TCI Express (TCIEXP.NS)

Wednesday

4:50 PM

ThesisTCI Express: the story is balanced — Tonnage growth rates and shipment volumes across B2B and e-commerce segments

Revenue Outlook

Metric	FY2026	FY2027E	FY2028E
Revenue	$12.4B	$13.5B	$14.6B
Rev. Growth	+2.4%	+9.0%	+8.6%
EPS	$21.21	$27.78	$31.80
EPS Growth	-5.1%	+31.0%	+14.5%
P/E (fwd)	23.1×	17.6×	15.4×

★ Analysts see FY2027 revenue reaching $13.5B — +9.0% growth in a single year.

01Tonnage growth rates and shipment volumes across B2B and e-commerce segments
02Realization per kilogram (pricing power) and ability to pass through fuel cost increases
03Operating margin trajectory driven by network utilization and cost per shipment
04E-commerce penetration growth in India and market share gains in express logistics
05Diesel price movements and fuel surcharge implementation effectiveness
06Express parcel services (B2B surface cargo) - estimated 60-65% of revenue
07E-commerce logistics and last-mile delivery - estimated 20-25% of revenue
08SME and retail shipments with value-added services - estimated 10-15% of revenue

FY2026 Snapshot

growth - Historically attracted growth investors seeking exposure to India's logistics infrastructure build-out and e-commerce penetration.
Low direct impact as company carries minimal debt (0.02x D/E).
Watch on earnings: India Industrial Production Index (proxy for B2B cargo demand), Diesel prices in India (primary fuel cost driver for transportation), E-commerce GMV growth rates in India (Flipkart, Amazon, Meesho combined).

TCI Express: the story is balanced — tonnage growth rates and shipment volumes across b2b and e-commerce segments.

Auto-composed from Stock Alarm intelligence, financial statements, and analyst estimates. Not investment advice.

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