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ICICI Securities Report
We see Transport Corporation of India Ltd. as a good opportunity in the current subdued operating environment for the logistics sector. Key points:
In the process of refining freight mix in favor of higher-margin less than truck load business;
Capex in high-margin sea freight segment likely to improve overall margins;
Improving performance of JVs expected to result in further earnings improvement; and
Trading at relatively attractive valuation compared to peers.
Going ahead, we believe that higher LTL proportion in freight business and addition of two new ships (despite seaways margin receding) in seaways division are the two main growth drivers.
Factoring in favorable risk-reward at current valuations versus peers, we initiate coverage on Transport Corporation of India with a Buy rating and target price of Rs 1,200 based on 22 times FY26E EPS.
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