
Transport Corporation of India (TCI) is a leading logistics and transportation company in India. Founded in 1958, it has been a major player in the industry for over 60 years.
TCI offers a wide range of services, including trucking, warehousing, and logistics. Its fleet of over 15,000 vehicles is one of the largest in the country.
With a strong presence in over 20 countries, TCI is a truly global company. Its expertise in international trade and transportation has helped it establish a reputation as a reliable and efficient logistics partner.
TCI's commitment to innovation has led to the development of cutting-edge technology solutions, such as its proprietary logistics management system.
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Company Structure
Transport Corporation of India has a well-defined company structure. The company is led by a Board of Directors, which oversees the overall strategy and direction of the organization.
The Board of Directors is responsible for making key decisions, including appointing the Managing Director and other key executives. This ensures a stable and consistent leadership throughout the company.
The company's organizational structure is designed to be flexible and adaptable, allowing it to respond quickly to changing market conditions and customer needs.
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Divisions
TCI Freight is a transportation powerhouse, offering a range of services including full truckload, less than truckload, small consignment, and over-dimensional cargo all over India.
The division also provides rail transportation using bulk rakes, containers, and wagons, expanding its reach and capabilities.
TCI Express, formerly TCI XPS, is the group's express cargo division, providing domestic and international courier services through road, rail, and air with some value-added services.
This division also offers e-commerce delivery service in India, making it a one-stop-shop for online retailers.
TCI Supply Chain Solutions cater to key industries such as auto, high-tech, telecommunications, retail & CP, cold chain, and pharmaceuticals, providing a range of services including supply chain consultancy and warehousing/distribution center management.
TCI Global is the group's global business division, trading across all major South East Asian countries and offering a range of international services.
TCI Seaways has a fleet of seven vessels with a cumulative capacity of 91880 DWT and 22338 containers, providing ship management and liner/charter/agency activities, among other services.
TCI Foundation is the group's social arm, working in areas such as health, education, women's development, disability, and disaster relief assistance.
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Business Verticals & Subsidiaries

Transport Corporation of India Ltd. operates across multiple industries through its key subsidiaries and verticals. Its business verticals and subsidiaries are structured to cater to diverse needs of various sectors.
TCI Freight provides transportation facilities across India, including full truckload, less than truckload, and over-dimensional cargo services. TCI Express, a division of the company, offers domestic and international courier services through road, rail, and air.
TCI Supply Chain Solutions provide consultancy, inbound logistics, and warehousing services to industries like auto, high-tech, and pharmaceuticals. TCI Global is the global business division of TCI, trading across major South East Asian countries.
TCI Seaways is equipped with 22338 containers and seven vessels, providing ship management, liner, and charter services. TCI Foundation is the group's social arm, working in areas like health, education, and women's development.
Here are some of the key subsidiaries of TCI:
- TCI Transportation Company Nigeria Limited
- TCI Global (HKG) Limited
- TCI Global Logistik Verwaltungs GmbH i.L. Eschborn
- TCI Holdings SA&E Pte Ltd
- TCI Global Brazil Logistica Ltda
- TCI Global Holdings (Mauritius) Limited
- TCI Global (Singapore) Pte Ltd
- TCI Crystal Report
- TCI Holdings Asia Pacific Pte Ltd
- TCI Global Shanghai Company Limited
- PT TCI Global Indonesia
- TCI Prosperities Pune Ltd
Competitive Advantage
TCI stands out from competitors like Allcargo Logistics Ltd and VRL Logistics Ltd, boasting healthy returns on capital employed.
This is particularly evident in their financial performance, where they consistently deliver stable sales growth.
Their business model has allowed them to maintain a strong competitive edge in the market.
TCI is considered the most undervalued stock among its competitors, giving it a unique advantage in the industry.
Mission and Commitment

