Tci Express Ltd. · NSE:TCIEXP
Tci Express — Q2 FY26 Earnings Presentation
39 slides from Tci Express's earnings presentation, November 2025
Slide 1: Q2 & H1 FY26 Earnings Presentation
0 Q2 & H1 FY26 Earnings Presentation November 2025 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 822 by market capitalization as of 2016 60,000+ 1 December 31, 2024 ✓ Serves 98% of B2B customers and 2% of B2C Year of Listing Location Served customers 5,500+ 200+ ✓ ER
Slide 3: Why TCI Express?
Why TCI Express? Asset Light Business Model Containerized Movement Operating with an asset-light model, Containerized movement for secure and optimizing efficiency and flexibility without efficient transport, minimizing handling heavy investments in physical assets. and reducing the risk of damage.
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 Pharma Cold Chain Express 4 4
Slide 5: Automated Sorting Centers
Automated Sorting Centers GIGA Sorting Centre, Gurugram Chakan Sorting Centre, Pune Location: Gurugram Location: 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
Slide 6: Expanding Service Offering: Surface Express
Expanding Service Offering: Surface Express Express solutions with over 60,000 locations with fully containerized fleet of vehicles, offers customized value-added services to meet customer's requirements Key Differentiators Comprehensive connectivity Fully containerized vehicles Robust Pickup Networ
Slide 7: Expanding Service Offering: Domestic Air Express
Expanding Service Offering: Domestic Air Express Domestic Air Express solutions offer round-the-clock time-sensitive express delivery with doorstep service, ensuring delivery within 24 hours in major metros and 48 hours in Mini Metros and A-class cities Key Differentiators Presence at 150+ air gatew
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 40% YoY growth International Air Express Facilitate third-country shipm
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 25%+ in Q2 FY26 Improved Customer Loyalty Origin Delivery Consignor Railway Branch Shorter Synergistic with Existing Station Turnaround Time E
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 Transportation Mode – Milk Run C2C segment recorded a growth of ✓ Comprehensive transportation from origin 1
Slide 11: Expanding Service Offering: Pharma Cold Chain & E-Commerce
Expanding Service Offering: Pharma Cold Chain & E-Commerce TCI Express Pharma Cold Chain Transportation E-Commerce Real-time Strong quarterly momentum driven by the expansion of Performing Additional B2C biker deliveries across metros, supported by robust temperature Standard Operating Procedures re
Slide 12: Q2 FY2026 Highlights
Q2 FY2026 Highlights Total Income EBITDA Profit After Tax Rs. 312 Cr Rs. 39 Cr Rs. 25 Cr 12.4% Margin 8.1% Margin Key Highlights Outlook ➢ TCI Express remains focused on expanding its infrastructure and service capabilities. The Company plans to replicate the automation technologies deployed at its
Slide 13: Management Perspective
Management Perspective Commenting on the performance, Mr. Chander Agarwal, Managing Director, said: “Q2 FY2026 showed consistent progress over the previous quarter, marked by consistent operational performance, disciplined execution and sustained effort toward adding new verticals within the Surface
Slide 14: Q2 FY2026 Performance Discussion
Q2 FY2026 Performance Discussion ➢ Total Income for the quarter stood at Rs. 312 Crores ➢ For Q2 FY26, the PMI remained low, indicating continued weakness in industrial activity due to ongoing demand pressures and supply-side constraints ➢ Festive season demand drove strong sales across lifestyle, a
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 313.90 312.0 290.2 40.5 38.8 33.4 12.9% 11.5% 12.4% Q2 FY25 Q1 FY26 Q2 FY26 Q2 FY25 Q1 FY26 Q2 FY26 PBT and Margins PAT and Margins 35.0 26.3 2
Slide 16: Q2 and H1 FY2026 Financial Performance
Q2 and H1 FY2026 Financial Performance Q2 Y-o-Y Q1 Q-o-Q H1 Y-o-Y Particulars (in Cr) FY2026 FY2025 % FY2026 % FY2026 FY2025 % Income from Operations 308.5 311.5 (0.9)% 286.7 7.6% 595.3 604.5 (1.5)% Other Income 3.5 2.5 3.4 6.9 4.7 Total Income 312.0 313.9 (0.6)% 290.2 7.5% 602.2 609.2 (1.2)% EBITDA
Slide 17: H1 FY2026 Highlights
H1 FY2026 Highlights Cash Flow from Total Income EBITDA Profit After Tax Operations Rs. 602 Cr Rs. 72 Cr Rs. 46 Cr Rs. 20 Cr 12.0% Margin 7.7% Margin Key Highlights Outlook ➢ Ongoing technology upgrade with the planned deployment of Zoho CRM, a Made-in-India solution aimed at enhancing operational e
Slide 18: Half Yearly Performance Trend
Half Yearly Performance Trend * All numbers in Crores unless specified Industry-leading margin profile Total Income EBITDA and Margins 628.1 609.2 100.1 602.2 76.4 72.1 15.9% 12.5% 12.0% H1 FY24 H1 FY25 H1 FY26 H1 FY24 H1 FY25 H1 FY26 PBT and Margins PAT and Margins 90.0 67.9 65.5 61.1 49.4 46.2 14.
