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www.tciexpress.in 1 1 EXPRESS EXPANSION.PRECISION IN EVERY DIRECTION.Q2 FY27 Earnings PresentationNovember 2026
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2 TCI Express at a Glance 231Completeda decadepost demerging,positioning itself as a leading B2B deliverycompany in India.Ranked 1,040 by marketcapitalization as of December 31, 2025B2B customers account for ~97% of thecustomer base, with B2C at ~3%ERP-enabled operations, automatedprocesses, barcoding on packaging, GPS-enabled vehicles, AI e-Learning systems toenhance operational efficiency and accuracyLeading sustainability by focusing onrenewable energy, reducing emissions,while ensuring strong ethical governanceand diverse leadershipTheonly express cargo companyin Indiawith own set up across the nation. Offersservices on Sunday, Holiday and late pickupSpecialized in offering time-definite solutions with focus on Tier II and III cities 2016Year of Listing60,000+ Locations Served 150+Air Gateways 1,000+Branch Setup 200+Countries 5,500+Containerized Vehicles 3,000+Workforce 28Sorting Centers
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3 Why TCI Express?Asset Light Business ModelOperating with an asset-light model, enabling high network utilization, cost discipline, and flexibility to scale capacity efficiently across service verticals100% Company-Owned Network All branches owned and operated directly, ensuring strong operational control, uniform service standards and faster execution across the networkHigh Value & Specialized Cargo FocusStrong presence in high-value and time-sensitive shipments, with growing exposure to sectors such as pharma, automotive, defence, solar, EV and MSMEsLow Working Capital RequirementEfficient working capital cycle supported by strong receivables and disciplined cash flow management Containerized & Multimodal NetworkEnd-to-end containerized movement ensuring secure handling, reduced transit damage, and consistent service quality across surface, rail and air networksLean and Efficient Cost StructureDriven by network productivity, optimized capacity utilization and operational efficiency, enabling a competitive cost structure and improved service deliverySuperior Customer Support ServicesDedicated account management, expanding KAM coverage, and focused service execution to improve delivery performance and customer experienceTechnology & Automation Led ExecutionDriving higher productivity, visibility and service reliability through Advanced ERP , automated sorting centres, real-time tracking, Airline Master and Pre-Alert systems
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4 Service Offerings and Geographical FootprintExpress Services2,500+Feeder Routes1,000+Company Branches500+Express Routes28Sorting Centres Surface Express International Air Express Rail Express C2C Express E-Commerce Express Domestic Air Express
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5 Automated Sorting Centers Automation at the Taj Nagar and Chakan sorting centers improves operational efficiency by 40%, reducing sorting time and enabling faster package processing Inhouse ERP and AutomationShorter Turnaround Time24x7 Higher Capacity UtilizationEnhance Customer SatisfactionEnhancedProfitability GIGA Sorting Centre, Gurugram Area2 lakh sq.ft PPH (Packages Per Hour)15,000 Solar Panel Capacity600 KW OperationalIndia's first and largest automated B2B sorting center operational from March 2022Chakan Sorting Centre, Pune Area1.40 lakh sq.ft PPH (Packages Per Hour)11,000 Solar Panel Capacity280 KW OperationalEquipped with AI cross-belt sorter speeds up sorting, minimizing errors for faster deliveries and reduced inventory times
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6 Expanding Service Offering: Surface ExpressOne of India's largest time-critical surface express networks, Surface Express remained TCI Express's key revenue-contributing division in Q2 FY27, recording 9.4% YoY revenue growth, supported by higher yields, growth in enterprise customers and network expansionKey DifferentiatorsRobust PickupNetworkExtensive branch network supporting reliable pickup anddelivery across IndiaAdvanced FleetGPS-enabled vehicles fleet supporting secure and efficienttransportationCustomer GrowthGrowth supported by enterprise customers, new accountsacross industries and higher business from existing customersEfficient ReverseLogisticsFast and reliable reverse pickup capabilities with day-definitedelivery support across extended delivery networksEnhancedCustomer ServicesDedicated Key Account Management (KAM) team to strengthencustomer relationships and support business growthNetwork ExpansionExpanded hub and branch infrastructure, with the addition of 10new branches, to improve network capacity and operationalefficiencyFlexible & Priority-Based ServicesCustomized multimodal transportation and priority-baseddelivery solutions tailored to diverse customer requirementsKey CustomerAdditionGrowth in the top 100 enterprise clients, supported by newcustomer additions across industries500+Express routes ensuring seamlesstransportation2,500+Feeder routes for comprehensive connectivity5,500+Fully containerized vehicles for secure and efficient transportation60,000+Delivery locations with time definite services across IndiaFast, time definite deliveriestailored to customer needsDisciplined pricing and network expansion to support profitable growthDelivering aStronger, Connected India
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7 Expanding Service Offering:Domestic Air Express 150+Air gatewayspresence6,000+Customer base24-hourDelivery to Metrocities48-hourDelivery to all Tier 2 and Tier 3 citiesSpeeding PossibilitiesAcross IndiaReal timeshipment visibilityOptimizedmultimodal operationsKey DifferentiatorsComprehensiveService OptionsContinued focus on reliable Door-to-Door, Door-to-Airport and Airport-to-Door services, supported by integrated air and surface transportcapabilitiesSeamless MultimodalConnectivityIntegrated air and surface transport network ensuring wider reach,optimized shipment consolidation and operational efficiencyStrengthened Air Delivery NetworkEnhanced air network partnerships to improve shipment reliability,strengthen service coverage and provide greater operational flexibilityTime Bound andScheduled OperationsDedicated branch-focused Key Account Management (KAM) team toimprove coordination and expedite deliveriesExpanded Talent PoolContinued strengthening of customer-facing and operational capabilitiesto support business growth and service deliveryCustomer ExpansionAdded new major customers and increased business from existingcustomers, supporting domestic air express growthService PortfolioExpansionPlanned introduction of Time-Definite and Economy service offerings toaddress different customer requirements and expand the customer baseAir Hub DevelopmentPlanned establishment of a standalone Delhi Air Hub to strengthenoperational control and improve delivery execution Domestic Air Express delivered 29.4% YoY revenue growth in Q2 FY27, supported by new customer additions, higher business from existing customers, and an improved air network
