{"id":30538,"date":"2024-09-30T11:58:05","date_gmt":"2024-09-30T06:28:05","guid":{"rendered":"https:\/\/fundsindia.com\/blog\/?p=30538"},"modified":"2024-09-30T12:45:50","modified_gmt":"2024-09-30T07:15:50","slug":"alpha-transport-corporation-of-india-ltd-equity-research-desk","status":"publish","type":"post","link":"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-transport-corporation-of-india-ltd-equity-research-desk\/30538","title":{"rendered":"Alpha | Transport Corporation of India Ltd. &#8211; Equity Research Desk"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/Transport-Corporation-of-India-Ltd-without-CTA.png\"><img loading=\"lazy\" width=\"1024\" height=\"512\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/Transport-Corporation-of-India-Ltd-without-CTA-1024x512.png\" alt=\"\" class=\"wp-image-30540\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/Transport-Corporation-of-India-Ltd-without-CTA-1024x512.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/Transport-Corporation-of-India-Ltd-without-CTA-300x150.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/Transport-Corporation-of-India-Ltd-without-CTA-768x384.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/Transport-Corporation-of-India-Ltd-without-CTA-1536x768.png 1536w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/Transport-Corporation-of-India-Ltd-without-CTA.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Transport Corporation of India Ltd &#8211; Leaders in Logistics<\/span><\/h2>\n\n\n\n<p>Founded in 1958, TCI delivers integrated multimodal logistics and supply chain solutions across road, rail, and sea. Catering to diverse industries, from automobiles to electronics and retail, TCI manages over 2,300+ train movements, 8,000+ containers, 10,000 trucks, 6 coastal ships, and 15+ warehouses with a workforce of 3,500+ as of Q1FY25.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-28.png\"><img loading=\"lazy\" width=\"748\" height=\"498\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-28.png\" alt=\"\" class=\"wp-image-30542\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-28.png 748w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-28-300x200.png 300w\" sizes=\"(max-width: 748px) 100vw, 748px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Products and Services<\/span><\/h2>\n\n\n\n<p>The company\u2019s offerings can be classified into the following categories:<\/p>\n\n\n\n<ul><li>TCI Freight &#8211; Provides total transport solutions for cargo of any dimension or product segment.<\/li><li>TCI Supply Chain Solutions &#8211; Services offered are Supply Chain Consultancy, Inbound Logistics, Warehousing \/ Distribution Centre Management &amp; Outbound Logistics.<\/li><li>TCI Seaways &#8211; Caters to the coastal cargo requirements for transporting containers and bulk cargo.&nbsp;<\/li><li>TCI Chemical Logistics Solutions &#8211; Specialised in the storage and transportation of various chemicals, including liquids, dry substances, and gases, in compliant warehouses.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-29.png\"><img loading=\"lazy\" width=\"819\" height=\"306\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-29.png\" alt=\"\" class=\"wp-image-30543\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-29.png 819w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-29-300x112.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-29-768x287.png 768w\" sizes=\"(max-width: 819px) 100vw, 819px\" \/><\/a><\/figure>\n\n\n\n<p><strong>Subsidiaries:<\/strong> As of FY24, TCI has 9 subsidiaries, 1 joint venture, and 1 associate company.<\/p>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Growth Strategies<\/span><\/h2>\n\n\n\n<ul><li>TCI has ordered two new ships (7,300 DWT) worth $38.8 million, expected in CY 2026-27, and is considering acquiring second-hand ships.<\/li><li>Despite a FY24 decline, Q1FY25 saw increased seaway sales, with plans for capacity expansion. <\/li><li>Rs.375 crore capex for FY25, including Rs.80 crore for ship advance payments.<\/li><li>The company purchased two new trucks and plans to add 75 new branches in the LTL business, focusing on cold chain opportunities.<\/li><li>Supply chain business delivered strong results, particularly in automotive, with growth in the EV and components market.<\/li><li>Seaways operations outperformed expectations, with stability anticipated despite fuel price fluctuations.<\/li><li>The joint venture with Concur achieved 13.8% growth, and the cold chain segment expanded by over one-third.