Company Update : Transport Corporation of India Ltd by Motilal Oswal Financial Services Ltd
Largely in-line performance
Earnings snapshot: 3QFY26
* Revenue grew ~9%% YoY to ~INR12.5b in 3QFY26 (in line).
* EBITDA margin came in at 10.2% in 3QFY26 (-10bp YoY and -30bp QoQ), against our estimate of 10.8%.
* EBITDA grew ~7% YoY to INR1.27b (7% below our estimate), while APAT grew ~14% YoY to ~INR1.14b (in line).
* Supply Chain revenue grew ~25% YoY, while the Freight and Seaways divisions reported ~3% and 9% YoY growth, respectively.
* EBIT margin for the Freight/Supply Chain/Seaways divisions stood at 1.9%/5.2%/40.6%, respectively, in 3QFY26. EBIT margin for the Freight and Supply Chain businesses contracted 50bp and 90bp YoY, while EBIT margin for the Seaways business expanded ~790bp on a YoY basis.
* The company declared its first interim dividend of INR9. ? In 9MFY26, revenue grew ~8%, whereas EBITDA and PAT grew ~10% and ~12%, respectively.
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SEBI Registration number is INH000000412
