TCI Express (TCIE) reported a 9% year‑over‑year increase in revenue for the first quarter of FY27, reaching INR 3.1 billion, which aligns with market expectations.
The company’s EBITDA rose to INR 336 million, up 12% from the previous year and 5% above the analyst’s estimate. This translated into an EBITDA margin of 10.8%, slightly higher than the projected 10.4%.
In addition, the average profit after tax (APAT) grew by about 7% year‑over‑year to INR 224 million, again exceeding the forecast of INR 218 million.
Operational volumes also climbed, with 0.25 million tonnes shipped, a 7% increase compared to the same period last year.
Looking ahead, the analysts maintain their FY27 and FY28 estimates, anticipating a compound annual growth rate of 6% in volume, 7% in revenue, and 11% in EBITDA from FY26 to FY28.
The rating remains neutral, and the target price has been revised to INR 570, based on a 20‑times multiple of FY28 expected earnings per share.