BQ Prime's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BQ Prime's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
TCI Express Ltd.'s focus on the high-margin business-to-business express segment provides a strong foundation for profitability and growth. Its expansion of branch network in key markets with a specific focus on the small and medium enterprise segment presents an opportunity to capture additional market share.
Further, the addition of new automation sorting centers is likely to improve its operational efficiency and reduce turnaround time, thereby enhancing its competitiveness in the market.
We expect TCI Express to clock 11% volume compound annual growth rate and revenue/Ebitda/profit after tax CAGR of ~13%/21%/21% over FY23-25.
We reiterate our 'Buy' rating with a target price of Rs 1,900 (based on 36 times FY25E earnings per share).
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