TCIEXP

TCI Express’s (TCIE) 1QFY26 revenue declined 2% YoY to INR2.9b (-7% QoQ), 9% below our estimate. Volumes declined ~1% YoY in 1QFY25, impacted by slower growth in the SME segment. EBITDA stood at INR281m (-14% YoY/+7% QoQ), 17% below our estimate. EBITDA margin came in at 9.8% in 1QFY26 vs. our estimate of 10.7%. Higher employee and other expenses resulted in lower margins Weak operating performance resulted in APAT decline of 13% YoY to INR195m (flat QoQ) vs our estimate of INR242m.