Transport Corporation of India Limited (TCI) AI Stock Analysis

• Market Cap: ₹80.95B
• Dividend Yield: 0.94%
• Average Volume (3M): 1.38K
• Price to Earnings (P/E): 18.6
• Beta (1Y): 1.12
• 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): 14.60
• 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: ₹1,354.00
• Price Target Upside: 27.38% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 70 Outperform
• Price Target: ₹1,170.00 ▲(10.07% Upside)

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

Diversified business model

TCI's multi-service logistics model—freight, express, warehousing and end-to-end supply chain—creates durable revenue diversification and cross-sell opportunities. An extensive branch network and industry partnerships reduce client churn and soften demand cyclicality, supporting steady core revenues over time.

Sustained margin improvement

Five-year revenue expansion plus rising gross and net margins indicate structural operational gains and pricing power. Consistent margin improvement points to process efficiencies, better route utilization and service mix benefits that can sustainably boost profitability and fund reinvestment.

Healthy capital structure

An improved debt-to-equity ratio and robust equity base enhance financial flexibility, enabling investment in fleet, tech and warehouses without excessive leverage. Strong ROE reflects effective capital allocation, supporting long-term capacity expansion and resilience through industry cycles.

Negative Factors

Free cash flow volatility

Fluctuating and recently declining free cash flow raises concern for durable cash generation. If FCF erosion persists it could limit organic growth funding, dividend capacity or deleveraging, forcing more external financing or slower expansion of network assets and technology investments.

Absolute debt levels to monitor

While ratios improved, remaining absolute debt can still constrain flexibility. In a higher-rate or slower-growth environment, interest costs and repayment schedules could pressure cash flow and limit capital allocation to fleet, warehouses or tech, increasing financial risk over the medium term.

Moderate revenue growth rate

Revenue growth around 10% is modest for an infrastructure and scale-driven logistics player. Slower top-line expansion may limit potential scale economies and make market share gains harder versus more aggressive competitors, increasing reliance on margin improvements to drive earnings.

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 generates revenue primarily through its diverse range of logistics services. The company's key revenue streams include freight transportation, both in terms of full truckload and less-than-truckload services, and supply chain solutions, which encompass third-party logistics, warehousing, and distribution management. Additionally, TCI's express cargo division contributes to its earnings by providing time-sensitive delivery solutions. Strategic partnerships with major industrial players and continuous investment in technology and infrastructure further enhance its revenue potential, enabling TCI to maintain a competitive edge in the logistics industry.

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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 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: Negative
• Last Price: 1062.95
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• 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 Negative. The current price of 1062.95 is above the 20-day moving average (MA) of 1061.58, below the 50-day MA of 1092.32, and below the 200-day MA of 1134.65, indicating a bearish trend. The MACD of -4.52 indicates Negative momentum. The RSI at 41.48 is Neutral, neither overbought nor oversold. The STOCH value of 22.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	₹20.69B	21.75	―	0.98%	1.40%	18.39%
VRLLOG	73 Outperform	₹45.06B	19.29	―	2.79%	4.74%	176.63%
TCI	70 Outperform	₹80.95B	18.61	―	0.94%	9.97%	16.28%
CHOICEIN	65 Neutral	₹171.29B	88.01	―	―	12.17%	19.00%
TCIEXP	63 Neutral	₹20.55B	25.06	―	1.37%	-2.79%	-26.28%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
DISHTV	38 Underperform	₹7.24B	-1.06	―	―	-22.62%	66.73%

Transport Corporation of India Limited Corporate Events

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.

Transport Corporation of India Schedules Investor Conference

Transport Corporation of India Limited has announced a scheduled meeting with analysts and investors on November 19, 2025, as part of the Annual Investor Conference titled ‘INDX The New Code for India’s Growth.’ This meeting aims to engage stakeholders through one-on-one and group sessions, sharing publicly available information to discuss the company’s growth strategies and market positioning.

Transport Corporation of India Opens Special Window for Share Transfer Requests

Transport Corporation of India Limited has announced a special window for the re-lodgement of transfer requests for physical shares. This initiative, in compliance with SEBI regulations, was publicized through newspaper publications and social media, reflecting the company’s commitment to facilitating shareholder transactions and maintaining regulatory standards.