Tci Express Ltd. · NSE:TCIEXP
Tci Express — Q3 FY2026 Earnings Presentation
38 slides from Tci Express's earnings presentation, February 2026
Slide 1: Q3 & 9M FY26 Earnings Presentation
0 Q3 & 9M FY26 Earnings Presentation February 2026 1 www.tciexpress.in
Slide 2: TCI Express at a Glance
TCI Express at a Glance ✓ Completed 9 years post demerging, positioning itself as a leading B2B delivery company in India. Ranked 1040 by market capitalization as of 2016 60,000+ 1 December 31, 2025 ✓ Serves 98% of B2B customers and 2% of B2C Year of Listing Location Served customers 5,500+ 200+ ✓ E
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 28 Sorting Centres Surface Express 500+ Express Routes Domestic and International Air Express 2,500+ Rail Express Feeder Routes C2C Express 970+ Company Branches E-Commerce Express 4 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 15,000 PPH 11,000 Solar Panel: 600 KW Solar Panel: 280 KW Operational: India's first and largest automated B2B sorting center Operational: Equipped with AI cross-belt sort
Slide 6: Expanding Service Offering: Surface Express
Expanding Service Offering: Surface Express One of India’s largest time-critical surface express network, covering 60,000+ locations with 970+ company-owned branches and 5,500+ containerized vehicles built for scale, speed and service reliability Key Differentiators Comprehensive connectivity ✓ Robu
Slide 7: Expanding Service Offering: Domestic Air Express
Expanding Service Offering: Domestic Air Express A domestic air express platform focused on speed, reliability, and service execution, supporting 14% YoY growth in Q3 FY26 through enhanced carrier capacity and deeper network reach Key Differentiators Presence at 150+ air 6000+ customer ✓ Comprehensi
Slide 8: Expanding Service Offering: International Air Express
Expanding Service Offering: International Air Express International Air Express services to over 200 countries and territories, connecting all major Indian airports with 3,000+ pickup points, ensuring seamless global reach, with 28% YoY growth in Q3 FY26 International Air Express Facilitate third-co
Slide 9: Expanding Service Offering: Rail Express
Expanding Service Offering: Rail Express Expanding Horizons with Rail: Faster, Greener and Cost-Effective Freight Solutions Rail Express recorded a growth of 24%+ in Q3 FY26 Improved Customer Loyalty Rail Express Operation Modal Origin Shorter Synergistic with Existing Delivery Branch Consignor Rail
Slide 10: Expanding Service Offering: C2C Express
Expanding Service Offering: C2C Express Utilizing an asset-light business model, the company expanded its customer base through new client acquisitions and team growth across multiple regions C2C segment recorded a growth of Transportation Mode – Fast trucking 32%+ in Q3 FY26 ✓ Secure transportation
Slide 11: Expanding Service Offering: E-Commerce
Expanding Service Offering: E-Commerce E-Commerce Strong quarterly momentum driven by the expansion of B2C biker deliveries across metros, supported by robust e-commerce offerings, multimodal B2B distribution and COD options. ✓ Vendor-to-warehouse, Inter-warehouse and Warehouse-to-vendor/customer ✓
Slide 12: Q3 FY2026 Highlights
Q3 FY2026 Highlights Total Income EBITDA Profit After Tax Dividend INR 317 Cr INR 37 Cr INR 23 Cr INR 7 11.6% Margin 7.2% Margin Per Share Key Highlights Outlook ➢ TCI Express will focus on improving volume momentum through higher wallet share from ➢ TCI Express maintained positive momentum with mod
Slide 13: Management Perspective
Management Perspective Commenting on the performance, Mr. Chander Agarwal, Managing Director, said: “The third quarter of FY2026 reflected steady progress for TCI Express, supported by disciplined execution, customer additions and continued focus on strengthening core express logistics capabilities.
