+ Express Routes International Air Express Rail 2,500+ Feeder Routes Express C2C Express 1,000+ Company Branches E-Commerce Express 4
Slide 5: Automated Sorting Centers
Automated Sorting Centers GIGA Sorting Centre, Gurugram Chakan Sorting Centre, Pune Area 2 lakh sq.ft Area 1.40 lakh sq.ft PPH (Packages Per Hour) 15,000 PPH (Packages Per Hour) 11,000 Solar Panel Capacity 600 KW Solar Panel Capacity 280 KW Operational India's first and largest automated B2B Operati
Slide 6: Expanding Service Offering: Surface Express
Expanding Service Offering: Surface Express One of India's largest time-critical surface express networks, Surface Express remained TCI Express's key revenue-contributing division in Q2 FY27, recording 9.4% YoY revenue growth, supported by higher yields, growth in enterprise customers and network ex
Slide 7: Expanding Service Offering: Domestic Air Express
Expanding Service Offering: Domestic Air Express Domestic Air Express delivered 29.4% YoY revenue growth in Q2 FY27, supported by new customer additions, higher business from existing customers, and an improved air network 150+ 6,000+ 24-hour 48-hour Air gateways Customer Delivery to Metro Delivery
Slide 8: Expanding Service Offering: International Air Express
Expanding Service Offering: International Air Express International Air Express delivered 26.1% YoY revenue growth in Q2 FY27, supported by new key account additions, expanded overseas partnerships, wider route coverage and the introduction of customised, cost-efficient shipping options 200+ 3,000+
Slide 9: Expanding Service Offering: Rail Express
Expanding Service Offering: Rail Express Expanding Horizons with Rail: Faster, Greener and Cost-Effective Freight Solutions, supported by an integrated rail network and continued focus on operational efficiency, with Q2 FY27 revenue increasing 25.9% QoQ 165+ 5,000+ Faster Cost Effective Route Custom
Slide 10: Expanding Service Offering: C2C Express
Expanding Service Offering: C2C Express C2C Express continued to focus on improving business quality and margins while offering flexible, end-to-end transportation solutions through full truckload and milk-run services, supported by nationwide pickup and delivery capabilities 2,500+ Active Full truc
Slide 11: Expanding Service Offering: Money Back Guarantee & E-Commerce
Expanding Service Offering: Money Back Guarantee & E-Commerce Premium Service Money Back Guarantee E-Commerce E-Commerce Express recorded 51.6% YoY revenue growth in Q2 FY27, supported by the onboarding of major enterprise marketplaces, expansion of dedicated sales and operations teams, and the roll
Slide 12: H1 and Q2 FY27 Highlights (Standalone)
H1 and Q2 FY27 Highlights (Standalone) Total Income EBITDA Profit After Tax H1 FY27 H1 FY27 H1 FY27 Rs. 654.6 Crore Rs. 80.0 Crore Rs. 49.0 Crore 8.7% YoY 12.2% Margin 7.5% Margin Q2 FY27 Q2 FY27 Q2 FY27 Rs. 339.3 Crore Rs. 43.0 Crore Rs. 26.7 Crore 8.8% YoY 12.7% Margin 7.9% Margin Key Highlights O
Slide 13: Management Perspective
Management Perspective Commenting on the performance, Mr. Chander Agarwal, Managing Director, said: “TCI Express continued to build on its growth momentum during Q2 FY27, supported by improved performance across its core Surface Express business and strong growth in both Domestic and International A
Slide 14: Half Yearly Performance Trends (Standalone)
