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TCI Express' Near-Term Outlook Remains Bleak Says Motilal Oswal Maintaining 'Neutral' Stance
While the long-term outlook for surface express services remains positive, near-to-medium-term headwinds are likely to weigh on margins, volumes, believes Motilal Oswal
30 Sep 2025, 11:37 AM IST 
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Over the past two years, TCI Express introduced rail express, pharma cold chain, and C2C express services as part of its strategic efforts to enhance its value proposition.
(Photo Source: Company website)
TCI Express is experiencing weak demand in certain industrial segments, including manufacturing, automobiles, and textiles, despite a healthy growth of ~22% YoY in e-way bill generation over Apr-Aug’25 and an 8.3% growth in the Index of Industrial Production for manufacturing motor vehicles, trailers, and semi-trailers—a key segment for TCI Express—during Apr-Jul’25.
