Tide Turning For Road Logistics Companies? TCI Express Poised As Key Beneficiary, Jefferies Note

TCI Express Ltd. received a bullish target price upgrade from multinational investment firm Jefferies over optimism that tide is potentially turning for road logistics serice providers. The road transport sector, driven by improving freight demand, stabilising costs, and expectations of a broader economic pickup, is on an uptick.

Picking on that sentiment, the brokerage firm has increased its target price on TCI Express stock to Rs 805 from the earlier Rs 745. 

The brokerage's upgraded outlook reflects growing confidence with TCI Express well‑positioned to capture the upswing. The report also noted the company's guidance of 15% volume growth for the next financial year, a sharp improvement compared to the modest around 2% volume growth estimated this fiscal. This planned acceleration suggests the company expects a gradual but firm revival in demand, supported by business diversification, network expansion, and steady gains in its express logistics segment, analysts said.

Jefferies pointed to management commentary that lends visibility, with the leadership expressing confidence in growth recovery.

TCI Express reported a healthy increase in earnings for the quarter ending Dec 31, 2025. Consolidated revenue rose 6% to Rs 314 crore and profit jumped nearly 15% to Rs 22 crore. Operating performance also improved.

The board announced an interim dividend of Rs 7 per share.

TCI Express Q3 Highlights (Consolidated, YoY)

• Revenue up 6% to Rs 314 crore versus Rs 296 crore.
• Profit up 14.6% at Rs 22 crore versus Rs 19.2 crore.
• Ebitda up 12.2% at Rs 32.4 crore versus Rs 28.9 crore.
• Margin at 10.3% versus 9.8%.

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