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Motilal Oswal Report
Transport Corporation of India Ltd. is expected to achieve steady growth due to:
the increasing proportion of LTL shipments within the freight division,
the ongoing demand in the automotive sector supporting the supply chain division, and
the growing benefits from the expansion of multi-modal logistics.
We also derive comfort from the fact that Transport Corporation of India is not adding ship capacity by buying at elevated prices, which could affect the return ratios.
We expect Transport Corporation of India to achieve a CAGR of 14%/20%/17% in revenue/Ebitda/PAT over FY24-FY26.
We reiterate our Buy rating on the stock with a target price of Rs 1,080, based on 17 times FY26E earnings per share.
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