TCI Express Q4 FY26: Stable Quarter, Multimodal Push, Cautious FY27 Outlook

Standalone total income was 331.1 crore, EBITDA was 37.4 crore (11.3% margin) and PAT was 20.8 crore (6.3% margin).

Standalone total income was 1,250.4 crore, EBITDA was 146.0 crore (11.7% margin) and PAT was 89.8 crore (7.2% margin).

The company disclosed a revised capex plan of 400 crore for FY23 to FY27 (revised from 500 crore). FY26 capex was 67 crore and FY27 expected capex is 131 crore, funded through internal accruals.

Management indicated FY27 volume growth of around 10% to 11% and revenue growth of 15% plus, helped by price hikes and expected demand improvement.

As of March 2026, total debt was 0 and net cash was 136.4 crore; current ratio was 3.06x (standalone).

In the concall, management stated multimodal revenues (air, rail, C2C, e-commerce combined) were about 18.5% in FY26 and they aim to increase this to around 22% to 25% over the next 2 to 3 years.

The company disclosed automated sorting capacities of 15,000 packages per hour at Taj Nagar, Gurugram and 11,000 packages per hour at Chakan, Pune, and stated automation reduces sorting time by 40%.