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8 Expanding Service Offering:International Air ExpressInternational Air Express delivered 26.1% YoY revenue growth in Q2 FY27, supported by new key account additions, expanded overseas partnerships, wider route coverage and the introduction of customised, cost-efficient shipping optionsFacilitate third country shipment services Consolidated Air cargo and end-to-end global logistics solutionsStrategic carrier partnerships across North America, Europe and APAC strengthening global connectivityOffline carrier routes introduced for customised, cost efficient shippingConnecting India to the World Key DifferentiatorsComprehensive Export& Import SolutionsInternational air express services supported byexpanded overseas partnerships and route coveragePriority & Time SensitiveServicesContinued focus on reliable shipment executionthrough dedicated sales and operations teams atmajor air gatewaysValue Added Services &Compliance SupportTrial runs initiated for a single window portal coveringshipment tracking, rates, booking, pickup and deliveryCustoms ClearanceSupportComprehensive documentation and customsassistance ensuring compliant and timely shipmentprocessingNetwork ExpansionPlans to scale dedicated sales and operations teams atDelhi, Mumbai, Bengaluru, Chennai, Kolkata andHyderabadPortfolio ExpansionContinued addition of enterprise accounts supportedby stronger international partnerships and globalbusiness expansionExport HubDevelopmentSoft-launched an international export facility tostreamline export operations and improve shipmentefficiency200+Countriesand territories3,000+Pickup points63Countries for Export Services46Countries network Span for Import Services Dedicated Carrier CapacitySecured dedicated capacity across six major globalcarriers, enhancing shipment reliability andoperational flexibility
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Key Advantages9 Expanding Service Offering:Rail ExpressExpanding Horizons with Rail: Faster, Greener and Cost-Effective Freight Solutions, supported by an integrated rail network and continued focus on operational efficiency, with Q2 FY27 revenue increasing 25.9% QoQ165+Route Presence5,000+Customer BaseFasterTransit TimelinesCost EffectiveLong Haul SolutionsRail Express Operation ModelConsignorBookingBranchOriginRailway StationDestinationRailway StationDeliveryBranchConsigneeKey Customer BenefitsImproved Customer LoyaltyHigher Margin BusinessBridging the Gapbetween Air and SurfaceShorter Turnaround TimeSynergistic with Existing Express BusinessUninterrupted TransportationScalable Pan-India Rail NetworkAsset Light Business ModelDedicated rail capacity planning to improve assetutilisation and operational efficiencySpecialised rail operations teams supported by internalcapability development and industry hiringCost-effective long-haul freight transportationthrough an integrated rail networkFaster transit timelines supported by multimodalcargo integrationEnd-to-end shipment movement from consignor toconsignee through integrated rail operationsReliable and consistent service to meet enterprisecustomer requirements
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10 Expanding Service Offering:C2C ExpressC2C Express continued to focus on improving business quality and margins while offering flexible, end-to-end transportation solutions through full truckload and milk-run services, supported by nationwide pickup and delivery capabilities 2,500+ Active Customer BaseERP enabled operations for streamlined logistics managementFull truckload services nationwidewith expedited truckingExpanding branch network to enhance regional reachTransportation ModesFast TruckingMilk RunSecure transportationthrough Express Full Trucking, using openand containerized vehicles to meet diverse surfacetransportation requirementsVersatile fleetwith open and containerized vehicles supportingdiverse transportation requirementsPoint-to-pointpickup and delivery ensuring safe and efficientcargo handlingComprehensive transportationsolutions with pickup and drop-off services across multiple destinationsIntegrated logisticssolutions supporting diverse cargo anddelivery requirementsReal time GPStracking and operational visibility for enhancedshipment monitoring
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11 Expanding Service Offering: Money Back Guarantee & E-CommercePremium Service Money Back GuaranteeE-Commerce Express recorded 51.6% YoY revenue growthin Q2 FY27, supported by the onboarding of majorenterprise marketplaces, expansion of dedicated sales andoperations teams, and the rollout of digital integrationsE-Commerce Time-bound delivery across Air, Rail and Surface with a 100% freightrefund if the committed timeline is missed, assuring reliability, speedand complete peace of mind for customers.Key differentiators: Guaranteed on-time delivery100% freight refund on delayed deliveriesApplicable for Surface, Rail and Air shipmentsHassle-free booking & seamless claim settlementCovering all metros across India Vendor-to-warehouse, inter-warehouse and warehouse-to-customer logistics solutionsPackaging material distribution and integrated fulfilment supportAppointment-based deliveries and Next Day Delivery services for e-commerce and quick commerce operationsFulfilment centre to last-mile delivery capabilitiesIntra-city and Tier-1 city distribution networkWent live on ONDC and Unicommerce platformsEnhanced digital order management and operational automation supporting scalable eCommerce executionSunday and holiday delivery capabilitiesReal-time tracking dashboard with enhanced shipment visibility, customer transparency and automatedexception alertsExpanded B2C last-mile delivery capabilities supported by continued customer additions and operationalscalabilityContinued addition of new enterprise and B2C customers supported by enhanced service capabilitiesStrengthened operational capabilities through improved technology integration and scalable fulfilment solutions
