Buy TCI Express; target of Rs 2150: ICICI Direct

ICICI Direct's research report on TCI Express

TCI Express is a leading asset light B2B (95% of revenues) express logistics company with 28 sorting centres, 800+ owned pan-India centres covering 40000 pick-up and delivery points. • SME and corporate clients comprise 50:50 of overall revenues • Total 55% of revenues from sectors like auto ancillary, pharma, engineering.

Outlook

We remain positive on the stock and maintain our BUY recommendation We value the stock at Rs 2150 i.e. 35x P/E on FY25E EPS.

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