Below is a structured extraction and summary of the relevant and actionable financial information from the TCI Express Limited results filing dated August 14, 2025:
1. Auditor’s Note
- Type of Report: Limited Review Report by Brahmayya & Co., Chartered Accountants.
- Opinion: Unmodified (clean) review opinion on both standalone and consolidated unaudited quarterly financial results for Q1 FY26 (quarter ended June 30, 2025).
- Qualifications/Concerns: None.
- Other Matters:
- Previous quarters and full year results reviewed/audited by other auditors with unmodified opinions.
- The subsidiary’s interim financials (revenue ₹0.33 Cr, net loss ₹1.57 Cr for Q1 FY26) are included but not audited; considered immaterial to the Group.
- No modifications or qualifications in the auditor’s conclusion.
Conclusion: Auditor’s note is standard with no qualifications or concerns.
2. Financial Performance
Periods Covered:
- Latest Quarter: Q1 FY26 (Apr-Jun 2025)
- Immediately Preceding Quarter: Q4 FY25 (Jan-Mar 2025)
- Same Quarter Previous Year: Q1 FY25 (Apr-Jun 2024)
- Full Financial Year: FY25 (Apr 2024 - Mar 2025)
Key Financial Figures (Rs. Crores)
| Particulars | Standalone Q1 FY26 | Standalone Q4 FY25 | Standalone Q1 FY25 | Standalone FY25 | Consolidated Q1 FY26 | Consolidated Q4 FY25 | Consolidated Q1 FY25 | Consolidated FY25 |
|---|---|---|---|---|---|---|---|---|
| Net Sales / Income from Operations | 286.75 | 307.49 | 292.98 | 1,208.27 | 286.75 | 307.28 | 292.98 | 1,208.27 |
| Other Income | 3.44 | 5.56 | 2.28 | 12.87 | 3.76 | 6.13 | 2.28 | 13.44 |
| Total Income | 290.19 | 313.05 | 295.26 | 1,221.14 | 290.51 | 313.41 | 295.26 | 1,221.71 |
| Operating Expenses | 205.96 | 220.44 | 208.88 | 862.13 | 205.96 | 220.45 | 208.88 | 862.13 |
| Employee Benefits Expense | 33.99 | 34.67 | 33.81 | 137.02 | 35.15 | 35.71 | 34.61 | 141.01 |
| Depreciation & Amortisation | 5.26 | 5.93 | 5.08 | 21.61 | 5.26 | 5.93 | 5.08 | 21.62 |
| Finance Costs | 0.25 | 0.47 | 0.27 | 1.25 | 0.26 | 0.47 | 0.27 | 1.31 |
| Other Expenses | 16.87 | 24.23 | 16.75 | 78.99 | 17.59 | 24.85 | 16.76 | 80.46 |
| Total Expenses | 262.33 | 285.74 | 264.79 | 1,101.00 | 264.22 | 287.41 | 265.60 | 1,106.53 |
| Operating Profit (EBITDA proxy) | 27.86 | 27.31 | 30.47 | 120.14 | 26.29 | 26.00 | 29.66 | 115.18 |
| Exceptional Items | Nil | Nil | Nil | Nil | Nil | Nil | Nil | Nil |
| Profit Before Tax | 27.86 | 27.31 | 30.47 | 120.14 | 26.29 | 26.00 | 29.66 | 115.18 |
| Tax Expense (Current + Deferred) | 6.82 | 6.64 | 7.35 | 29.37 | 6.82 | 6.64 | 7.35 | 29.37 |
| Net Profit | 21.04 | 20.67 | 23.12 | 90.77 | 19.47 | 19.36 | 22.31 | 85.81 |
| Other Comprehensive Income (net) | 0.73 | 0.51 | (0.29) | (0.76) | 0.73 | 0.51 | (0.29) | (0.76) |
| Total Comprehensive Income | 21.77 | 21.18 | 22.83 | 90.01 | 20.20 | 19.87 | 22.02 | 85.05 |
| Paid-up Equity Share Capital (Rs 2 each) | 7.68 | 7.68 | 7.67 | 7.68 | 7.68 | 7.68 | 7.67 | 7.68 |
| Basic EPS (Rs) | 5.55 | 5.38 | 6.04 | 23.66 | 5.13 | 5.05 | 5.82 | 22.36 |
| Diluted EPS (Rs) | 5.54 | 5.37 | 6.02 | 23.59 | 5.12 | 5.03 | 5.80 | 22.31 |
Margins (Standalone Q1 FY26):
- Operating Profit Margin (Operating Profit / Net Sales): ~9.7%
- Net Profit Margin (Net Profit / Net Sales): ~7.3%
Observations:
- Revenue for Q1 FY26 is slightly down vs Q1 FY25 and Q4 FY25.
