Transport Corporation of India Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹6,747 Cr
- P/E
- 14.77
- ROE
- 19.22%
- PEG
- 1.20
- Price to sales
- 1.34
- Debt to equity
- 0.12
- 52W high / low
- ₹1,205 / ₹807
- Sales growth (5Y)
- 11.90%
- EBITDA margin
- 10.57%
- Net profit margin
- 9.30%
- Promoter holding
- 68.66%
- Sales (last year)
- ₹5,026 Cr
Transport Corporation of India is engaged in the Business of Freight Transport,Supply Chain Solutions and Transport through Seaways.
Guidance scorecard · Q2 FY27 call
What Transport Corporation of India Ltd's management guided
and where it ranks in Transport Services
Transport Services
RevenueQ1 FY27 call
10–20%- Full-year growth guidance is maintained at 12-15% (Mr. Vineet Agarwal, page 18).
- Supply chain business expected to pick up growth in the second half, supported by new contracts and truck additions.
- Cold chain business showing strong growth (48%) and continuous enquiries for the Concor JV.
- LTL (Less-than-truckload) mix expected to increase from 35-37% to about 40%, gradually improving margins.
- Seaways business has stable voyage numbers; growth dependent on bunker fuel prices and pricing adjustments; new ships entering service around Q3 to improve utilization.
2 more points from Transport Corporation of India Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Transport Corporation of India Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Current FY27 planned capex is around ₹237 crores, primarily for final payments on two ordered ships and possible advance for a third ship.
- Additional capex in FY27 includes about ₹100 crores for warehouses, ₹120 crores for trucks and new rakes, and ₹100 crores for warehousing equipment and IT services.
- Total capex estimated between ₹500-600 crores for FY27.
- Over the next 3 years, total capex planned is approximately ₹1,000-1,200 crores.
- New investments in JV include new facilities and trucks.
- Investment expected next fiscal into the Toyota JV facility in Aurangabad, following Toyota's new plant launch.
2 more points from Transport Corporation of India Ltd's call on capex
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FundraisingQ1 FY27 call
See what Transport Corporation of India Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- The company has ordered two new ships to be delivered around September-October and October-November of the current fiscal year (FY27).
- Final payments for these two ships are expected in FY27, with possible advance payment for a third ship if ordered.
- Additionally, there is ongoing expenditure for new rakes, trucks, warehouses, equipment, and IT services.
- Capex planned for FY27 is around ₹550-600 crores, with approximately ₹237 crores allocated mainly for ships.
- The company is also exploring options for acquiring new ships, including second-hand vessels.
2 more points from Transport Corporation of India Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Transport Services
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Transport Services companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 0–2% | ₹795 Cr | 24.9 | |
| 2 | 40%+ | Flat | ₹16,984 Cr | 98.6 | |
| 3 | 40%+ | Flat | ₹4,361 Cr | 29.7 | |
| 4 | 40%+ | Flat | ₹591 Cr | 16.6 | |
| 5 | 20–40% | Up 2%+ | ₹510 Cr | 6.7 | |
| 6 | 20–40% | Up 2%+ | ₹234 Cr | 8.1 |
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Pro shows every company guiding 40%+ revenue growth →Full Transport Services rankingTransport Corporation of India Ltd announcements
All announcements →- Fundraise / allotmentNotableTransport Corporation of India approved Q2 2026 results, CEO appointment, NCD issuance
Financials of Transport Corporation of India Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Transport Corporation of India Ltd
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 68.92% | 68.92% | 68.93% | 68.78% | 68.73% | 68.81% | 68.73% | 68.73% | 68.73% | 68.74% | 68.66% | 68.66% |
| FIIs + | 2.61% | 2.67% | 2.92% | 3.01% | 3.35% | 3.17% | 3.18% | 3.19% | 3.10% | 3.03% | 3.04% | 3.04% |
| DIIs + | 12.81% | 12.18% | 12.18% | 12.36% | 12.33% | 12.39% | 12.37% | 12.65% | 12.81% | 12.86% | 12.69% | 13.07% |
| Public + | 15.65% | 16.22% | 15.97% | 15.84% | 15.59% | 15.61% | 15.71% | 15.43% | 15.36% | 15.37% | 15.61% | 15.22% |
| No. of Shareholders | 41,164 | 43,736 | 43,822 | 49,571 | 51,797 | 51,693 | 50,827 | 49,643 | 47,661 | 48,190 | 48,535 | 49,299 |
Pros & Cons
Transport Corporation of India Ltd
Key positives and risks surfaced from the company insights section.
