According to Motilal Oswal's research report dated February 03, 2026, TCI Express (TCIE) delivered mixed results for Q3FY26. The company's revenue grew 6% year-on-year to ₹3.1 billion, which was in line with analyst estimates. Volume growth stood at 2% YoY, while EBITDA reached ₹336 million, up 16% YoY but down 5% quarter-on-quarter. The EBITDA margin came in at 10.7% for Q3FY26, slightly below the estimated 11.2%. Adjusted profit after tax (APAT) rose approximately 19% YoY to ₹229 million, though it declined 9% QoQ against the estimate of ₹246 million.
For the nine-month period ending December 2025, TCI Express showed modest growth across key metrics. As reported by Motilal Oswal, revenue grew 1% YoY, while EBITDA declined 1% YoY and APAT increased 2% YoY. The company's performance over the nine-month period reflects a challenging operating environment with mixed results across different financial metrics.
According to the research report, management expects volume growth to improve going forward, supported by a recovery in SME demand. A favorable mix driven by domestic consumption underpins a steady demand outlook across segments, while ongoing contract renewals are expected to support margins. Motilal Oswal projects TCI Express to achieve a 6%/8%/13% volume/revenue/EBITDA CAGR over FY25-28 period.
Motilal Oswal has reiterated its Neutral rating on TCI Express with a revised target price of ₹600, based on 18x FY28 EPS. The brokerage largely maintains its estimates for FY26/FY27/FY28, reflecting a cautious but stable outlook for the logistics company. The target price of ₹600 suggests a potential upside from current levels, though the Neutral rating indicates the stock is positioned in the middle of the investment spectrum.