Half Yearly Performance Trends (Standalone) Healthy Margin Profile Fig in Rs. Crore Total Income EBITDA and Margins 609.2 654.6 80.0 602.2 76.4 72.2 12.5% 12.0% 12.2% H1 FY25 H1 FY26 H1 FY27 H1 FY25 H1 FY26 H1 FY27 PBT and Margins PAT and Margins 65.5 64.7 49.4 46.2 49.0 61.1 10.7% 10.1% 9.9% 8.1% 7
Slide 15: Quarterly Performance Trends (Standalone)
Quarterly Performance Trends (Standalone) Stable financial performance while sustaining margin profile amidst market dynamics Fig in Rs. Crore Total Income EBITDA and Margins 339.3 312.0 315.3 43.0 38.8 37.0 12.4% 11.7% 12.7% Q2 FY26 Q1 FY27 Q2 FY27 Q2 FY26 Q1 FY27 Q2 FY27 PBT and Margins PAT and Ma
Slide 16: Q2 and H1 FY27 Financial Performance (Standalone)
Q2 and H1 FY27 Financial Performance (Standalone) Q2 Y-o-Y Q1 Q-o-Q H1 Y-o-Y Particulars (in Rs. Crore) FY2027 FY2026 % FY2027 % FY2027 FY2026 % Income from Operations 335.9 308.5 8.9% 311.9 7.7% 647.9 595.3 8.8% Other Income 3.4 3.5 3.4 6.7 6.9 Total Income 339.3 312.0 8.8% 315.3 7.6% 654.6 602.2 8
Slide 17: Key Ratios (Standalone)
Key Ratios (Standalone) Delivering consistent growth and profitability for our shareholders Dividend Per Share (Rs) and Payout (%) Return on Capital Employed (%)* 8.0 8.0 8.0 7.0 33.3% 39.0% 34.0% 21.7% 19.9% 20.0% 22.0% 22.0% 23.0% FY23 FY24 FY25 FY26 FY24 FY25 FY26 H1 FY26 H1 FY27 Current Ratio (x
Slide 18: Cash Flow from Operations vs Free Cash Flows
Cash Flow from Operations vs Free Cash Flows Integration of scale, expertise and technology ensures long-term sustainability of cash flows from operations 136 118 96 104 84 24 28 (52) FY24 FY25 FY26* H1 FY27* Cash Flow from Operations Free Cash Flows Cash flow from operations of Rs. 28 crore for H
Slide 19: Leverage Profile and Working Capital Cycle
Leverage Profile and Working Capital Cycle Credit rating of A1+ Short Term (ICRA) and AA- Long Term (CRISIL) Stable Working Capital Management Particulars (in Rs. Crore) Mar-25 Mar-26 Sep-26 Payables Days Long Term Debt 0.0 0.0 0.0 40 Short Term Debt 0.0 0.0 15.2 32 32 Total Debt 0.0 0.0 15.2 Less:
Slide 20: Top Industry Players Margins and Profitability
Top Industry Players Margins and Profitability EBITDA Margins % EBIT Margins % 23.3% 16.7% 15.4% 12.7% 10.6% 11.0% 8.3% 8.7% 6.9% 2.4% TCI Express Peer 1 Peer 2 Peer 4 Peer 3 TCI Express Peer 1 Peer 4 Peer 2 Peer 3 PAT Margins % 10.7% 7.9% 7.7% 3.4% 1.3% TCI Express Peer 1 Peer 4 Peer 2 Peer 3 Notes
Slide 21: Last One Decade Key Takeaways
Last One Decade Key Takeaways Inherent INHERENT BUSINESSBusiness STRENGTHStrength Expanding Business EXPANDING BUSINESS Generating Returns 32,000 to 60,000 Crossed the Rs. 1,000 crore balance sheet milestone Fastest B2B Express Delivery Company in India in FY26, supported by healthy profitability an
Slide 22: Express Industry – An Outlook
Express Industry – An Outlook $288 Bn India's freight and logistics industry is transitioning towards a more integrated, $4.15 Tn India Freight & Logistics technology-enabled ecosystem, driven by e-commerce expansion, PLI-led India GDP Market manufacturing and rising exports. Government initiatives
Slide 23: Strategy and Outlook
Strategy and Outlook ✓ Continue expanding the Surface Express network through customer ✓ Planned Capex of Rs. 500 crore in 5 years (FY23-FY27) additions, deeper engagement with enterprise clients and expansion ✓ Capex till H1 FY27 was Rs. 349 crore across key industries ✓ Capital expenditure of Rs.