- The company has delivered a poor sales growth of 11.9% over past five years.
- Tax rate seems low
- The company has delivered a poor sales growth of 11.9% over past five years.
- Tax rate seems low
Financials of Transport Corporation of India Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 994 | 1,002 | 1,079 | 1,045 | 1,121 | 1,147 | 1,179 | 1,139 | 1,205 | 1,249 | 1,324 | 1,248 | 1,388 |
| Expenses + | 893 | 902 | 970 | 941 | 1,004 | 1,029 | 1,057 | 1,018 | 1,078 | 1,122 | 1,181 | 1,113 | 1,244 |
| Operating Profit | 100 | 100 | 109 | 104 | 117 | 118 | 122 | 121 | 127 | 127 | 142 | 135 | 144 |
| OPM % | 10% | 10% | 10% | 10% | 10% | 10% | 10% | 11% | 11% | 10% | 11% | 11% | 10% |
| Other Income + | 32 | 28 | 34 | 32 | 35 | 29 | 40 | 31 | 36 | 35 | 32 | 25 | 32 |
| Interest | 3 | 4 | 4 | 4 | 5 | 6 | 6 | 5 | 6 | 6 | 6 | 7 | 7 |
| Depreciation | 31 | 33 | 33 | 29 | 29 | 30 | 29 | 29 | 30 | 32 | 36 | 36 | 39 |
| Profit before tax | 97 | 91 | 106 | 103 | 118 | 111 | 127 | 118 | 126 | 124 | 132 | 117 | 130 |
| Tax % | 10% | 12% | 3% | 11% | 9% | 8% | 10% | 9% | 10% | 6% | 6% | 9% | 10% |
| Net Profit + | 88 | 80 | 103 | 92 | 107 | 102 | 115 | 107 | 114 | 116 | 124 | 107 | 117 |
| EPS in Rs | 11.21 | 10.22 | 13.13 | 11.69 | 13.90 | 13.17 | 14.91 | 13.89 | 14.68 | 14.95 | 16.11 | 13.76 | 15.07 |
Financials of Transport Corporation of India Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 2,417 | 1,727 | 1,943 | 2,350 | 2,754 | 2,718 | 2,802 | 3,259 | 3,783 | 4,024 | 4,492 | 4,917 | 5,209 |
| Expenses + | 2,222 | 1,639 | 1,780 | 2,133 | 2,504 | 2,476 | 2,539 | 2,847 | 3,357 | 3,613 | 4,029 | 4,398 | 4,660 |
| Operating Profit | 195 | 88 | 163 | 216 | 250 | 241 | 263 | 412 | 425 | 411 | 463 | 519 | 549 |
| OPM % | 8% | 5% | 8% | 9% | 9% | 9% | 9% | 13% | 11% | 10% | 10% | 11% | 11% |
| Other Income + | 8 | 92 | 27 | 37 | 44 | 34 | 31 | 44 | 70 | 119 | 135 | 131 | 122 |
| Interest | 34 | 25 | 30 | 32 | 37 | 34 | 27 | 13 | 10 | 13 | 20 | 23 | 26 |
| Depreciation | 55 | 52 | 59 | 69 | 77 | 82 | 93 | 113 | 121 | 128 | 118 | 127 | 143 |
| Profit before tax | 114 | 103 | 100 | 152 | 179 | 159 | 174 | 330 | 364 | 388 | 459 | 500 | 503 |
| Tax % | 29% | 15% | 19% | 19% | 19% | 10% | 14% | 11% | 12% | 9% | 9% | 8% | |
| Net Profit + | 82 | 88 | 81 | 124 | 145 | 143 | 150 | 293 | 321 | 354 | 416 | 460 | 464 |
| EPS in Rs | 10.75 | 11.46 | 10.53 | 16.08 | 18.84 | 18.53 | 19.08 | 37.45 | 40.91 | 45.12 | 53.83 | 59.45 | 59.89 |
| Dividend Payout % | 14% | 13% | 10% | 10% | 10% | 11% | 13% | 11% | 17% | 16% | 15% | 17% |
Financials of Transport Corporation of India Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 16 | 16 | 15 | 15 | 15 |
| Reserves | 605 | 560 | 631 | 746 | 877 | 1,009 | 1,154 | 1,415 | 1,686 | 1,988 | 2,139 | 2,551 | 2,775 |