- Net profit for Q1 FY26 declined compared to Q1 FY25 but improved slightly vs Q4 FY25.
- EPS follows the same trend as net profit.
- No exceptional items reported.
- Consolidated results closely track standalone results, with minor differences due to subsidiary.
3. Detailed Notes / Management Commentary
- The results have been prepared as per IND AS 34 (Interim Financial Reporting).
- No changes in accounting policies or material adjustments reported.
- The company operates in a single primary business segment: Express Cargo; hence, segment reporting is not applicable.
- The subsidiary’s interim results (minor revenue and net loss) are immaterial to the group.
- Figures for Q4 FY25 are balancing figures between audited full year and previously published nine-month results.
- No extraordinary items or one-off events reported.
- No commentary on margins, NPAs, slippages, or AUM (not applicable as logistics company).
- Management approved senior management changes effective August 14, 2025, indicating strategic leadership strengthening in air cargo and business operations.
4. Segment Information
- The company’s main business is Express Cargo only.
- No segment-wise financial breakdown provided or required as per IND AS 108.
- No geographical or product segment splits disclosed.
5. Capex, Projects, and Corporate Activity
- No specific disclosures on capital expenditure or ongoing/planned projects in this filing.
- No writedowns, writebacks, impairments, or provisions mentioned.
- No acquisitions, disposals, divestitures, or mergers reported.
- No restructuring or cost-cutting measures disclosed.
- Board approved senior management appointments and role changes to strengthen operational leadership.
6. Standalone vs Consolidated
- Both standalone and consolidated unaudited financial results for Q1 FY26 and comparative periods are provided.
- Consolidated results include one subsidiary: TCI Express Pte Limited.
- Subsidiary’s contribution is minimal and loss-making for the quarter (₹1.57 Cr net loss), considered immaterial.
- Consolidated figures closely mirror standalone results.
Summary for Investment Analysis Team
| Aspect | Key Points |
|---|---|
| Auditor’s Note | Clean limited review report; no qualifications or concerns. |
| Revenue | Q1 FY26 revenue at ₹286.75 Cr (Standalone), slightly down vs Q1 FY25 (₹292.98 Cr) and Q4 FY25 (₹307.49 Cr). |
| Profitability | Q1 FY26 net profit ₹21.04 Cr (Standalone), down from ₹23.12 Cr in Q1 FY25 but up from ₹20.67 Cr in Q4 FY25. EPS at ₹5.55. |
| Margins | Operating margin ~9.7%, net margin ~7.3% in Q1 FY26. |
| Segment | Single segment - Express Cargo; no segmental breakdown required. |
| Corporate Actions | Senior management appointments and role changes to enhance operational leadership. |
| Capex/Projects | No disclosures on capex or projects. |
| Consolidation | Consolidated results include one small loss-making subsidiary; overall impact immaterial. |
| Accounting Policies | No changes or material adjustments reported. |
| Risks/Concerns | None reported. |
Recommendation:
- Monitor revenue and profit trends as Q1 FY26 shows slight decline vs prior year quarter but stable vs prior quarter.
- Leadership changes may indicate focus on growth in air cargo and business operations.
- No red flags or audit concerns.
- Subsidiary losses are immaterial currently but should be tracked in future filings.
End of Analysis