Company Update : Transport Corporation of India by Motilal Oswal Financial Services Ltd
In-line performance
Earnings snapshot – 1QFY26
* Revenue grew 9% YoY to ~INR11.4b in 1QFY26 (in-line), driven by the supply chain business, which grew ~23% YoY during the quarter. The manufacturing sector’s revival, particularly in chemicals, engineering, and consumer goods, has positively impacted demand for reliable, scalable, and sustainable logistics solutions.
* EBITDA margin came in at 10.6% in 1QFY26 (+70 bp YoY and +30bp QoQ), against our estimate of 10.7%.
* EBITDA grew ~17% YoY to INR1.2b, while APAT grew 17% YoY to ~INR1.1b (in-line).
* Supply chain revenue grew ~23% YoY, while the freight and seaways divisions reported ~5% and 11% YoY growth, respectively.
* EBIT margins for the freight/supply chain/seaways divisions stood at 2.4%/5.6%/36.9%, respectively, in 1QFY26. While margins for the freight and supply chain businesses saw a marginally YoY contraction, the seaways business recorded a sharp ~1,050bp YoY expansion.
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