TCI Express Q3 Results Review: Motilal Oswal Reiterates 'Neutral' Stance, Revises Target Price — Here's Why

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Motilal Oswal Report

TCI Express Ltd.'s volume growth has been muted in 9M FY25 due to slower growth in the manufacturing, automobiles, and consumer durables sectors. Management remains cautious on future growth owing to the industry-level weakness.

We expect TCI Express to clock a 4% volume CAGR and 6%/4% revenue/Ebitda CAGR over FY24-27.

TCI Express has struggled to generate volumes, which has adversely affected growth and margins. Volume growth is likely to remain muted in the near to medium term.

We reiterate the stock to Neutral with a revised target price of Rs 785 (based on 22 times Sep-26 earnings per share).

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