TCI's mission is to provide integrated logistics solutions by offering innovative, cost-effective, and technology-driven services.
The company aims to enhance the supply chain efficiency of its customers through strategic infrastructure development and world-class service delivery. This commitment to operational excellence and customer satisfaction sets TCI apart as a leading logistics and supply chain services provider in India.
TCI has implemented initiatives to reduce its carbon footprint, targeting a 30% reduction in emissions by 2025. This demonstrates the company's strong commitment to sustainability.
TCI operates a fleet of over 3,000 vehicles, with an increasing proportion being electric or hybrid. This move towards cleaner energy sources is a significant step towards achieving its sustainability goals.
In FY 2023, TCI reported that 15% of its total logistics activities are now carbon-neutral, showcasing progress towards its sustainability goals. This achievement highlights the company's dedication to making a positive impact on the environment.
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Market and Performance
Transport Corporation of India (TCI) holds a significant position in the Indian logistics sector, ranking among the top logistics companies as of October 2023.

TCI commands approximately 6% of the market share in the domestic logistics market, valued at over INR 4.5 trillion.
This market position has been bolstered by recent investments in technology, which have enabled the company to respond effectively to market dynamics.
TCI's focus on e-commerce logistics and supply chain optimization has resulted in a 20% increase in e-commerce-related revenue over the past year.
The company's performance in the stock market is also noteworthy, with a market capitalization of Rs.8,928.8 Cr as of 25 Apr 2025, classifying it as a Micro Cap stock.
TCI is a key component of multiple benchmark indices, including the BSE 1000, S&P BSE MidSmallCap, S&P BSE Services, S&P BSE SmallCap, and S&P BSE AllCap.
In FY 2023-2024, TCI reported revenue of Rs.4,024.3 Cr, a 6% increase compared to the previous financial year, with a profit after tax (PAT) of Rs.278.6 Cr, a 1% increase compared to last year.
Stock Market Performance

TCI's stock market performance is quite impressive, with a market capitalization of Rs.8,928.8 Cr as of 25 Apr 2025. This classification makes it a Micro Cap stock.
The company is a key component of multiple benchmark indices, including the BSE 1000, S&P BSE MidSmallCap, S&P BSE Services, S&P BSE SmallCap, and S&P BSE AllCap.
Earnings Details
Transport Corporation of India (TCI) has reported its earnings for FY 2023-2024, showing a 6% increase in revenue to Rs.4,024.3 Cr.
The company's profit after tax (PAT) saw a 1% increase compared to the previous year, standing at Rs.278.6 Cr.
TCI's EBITDA was Rs.456.3 Cr in FY 2023-2024.
The company plans to invest Rs.375 crore in capital expenditure for FY25, including Rs.80 crore for ship advance payments.
TCI is expecting two new ships, worth $38.8 million, to be delivered in CY 2026-27.
Here's a breakdown of the company's growth strategies:
Leadership and Governance
Transport Corporation of India has a strong leadership team in place. The company is led by two Managing Directors, Mr. D P Agarwal and Mr. Vineet Agarwal, who share the responsibilities of running the organization.

The Board of Directors is chaired by Mr. D P Agarwal, who also holds the position of Chairman & Managing Director. This suggests a high level of expertise and oversight in the company's operations.
The Board of Directors consists of four members, including Mr. D P Agarwal, Mr. Vineet Agarwal, Mr. S N Agarwal, and Ms. Urmila Agarwal. Each of these individuals brings their own unique perspective and experience to the table, ensuring a well-rounded approach to governance.
Subsidiaries
Transport Corporation of India Ltd. has a diverse range of subsidiaries that operate across various industries.
TCI Transportation Company Nigeria Limited is one of the subsidiaries, indicating the company's presence in the Nigerian market.
TCI Global (HKG) Limited and TCI Global Logistik Verwaltungs GmbH i.L. Eschborn are part of the company's international operations, suggesting a global reach.
The company also has subsidiaries in Thailand, Malaysia, and Singapore, such as TCI Global (Thailand) Co., Ltd., TCI Global (Malaysia) SDN. BHD., and TCI Global (Singapore) Pte Ltd.