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Key HighlightsTCI Express maintained its growth momentum in Q2 and H1 FY27, supported by customer additions, disciplined pricing and network improvements across business verticalsCapacity utilisation during the quarter stood at 84%, reflecting continued improvement in operational efficiencySurface Express revenue grew 9.4% YoY and 7.4% QoQ in Q2 FY27, taking H1 FY27 revenue growth to 9.1% YoY, supported by higher yields and growth in enterprise customersAdded 10 new branches in Surface Express in Q2 FY27Domestic Air Express revenue increased 29.4% YoY and 13.8% QoQ in Q2 FY27, while H1 FY27 revenue grew 29.1% YoY, driven by new customer additions and higher business from existing customersInternational Air Express revenue grew 26.1% YoY and 24.9% QoQ in Q2 FY27, with H1 FY27 revenue increasing 26.7% YoY, supported by new key accounts and an expanded overseas partner networkRail Express revenue increased 25.9% QoQ in Q2 FY27E-Commerce Express remained the fastest growing business vertical, with revenue increasing 51.6% YoY and 23.8% QoQ in Q2 FY27, and 56.1% YoY in H1 FY27Network capabilities were further strengthened across key locations, including Noida and Rudrapur, to support operational efficiency and business expansionOutlookTotal IncomeQ2 FY27Rs. 43.0 Crore12.7% MarginEBITDAQ2 FY27Rs. 26.7 Crore7.9% MarginProfit After TaxH1 and Q2 FY27 Highlights (Standalone)Q2 FY27Rs. 339.3 Crore8.8% YoYH1 FY27Rs. 80.0 Crore12.2% MarginH1 FY27Rs. 49.0 Crore7.5% MarginH1 FY27Rs. 654.6 Crore8.7% YoY 12Strengthen Surface Express through deeper penetration of enterprise accounts, customer additions and expansion across industries Accelerate Domestic Air Express growth through dedicated branch-level Key Account Management, stronger customer relationships and partnershipsScale International Air Express through dedicated sales and operations teams at major air gateways, including Delhi, Mumbai, Bengaluru, Chennai, Kolkata and Hyderabad, alongside expanded global partnerships and route coverageStrengthen Rail Express through continued branch expansion, higher pickup density and integrated multimodal operations across key commercial corridorsBuild on E-Commerce Express growth through enterprise marketplace additions, expansion of dedicated sales and operations teams, ONDC integration and the planned launch of the digital wallet systemFocus on improving C2C Express margins following price revisions, while building on the sequential revenue recovery recorded in Q2 FY27Continue investing in network capacity and operational efficiency through larger facilities, digital initiatives and improved customer service capabilities
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13 Commenting on the performance, Mr. Chander Agarwal, Managing Director, said: “TCI Express continued to build on its growth momentum during Q2 FY27, supported by improved performance across its core Surface Express business and strong growth in bothDomestic and International Air Express. The Company remained focused on customer acquisition, pricing discipline and network expansion while strengthening its multimodal logisticscapabilities. The operating environment evolved with changing customer requirements and festive demand patterns. At an industry level, continued growth in India's manufacturingactivity and expanding demand for organised logistics services supported the operating environment for the Surface Express business, creating opportunities for the Company tostrengthen its network and expand its customer base.During Q2 FY27, total income increased by 8.8% YoY to Rs. 339.3 crore during the quarter, while EBITDA grew by 10.8% to Rs. 43.0 crore, with EBITDA margin improving to 12.7% from12.4% in Q2FY26. Profit after tax increased by 6.0% YoY to Rs. 26.7 crore. For H1 FY27, total income grew by 8.7% to Rs. 654.6 crore, while EBITDA increased by 10.8% to Rs. 80.0 crore,with margins improving to 12.2%. PAT also registered a growth of 6.1% to Rs. 49.0 crore, reflecting continued improvement in the Company's financial performance.Management PerspectiveThe Surface Express business remained the Company's largest contributor to revenue and profitability, driving overall business performance during Q2 FY27. The business recorded YoY growth of 9.4% during thequarter, supported by higher yields from pricing revisions, increased business from its top 100 enterprise customers and the addition of new accounts across industries. The Company added 10 new branches during thequarter and strengthened customer relationships through its dedicated Key Account Management (KAM) team, expanding its network coverage and operational reach across key markets.The Air Express businesses gained traction, supported by new customer additions, higher business from existing accounts and improvements in service delivery. Domestic Air Express recorded YoY growth of 29.4%during Q2 FY27, driven by new major customers and the formation of a branch-focused KAM team to improve delivery timelines. The Company also strengthened its air delivery network to improve connectivity,enhance service reliability and ensure faster shipment deliveries. International Air Express registered YoY growth of 26.1%, supported by new key accounts, an expanded overseas partner network and additionalrouting options for customised and cost-efficient shipments. To enhance customer convenience, the Company initiated trials of a single window digital portal integrating shipment tracking, rate enquiries, bookings,pickups and deliveries. The Company also plans to strengthen its dedicated sales and operations teams at major air gateways to support further growth.Rail Express improved its performance during the quarter, recording a 25.9% sequential growth, supported by improved shipment activity and operational execution. Meanwhile, E-Commerce Express remained theCompany's fastest-growing service vertical, recording year-on-year growth of 51.6%. Growth was supported by the onboarding of major enterprise marketplaces and the expansion of dedicated sales and operationsteams. The Company also went live on ONDC and Unicommerce, while its digital wallet system is in the final stages of preparation ahead of launch, further strengthening its capabilities to serve E-commerce customers.Alongside business expansion, the Company also strengthened its operating infrastructure. The network was further strengthened through investments in hubs and branches across key locations, including Noida andRudrapur, to enhance regional coverage and improve operational reach. These initiatives are aimed at supporting business growth, improving shipment handling capabilities and maintaining service quality across theCompany's operating network. The Company remains focused on combining infrastructure development with technology adoption and cost discipline to improve operating efficiency across its service verticals.Furthermore, TCI Express continued to support community development through the TCI Express Foundation. During the July to September 2026 period, the Artificial Limb Initiative supported 272 beneficiaries byproviding artificial limbs and mobility assistance, while the Archery Academy in Khunti, Jharkhand, provided structured training to 44 young athletes. These initiatives reflect the Company's continued commitment toimproving mobility, supporting sporting talent and contributing to inclusive community development.Looking ahead, TCI Express remains focused on expanding its customer base, strengthening its multimodal network and improving service delivery across its business verticals. Priorities include deepening relationshipswith enterprise customers, scaling the Air Express businesses through dedicated teams at key gateways, expanding E-Commerce capabilities and improving operational efficiency through technology and infrastructureupgrades. The Company will also continue to maintain pricing discipline and focus on business quality, while pursuing growth opportunities across India's evolving logistics sector. Through these initiatives, TCI Expressaims to strengthen its operating capabilities and create sustainable long-term value for all stakeholders.”
