Sharekhan's research report on Transport Corporation of India
TCI is expected to benefit from an improving domestic trade environment since July 2024 end led by withdrawal of monsoons, stocking up of festive inventory and gradual pick up in MSME led demand. Acquisition of two new ships are expected to add incremental revenues of at least Rs. 80 crore per ship from FY2028. Consistently high OPMs in Seaways is likely to drive net earnings from FY2028. Management eyes topline and bottomline growth of 10-15% for FY2025 led by healthy growth momentum in SCM and JVs. Freight expected to revive. High ocean freight rates to drive Seaways’ revenues.
Outlook
We retain Buy on TCI Limited with a revised PT of Rs. 1400, increasing our valuation multiples for its strong performing SCM, Seaways and Transystem JV businesses.
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