TCI Express Q2 FY27 Results (NSE: TCIEXP)
Signal: Steady quarter
The read
The trajectory is improving: consolidated revenue rose +9.6% YoY to ₹338.02 crore and EBITDA grew +13.1% to ₹40.44 crore, lifting margin to 12.0% after the recent 10-11% range; however, the ₹3.15 crore subsidiary loss and higher depreciation kept PAT growth to just +0.5%.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹338.02 Cr | +9.6% | +7.8% |
| EBIT | ₹33.15 Cr | +25.0% | |
| Net profit | ₹23.47 Cr | +0.5% | |
| EPS | ₹5.97 | +0.5% | |
| EBIT margin | 12.0% |
P&L walk
Consolidated revenue increased to ₹338.02 crore, +9.6% YoY and +7.8% QoQ, while EBITDA rose to ₹40.44 crore, +13.1% YoY, lifting margin to 12.0%; PAT was ₹23.47 crore, only +0.5% YoY because subsidiary losses and higher depreciation absorbed much of the operating gain.
Segments
The group-level drag sits in the subsidiaries: they generated ₹2.81 crore of Q2 revenue but reported a ₹3.15 crore net loss, leaving consolidated PAT at ₹23.47 crore versus standalone PAT of ₹26.66 crore.
Key positives
- Consolidated revenue reached ₹338.02 crore, +9.6% YoY and +7.8% QoQ, extending the recovery from ₹287-314 crore in the preceding four quarters.
- EBITDA rose +13.1% YoY to ₹40.44 crore versus revenue growth of +9.6%, and EBITDA margin expanded 50bps YoY to 12.0%.
- Standalone PAT increased +14.7% YoY to ₹26.66 crore, showing that the core India business is performing materially better than the reported consolidated result.
- CWIP increased to ₹11.46 crore from ₹3.93 crore at March 31, 2026, while depreciation rose 34.5% YoY to ₹7.29 crore, indicating ongoing investment entering the operating base.
Key concerns
- Consolidated PAT rose only 0.5% YoY to ₹23.47 crore despite EBITDA growth of 13.1%, reflecting the earnings drag below EBITDA.
- Subsidiaries reported a ₹3.15 crore quarterly loss on ₹2.81 crore revenue, creating a ₹3.19 crore gap between standalone PAT of ₹26.66 crore and consolidated PAT of ₹23.47 crore.
- Finance costs increased 210.5% YoY to ₹1.18 crore, although the absolute amount remains small.
- Standalone revenue was down 1.0% YoY to ₹335.91 crore, so consolidated growth partly reflects the subsidiary contribution rather than a clear acceleration across the core business.
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