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14 Half Yearly Performance Trends (Standalone)76.472.280.012.5%12.0%12.2%H1 FY25 H1 FY26 H1 FY2765.561.164.710.7%10.1%9.9%H1 FY25 H1 FY26 H1 FY2749.446.249.08.1%7.7%7.5%H1 FY25 H1 FY26 H1 FY27609.2602.2654.6H1 FY25 H1 FY26 H1 FY27Total IncomeTotal IncomePBT and MarginsPBT and MarginsEBITDA and MarginsEBITDA and MarginsPAT and MarginsPAT and MarginsNotes: 1. EBITDA includes other income2. All Margins are calculated on Total Income Healthy Margin Profile Fig in Rs. Crore
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15 Stable financial performance while sustaining margin profile amidst market dynamics 38.837.043.012.4%11.7%12.7%Q2 FY26 Q1 FY27 Q2 FY2733.229.535.110.6%9.4%10.4%Q2 FY26 Q1 FY27 Q2 FY2725.222.426.78.1%7.1%7.9%Q2 FY26 Q1 FY27 Q2 FY27312.0315.3339.3Q2 FY26 Q1 FY27 Q2 FY27Quarterly Performance Trends (Standalone)Total IncomeTotal IncomePBT and MarginsPBT and MarginsEBITDA and MarginsEBITDA and MarginsPAT and MarginsPAT and MarginsNotes: 1. EBITDA includes other income2. All Margins are calculated on Total Income Fig in Rs. Crore
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16 Y-o-Y H1Q-o-QQ1Y-o-Y Q2 %FY2026FY2027%FY2027%FY2026FY2027Particulars (in Rs. Crore)8.8%595.3647.97.7%311.98.9%308.5335.9Income from Operations6.96.73.43.53.4Other Income8.7%602.2654.67.6%315.38.8%312.0339.3Total Income10.8%72.280.016.3%37.010.8%38.843.0EBITDA12.0%12.2%11.7%12.4%12.7%Margin (%)7.5%61.666.219.4%30.27.5%33.536.1EBIT10.2%10.1%9.6%10.7%10.6%Margin (%)5.9%61.164.719.1%29.55.9%33.235.1PBT 10.1%9.9%9.4%10.6%10.4%Margin (%)6.1%46.249.019.2%22.46.0%25.226.7PAT 7.7%7.5%7.1%8.1%7.9%Margin (%)6.2%12.012.822.0%5.76.0%6.66.9EPS Q2 and H1 FY27 Financial Performance (Standalone) Notes: 1. EBITDA includes other income2. All Margins are calculated on Total Income
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17 Delivering consistent growth and profitability for our shareholders33.3%21.7%19.9%20.0%22.0%FY24 FY25 FY26 H1 FY26 H1 FY272.92 3.18 3.06 3.34 2.59 FY24 FY25 FY26 H1 FY26 H1 FY2770.0%83.0%76.5%30.5%35.1%FY24 FY25 FY26 H1 FY26 H1 FY27* ROCE has been calculated on the basis of core assets only and other Income has been excluded from EBIT for calculating ROCE Key Ratios (Standalone)Dividend Per Share (Rs) and Payout (%)Dividend Per Share (Rs) and Payout (%)Current Ratio (x)Current Ratio (x)Return on Capital Employed (%)*Return on Capital Employed (%)*Cash Conversion Ratio (%)Cash Conversion Ratio (%)8.0 8.0 8.07.022.0%23.0%34.0%39.0%FY23 FY24 FY25 FY26
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18* All numbers in Rs. crore unless specified* Standalone Integration of scale, expertise and technology ensures long-term sustainability of cash flows from operationsCash flow from operations of Rs. 28 crore for H1 FY27 During H1 FY27, the company incurred capital expenditure of Rs. 80 Crore for expansion of branch network, construction of sorting centers and ramping up IT infrastructure Efficient working capital management contributes to generating sustainable free cash flow and attractive returns to shareholders 136 118 104 28 84 96 24 (52)FY24 FY25 FY26* H1 FY27*Cash Flow from OperationsFree Cash FlowsCash Flow from Operations vs Free Cash Flows
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19 Sep-26Mar-26Mar-25Particulars (in Rs. Crore)0.00.00.0Long Term Debt15.20.00.0Short Term Debt15.20.00.0Total Debt92.7136.4160.2Less: Liquid Assets(77.4)(136.4)(160.2)Net Debt /(Cash)878.5828.8769.3Total Equity(0.09x)(0.16x)(0.21x)Net Debt/EquityStable Working Capital Management Note: Receivable Days has been calculated on Revenue from Operations inclusive of GST for the respective quarters, * Standalone Credit rating of A1+ Short Term (ICRA) and AA- Long Term (CRISIL)403232Q2 FY26 Q1 FY27* Q2 FY27*605959Q2 FY26 Q1 FY27* Q2 FY27*202727Q2 FY26 Q1 FY27* Q2 FY27*Receivables DaysReceivables DaysPayables DaysPayables DaysNet Working Capital DaysNet Working Capital DaysLeverage Profile and Working Capital Cycle
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20Notes:1. All financials are based on Q2 FY27 reported numbers2. EBITDA and EBIT including Other Income 12.7%23.3%15.4%11.0%8.7%TCI Express Peer 1 Peer 2 Peer 4 Peer 310.6%16.7%8.3%6.9%2.4%TCI Express Peer 1 Peer 4 Peer 2 Peer 37.9%10.7%7.7%3.4%1.3%TCI Express Peer 1 Peer 4 Peer 2 Peer 3 EBITDA Margins %EBITDA Margins %EBIT Margins %EBIT Margins %PAT Margins %PAT Margins %Top Industry Players Margins and Profitability
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Last One Decade Key TakeawaysINHERENT BUSINESS STRENGTH Fastest B2B Express Delivery Company in India Asset light model allows the Company to maintain higher utilization and drive strong cash flows No franchise model. All branches are company owned which ensures the adoption of best standard operating procedures Diversified business model catering to all the major manufacturing industriesEXPANDING BUSINESS Crossed the Rs. 1,000 crore balance sheet milestone in FY26, supported by healthy profitability and a strong balance sheet Maintained a consistent dividend payout, reflecting the Company's continued focus on shareholder returns Returned over Rs. 260 crore to shareholders over the last 10 years through dividends (Rs. 208 crore) and a share buyback (Rs. 55 crore) Technology-led operations and network productivity supporting scalable business growthInherent Business StrengthExpanding BusinessGenerating Returns32,000to 60,000Locations servicing from FY 2017 to Q2 FY27 500to 1,000+Branch offices increased from FY2017 to Q2 FY27 26to 28Sorting centers increased from FY 2017 to Q2 FY27 1.6 Lakhto 2.25 LakhCustomers count increased from FY 2017 to Q2 FY27 21
