Sharekhan's research report on Transport Corporation of India
TCI reported an in-line consolidated revenue, led by sustained growth in SCM and JVs along with pick up in seaways. OPM was a tad lower owing to lower margins in freight, while PAT beat was led by lower depreciation and higher other income. Management has retained its overall topline and bottom-line growth guidance of 10-15% y-o-y, led by healthy momentum sustaining in SCM and JVs, while freight starts showing growth and seaways stay flat to up 10% y-o-y.TCI has signed two new ships for USD 38.8 million, which are expected to be delivered by December 2026. Additionally, it continues to scout for second-hand ships.
Outlook
We retain BUY on TCI with a revised SOTP-based PT of Rs. 1,200, as we roll forward our valuation to H1FY2027E earnings.
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