| Borrowings + | 320 | 354 | 421 | 440 | 470 | 422 | 297 | 96 | 92 | 194 | 242 | 312 | 466 |
| Other Liabilities + | 197 | 129 | 162 | 196 | 254 | 237 | 272 | 301 | 307 | 304 | 537 | 603 | 670 |
| Total Liabilities | 1,137 | 1,058 | 1,229 | 1,398 | 1,616 | 1,683 | 1,739 | 1,827 | 2,101 | 2,501 | 2,934 | 3,482 | 3,926 |
| Fixed Assets + | 521 | 532 | 542 | 626 | 727 | 772 | 805 | 801 | 791 | 862 | 964 | 1,193 | 1,327 |
| CWIP | 7 | 12 | 57 | 56 | 4 | 22 | 5 | 7 | 26 | 109 | 255 | 343 | 532 |
| Investments | 7 | 76 | 87 | 104 | 117 | 135 | 150 | 193 | 286 | 543 | 411 | 487 | 412 |
| Other Assets + | 602 | 438 | 544 | 611 | 768 | 755 | 779 | 826 | 998 | 988 | 1,304 | 1,459 | 1,655 |
| Total Assets | 1,137 | 1,058 | 1,229 | 1,398 | 1,616 | 1,683 | 1,739 | 1,827 | 2,101 | 2,501 | 2,934 | 3,482 | 3,926 |
Financials of Transport Corporation of India Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 125 | 109 | 99 | 157 | 179 | 243 | 305 | 368 | 361 | 299 | 359 | 444 |
| Cash from Investing Activity + | -121 | -101 | -122 | -131 | -158 | -135 | -107 | -76 | -193 | -404 | -99 | -367 |
| Cash from Financing Activity + | -4 | -12 | 32 | -30 | -24 | -104 | -176 | -258 | -65 | 18 | -292 | -35 |
| Net Cash Flow | -1 | -4 | 8 | -4 | -3 | 3 | 21 | 34 | 102 | -87 | -32 | 42 |
| Free Cash Flow | -12 | 11 | -15 | 6 | 17 | 97 | 183 | 297 | 208 | 57 | 10 | 32 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 78% | 160% | 76% | 89% | 85% | 118% | 114% | 101% | 89% | 82% | 86% | 101% |
Financials of Transport Corporation of India Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 66 | 69 | 67 | 66 | 68 | 65 | 67 | 57 | 54 | 54 | 59 | 61 |
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 66 | 69 | 67 | 66 | 68 | 65 | 67 | 57 | 54 | 54 | 59 | 61 |
| Working Capital Days | 17 | 7 | 12 | 18 | 25 | 28 | 38 | 49 | 48 | 53 | 52 | 51 |
| ROCE % | 17% | 10% | 13% | 16% | 17% | 14% | 15% | 23% | 22% | 20% | 21% | 19% |
Guidance history
How Transport Corporation of India Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Flat | Planned | — | — |
| Q4 FY26 call → | 10–20% | Flat | Planned | — | — |
| Q3 FY26 call → | 10–20% | Flat | Planned | — | — |
| Q2 FY26 call → | 10–20% | Flat | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
21 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −27.1% | 29% |
| Last 6 months | −5.3% | 47% |
| Last 3 months | −5.6% | 56% |
The price is 29.8% below its all-time high of ₹1,250.3 (18 Jul 2025). Stocks more than 20% below their peak have their score halved, so 41 became 21.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Transport Corporation of India Ltd: 0.4 × 29 + 0.4 × 47 + 0.2 × 56 = 41, halved to 21 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Transport Corporation of India Ltd's management said in earlier quarters
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