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22 Express Industry –An Outlook Source: BusinessWorld, Niti Aayog, Mordor IntelligenceLOGISTICS INFRASTRUCTURE AT A GLANCE Economic Growth India's economy valued at US$ 4.15 Trillion Logistics sector acts as a backbone for the Viksit Bharat 2047 vision Infrastructure Push PM GatiShakti Dedicated Freight Corridors Port and highway expansion Multimodal Logistics Focus on rail, inland waterways and integrated logistics infrastructure Shift towards cost-efficient and sustainable freight transportation66%22%0%8%4%RoadRailAirWaterPipelinesIndian Logistics Market Split$4.15 TnIndia GDP$288 BnIndia Freight & Logistics Market$476.5 BnProjected Logistics Market by CY203138th RankLogistics Performance Index India's freight and logistics industry is transitioning towards a more integrated, technology-enabled ecosystem, driven by e-commerce expansion, PLI-led manufacturing and rising exports. Government initiatives such as PM GatiShakti, Dedicated Freight Corridorsand Bharatmalaare improving multimodal connectivity and logistics efficiency, while investments in automation, robotics, cold-chain infrastructure and predictive analytics continue to strengthen the organised logistics ecosystemIndustry Growth DriversIndia’s Logistics Market Split 22 Bharatmala Programme
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Strategy and Outlook✓Planned Capex of Rs. 500 crore in 5 years (FY23-FY27)✓Capex till H1 FY27 was Rs. 349 crore✓Capital expenditure of Rs. 80 crore in H1 FY27✓Expected remaining Capex of Rs. 51 crore in FY27iProjected capex revised to Rs. 400 crore from originally planned Rs. 500 crore✓Future capex plans include similar construction and automation in Kolkata and Ahmedabad✓Capex will be funded through internal accrualsCapitalExpenditureEnhancedOffering✓Continue expanding the Surface Express network through customer additions, deeper engagement with enterprise clients and expansion across key industries✓Strengthen Domestic Air Express through customer acquisition, improved service execution, reliable carrier partnerships and dedicated teams at major air gateways✓Expand International Air Express capabilities through a wider overseas partner network, additional route coverage and digital solutions for shipment tracking, booking and delivery✓Improve C2C Express performance through pricing discipline, customer acquisition and continued focus on operating margins✓Strengthen Rail Express through network development, improved pickup coverage and integrated multimodal freight solutions✓Scale E-Commerce Express by onboarding enterprise marketplaces, expanding dedicated sales and operations teams, and strengthening technology-enabled fulfilment capabilities✓Continue investing in network infrastructure, larger facilities and technology to improve capacity, operational efficiency and service delivery across business verticals01iconHighly diversified client base of corporate and SME customers. Well spread across industry verticals02iconExpansion of the branch network to over 1,000 locations through continued branch additions across key markets03iconContribution of new and value-added service offerings to drive growth04Automation at sorting centers and AI-led logistics and customer management to boost efficiency and profitability05Government initiatives to strengthen the logistics sector and focus on infrastructure to provide seamless connectivity to remote rural areas 23
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Strategic Priorities by 2030Sustainability Initiatives•Expand use of renewable energywithadditional solar installations at logisticsfacilities,building on existing generation•Increase adoption ofcleaner fuels andvehicles, including EVs, CNGand a highershare of BS-VI compliant fleet to reducecarbon footprint•Integrate ESG goals into operationsthroughgreen warehousing, energy-efficientautomationand responsible waste and watermanagement practices New and Enhanced Services•Scale multimodalofferings in Surface, Rail,Air, C2C and E-Commerce•Deepen focus on specialised verticals suchasAerospace, Defence, Engineering and E-Commercewith customised, time-definiteand compliant solutions•Expand value-added services such aspriorityair cargo, rail-based expressand technology-enabled visibility solutions to strengthendifferentiation and customer stickiness Expansion into New Markets•Continue expanding the owned branchnetwork beyond the current locations, withdeeperpenetration in Tier II, Tier III andemerging manufacturing clusters•Strengthen international connectivitythrough expansion of pickup points, airlinepartnershipsand global B2B platforms,supporting cross-border growth across200+countries•Increase presence in high-potential industrialcorridors and logistics parksaligned with PMGatiShaktiand Dedicated Freight Corridors toimprove reach and transit timesTechnology Driven Operations•Scale automation across sorting centresbyreplicating the Gurugram and Pune model atnew facilities, improving processing speed,accuracy and capacity•Leverage AI, ML and route optimisationtools for faster turnaround, better capacityutilisation and improved deliverypredictability•Strengthen digital backbone throughERPupgrades, API integrationswith customers,and enhanced cybersecurity and disasterrecovery systems 24
