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Tejas Cargo India Ltd

Q2 FY26Transport Services

Tejas Cargo India Q2 FY26: Capex ₹100 Cr

Q2 FY26 earnings call: what management said on revenue, margins and capex.

Price₹402
Market cap₹834 Cr
P/E40.0
Updated23 Aug 2026
Read4 min read

The short version

Tejas Cargo expects volume growth in H2 FY26 to be higher than H1, building on a strong H1 with Rs.306 crore revenue (Page 6). Tejas Cargo India Limited aims to improve revenue primarily through increased fleet utilization and fleet expansion, targeting a hybrid model with 60-70% own vehicles and 30-40% hired vehicles to manage seasonality.

From Tejas Cargo India Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

  • Tejas Cargo expects volume growth in H2 FY26 to be higher than H1, building on a strong H1 with Rs.306 crore revenue (Page 6).
  • Revenue growth is directly proportional to fleet size; recent CAPEX expansion (from 110 trailers in FY24 to 320 now) has increased capacity and volume (Page 13).
  • Planned addition of 40-50 vehicles in the remainder of FY26 to support growth (Page 8).
  • The company aims to improve fleet utilization while maintaining a hybrid fleet model (60-70% owned vehicles, 30-40% hired) to manage seasonality and demand fluctuations (Page 15).

2 more points from Tejas Cargo India Ltd's call on revenue

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Profitability & Margins

See what Tejas Cargo India Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

  • Tejas Cargo is actively expanding its fleet with plans to add around 40 to 50 more vehicles in the remaining part of FY26, partially funded by internal accruals and debt financing from existing bankers.
  • The company invested over Rs.100 crores in CAPEX in FY25, funded through IPO proceeds (~Rs.48 crores), internal accruals (~Rs.20-22 crores), and debt.
  • The replacement cycle for vehicles is influenced by maintenance costs and client environmental requirements, moving from a 5-year cycle (BS-IV) to an expected 7-10 year cycle for newer BS-VI vehicles. Vehicle replacements for BS-IV are completing this year, reducing replacement numbers from 100 to ~75-80 annually.
  • Technology investment includes development of an in-house ERP platform upgrade (Python and React), focusing on route optimization, vehicle idleness, and preventive maintenance. Annual salary cost for ERP development team is about Rs.22 lakhs currently.

2 more points from Tejas Cargo India Ltd's call on capex

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Top-ranked in Transport Services

Ranked on what management guided this quarter

Guidance-ranked
1Ritco Logistics Ltd
Rev 1Mar 2
2Shadowfax Technologies Ltd
Rev 1Mar 3
3
Rev 1Mar 3
4
Rev 1Mar 3
5
Rev 2Mar 1
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Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

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Order Book & Pipeline

Related insights include: - The company actively bids for multiple work orders annually through lane-specific auctions, typical in the logistics industry. - They maintain long-term relationships with large corporates, with 78% of revenue from top 10 clients. - The company has multiple contracts, such as with Tata Steel and Jindal, especially in steel and cement since January 2024. - For new verticals like car carriers, they have already deployed about 50 vehicles and expect to onboard more OEMs in the next 3-4 months.

2 more points from Tejas Cargo India Ltd's call on order book

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What Tejas Cargo's management said in earlier quarters

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Frequently Asked Questions

What were Tejas Cargo India Ltd Q2 FY26 results?

Tejas Cargo expects volume growth in H2 FY26 to be higher than H1, building on a strong H1 with Rs.306 crore revenue (Page 6). Tejas Cargo India Limited aims to improve revenue primarily through increased fleet utilization and fleet expansion, targeting a hybrid model with 60-70% own vehicles and 30-40% hired vehicles to manage seasonality.

What is Tejas Cargo India Ltd share price analysis?

Tejas Cargo India Ltd currently shows a neutral. The stock trades at a P/E of 40.0 with a market cap of ₹834 Cr. Investors should review the full earnings analysis for detailed insights.

Is Tejas Cargo India Ltd planning capital expenditure?

Tejas Cargo is actively expanding its fleet with plans to add around 40 to 50 more vehicles in the remaining part of FY26, partially funded by internal accruals and debt financing from existing bankers.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.