TCI Q2: Revenue up 14.8% YoY to ₹1,397.9 Cr as Seaways division drives net profit to ₹116.9 Cr
Logistics is a business of scale, and much of it has to be paid for before it earns anything. Trucks, warehouses and ships cost money long before the freight arrives, and a delayed shipment or a fuel spike can squeeze margins quickly. That's why the best logistics companies combine different modes, such as road, rail and sea, and sign long contracts with large customers.
The Nifty 50 was closed at 22,749.75, down 0.02%. Meanwhile, Sensex also fell 0.01% to 73,598.67 on Tuesday. Meanwhile, Shares of Transport Corporation of India Ltd. were closed at Rs. 846.90, up 0.20 percent from previous close of Rs. 845.25. The stock opened at Rs. 839.90 and reached an intraday high of Rs. 856.00 and low of Rs. 834.00. The company currently has a market capitalization of Rs. 6,523 crores.
Also Read: Bharat Seats Q2: revenue up 54.7% YoY to ₹709.22 Cr as automotive demand drives net profit to ₹15.20 Cr
What's the News
Transport Corporation of India reported a 15% rise in consolidated revenue to Rs. 1,388 crore for the September quarter, with profit after tax up 3% to Rs. 117 crore. Growth was led by the Seaways division, whose revenue rose about 29% from a year ago. Profit growth lagged revenue growth as the company invested in new capacity.
The board also approved raising up to Rs. 300 crore through secured, listed non-convertible debentures on a private placement basis, with terms still to be set. Bhudev Bhushan Giri, who joined TCI's Freight division in 2005, was named CEO-Designate of the Seaways division. A share buyback of up to Rs. 150 crore at Rs. 960 per share is already in progress.
Financial & Business Analysis
Looking at the quarterly results of Transport Corporation of India, the company's consolidated revenue from operations increased by 14.82 percent YoY, from Rs. 1,217.4 crore in Q2 FY26 to Rs. 1,397.9 crore in Q2 FY27, and increased by 11.40 percent QoQ from Rs. 1,254.8 crore in Q1 FY27.
In Q2 FY27 Transport Corporation of India Company consolidated net profit increased by 3.00 percent YoY, reaching Rs. 116.9 crore compared to Rs. 113.5 crore during the same period last year. As compared to Q1 FY27, the net profit increased by 9.67 percent, from Rs. 106.6 crore.
The basic earnings per share stood at Rs. 15.08 as against Rs. 3.32 recorded in the same quarter in the previous year, FY2026.
TCI's revenue splits almost evenly between Freight and Supply Chain Solutions, at about 43% and 44% respectively, with Seaways contributing roughly 12%. The profit picture looks very different. Seaways generates just over half of the segment profit, which is why a new CEO there matters. Freight and supply chain give the company steady volume, while ships give it profit.
TCI doesn't report a formal order book, so capacity is the better pipeline to watch. Two new coastal vessels are due this year, adding 15,000 to 16,000 tonnes to a fleet of about 78,000 tonnes. It also plans 30 new branches this year and a capex budget of Rs. 600 crore. The debentures help fund that build-out, and the new ships and branches should fill up as contracts mature. Management expects Seaways EBITDA margin to stay around 38 to 40%.
Industry Context
India is shipping more cargo along its own coast. Coastal cargo at major ports grew from 119.5 million tonnes in FY15 to 213.5 million tonnes in FY26, and coastal traffic rose another 8% in FY26. Moving goods by sea is cheaper and cleaner than by road, which suits manufacturers trying to cut logistics costs.
The outlook is good, with a few risks. Motilal Oswal expects container volumes to grow 7 to 9% a year over FY26 to FY28. The government has also backed the sector with a dedicated Coastal Shipping Act, 2025. Fuel remains the swing factor. TCI's Seaways business has been absorbing sharp bunker price inflation after the Middle East crisis.
Company Overview
Transport Corporation of India is a multimodal logistics company with four divisions: Freight, Supply Chain Solutions, Seaways and Energy. It also runs subsidiaries in cold chain, chemicals, Bangladesh, Nepal and the Middle East, plus a joint venture and an associate.