Transport Corporation of India Ltd

- The company has an enabling resolution in place for fundraising through equity if needed, but no immediate plans were specified. - For CAPEX funding, particularly on the trucking side, the company plans to use a mix of internal accruals and debt. - Approximate funding split for CAPEX is around 70% from internal accruals and 30% through debt. - No specific mention of a new fundraising round through equity or large-scale debt issuance at present. - The current reserves on the balance sheet are sufficient for planned CAPEX and operational needs. - The company maintains flexibility to raise funds if required but prefers internal accruals for capital expenditures.

- FY25 CapEx was about ₹300 crores out of a projected ₹375 crores. - FY26 CapEx budget is increased to ₹400-450 crores, with a similar split between land/building and trucks/rakes. - Investments include trucks, warehouse equipment, and hub centers. - Possibility to exceed CapEx budget if market conditions and contract wins warrant it. - Automation and AI investments focus on productivity improvements and sales force automation, not significant manpower reduction. - Capital allocation largely through internal accruals (~70%) and some debt (~30%), mainly on the trucking side. - Strategic focus on expanding supply chain and LTL businesses through investments in fleet size, warehouse equipment, and branch expansions. - Investments in joint ventures like Concor and cold chain logistics continue for growth. - Contingency from enabling resolutions for fundraising if needed.

- FY26 and FY27: Volumes may increase if a second-hand ship is purchased; otherwise, capacity remains largely flat with minor fluctuations due to ship aging and docking schedules. (Page 15) - Potential for net positive capacity increase if government rules change, allowing ships to continue operating longer. (Page 15) - Overall revenue growth is guided at 10-12% on a consolidated basis. (Page 12) - Supply chain segment expected to grow at 12-15%, becoming the largest business contributor. (Page 9) - Freight segment growth targeted at 8-10%, with expectations of margin improvement after bottoming out. (Pages 5, 15) - Seaways business likely to have flattish volume and value growth with stable margins around 40% EBITDA. (Page 3) - Expansion on LTL business with new branches and improved automation aimed at increasing volumes and margins. (Pages 5, 12)

- FY26 and FY27 growth expected to be flattish in seaway segment due to ship aging and no net capacity addition unless second-hand ship purchase or rule changes occur. - Supply chain business projected to grow at 12-15% in the near term, becoming the largest growth contributor. - Freight segment growth estimated at 8-10%, with margins expected to improve gradually after bottoming out; historical EBITDA margins were close to 4.5%. - Overall top-line and bottom-line growth guidance maintained at 10-12% for the current year. - Profitability expected to remain stable, with cautious approach prioritizing margin over aggressive growth. - Capex funded mainly through internal accruals (~70%), focused on trucks, warehousing equipment, and IT. - ROCE expected to improve as recent CAPEX investments start yielding returns. - LTL business enhancements and cost rationalization to contribute to margin improvement over coming quarters.

The provided transcript does not contain specific details regarding the current or expected order book or pending orders for Transport Corporation of India Limited. The discussions focus predominantly on financial performance, joint venture profits, segmental growth, business strategies, capacity additions, and margin outlooks across various segments such as supply chain, seaways, and freight, but there is no explicit mention of order book figures or pending orders. If you need information about the order book, it might be available in other sections of the report or outside this transcript.