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25 Growth Drivers: Logistics Industry+Infrastructure DevelopmentDedicated Freight Corridors: Eastern & Western Dedicated Freight Corridors are strengthening freight efficiency, reducing transit time and improving multimodal connectivityMulti-Modal Logistics Parks: Continued development of logistics parks, Dedicated Freight Corridors and airport cargo facilities is enhancing India's logistics ecosystemAirport Modernisation: Expansion of airport cargo infrastructure is improving air cargo handling and supporting faster movement of time-sensitive shipments+Technology IntegrationULIP Platform: Government continues to strengthen digital logistics through the Unified Logistics Interface Platform (ULIP), improving shipment visibility and stakeholder integration across the logistics ecosystemAutomation & Digitalisation: Automation, AI, ERP integration and digital platforms are transforming logistics operations by improving productivity, visibility and customer experienceData-driven Operations: Technology-enabled planning, process automation and integrated digital platforms are supporting operational excellence across the logistics value chain +SustainabilityGreen Logistics: Greater use of rail transportation, EVs and CNG-powered fleets is supporting decarbonisation of logistics operationsRenewable Energy: Increasing adoption of renewable energy, waste management and sustainable infrastructure continues to strengthen environmental stewardshipESG Focus: ESG initiatives, resource-efficient operations and responsible business practices are becoming integral to the organised logistics sectorGrowing DemandManufacturing-led Growth: Rapid growth in automotive, pharmaceuticals, engineering, defence, renewable energy and EV sectors is driving demand for organised express logisticsOrganised Logistics: Formalisation of supply chains, increasing multimodal adoption and preference for organised logistics providers are expanding market opportunitiesConsumption & E-commerce: Rising domestic consumption, expanding manufacturing activity and growing e-commerce penetration continue to support long-term logistics demand Source: PIB
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Source: 1. KPMG2. PIB3. DPIIT, 4. DPIIT Growth Drivers: Logistics Industry 26 01Rising Demand for Faster Deliveries• Rising e-commerce adoption is increasing demand for time-definite express delivery• Customers increasingly expect faster, reliable and technology-enabled logistics solutions02Technology Adoption Improving Logistics Efficiency• AI, IoT and automation are improving shipment visibility, route optimisation and delivery efficiency• Increasing investments in logistics technology continue to enhance operational productivity03Network Agility & Resilience• Diversified routing, multimodal integration and real-time visibility are strengthening supply chain resilience• Enhanced network agility enables faster response to disruptions and improves service reliability04Sustainability-led Transformation• Increasing adoption of EVs and cleaner transport solutions is supporting green logistics• Sustainability initiatives are improving operational efficiency while reducing environmental impact05Technology-led Efficiency & Capacity Expansion• AI, robotics, automation and predictive analytics are improving asset utilisation and productivity• Digital logistics platforms are enabling scalable and efficient logistics operations06Hyperlocal & Tier II/III City Expansion• Rising regional consumption and improving infrastructure are driving logistics demand beyond metro cities• Expansion of regional distribution and last-mile capabilities is strengthening market penetration07Manufacturing & Infrastructure Growth• Expanding manufacturing activity and infrastructure investments continue to support freight demand• Industrial growth across key sectors is driving long-term opportunities for organised logistics providers08Organised Logistics & Multimodal Adoption• Increasing preference for organised logistics and multimodal transportation is improving supply chain efficiency• Integrated logistics solutions are creating significant growth opportunities for express delivery companiesCollectively shaping a promising outlook for India’s logistics industry
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Management Team 27Chairman & DirectorMr. D. P. Agarwal is the Chairman of TCI Express Limited and a veteran leader in the logistics and transportation industry with several decades of rich experience. He has played a pioneering role in the growth and expansion of the TCI Group and has been instrumental in strengthening its presence across multimodal logistics, supply chain solutions and integrated transportation services.His vast industry knowledge, strategic vision and leadership continue to contribute significantly towards the Company’s growth and governance framework.Managing DirectorMr. Chander Agarwal has pursued Business Administration from Bryant University and has completed the OPM Programme at Harvard Business School.He possesses over two decades of extensive experience in operations, logistics, marketing, supply chain management and strategic business development.As the Founder and Managing Director of TCI Express Limited, he has played a significant role in strengthening the Company’s market presence through network expansion, operational excellence and technology-driven growth initiatives.Executive Director and CFOMr. Mukti Lal, a Chartered Accountant and alumnus of Harvard Business School and National University of Singapore, possesses over two decades of experience in corporate finance, financial strategy and operations. Joining TCI Group in 2004, he became CFO of TCI Express in 2016 and played a key role in strengthening the Company’s financial framework. Elevated to Executive Director in 2025, he now leads strategic growth initiatives across operations, HR, IT and corporate governance.Chief Business OfficerMr. Pabitra Mohan Panda is an alumnus of Harvard Business School and IIM (Lucknow) and possesses over two decades of extensive experience in logistics, sales, marketing and business operations. Over the years, he has held leadership positions across various functions and departments and currently serves as the Chief Business Officer of the Company.He has played a significant role in strengthening the Company’s operational efficiency, customer reach and overall business growth. Mr. Chander AgarwalMr. Mukti LalMr. D P AgarwalMr. Pabitra Mohan Panda
