TCI Express earnings calls.

TCI Express delivered a steady Q3 FY26 with 6Current reported value: 6. No comparable prior figure is available in the source record.% YoY revenue growth to ₹314 croreCurrent reported value: ₹314 crore. No comparable prior figure is available in the source record., supported by recovery in Surface Express and strong momentum in newer verticals. EBITDA margin of 11.6% reflects disciplined cost control despite labor cost pressures from new labor code implementation (~₹60 lakh one-time impact). The company reported 9M revenue of ₹909 croreCurrent reported value: ₹909 crore. No comparable prior figure is available in the source record. (+1% YoY), maintaining stable margins around 11.9%. Management targets 15%+ volume growth and 2% price hikes for FY27, projecting 17-18% revenue growth and 20%+ PAT growth. The revised capex plan (₹400 crore vs. ₹500 crore) will be completed by FY28 with ₹150 crore remaining. Rail Express (24% YoY), C2C (32% YoY), and International Air (28% YoY) are scaling as diversification beyond Surface Express. However, near-term risks include MSME and textile sector softness (8.5% revenue exposure), capacity utilization at 83.25%Current 83.25%. Reported change: Below optimal 85-86%. limiting operating leverage, and competitive pressures in the fragmented express logistics market. The company is in a consolidation phase with new service capabilities still ramping, targeting 15%+ EBITDA margins by FY28-29.