Slide 24: Strategic Priorities by 2030
Strategic Priorities by 2030 Expansion into New Markets Sustainability Initiatives • Continue expanding the owned branch • Expand use of renewable energy with network beyond the current locations, with additional solar installations at logistics deeper penetration in Tier II, Tier III and facilities
Slide 25: Growth Drivers: Logistics Industry
Growth Drivers: Logistics Industry + + + Infrastructure Development Technology Integration Sustainability Growing Demand Dedicated Freight Corridors: Eastern ULIP Platform: Government Green Logistics: Greater use of rail Manufacturing-led Growth: Rapid & Western Dedicated Freight continues to streng
Slide 26: Growth Drivers: Logistics Industry
Growth Drivers: Logistics Industry 01 Rising Demand for Faster Deliveries 02 Technology Adoption Improving Logistics Efficiency • Rising e-commerce adoption is increasing demand for time-definite express • AI, IoT and automation are improving shipment visibility, route delivery optimisation and deli
Slide 27: Management Team
Management Team Mr. D P Agarwal Mr. Chander Agarwal Mr. Mukti Lal Mr. Pabitra Mohan Panda Chairman & Director Managing Director Executive Director and CFO Chief Business Officer Mr. D. P. Agarwal is the Chairman of TCI Express Mr. Chander Agarwal has pursued Business Mr. Mukti Lal, a Chartered Accou
Slide 28: Market Challenges Impacting Logistics Sector
Market Challenges Impacting Logistics Sector Key Factors Impacting the Logistics Sector Indian Freight Modal Mix (%) Geopolitical Disruptions: Ongoing conflicts in the Middle East continue to increase freight costs, reroute shipments and delay deliveries 12% Waterways & Others 22% Rail Road-Dominate
Slide 29: Sectoral and Economic Dynamics Influencing Logistics
Sectoral and Economic Dynamics Influencing Logistics Broader Economic and Sector-Specific Headwinds Economic Activity Trends: The ICRA Business Activity Monitor recorded YoY growth of 12.1% in September 2026, improving from 10.8% in August 2026. The increase indicates an improvement in overall eco
Slide 30: CSR Initiatives
CSR Initiatives TCI Express has promoted inclusive development through impactful programs in healthcare, education, environmental sustainability and uplifting underprivileged communities. 01 02 03 Education Support & Skill Healthcare & Accessibility Rural Development Development • TCI Express promot
Slide 31: Sustainability Initiatives
Sustainability Initiatives icon icon icon ENVIRONMENTAL SOCIAL GOVERNANCE ➤ GHG Emission Reduction: Use of EVs, CNG fleets, rail ➤ Community Development & CSR: Partnerships with ➤ Board Composition & Diversity: Balanced mix of transport and upgrades to BS VI-compliant vehicles to TCI Express Foundat
Slide 32: TCI Express Website: ESG Profile
ESG Profile – Consolidating all ESG Disclosures TCI Express Website ESG Disclosure Platform TCI Express ESG Profile Link (Click Here) Resilience (9) Management Approach (4) Company Overview (14) Board of Directors (7) Verifications & Assurances (3) ESG Factors (18) Environment (55) Social (92) Gover
Slide 33: Awards and Recognitions
Awards and Recognitions Corporate Governance Certificate ISO 9001:2015 ISO 14001:2015 ISO 45001:2018 Ranked 1,040 based on Credit Instruments rated by two Market Capitalization, as of leading Credit Rating Agencies CRISIL Rating: AA- Industry Recognition December 31, 2025 ICRA Rating: A1+ Sustainabi
Slide 34: Capital Market Information
Capital Market Information Share Price Information, as on 30th September 2026 Key Facts 30th September 2026 CAGR Return: TCI Express 4.0% S&P BSE Sensex 10.8% BSE / NSE Ticker 540212/ TCIEXP 3,000 CMP (Rs.) 516.20 2,500 Shares O/S (Crore) 3.84 2,000 Market Cap (Rs. Crore) 1,984 1,500 52 Week H/L (Rs
Slide 35: Contact Information
Contact Information This presentation contains statements that are “forward looking statements” including, but without limitation, statements relating to the implementation of strategic initiatives and other statements relating to TCI Express’ future business developments and economic performance. W
Slide 36: TCI Express Limited Corporate Address
TCI EXPRESS LIMITED Corporate Address Plot 84, Institutional Area, Sector 32, Gurugram, Haryana P: +91 124 2384090-94 • E: [email protected] W: www.tciexpress.in • Toll free: 1800 2000 977 Registered Address Flat No. 306 & 307, 1-8-271 to 273, 3rd Floor, Ashoka Bhoopal Chambers, S.P. Road, Secunder