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Market Challenges Impacting Logistics SectorKey Factors Impacting the Logistics Sector Road-Dominated Logistics Network: Heavy dependence on road transport raises logistics costs, congestion and fuel consumption Geopolitical Disruptions: Ongoing conflicts in the Middle East continue to increase freight costs, reroute shipments and delay deliveries Infrastructure Bottlenecks: Congestion and gaps in cargo-handling and logistics infrastructure can slow the movement of goods High Rail Freight Costs & Limited Modal Shift: Elevated rail freight charges discourage modal shift and increase overall supply chain costs Indian Freight Modal Mix (%)Impact of Geopolitical Tensions on LogisticsRising Fuel Costs: Higher ATF and fuel prices continue to increase transportation costs and impact margins Skilled Manpower Availability: Skilled manpower shortages and rising driver wages continue to pressure operating costs 28 12%22%66%Waterways & OthersRailRoadGeopolitical Tensions(e.g., Middle East Conflicts)Route DiversionsHigher Freight & Insurance CostsLonger Transit Time & Delivery Delays
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Sectoral and Economic Dynamics Influencing LogisticsBroader Economic and Sector-Specific Headwinds Source : 1.ICRA ResearchYoY growth of ICRA Business Activity MonitorEconomic Activity Trends:The ICRA Business Activity Monitor recorded YoY growth of12.1% in September 2026, improving from 10.8% in August 2026. The increase indicatesan improvement in overall economic activity, supported by stronger performance acrossseveral high-frequency indicators. However, the outlook remains subject to risks fromhigher input costs and external economic uncertainties, which could affect demand andoperating conditions across sectorsIndustrial and Logistics Indicators:Core sector output growth improved to 7.9% YoYin September 2026 from 5.9% in August 2026, reflecting stronger performance across keyindustrial segments. The improvement in industrial activity is relevant for the logisticssector, as changes in manufacturing output, infrastructure activity and freight movementinfluence demand for transportation and express logistics servicesGrowth Outlook & Demand Conditions:ICRA expects India's economic growth toremain supported by domestic demand and industrial activity, although the outlookcontinues to face risks from higher input prices associated with the West Asia crisis anddeficient monsoon rainfall. These factors could affect inflation, business costs anddemand conditions. For logistics operators, the pace of economic activity and changes inoperating costs will remain important factors influencing freight demand and profitability29
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CSRInitiativesTCI Express has promoted inclusive development through impactful programs in healthcare, education, environmental sustainability and uplifting underprivileged communities.01Healthcare & Accessibility•TCI Express promotes employee wellness andcommunity healthcare through health check-ups andawareness initiatives. Under its Kavach programme,the Company operates an Artificial Limb Centre inLucknow, providing mobility aids to improveindependence and quality of life for persons withdisabilities•During H1 FY27, the Company's Artificial Limb Centrein Lucknow provided prosthetic limbs, calipers,crutches, walking sticks and rehabilitation support to489 beneficiaries, enhancing their mobility andquality of life02Rural Development• The Samantha initiative contributes to ruraldevelopment through community infrastructureand livelihood promotion in collaboration with theTCI Express Foundation, TCI Foundation, and otherimplementing agencies03Education Support & Skill Development• Through its Shiksha and Saksham initiatives, TCIExpress promotes quality education and skilldevelopment by enhancing access to learningopportunities and vocational training, empoweringunderserved communities with knowledge andemployable skills04Sports Promotion• During H1 FY27, the TCI Express Foundation ArcheryAcademy supported 52 beneficiaries, providingstructured coaching to nurture tribal sporting talent• The program continued to focus on developingyoung archers through regular training sessions,strengthening discipline, confidence andcompetitive sporting skills05Environmental Sustainability• Invested in energy-efficient solutions and green infrastructure to promote sustainability• Upgraded its vehicle fleet to BSVI standards and incorporating CNG and EV vehicles to reduce emissions• Multiple logistics hubs are powered by solar energy, reducing dependence on fossil fuels and promoting renewable energy adoption06New Initiatives• TCI Express conducted an Electric Vehicle (EV)Awareness Programme to promote sustainablemobility and encourage the adoption of cleantransportation solutions. The initiative aimed toraise awareness about the benefits of electricvehicles and support the shift towards low-carbonmobility, with over 50 BA/DBA partnersparticipating30
