Company Update : Transport Corporation of India Ltd by Motilal Oswal Financial Services Ltd
In-line performance
Earnings snapshot: 2QFY26
* Revenue grew 7.5% YoY to ~INR12b in 2QFY26 (in line). Revenue growth experienced a slowdown across segments.
* EBITDA margin came in at 10.5% in 2QFY26 (+10 bp YoY and -10 QoQ), against our estimate of 10.9%.
* EBITDA grew 8.2% YoY to INR1.26b (6% below our estimate), while APAT grew 5.8% YoY to ~INR1.12b (in line).
* Supply chain revenue grew ~12% YoY, while the Freight and Seaways divisions reported ~7% and 2% YoY growth, respectively.
* EBIT margin for Freight/Supply Chain/Seaways divisions stood at 2.3%/5.6%/37.5%, respectively, in 2QFY26. EBIT margin for the Freight and Supply Chain businesses contracted 40bp and 30bp YoY, respectively, while EBIT margin for the Seaways business expanded 630bp on a YoY basis.
* In 1HFY26, revenue grew ~8%, whereas EBITDA and PAT grew ~12% and ~11%, respectively.
For More Research Reports : Click Here
For More Motilal Oswal Securities Ltd Disclaimer
http://www.motilaloswal.com/MOSLdisclaimer/disclaimer.html
SEBI Registration number is INH000000412
