TCI Express Limited — Investor Meet, 04-06-2025: Analysts/Institutional Investor Meet/Con. Call Updates

TCI Express reported Q4 revenue of Rs. 307 Cr, up 4% QoQ but down 3% YoY; FY25 revenue stood at Rs. 1,208 Cr versus Rs. 1,254 Cr last year. EBITDA margin was 10.8% in Q4 and 11.7% for FY25, with PAT margins at 6.6% and 7.5%. Rail Express and Air International led growth, rising ~25% and 50% YoY. Higher operational costs from toll, labor, and air freight offset automation gains; full benefits are expected by FY30 after all sorting centers are operational. Management targets 10%-12% revenue growth in FY26, driven by volume growth, branch expansions, and a focus on Eastern India and multimodal services. Margins are expected to improve 100-150 bps via price hikes and cost control, with Rs. 80-100 Cr capex planned. Sentiment remains confident on volume recovery and margin stabilization in H2 FY26.