Slide 14: Q3 FY2026 Performance Discussion
Q3 FY2026 Performance Discussion ➢ Total Income for the quarter stood at INR 317 Crores ➢ For Q3 FY26, while PMI remained soft in October, overall economic activity improved, showing strong rebound in November, supported by festive season demand ➢ The International Air Express segment grew 28% YoY i
Slide 15: Quarterly Performance Trends
Quarterly Performance Trends Fig in Cr. Stable financial performance while sustaining margin profile amidst market dynamics. Total Income EBITDA and Margins 298.9 312.0 317.1 38.8 36.7 12.4% 32.9 11.0% 11.6% Q3 FY25 Q2 FY26 Q3 FY26 Q3 FY25 Q2 FY26 Q3 FY26 PBT and Margins PAT and Margins 33.2 25.2 30
Slide 16: Q3 and 9M FY2026 Financial Performance
Q3 and 9M FY2026 Financial Performance Q3 Y-o-Y Q2 Q-o-Q 9M Y-o-Y Particulars (in Cr) FY2026 FY2025 % FY2026 % FY2026 FY2025 % Income from Operations 314.1 296.3 6.0% 308.5 1.8% 909.3 900.8 0.9% Other Income 3.1 2.6 3.5 10.0 7.3 Total Income 317.1 298.9 6.1% 312.0 1.7% 919.3 908.1 1.2% EBITDA 36.7 3
Slide 17: 9M FY2026 Highlights
9M FY2026 Highlights Total Income EBITDA Profit After Tax INR 919 Cr INR 109 Cr INR 69 Cr 11.9% Margin 7.5% Margin Key Highlights Outlook ➢ Continued steady growth across core businesses, led by strong performance ➢ Strengthen the Air Express network through capacity expansion at major in E-Commerce
Slide 18: Nine Month Performance Trend
Nine Month Performance Trend * All numbers in Crores unless specified Industry-leading margin profile Total Income EBITDA and Margins 941.9 147.6 919.3 109.3 109.0 908.1 15.7% 12.0% 11.9% 9M FY24 9M FY25 9M FY26 9M FY24 9M FY25 9M FY26 PBT and Margins PAT and Margins 132.5 100.1 92.8 91.5 70.1 69.1
Slide 19: Key Ratios
Key Ratios Delivering consistent growth and profitability for our shareholder Dividend Per Share (Rs) and Payout (%) Return on Capital Employed (%) 8.0 8.0 8.0 37.7% 33.3% 7.0 6.0 21.7% 23.0% 19.6% 39.1% 34.0% 31.7% 22.0% 23.0% FY23 FY24 FY25 9M FY25 9M FY26 FY23 FY24 FY25 9M FY25* 9M FY26* Current
Slide 20: 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 147 136 118 96 84 29 22 15 FY23 FY24 FY25 9M FY26* Cash Flow from Operations Free Cash Flows ➢ Cash flow from operations of INR 29 crore for 9M F
Slide 21: 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 Cr) Mar-24 Mar-25 Dec-25 Payables Days Long Term Debt 0.0 0.0 0.0 Short Term Debt 3.0 0.0 0.0 40 39 Total Debt 3.0 0.0 0.0 35 Less: Liquid As
Slide 22: Top Industry Players Margins and Profitability
Top Industry Players Margins and Profitability EBITDA Margins % EBIT Margins % 20.3% 12.0% 10.2% 9.8% 12.0% 11.5% 6.2% 4.3% 4.9% 4.1% 1.0% 0.0% TCI Express Peer 1 Peer 2 Peer 5 Peer 3 Peer 4 TCI Express Peer 1 Peer 2 Peer 5 Peer 3 Peer 4 PAT Margins % 7.7% 7.2% 6.4% 3.0% 0.0% 0.0% TCI Express Peer 2
Slide 23: Last 9 Year Key Takeaways
Last 9 Year Key Takeaways Inherent Business Strength Expanding Business Generating Returns for Stakeholders ➢ Locations servicing from 32,000 ✓ We maintained moderate margins ✓ Fastest B2B Express Delivery and profitability during the period, Company in India locations in FY 2017 to 60,000 reflectin
Slide 24: Express Industry – An Outlook
Express Industry – An Outlook India, under Atmanirbhar Bharat and Make in India, targets a $5T economy by India GDP $4.19 Tn India Logistics Sector $500± Bn 2027, with logistics playing a key role. The sector, contributing 12-14% to GDP and employing 22M+, is projected to grow at an 8.8% CAGR by 202
Slide 25: Strategy and Outlook
Strategy and Outlook ✓ Surface segment expanded into new verticals, including ✓ Planned CapEx of INR 500 crores in 5 years (FY23- Defence, EV, and Solar FY27) Capital ✓ Emphasis on extended and value-added services to ✓ CapEx till FY25 was INR 202 Cr Expenditure strengthen service reliability, enhan