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https://bit.ly/2LmB6fd Sustainability Initiatives 31 iconENVIRONMENTAL➤GHG Emission Reduction:Use of EVs, CNG fleets, railtransport and upgrades to BS VI-compliant vehicles toreduce emissions➤Waste Management:Committed to 3R approach andwork with authorized vendors for responsible wastemanagement in full compliance with regulations➤Renewable Energy Generation:Total installedrooftop solar capacity of 1,090 kWp across theMedchal, Chakan, and Taj Nagar sorting centres, andIndore hub contributing to renewable electricitygeneration➤Sustainable Infrastructure:Promoting sustainableresource use by incorporating EPD-certified materialsin construction and recycling treated wastewater atselected sorting centres for non-potable applications1,090 kWpInstalled Solar CapacityiconSOCIAL➤Community Development & CSR:Partnerships withTCI Express Foundation and TCI Foundation and otherimplementing agencies for rural development(Samantha), education (Shiksha), skill development(Saksham), healthcare (Kavach), sports (Shourya) andenvironmental sustainability (Paryavaran)➤Artificial Limb Centre:Supported 489 beneficiariesduring H1 FY27 by providing mobility aids to seniorcitizens and persons with disabilities at the LucknowCentre➤TCI Express Foundation Archery Academy:Continuednurturing tribal sporting talent through the ArcheryAcademy in Khunti, Jharkhand, supporting 52beneficiaries during H1 FY27541Beneficiaries Supported in H1 FY27iconGOVERNANCE➤Board Composition & Diversity:Balanced mix ofexecutive, non-executive and independent directorswith majority independent directors ensuring strongoversight and governance➤Risk Management & Internal Controls:Robustframework supported by regular audits and internalcontrols to identify, assess and mitigate risks➤CSR & ESG Oversight:CSR Committee drives ESG andCSR strategy and reports progress to the Board➤Ethics, Compliance & Sustainability:Policies onethics, anti-bribery, human rights and whistleblowingensure integrity, accountability and responsiblebusiness practicesIndependent BoardStrong Governance Framework
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ESG Profile –Consolidating all ESG Disclosures TCI Express ESG Profile Link (Click Here) ESG Disclosure Platform TCI Express WebsiteESG Factors (18)Management Approach (4)Environment (55)Materiality Assessment (13)Partnerships (2)Company Overview (14)Social (92)Awards and Recognitions (6)Corporate Information (18)Board of Directors (7)Governance (109)Ratings and Indices (6)Listing Disclosures (62)Resilience (9)Verifications & Assurances (3)ISO and Certifications (2)Membership (6)BRSR (142)Profile Sources (35)32
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Awards and RecognitionsCorporate GovernanceRanked 1,040 based on Market Capitalization, as of December 31, 2025 Credit Instruments rated by two leading Credit Rating AgenciesCRISIL Rating: AA-ICRA Rating: A1+Industry RecognitionSustainability AwardsTCI EXPRESS has been certified as aGreat Place to Work forcalendar year 2026, marking the sixth consecutive yearofrecognition. This award highlights the Company’s sustainedcommitment to fostering a positive work environment,promoting employee engagement, and maintaining highstandards of workplace cultureTCI EXPRESS has been honored as a“Sustainable Organisation 2025” by TimesNow, for its dedication to sustainabilityand environmental stewardship. Times Now Sustainable Organization 2025 International Air Transport Association Marksmen Daily Most Preferred Brand – 2025-26ISO 9001:2015 ISO 14001:2015 ISO 45001:2018CertificateMost Promising Business Leaders of Asia 2025-26 (Mr. Chander Agarwal) Entrepreneur Asia Awards 2026(Mr. Chander Agarwal) The Economic Times IconicBrands of India 202633 APAC Entrepreneur of the Year – 2026(Mr. Chander Agarwal)
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Share Price Information, as on 30thSeptember 2026CAGR Return: TCI Express 4.0%S&P BSE Sensex 10.8%Key Facts 30thSeptember 2026540212/ TCIEXPBSE / NSE Ticker516.20CMP (Rs.)3.84Shares O/S (Crore)1,984Market Cap (Rs. Crore)706/45152 Week H/L (Rs.)Note:CAGR calculated from 15 Dec 2016Source: BSE Capital Market Information 3405001,0001,5002,0002,5003,000Dec-16Mar-17Jun-17Sep-17Dec-17Mar-18Jun-18Sep-18Dec-18Mar-19Jun-19Sep-19Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22Mar-23Jun-23Sep-23Dec-23Mar-24Jun-24Sep-24Dec-24Mar-25Jun-25Sep-25Dec-25Mar-26Jun-26Sep-26
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This presentation contains statements that are “forward looking statements” including, but without limitation, statementsrelating to the implementation of strategic initiatives and other statements relating to TCI Express’ future businessdevelopments and economic performance. While these forward looking statements indicate our assessment and futureexpectations concerning the development of our business, a number of risks, uncertainties and other unknown factors couldcause actual developments and results to differ materially from our expectations.These factors include, but are not limited to, general market, macro-economic, governmental and regulatory trends,movements in currency exchange and interest rates, competitive pressures, technological developments, changes in thefinancial conditions of third parties dealing with us, legislative developments and other key factors that could affect ourbusiness and financial performance.TCI Express undertakes no obligation to publicly revise any forward looking statements to reflect future / likely events orcircumstances. For further information, please contact:Abhishek Dakoria / Kapil Juneja +91 73032 11037tciexpress@churchgatepartners.com Contact Information 35
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TCI EXPRESS LIMITEDCorporate AddressPlot 84, Institutional Area, Sector 32, Gurugram, HaryanaP: +91 124 2384090-94 • E: info@tciexpress.inW: www.tciexpress.in • Toll free: 1800 2000 977 36Registered AddressFlat No. 306 & 307, 1-8-271 to 273, 3rd Floor, Ashoka Bhoopal Chambers, S.P . Road, Secunderabad – 500003, TelanganaP: +91 124 2384090-94 • E: info@tciexpress.inW: www.tciexpress.in • Toll free: 1800 2000 977