Total Transport Q2 PAT triples as EBITDA margin reaches 3.7%

Total Transport Systems Limited reported Q2 FY27 profit after tax of Rs 7.1 crore, three times its Rs 2.4 crore result a year earlier, as revenue rose 73.7% to Rs 283.9 crore and EBITDA margin increased to 3.7% from 2.9%. The quarterly result also exceeded Q1 FY27 on revenue, operating profit and net profit.

What were Total Transport’s Q2 FY27 earnings?

Total Transport’s Q2 FY27 earnings showed revenue of Rs 283.9 crore, earnings before interest, tax, depreciation and amortisation (EBITDA) of Rs 10.4 crore, and profit after tax (PAT) of Rs 7.1 crore. Revenue increased 73.7% year on year from Rs 163.5 crore in Q2 FY26 and 46.7% quarter on quarter from Rs 193.6 crore in Q1 FY27. EBITDA rose 2.2 times from Rs 4.8 crore a year earlier and 61.9% sequentially from Rs 6.5 crore.

PAT expanded 72.6% from Rs 4.1 crore in Q1 FY27 and three times from Rs 2.4 crore in Q2 FY26. Profit before tax was Rs 9.1 crore, compared with Rs 5.5 crore in the preceding quarter and Rs 3.1 crore a year earlier, while tax expense was Rs 2.0 crore versus Rs 1.4 crore and Rs 0.7 crore, respectively. PAT therefore grew faster than revenue in both comparisons.

How did Total Transport’s Q2 FY27 margins change?

Total Transport’s EBITDA margin rose to 3.7% in Q2 FY27, up 74 basis points from 2.9% in Q2 FY26 and 35 basis points from 3.3% in Q1 FY27. A basis point is one-hundredth of a percentage point. The higher margin accompanied EBITDA of Rs 10.4 crore on revenue of Rs 283.9 crore, compared with Rs 4.8 crore on revenue of Rs 163.5 crore in the year-earlier quarter.

Net profitability also increased, with PAT margin at 2.5%, against 1.4% in Q2 FY26 and 2.1% in Q1 FY27. This was a year-on-year expansion of 107 basis points and a sequential expansion of 38 basis points. Earnings before interest and tax (EBIT) was Rs 10.4 crore, with a 3.6% margin, compared with Rs 4.0 crore and 2.5% a year earlier; depreciation was Rs 1.1 crore and finance cost was Rs 1.3 crore in Q2 FY27.

What drove Total Transport’s first-half FY27 growth?

Total Transport reported H1 FY27 revenue of Rs 477.5 crore, up 53.6% from Rs 310.9 crore in H1 FY26, while PAT increased 2.2 times to Rs 11.2 crore from Rs 5.3 crore. Management said topline growth was supported by new clients, expansion in last-mile delivery and increased air-cargo business volumes. H1 FY27 included Q1 FY27 revenue of Rs 193.6 crore and Q2 FY27 revenue of Rs 283.9 crore.

First-half margins also increased from a year earlier. EBITDA rose 84.5% to Rs 16.9 crore and its margin reached 3.5%, compared with Rs 9.2 crore and 2.9% in H1 FY26. EBIT was Rs 17.0 crore, up 89.1% from Rs 9.0 crore, with a 3.6% margin versus 2.9%. PAT margin increased 65 basis points to 2.4% from 1.7%.

Which freight volumes changed in Q2 FY27?

Total Transport’s air-freight volume increased to 549 tons in Q2 FY27 from 439 tons in Q2 FY26 and 434 tons in Q1 FY27, led by export freight of 483 tons. Export volume rose from 335 tons a year earlier and 345 tons in Q1 FY27, while import volume declined to 66 tons from 104 tons and 89 tons. This mix change coincided with management’s reference to increased air-cargo business.

Less-than-container-load (LCL) consolidation volume totalled 107,980 cubic metres in Q2 FY27, below 109,163 cubic metres in Q2 FY26 but above 91,504 cubic metres in Q1 FY27. Full-container-load (FCL) freight-forwarding volume was 4,435 twenty-foot equivalent units (TEUs), down from 5,013 TEUs a year earlier and up from 4,025 TEUs sequentially. In H1 FY27, LCL volume was 199,484 cubic metres versus 207,901 cubic metres a year earlier, while FCL volume was 8,460 TEUs versus 9,555 TEUs; air freight rose to 983 tons from 807 tons.

What is Total Transport planning after the Q2 FY27 result?

Total Transport’s management says it is focused on expanding into more cities, strengthening last-mile delivery operations and adding dedicated teams to scale its air-cargo business. The stated plan follows H1 FY27 revenue of Rs 477.5 crore and Q2 FY27 air-freight export volume of 483 tons. Management said these initiatives are expected to support topline and bottom-line growth, service capabilities and operational efficiency.

The presentation describes Total Transport as having an asset-light business model and identifies its directly operated businesses as LCL, FCL and air freight. Its group structure includes 100% subsidiary CP World Logistics India Pvt. Ltd., wholly owned subsidiaries One World Logistics Pvt. Ltd. and WSA Shipping (Bombay) Pvt. Ltd., and joint venture Seedeer India Pvt. Ltd. The presentation identifies last-mile delivery under the Abhilaya brand, the vertical management said it is expanding.

Conclusion

Total Transport’s Q2 FY27 earnings increased faster than revenue: revenue rose 73.7% to Rs 283.9 crore, EBITDA rose 2.2 times to Rs 10.4 crore and PAT tripled to Rs 7.1 crore. EBITDA margin increased from 2.9% to 3.7%, while PAT margin increased from 1.4% to 2.5%. H1 FY27 showed the same pattern, with PAT of Rs 11.2 crore versus Rs 5.3 crore a year earlier.

The next disclosed matters to watch are management’s execution of city expansion, last-mile delivery strengthening and dedicated air-cargo team additions. Air freight was the volume category that increased in H1 FY27, reaching 983 tons from 807 tons, whereas H1 LCL volume declined to 199,484 cubic metres and FCL volume declined to 8,460 TEUs. Management has not disclosed a numerical revenue, profit or volume target for these plans.