Resilient Logistics, Shifting Currents: Agri and Seaways Power TCI's Mixed Q1

TCI Posts 17% Profit Growth in Q1 Despite Weak Summer; Coastal Shipping Shines

Transport Corporation of India (TCI) reported a 17% year-on-year rise in consolidated net profit to ₹107.2 crore in Q1 FY26, with revenues up 9% at ₹1,150.6 crore, despite a subdued summer affecting consumer durable logistics. MD Vineet Agarwal noted weak demand for summer-linked goods like ACs, refrigerators, FMCG items, and industrial gases. The freight division, TCI's core segment, saw a slight decline in revenue to ₹411.2 crore, down 1.8% YoY. However, agricultural logistics and coastal shipping provided positive momentum. Strong monsoon-driven demand for tractors, seeds, and fertilizers supported the agri sector. Meanwhile, the seaways division performed robustly, clocking ₹148.2 crore in revenue—a 10.7% YoY increase—benefiting from high global freight rates and capacity constraints that bolstered domestic coastal operations. Agarwal added that while public capex remains strong, private investment is yet to accelerate. TCI continues to serve diverse sectors, including automotive, healthcare, e-commerce, and energy, as it adapts to shifting demand dynamics.