Transport Corporation of India Limited (TCI) AI Stock Analysis

• Market Cap: ₹78.99B
• Dividend Yield: 0.94%
• Average Volume (3M): 1.38K
• Price to Earnings (P/E): 18.0
• Beta (1Y): 1.11
• Revenue Growth: 9.97%
• EPS Growth: 16.28%
• Country: IN
• Employees: 3,896
• Sector: Services
• Sector Strength: N/A
• Industry: Integrated Freight & Logistics
• EPS (TTM): 15.00
• Shares Outstanding: 76,726,990
• 10 Day Avg. Volume: 880
• 30 Day Avg. Volume: 1,377
• PEG Ratio: 1.15
• Price to Book (P/B): 4.02
• Price to Sales (P/S): 1.92
• P/FCF Ratio: 1.67K
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 57.43
• Revenue Forecast (FY): ₹49.30B

• Rating: 70 Outperform
• Price Target: ₹1,133.00 ▲(6.59% Upside)
• Action: Reiterated Date: 09/16/25
• Date: Action: Reiterated 09/16/25

The overall stock score is primarily driven by strong financial performance, reflecting robust growth and profitability improvements. Technical analysis indicates a neutral trend with moderate bullish momentum, while valuation metrics suggest the stock is fairly priced. The absence of earnings call data and corporate events did not impact the score.

Positive Factors

Revenue & margin improvement

Sustained revenue growth and expanding gross and net margins over five years indicate scalable operations and improving pricing or cost control. This durable improvement supports reinvestment, stronger ROE and the ability to win larger contracts, enhancing long-term earnings quality.

Multimodal, diversified business model

An integrated multimodal network and contract logistics portfolio create competitive advantage through route flexibility, cross‑sell opportunities and resilience to mode-specific disruptions. Long-term contracts and warehousing services support recurring revenue and customer stickiness.

Improving leverage & strong equity base

Reduced leverage and a robust equity ratio increase financial flexibility for capex and bidding on large projects. Strong ROE shows profitable capital deployment, lowering refinancing risk and supporting strategic investments over the medium term.

Negative Factors

Free cash flow volatility

Fluctuating and recently declining free cash flow can constrain the company’s ability to fund expansion, repay debt, or sustain distributions without raising external capital. Persistent volatility complicates long‑term planning and increases sensitivity to capex timing and working capital swings.

Total debt still material

Although leverage metrics improved, remaining absolute debt levels mean refinancing or interest rate rises could pressure cash flows. This limits strategic flexibility for M&A or heavy capex and requires disciplined cash generation to avoid elevated financial strain in downturns.

Geographic concentration risk

Concentration in the Indian market exposes revenues to domestic economic cycles, regulatory shifts and infrastructure bottlenecks. Limited international diversification reduces natural hedges and may cap long‑term growth potential versus peers with broader global footprints.

Transport Corporation of India Limited Business Overview & Revenue Model

Company Description

Transport Corporation of India Limited provides end to end integrated supply chain and logistics solutions in India. It operates through Freight, Supply Chain Solutions, Seaways, and Energy divisions. The company offers surface transport solutions, such as full truck load, small packages and consignments, over dimensional cargo, project heavy haul and rail, and foldable large containers. Its integrated logistics and supply chain solutions, including supply chain design and reengineering, third party logistics support, warehousing management, and other related services to the automobile, retail, hi-tech and telecom, chemical, and healthcare sectors. The company also offers coastal shipping, container cargo movement, and transportation services; and cold chain, inbound to outbound logistics, and chemical logistics solutions. The company was formerly known as TCI Industries Limited and changed its name to Transport Corporation of India Limited in October 1999. Transport Corporation of India Limited was founded in 1958 and is based in Gurugram, India.

How the Company Makes Money

TCI makes money primarily by charging customers for logistics services delivered under contract or per-shipment arrangements. Its key revenue streams typically include: (1) Freight and transportation services: revenue from moving goods for clients using a mix of owned and third-party assets across road, rail, coastal, and air networks; pricing is generally based on factors such as distance, weight/volume, service level (standard vs. expedited), lane characteristics, and fuel-related adjustments where applicable. (2) Supply chain solutions and contract logistics: revenue from managing dedicated logistics operations for clients, including warehousing, in-plant logistics, distribution center operations, inventory handling, packaging/value-added services, and last-mile distribution; these engagements are commonly structured as longer-term contracts with a combination of fixed management fees and variable charges tied to activity levels (e.g., per pallet, per order, per kilometer, per shipment). (3) Express and time-sensitive logistics: revenue from premium services that prioritize speed and reliability, often priced higher due to tighter delivery windows and network commitments. (4) Project and specialized logistics (where applicable): revenue from handling over-dimensional, heavy, or complex cargo movements that require route planning, permits, specialized equipment, and execution expertise, typically priced on a quoted project basis. Across these streams, a significant factor in earnings is TCI’s ability to optimize network utilization (consolidation, routing, load factor), procure capacity efficiently from third-party transporters, and maintain service quality that supports repeat business and contract renewals. Information on specific major customer partnerships, revenue mix by segment, or named strategic alliances is null.