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/Revenue-Breakup-FY24-_-Total-Revenue-FY24-Rs.4024-crore.png\"><img loading=\"lazy\" width=\"783\" height=\"530\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/Revenue-Breakup-FY24-_-Total-Revenue-FY24-Rs.4024-crore.png\" alt=\"\" class=\"wp-image-30544\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/Revenue-Breakup-FY24-_-Total-Revenue-FY24-Rs.4024-crore.png 783w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/Revenue-Breakup-FY24-_-Total-Revenue-FY24-Rs.4024-crore-300x203.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/Revenue-Breakup-FY24-_-Total-Revenue-FY24-Rs.4024-crore-768x520.png 768w\" sizes=\"(max-width: 783px) 100vw, 783px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Q1FY25<\/span><\/h2>\n\n\n\n<ul><li><strong>Revenue<\/strong>: \u20b91,056 crore in Q1FY25, up 10% from \u20b9958 crore in Q1FY24.<br><\/li><li><strong>Operating Profit<\/strong>: \u20b9136 crore in Q1FY25, a 7% YoY growth from \u20b9127 crore in Q1FY24.<br><\/li><li><strong>Net Profit<\/strong>: \u20b992 crore in Q1FY25, an 11% increase from \u20b983 crore in Q1FY24.<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">FY24<\/span><\/h2>\n\n\n\n<ul><li><strong>Revenue<\/strong>: \u20b94,024 crore in FY24, up 6% from FY23.<\/li><li><strong>Operating Profit<\/strong>: \u20b9532 crore in FY24, a 7% YoY growth.<\/li><li><strong>Net Profit<\/strong>: \u20b9355 crore in FY24, an 11% increase YoY.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-30.png\"><img loading=\"lazy\" width=\"745\" height=\"352\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-30.png\" alt=\"\" class=\"wp-image-30545\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-30.png 745w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-30-300x142.png 300w\" sizes=\"(max-width: 745px) 100vw, 745px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Financial Performance (FY21-24)<\/span><\/h2>\n\n\n\n<ul><li><strong>Revenue CAGR<\/strong>: ~13%<\/li><li><strong>PAT CAGR<\/strong>: ~31%<\/li><li><strong>3-Year Average ROE<\/strong>: ~20%<\/li><li><strong>3-Year Average ROCE<\/strong>: ~22%<\/li><li><strong>Debt-to-Equity Ratio<\/strong>: 0.10 (strong capital structure)<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-31.png\"><img loading=\"lazy\" width=\"750\" height=\"212\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-31.png\" alt=\"\" class=\"wp-image-30546\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-31.png 750w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-31-300x85.png 300w\" sizes=\"(max-width: 750px) 100vw, 750px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Industry outlook\u00a0<\/span><\/h2>\n\n\n\n<ul><li>The global logistics market is projected to exceed <strong>$15.79 trillion by FY2028<\/strong> and reach <strong>$18.23 trillion by 2030<\/strong>.<\/li><li>Growth drivers include evolving consumer preferences, e-commerce expansion, and global trade.<\/li><li>India&#8217;s logistics sector is forecasted to grow at a <strong>CAGR of 7.85%<\/strong>, rising from <strong>$282.3 billion to $563 billion by 2030<\/strong>.<\/li><li>The Indian government&#8217;s <strong>VISION 2047<\/strong> aims to enhance the transport network across all key modes, unlocking logistics potential and boosting competitiveness.<br><\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Growth Drivers<\/span><\/h2>\n\n\n\n<ul><li>Government initiatives such as the <strong>PLI scheme<\/strong>, <strong>Atmanirbhar Bharat<\/strong>, and <strong>Make in India<\/strong>.<\/li><li>Rising demand for <strong>multimodal logistics<\/strong>, <strong>digitalization<\/strong>, <strong>automation<\/strong>, and <strong>sustainable transportation<\/strong> solutions.<\/li><li><strong>Capex allocation of \u20b911 trillion<\/strong> for the logistics sector in the FY24-25 budget, a 10% YoY increase.<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Competitive Advantage<\/span><\/h2>\n\n\n\n<p><strong>TCI<\/strong> is considered the most undervalued stock among competitors like <strong>Allcargo Logistics Ltd<\/strong> and <strong>VRL Logistics Ltd<\/strong>, boasting healthy returns on capital employed and stable sales growth.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-32.png\"><img loading=\"lazy\" width=\"1024\" height=\"153\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-32-1024x153.png\" alt=\"\" class=\"wp-image-30547\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-32-1024x153.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-32-300x45.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-32-768x115.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-32.png 1434w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Outlook<\/span><\/h2>\n\n\n\n<ul><li>TCI is poised to benefit from an improving domestic trade environment, driven by festive season stocking, monsoon withdrawal, and enhanced quarterly performance across segments.