Slide 19: Key Ratios
Key Ratios Delivering consistent growth and profitability for our shareholder Fixed Assets Turnover Ratio (X) Return on Capital Employed (%) 1.73 37.7% 33.3% 1.52 1.38 1.28 21.7% 12.4% 9.7% FY23 FY24 FY25 H1 FY26 FY23 FY24 FY25 H1 FY25* H1 FY26* Current Ratio (x) Cash Conversion Ratio (%) 3.18 3.14
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 22 20 8 FY23 FY24 FY25 H1 FY26 Cash Flow from Operations Free Cash Flows ➢ Cash flow from operations of Rs. 19.8 crore for H1 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 Sep-25 Payables Days Long Term Debt 0.0 0.0 0.0 Short Term Debt 3.0 0.0 0.0 40 Total Debt 3.0 0.0 0.0 33 35 Less: Liquid As
Slide 22: Standalone Balance Sheet
Standalone Balance Sheet Particulars (Rs Crores) H1 FY2025 H1 FY2026 Particulars (Rs Crores) H1 FY2025 H1 FY2026 Assets Equity and Liabilities Non-Current Assets Equity Property, Plant and Equipment 412.6 424.2 Equity Share Capital 7.7 7.7 Right of Use Assets 29.0 28.1 Other Equity 741.6 806.0 Capit
Slide 23: 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% 5.4% 6.5% 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% 4.0% 0.0% 0.0% TCI Express Peer 2
Slide 24: 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 25: 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 26: Strategy and Outlook
Strategy and Outlook ✓ Surface segment expanded into new verticals, including Defence, EV, and Solar ✓ Planned CapEx of Rs. 500 crores in 5 years (FY23- Capital ✓ Expansion of Rail service offerings FY27) Expenditure ✓ Emphasis on Extended and Value-Added services such ✓ CapEx till FY25 was Rs. 202.
Slide 27: Strategic Priorities by 2030
Strategic Priorities by 2030 Expansion into New Markets Sustainability Initiatives • TCI Express aims to grow its network further by • TCI Express is advancing sustainability through increasing the number of service locations, concrete actions across its operations, including pickup points and deliv
Slide 28: Growth Drivers: Logistics' Industry
Growth Drivers: Logistics' Industry Infrastructure Development Technology Integration Sustainability Growing Demand • Road Networks: Expansion under • Digitalization: IoT, RFID, GPS trackers and • ESG Practices: As more companies adopt • Manufacturing Expansion: Increased Bharatmala and PM Gati Shak
Slide 29: Growth Drivers: Logistics' Industry
Growth Drivers: Logistics' Industry Tax Benefits for the Logistics Industry Participants Automated Sorting and Robotics Union Budget 2025–26 boosts logistics with GST input credit simplification and reduced The adoption of automated sorting and logistics robots like Automated Guided Vehicles complia
Slide 30: 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 31: Market Challenges Impacting Logistics Sector
Market Challenges Impacting Logistics Sector Key Factors Impacting the Logistics Sector Purchasing Managers Index (Change in Index Points) Higher CCI: Consumer sentiment improved sequentially, driven by easing inflation and stable macros, leading to a gradual recovery in demand momentum across categ
Slide 32: Sectoral and Economic Dynamics Influencing Logistics
Sectoral and Economic Dynamics Influencing Logistics Broader Economic and Sector-Specific Headwinds ✓ Gradual Recovery in Economic Activity: Economic activity strengthened through Q2 FY26, with the ICRA Business Activity Monitor rising to a six- month high of 8.5% YoY in September 2025 (vs. 8.0% in
Slide 33: 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 Foundation con
Slide 34: 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 35: 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 36: Awards and Recognition
Awards and Recognition Corporate Governance Industry Recognition Ranked 822 based on Market Credit Instruments rated by two Capitalization, as on December leading Credit Rating Agencies Forbes Select 200 - 2024 The Economic Times Iconic 31, 2024 CRISIL Rating: AA- Brands of India -2025 ICRA Rating:
Slide 37: Capital Market Information
Capital Market Information Share Price Information, as on 30th September 2025 Key Facts 30th September 2025 CAGR Return: TCI Express 9% S&P BSE Sensex 13% BSE / NSE Ticker 540212/ TCIEXP 3,000 CMP (Rs.) 735.60 2,500 Shares O/S (Cr) 3.84 2,000 Market Cap (Rs. Cr) 2824 52 Week H/L (Rs.) 1,004/580 1,50
Slide 38: 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 39: 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 39