Q1 2027 TCI Express Ltd Earnings Call Transcript
Key Points
- TCI Express Ltd (NSE:TCIEXP) delivered strong broad-based growth with total income up 9% year-on-year to INR315.3 crore, driven by customer additions and network expansion.
- E-commerce Express surged 63% year-on-year, becoming the fastest-growing service vertical, supported by rising volumes from e-commerce platforms and direct-to-consumer brands.
- International Air Express grew 27% year-on-year, driven by new customer wins, win-backs, and expanded global carrier partnerships.
- The company maintained a debt-free balance sheet with net cash of around INR118 crore, providing strategic flexibility for future investments.
- Management guided for improved margins of 100-150 basis points in FY27, supported by successful price hikes (including fuel surcharge pass-through) and operational efficiency gains.
- TCI Express Ltd (NSE:TCIEXP) faced elevated operating costs and competitive pricing in certain segments, which pressured margins during the quarter.
- Volume growth of 7.5% in Q1 FY27 was below the company's target of 10-11% for the full year, indicating a slower start.
- The company delayed price hikes until June due to anticipated fuel price increases, which limited revenue growth in the first quarter.
- E-commerce Express remains a small part of overall revenue (around 2.5%), and management noted it is focusing on profitable small customers rather than large, low-margin accounts.
- The company's margin expansion was modest (EBITDA margin up only 20 basis points year-on-year), reflecting ongoing cost pressures and competitive dynamics.
Ladies and gentlemen. Good day and welcome to TCI Express Q1 FY27 earnings conference call hosted by Philip Capital India Limited. Before we begin, a brief disclaimer, this conference call may contain forward-looking statements about the company which are based on the beliefs, opinions, and expectations of the company as of the date of this call. These statements are not the guarantees of future performance, and it may involve risk and uncertainties that are difficult to predict.
(Operator Instructions) Please note that this conference is being recorded.
I now hand the conference over to Mr. Harshil Shah from PhillipCapital India Private Limited, thank you and over to you, sir.
Thank you for that. Good day and a very warm welcome to everyone. Thank you for being on the call of TCI Express Limited. We are happy to have the management with us for a Q&A session investment community. The management is represented by Mr. Chander Agarwal, uniting Director; Mr. Mukti Lal, Executive
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