Transport Corporation of India Limited Financial Statement Overview

Summary

Transport Corporation of India Limited's financials reflect a robust growth trajectory, with notable improvements in profitability and operational efficiency. The balance sheet shows a healthy equity position and manageable debt levels, while cash flow statements highlight the need for careful capital allocation to maintain free cash flow stability.

Income Statement

The company demonstrates strong revenue growth, rising from INR 27,149.63 million to INR 44,918.00 million over five years. Gross profit margin improved to 13.76% from 10.25%, and net profit margin increased to 9.34% from 5.24%, indicating enhanced profitability. Both EBIT and EBITDA margins show improvement, reflecting efficient operations.

Balance Sheet

The debt-to-equity ratio has improved as debt levels have decreased relative to equity, showcasing prudent financial management. Return on equity (ROE) is strong, benefiting from increased net income. The equity ratio is robust, highlighting a strong financial foundation. However, total debt levels require ongoing monitoring.

Cash Flow

Free cash flow has fluctuated but remains positive, indicating sound cash management. Operating cash flow consistently exceeds net income, suggesting efficient cash operations. However, recent free cash flow decline necessitates attention to capital expenditures.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	45.97B	45.03B	40.38B	37.94B	32.69B	28.14B
Gross Profit	5.84B	5.95B	5.34B	5.32B	4.97B	3.50B
EBITDA	4.93B	4.66B	4.19B	4.33B	4.16B	2.75B
Net Income	4.28B	4.12B	3.51B	3.17B	2.90B	1.47B
Balance Sheet
Total Assets	0.00	27.80B	25.01B	21.01B	18.27B	17.39B
Cash, Cash Equivalents and Short-Term Investments	2.22B	2.56B	4.14B	2.58B	826.16M	340.55M
Total Debt	0.00	2.42B	1.94B	918.80M	962.27M	2.97B
Total Liabilities	-21.91B	5.89B	4.64B	3.69B	3.69B	5.60B
Stockholders Equity	21.91B	21.55B	20.04B	17.02B	14.30B	11.70B
Cash Flow
Free Cash Flow	0.00	52.00M	566.53M	2.05B	2.92B	1.49B
Operating Cash Flow	0.00	3.59B	2.99B	3.61B	3.68B	3.05B
Investing Cash Flow	0.00	-993.00M	-4.04B	-1.93B	-762.16M	-1.06B
Financing Cash Flow	0.00	-2.92B	176.43M	-654.70M	-2.58B	-1.78B

Transport Corporation of India Limited Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 1062.95
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:TCI, the sentiment is Neutral. The current price of 1062.95 is above the 20-day moving average (MA) of 1027.87, above the 50-day MA of 1035.71, and below the 200-day MA of 1114.15, indicating a neutral trend. The MACD of -15.67 indicates Positive momentum. The RSI at 51.35 is Neutral, neither overbought nor oversold. The STOCH value of 45.04 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:TCI.

Transport Corporation of India Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EIHAHOTELS	75 Outperform	₹19.20B	13.46	―	0.98%	1.40%	18.39%
VRLLOG	73 Outperform	₹46.59B	18.11	―	2.79%	4.74%	176.63%
TCI	70 Outperform	₹78.99B	18.01	―	0.94%	9.97%	16.28%
CHOICEIN	65 Neutral	₹149.68B	67.67	―	―	12.17%	19.00%
TCIEXP	63 Neutral	₹19.78B	25.07	―	1.37%	-2.79%	-26.28%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
DISHTV	39 Underperform	₹4.79B	-0.66	―	―	-22.62%	66.73%

Transport Corporation of India Limited Corporate Events

Transport Corporation of India Files Revised Q3 and 9M FY2026 Investor Presentation

Transport Corporation of India Limited has submitted an updated investor presentation for the third quarter and nine months ended December 31, 2025, to the stock exchanges. The company stated that the revision contains minor edits made to correct inadvertent errors in the earlier version and requested exchanges to take the updated document on record in place of the one filed previously.

The filing is made in compliance with disclosure requirements under SEBI’s listing regulations, underscoring the company’s focus on accurate and transparent communication with the market. By promptly replacing the previous presentation, TCI aims to ensure investors and other stakeholders rely on corrected information for evaluating its performance for the period.

Transport Corporation of India Publishes Q3 and Nine-Month FY2025 Unaudited Results in Newspapers

Transport Corporation of India Limited has announced that it has published its standalone and consolidated unaudited financial results for the third quarter and nine months ended December 31, 2025 in leading newspapers, fulfilling its disclosure obligations under SEBI’s Listing Regulations. The results have been advertised in the English daily Financial Express and the regional language daily Nava Telangana, and are also being made available on the company’s website, reinforcing TCI’s compliance and transparency practices towards investors and other stakeholders.

Transport Corporation of India Files SEBI Dematerialisation Compliance Certificate for Q3 FY2025-26

Transport Corporation of India Limited has submitted a compliance certificate for the quarter ended 31 December 2025, confirming adherence to Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The company’s registrar, KFin Technologies, certified that all securities received for dematerialisation during the quarter were duly processed, either accepted or rejected, properly mutilated and cancelled after verification, and that the corresponding securities have been listed on the appropriate stock exchanges with the depositories’ names substituted in the register of members within the prescribed timelines. This filing reinforces the company’s ongoing compliance with securities market regulations and provides assurance to shareholders and regulators about the integrity and proper handling of its share dematerialisation and listing processes.