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TCI Express Ltd.
(TCIEXP)
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Rating:63Neutral
Price Target:
₹566.00
▼(-15.84% Downside)
Action:Reiterated
Date:09/30/26
The score is driven primarily by solid underlying financial strength (notably low leverage) but offset by clear profitability compression and weakened cash generation (negative free cash flow in 2026). Technical signals are mixed with a negative MACD and price below the 50-day average, while valuation looks only moderate with a ~24 P/E and a modest ~1.69% dividend yield.
Positive Factors
Integrated Express Logistics Network
A broad, integrated delivery network supports time-definite service across multiple routes and shipment types. This infrastructure can improve customer convenience, enable repeat business, and provide a durable platform for scaling volumes while using existing branches, hubs, and connectivity more efficiently.
Negative Factors
Broadly Flat Revenue
Limited recent revenue growth suggests weaker shipment-volume expansion or pricing momentum than the company achieved previously. A largely stagnant top line can restrict operating leverage, reduce investment capacity, and make it harder to rebuild profitability over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Integrated Express Logistics Network
A broad, integrated delivery network supports time-definite service across multiple routes and shipment types. This infrastructure can improve customer convenience, enable repeat business, and provide a durable platform for scaling volumes while using existing branches, hubs, and connectivity more efficiently.
Read all positive factors
TCI Express Ltd. (TCIEXP) vs. iShares MSCI India ETF (INDA)
Market Cap
₹20.43B
Dividend Yield1.75%
Average Volume (3M)1.47K
Price to Earnings (P/E)23.6
Beta (1Y)1.33
Revenue Growth5.16%
EPS Growth-0.69%
CountryIN
Employees2,441
SectorGeneral
Sector StrengthN/A
IndustryIntegrated Freight & Logistics
Share Statistics
EPS (TTM)22.06
Shares Outstanding38,444,164
10 Day Avg. Volume1,735
30 Day Avg. Volume1,470
Financial Highlights & Ratios
PEG Ratio-4.23
Price to Book (P/B)2.16
Price to Sales (P/S)1.43
P/FCF Ratio-77.88
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹675.00Price Target Upside0.36% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)27.78
Revenue Forecast (FY)₹13.49B
TCI Express Ltd. Business Overview & Revenue Model
Company Description
TCI Express Limited provides express delivery solutions in India and internationally. It provides surface express; domestic and international air express; e-commerce express; C2C express; rail express; and cold chain express services. The company ...
How the Company Makes Money
TCI Express primarily makes money by charging customers for express logistics and transportation services, where pricing is typically determined by shipment characteristics (e.g., weight/volumetric weight, dimensions, service level such as time-de...
TCI Express Ltd. Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
86
Very Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 12.64B | 12.37B | 12.08B | 12.54B | 12.41B | 10.81B |
| Gross Profit | 1.79B | 1.79B | 1.84B | 2.40B | 2.21B | 1.99B |
| EBITDA | 1.28B | 1.38B | 1.38B | 1.94B | 2.02B | 1.83B |
| Net Income | 824.60M | 814.30M | 858.10M | 1.32B | 1.39B | 1.29B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 10.25B | 9.19B | 8.50B | 7.35B | 6.57B |
| Cash, Cash Equivalents and Short-Term Investments | 1.37B | 1.41B | 1.63B | 1.07B | 459.60M | 1.03B |
| Total Debt | 0.00 | 633.50M | 98.60M | 104.60M | 70.70M | 11.20M |
| Total Liabilities | -8.19B | 2.06B | 1.54B | 1.46B | 1.39B | 1.21B |
| Stockholders Equity | 8.19B | 8.19B | 7.64B | 7.04B | 5.96B | 5.36B |
Cash Flow | ||||||
| Free Cash Flow | 52.40M | -227.50M | 685.30M | 838.50M | 207.70M | 471.00M |
| Operating Cash Flow | 210.30M | 1.03B | 1.19B | 1.36B | 1.47B | 1.28B |
| Investing Cash Flow | 123.90M | -903.20M | -927.20M | -1.05B | -647.10M | -902.70M |
| Financing Cash Flow | -13.80M | -78.70M | -316.90M | -277.60M | -837.40M | -307.10M |
TCI Express Ltd. Technical Analysis
Neutral
672.55
Price Trends
539.49
Negative
533.59
Negative
533.64
Negative
Market Momentum
-11.73
Negative
54.18
Neutral
37.56
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:TCIEXP, the sentiment is Neutral. The current price of 672.55 is above the 20-day moving average (MA) of 515.78, above the 50-day MA of 539.49, and above the 200-day MA of 533.64, indicating a neutral trend. The MACD of -11.73 indicates Negative momentum. The RSI at 54.18 is Neutral, neither overbought nor oversold. The STOCH value of 37.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:TCIEXP.
TCI Express Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | ₹66.60B | 14.70 | ― | 1.15% | 9.59% | 6.92% | |
64 Neutral | ₹108.62B | 38.27 | ― | 0.54% | 9.23% | 15.83% | |
63 Neutral | ₹20.43B | 23.65 | ― | 1.75% | 5.16% | -0.69% | |
63 Neutral | ₹311.11B | 325.16 | ― | ― | 23.10% | -53.19% | |
56 Neutral | ₹42.26B | 116.85 | ― | 0.57% | 16.93% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | ₹58.00B | 89.43 | ― | ― | 16.89% | 28.73% |
* General Sector Average
IN:TCIEXP
TCI Express Ltd.
516.20
-208.14
-28.74%
IN:BLUEDART
Blue Dart Express Limited
4,625.20
-1,059.95
-18.64%
IN:DELHIVERY
Delhivery Limited
409.70
-24.85
-5.72%
IN:MAHLOG
Mahindra Logistics Ltd.
435.90
89.69
25.91%
IN:TCI
Transport Corporation of India Limited
872.65
-313.71
-26.44%
IN:TVSSCS
TVS Supply Chain Solutions Ltd.
130.50
4.35
3.45%
TCI Express Ltd. Corporate Events
ICRA Reaffirms Top Short-Term Rating on TCI Express Commercial Paper
Sep 30, 2026
TCI Express Ltd. has announced that rating agency ICRA Ltd. has reaffirmed the company’s credit rating of [ICRA] A1+ for its Rs. 25 crore commercial paper programme. The highest short-term rating confirms the company’s strong debt-serv...
TCI Express Boosts Paid-Up Capital with New ESOP Share Allotment
Aug 12, 2026
TCI Express Ltd. has allotted 25,175 fully paid-up equity shares to eligible employees under its ESOP-2016 scheme, following approval by the Share Transfer Committee on August 12, 2026. The new shares, issued in multiple tranches, will rank pari p...
TCI Express Files BRSR, Highlights ESG Progress and Sustainable Growth Plans
Jul 15, 2026
TCI Express Ltd. has submitted its Business Responsibility and Sustainability Report for FY 2025-26 to the stock exchanges, integrating it with the company’s annual report and publishing it on its website for wider stakeholder access. The re...
TCI Express digitises AGM access and steps up investor compliance outreach
Jul 15, 2026
TCI Express Ltd. has announced that its 18th Annual General Meeting for FY 2025–26 will be held on August 06, 2026 via video conferencing, with the AGM notice and annual report made available digitally in line with SEBI and MCA regulations. ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.