Slide 26: Strategic Priorities by 2030
Strategic Priorities by 2030 Expansion into New Markets Sustainability Initiatives • Continue expanding the owned branch network beyond • Expand use of renewable energy with additional solar the current locations, with deeper penetration in Tier II, installations at logistics facilities, building on
Slide 27: Growth Drivers: Logistics' Industry
Growth Drivers: Logistics' Industry Infrastructure Development Technology Integration Sustainability Growing Demand • Dedicated Freight Corridors: 96% of the • ULIP Platform: Crossed 100 crore API • Green Logistics Push: Government • Manufacturing & PLI: Strong growth in 2,843 km Eastern & Western D
Slide 28: Growth Drivers: Logistics' Industry
Growth Drivers: Logistics' Industry Tax & Policy Support for Logistics Automation, Robotics & Digitalisation • Continued rationalisation of GST processes and e-way bill systems to improve cash • Wider adoption of automated sorters, AI-based route planning, IoT and real-time flows and ease of doing b
Slide 29: 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 Chief Business Officer Chief Financial Officer Mr. D P Agarwal has been Mr. Chander Agarwal is a Mr. Mukti Lal, a seasoned Mr. Pabitra Mohan Pan
Slide 30: Market Challenges Impacting Logistics Sector
Market Challenges Impacting Logistics Sector Key Factors Impacting the Logistics Sector Purchasing Managers Index (Change in Index Points) Uneven Demand Recovery: Economic activity remains uneven across sectors and regions, with moderation in industrial momentum and selective recovery in demand, lea
Slide 31: 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 a double-digit growth of 10.3% YoY in December 2025, slightly lower than November but indicating sustained momentum. Out of the 1
Slide 32: CSR Initiatives
CSR Initiatives TCI Express has promoted inclusive development through impactful programs in healthcare, education, environmental sustainability and uplifting underprivileged communities. Healthcare & Accessibility Rural Development Education Support & Skill Development • TCI Express organized a CSR
Slide 33: Sustainability Initiatives
Sustainability Initiatives Environmental Social Governance GHG Emission Reduction TCI EXPRESS Foundation Board Composition and Diversity TCI Express has undertaken several initiatives to reduce TCI Express, in collaboration with its Group’s Foundation, The Board comprises a balanced mix of executive
Slide 34: ESG Profile – Consolidating all ESG Disclosures
ESG Profile – Consolidating all ESG Disclosures 1 5 4 3 2 6 TCI Express has established and continuously enhanced a dedicated section focused on its Environmental, Social and Governance (ESG) initiatives. This comprehensive section highlights the company’s commitment to sustainability and responsibl
Slide 35: Awards and Recognition
Awards and Recognition Certificate Corporate Governance ISO 9001:2015 ISO 14001:2015 ISO 45001:2018 Industry Recognition Ranked 1,040 based on Credit Instruments rated by two Market Capitalization, as on leading Credit Rating Agencies December 31, 2025 CRISIL Rating: AA- ICRA Rating: A1+ Sustainabil
Slide 36: Capital Market Information
Capital Market Information Share Price Information, as on 31st December 2025 Key Facts 31st December 2025 CAGR Return: TCI Express 6% S&P BSE Sensex 14% BSE / NSE Ticker 540212/ TCIEXP 3000 CMP (INR) 570.20 2500 Shares O/S (Cr) 3.84 2000 Market Cap (INR Cr) 2,191 1500 52 Week H/L (INR) 870/484 1000
Slide 37: 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 38: TCI Express Limited
TCI EXPRESS LIMITED Flat Nos. 306 & 307, 1-8-201 to 203, 3rd Floor, Ashoka Bhoopal Chambers, S . P. Road, Secunderabad-500 003 P: +91 124 2384090-94 • E: info@tciexpress.in W: www.tciexpress.in • Toll free: 1800 2000 977 TCI Express Earnings Presentation Page 38