TCI Holdings SA&E Pte Ltd and TCI Holdings Asia Pacific Pte Ltd are also part of the company's international operations.
Here is a list of some of the company's subsidiaries:
- TCI Transportation Company Nigeria Limited
- TCI Global (HKG) Limited
- TCI Chatbot
- TCI Global Logistik Verwaltungs GmbH i.L. Eschborn
- TCI Global (Thailand) Co., Ltd.
- TCI Global (Malaysia) SDN. BHD.
- TCI Holdings SA&E Pte Ltd
- TCI Global Brazil Logistica Ltda
- TCI Global Holdings (Mauritius) Limited
- TCI Global (Singapore) Pte Ltd
- TCI Crystal Report
- TCI Holdings Asia Pacific Pte Ltd
- TCI Global Shanghai Company Limited
- PT TCI Global Indonesia
- TCI Prosperities Pune Ltd
This highlights the company's diverse portfolio and its ability to operate in various markets.
Board of Directors
The Board of Directors plays a crucial role in setting the tone and direction for any organization. They are responsible for overseeing the overall strategy and making key decisions that impact the company's future.
Transport Corporation of India Ltd. has a diverse Board of Directors, consisting of experienced individuals who bring unique perspectives to the table. Mr. D P Agarwal serves as the Chairman & Managing Director, while his son Mr. Vineet Agarwal holds the position of Managing Director.
The Board also includes Non Executive Directors, such as Mr. S N Agarwal and Ms. Urmila Agarwal, who bring valuable expertise and insight to the table.
Here is a list of the Board of Directors:
The presence of experienced leaders on the Board of Directors can have a positive impact on the company's performance and overall success.
Next Board Meeting Notice
The next Board Meeting for Transport Corporation of India Ltd has been scheduled for Wednesday, 14th May, 2025.
The Board will consider and approve the audited Financial Results for the 4th Quarter/year ending on 31st March, 2025.
A trading window closure has been announced from Tuesday, 1st April, 2025 until 48 hours after the results are communicated to the stock exchanges.
This closure is in line with SEBI (Prohibition of Insider Trading) Regulations, 2015 and the Code of Conduct for Prevention of Insider Trading of the Company.
The company is required to make this disclosure under the provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015.
Regulations and Compliance
Transport Corporation of India has to comply with various regulations, including obtaining a Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018, as seen in their Compliances section.
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The company has to keep track of share prices for various companies, such as Newgen Software, MMTC, Whirlpool India, Sonata Software, Natco Pharma, Triveni Engg, Thermax, Niva Bupa Health Ins, and Divis Labs, and Akums Drugs & Pharma.
These companies' share prices are publicly available and can be checked online, providing valuable information for investors and stakeholders.
Trading Window Closure
Trading Window Closure is a crucial aspect of corporate governance. Companies like Transport Corporation of India announce the closure of their trading window to prevent insider trading.
This means that company officials and employees are not allowed to buy or sell the company's shares during this period. The closure of the trading window is usually announced in advance to give everyone enough time to comply.
The exact duration of the trading window closure can vary from company to company, but it's typically around 30 to 45 days before the announcement of financial results. This allows company officials to avoid any potential conflicts of interest.
In the case of Transport Corporation of India, they announced the closure of their trading window as part of their corporate governance practices. This shows that they take insider trading very seriously and are committed to maintaining a fair and transparent market.
By closing the trading window, companies like Transport Corporation of India help to prevent insider trading and maintain the integrity of the financial markets. This is an important step in upholding corporate governance and protecting investors' interests.
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SEBI DP Regulations 2018 Compliance Certificate
SEBI DP Regulations 2018 Compliance Certificate is a crucial document that companies need to obtain.
Transport Corporation of India has obtained this certificate, as seen in the Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018.
Newgen Software's share price is available for those interested in investing.
Newgen Software's share price is one of the many listed in the certificate.
Companies like MMTC, Whirlpool India, and Sonata Software have also obtained the compliance certificate.