<\/li><li>The company is well-positioned to improve market penetration through its integrated diversified services and multimodal capabilities.<\/li><li>Expected growth of <strong>10-15%<\/strong> in both top line and bottom line for overall business.<\/li><li>Anticipated <strong>ROCE<\/strong> maintenance at <strong>20%<\/strong>.<\/li><li>Management projects <strong>10% growth<\/strong> in seaways.<\/li><li>Planning <strong>\u20b91,100 crore<\/strong> in capex over the next 4 years.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-33.png\"><img loading=\"lazy\" width=\"1024\" height=\"712\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-33-1024x712.png\" alt=\"\" class=\"wp-image-30548\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-33-1024x712.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-33-300x208.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-33-768x534.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-33.png 1226w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Valuation<\/span><\/h2>\n\n\n\n<p>We believe TCI is well placed to cater to the requirements of its diverse client base due to its national network and multimodal capabilities. We recommend a BUY rating in the stock with the target price (TP) of Rs.1,271, 24x FY26E EPS.<\/p>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Risks<\/span><\/h2>\n\n\n\n<ul><li><strong>Input Costs<\/strong>: Rising tolls, fuel prices, manpower costs, and challenges in accessing quality labor may pressure margins.<\/li><li><strong>Socio-Economic Risk<\/strong>: Unforeseen events that disrupt the movement of goods across regions could adversely affect company operations.<br><\/li><\/ul>\n\n\n\n<p><em><strong>Note:<\/strong> Please note that this is not a recommendation and is intended only for educational purposes. So, kindly consult your financial advisor before investing.<\/em><\/p>\n\n\n\n<p dir=\"ltr\" style=\"line-height: 1.8; margin-top: 0pt; margin-bottom: 0pt; text-align: center;\"><a href=\"https:\/\/fundsindia-marketing-assets.s3.ap-south-1.amazonaws.com\/Transport+Corporation+of+India+Ltd+-+Sep+2024.docx.pdf\" rel=\"noopener\"><img alt=\"\" src=\"https:\/\/fundsindia-marketing-assets.s3.ap-south-1.amazonaws.com\/button_read-the-full-alpha-report.png\" style=\"width: 320px; height: 49px;\"><\/a><\/p>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Recap of our previous recommendations (As on 27 September 2024)<\/span><\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-34.png\"><img loading=\"lazy\" width=\"1024\" height=\"228\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-34-1024x228.png\" alt=\"\" class=\"wp-image-30549\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-34-1024x228.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-34-300x67.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-34-768x171.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/09\/image-34.png 1166w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-pl-electroplast-ltd-equity-research-desk\/30516\">PG Electroplast Ltd.<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-rainbow-childrens-medicare-ltd-equity-research-desk-2\/30489\">Rainbow Children\u2019s Medicare Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-epl-ltd-equity-research-desk\/30441\">EPL Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-epigral-ltd-equity-research-desk\/30366\">Epigral Ltd<\/a><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Transport Corporation of India Ltd &#8211; Leaders in Logistics Founded in 1958, TCI delivers integrated multimodal logistics and supply chain solutions across road, rail, and sea. Catering to diverse industries, from automobiles to electronics and retail, TCI manages over 2,300+ train movements, 8,000+ containers, 10,000 trucks, 6 coastal ships, and 15+ warehouses with a workforce [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":30540,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[743,59],"tags":[744,1033,745,1063,897,892,1096,648,1097,1098,870],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Transport Corporation of India Ltd Stock Analysis September - 2024<\/title>\n<meta name=\"description\" content=\"Discover Transport Corporation of India Ltd, a leader in logistics, offering integrated multimodal solutions for diverse industries with strong growth potential.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fundsindia.com\/blog\/equities\/alpha-transport-corporation-of-india-ltd-equity-research-desk\/30538\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Transport Corporation of India Ltd Stock Analysis September - 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