Q2 2026 TCI Express Ltd Earnings Call Transcript
Key Points
- TCI Express Ltd (NSE:TCIEXP) reported consistent progress in Q2 FY26, supported by stable volumes and network expansion.
- The Rail Express segment achieved a strong 25% year-on-year growth, with 25 new branch openings.
- The Air Express segment saw growth in both domestic and international sectors, with international business growing 40% year-on-year.
- The company leased a new, larger sorting center in Mumbai, expected to improve operational efficiency and reduce costs.
- TCI Express Ltd (NSE:TCIEXP) continues to operate debt-free, maintaining liquid assets of INR150 crore, reflecting strong financial health.
- The Surface Express division, the largest contributor to the business, experienced temporary impacts due to GST rate cuts and system realignments.
- Overall revenue growth was flattish, attributed to challenges in the Surface Express business and moderate top-line performance.
- The company's EBITDA margin slightly decreased due to increased costs in air rates and underutilization of truck capacity.
- The MSME sector, a significant part of TCI Express Ltd (NSE:TCIEXP)'s business, has been slow to recover, impacting overall performance.
- Despite efforts, the Surface Express business is underperforming compared to other segments, requiring strategic changes to boost growth.
Good evening, everybody and welcome to the Q2 and H1 financial year '26 earnings conference call of TCI Express Limited. I would like to thank all of you for joining us here today. I hope you and your families are keeping well.
We have already circulated our earnings presentation on the company's website and the stock exchanges. And I trust you have a chance to review it.
To begin, I will provide an overview of our business and operational performance during the quarter and first half of financial '26. Following this, our Executive Director and CFO, Mr. Mukti, will take us through the financial results in detail.
The second quarter showed consistent progress over the previous quarter, supported by stable volumes, network expansion and growing contribution from our multi-modal services. Despite moderation in certain industrial segments and global trade headwinds, the company maintained its operational efficiency and margin profile through disciplined cost control and consistent service execution.
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