Transport Corporation of India Ltd. (TCI) is one of the largest integrated players in the organized logistics industry. Key business segments include freight, supply chain, warehousing solutions, & shipping services.
OUTLOOK & VALUATION
TCI’s long-term outlook remains strong, driven by economic growth, rising ecommerce, and expansion into high-growth segments like chemicals, EVs, and cold chain. Asset-light freight operations, integrated services, and increasing LTL share will support profitability. With new ships expected over the next two years, the Seaways segment is poised for further growth. We maintain our confidence in TCI’s growth trajectory. We value TCI at 20x FY27E EPS and upgrade to Buy from Accumulate rating with a target price of Rs.1,353.
