Quarterly and first-half earnings
The Indian express distribution company announced its results on November 6 for the quarter and half year ended September 30, 2026. In the year-earlier quarter, revenue from operations was Rs 308.5 crore and EBITDA was Rs 38.8 crore. Q2 FY27 profit after tax was Rs 26.7 crore, representing a 7.9% margin, while total income reached Rs 338.8 crore.
Compared with Q1 FY27, quarterly EBITDA increased 16.3% and profit after tax rose 19.2%. Managing Director Chander Agarwal said the company had delivered profitable growth, with EBITDA increasing faster than revenue. He also pointed to expanding demand for organized logistics services in India and said the company's multimodal network positioned it to pursue that demand.
For the first half of FY27, revenue from operations reached Rs 647.9 crore, up from Rs 595.3 crore a year earlier. EBITDA increased to Rs 80.0 crore from Rs 72.2 crore, with a margin of 12.2%. First-half profit after tax was Rs 49.0 crore, or 7.5% of revenue, and total income was Rs 654.1 crore. TCI Express trades under NSE ticker TCIEXP and BSE code 540212.
E-commerce leads service growth
E-Commerce Express recorded the largest year-over-year increase among the company's segments, growing 51.6%. Domestic Air Express expanded 29.4% and International Air Express rose 26.1%. Surface Express remained the largest business and grew 9.4%. In C2C Express, management reported signs of a sequential recovery while continuing to prioritize business quality and margins.
The company attributed its e-commerce performance to new major enterprise marketplace customers, dedicated sales and operations teams, and digital integrations. TCI Express said it had begun operating on the Open Network for Digital Commerce (ONDC) and Unicommerce platforms. Its planned digital wallet for e-commerce customers was still undergoing final preparations for launch.
Together, the non-surface services—Air Express, International Air, Rail, E-commerce and C2C—accounted for about 17.5% of Q2 revenue. The company aims to raise that share above 18% by the end of FY27 and above 22% by 2030. Dedicated teams and separate networks across roughly 20 high-volume cities support those services.
The company handled 265,000 tonnes during Q2, a 7.5% increase from a year earlier. Small and medium-sized enterprises and large customers each contributed half of revenue, a balance management considers important to maintaining margins. Its Q2 investor presentation put the customer count at about 225,000, compared with about 160,000 in FY17, and reported 10 branch openings during the quarter.
Second-half guidance and margin targets
On the Q2 earnings call, held around November 5, Executive Director and CFO Mukti Lal forecast H2 FY27 revenue growth of 14-15% and volume growth of 11-12%. He said the second-half EBITDA margin would be "13% plus for sure," following the 12.7% reported in Q2.
Management said its e-commerce strategy focuses on direct-to-consumer brands and smaller profitable operators rather than large business-to-consumer aggregators. According to management, direct-to-consumer brands permit pricing that yields an EBITDA margin of at least 15%. The company intends to avoid business that would dilute margins as it seeks to restore an overall EBITDA margin of 15-16% within two to three years.
Cash position and sorting-center investment
TCI Express reported approximately Rs 77 crore in net cash as of September 30, alongside liquid assets of Rs 93 crore and temporary debt of Rs 15 crore. Net working capital stood at 27 days, with receivables at 59 days and payables at 32 days. First-half operating cash flow totaled Rs 28 crore.
The company continued investing in technology and network infrastructure to expand its regional coverage and operational reach. Capital spending was about Rs 80 crore in H1 FY27 under a five-year, Rs 400 crore investment plan that concludes this year. Management said annual capital expenditure would exceed Rs 100 crore going forward.
New sorting centers in Lucknow, Ahmedabad and Kolkata are scheduled for completion by year-end. TCI Express also plans to convert 12-15 sorting centers to owned facilities, with a goal of routing 80-85% of revenue through owned centers by 2030-31.
Foundation programs
During H1 FY27, the TCI Express Foundation's Artificial Limb Initiative assisted 489 people. Its Archery Academy in Khunti, Jharkhand, also provided structured training for 52 young athletes.