These companies have met the necessary requirements to obtain the certificate.
Natco Pharma, Triveni Engg, and Thermax are other companies listed in the certificate.
Their share prices are also available for investors.
Niva Bupa Health Ins and Divis Labs have also obtained the compliance certificate.
Akums Drugs & Pharma is another company listed in the certificate.
Here is a list of some of the companies that have obtained the SEBI DP Regulations 2018 Compliance Certificate:
- Newgen Software
- MMTC
- Whirlpool India
- Sonata Software
- Natco Pharma
- Triveni Engg
- Thermax
- Niva Bupa Health Ins
- Divis Labs
- Akums Drugs & Pharma
Credit Rating under LODR
Credit Rating under LODR is a crucial aspect of the regulations.
The Reserve Bank of India (RBI) has specified that a credit rating agency must be registered with the RBI before it can assign a credit rating to any entity.
The RBI has also mandated that a credit rating agency must disclose the criteria used for assigning credit ratings.
A credit rating agency must provide a clear and transparent methodology for assigning credit ratings, and this methodology must be made available to the public.
Credit ratings are an essential tool for investors and other stakeholders to assess the creditworthiness of an entity, and the RBI's regulations ensure that credit ratings are fair, transparent, and reliable.
Under ESOP/ESPS Allotment
Under ESOP/ESPS Allotment, companies like Transport Corporation of India make announcements under Regulation 30 (LODR) for the allotment of equity shares.
These announcements are typically made through press releases, as seen in the Press Release dated 25.01.2025.
The allotment of equity shares under ESOP (Employee Stock Option Plan) is a common practice in the corporate world.
This allows employees to own shares of the company and participate in its growth.
Risks
As you navigate the complex world of regulations and compliance, it's essential to consider the potential risks that can impact your business. Rising tolls and fuel prices can put pressure on your margins, making it challenging to maintain profitability.
Input costs, such as manpower costs and challenges in accessing quality labor, can also take a toll on your business. This is especially true if you're operating in an industry where labor is scarce or expensive.
Socio-economic risks, such as unforeseen events that disrupt the movement of goods across regions, can have a significant impact on your company operations. This can lead to delays, increased costs, and damage to your reputation.
Here are some potential risks to consider:
- Rising tolls
- Fuel prices
- Manpower costs
- Challenges in accessing quality labor
- Socio-economic risks
Investor Relations
Transport Corporation of India regularly updates investors on its performance through various channels.
The company announces its schedule of analyst/investor conference calls for quarterly and annual results.
These calls provide a platform for analysts and investors to discuss the company's financial performance and future prospects.
Transport Corporation of India also discloses transcripts of these conference calls under Regulation 29(2) of SEBI SAST Regulations, 2011.
This ensures transparency and provides investors with access to valuable information.
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Industry and Outlook
The logistics industry is booming, with the global market projected to exceed $15.79 trillion by FY2028. This growth is driven by evolving consumer preferences, e-commerce expansion, and global trade.
The Indian logistics sector is expected to grow at a CAGR of 7.85%, rising from $282.3 billion to $563 billion by 2030. This rapid expansion is a testament to the country's growing economy and increasing demand for efficient transportation services.
The Indian government's VISION 2047 aims to enhance the transport network across all key modes, unlocking logistics potential and boosting competitiveness. This ambitious plan is expected to have a significant impact on the industry's growth trajectory.
Industry Outlook
The global logistics market is projected to exceed $15.79 trillion by FY2028 and reach $18.23 trillion by 2030. This growth is driven by evolving consumer preferences, e-commerce expansion, and global trade.
The Indian logistics sector is forecasted to grow at a CAGR of 7.85%, rising from $282.3 billion to $563 billion by 2030.
The Indian government's VISION 2047 aims to enhance the transport network across all key modes, unlocking logistics potential and boosting competitiveness.
The logistics market is expected to see significant growth in the coming years, with the global market projected to reach $18.23 trillion by 2030.
Leaders in Logistics
TCI is a logistics powerhouse with a rich history, founded in 1958. They've been delivering integrated multimodal logistics and supply chain solutions across road, rail, and sea for over 60 years.
Their diverse industry expertise spans from automobiles to electronics and retail, making them a one-stop-shop for various businesses. They manage an impressive fleet of 10,000 trucks, which is a testament to their vast resources and capabilities.
TCI's rail operations are equally impressive, with over 2,300 train movements under their belt. This level of efficiency and coordination is a result of their extensive network and experienced workforce.
With 15+ warehouses and a workforce of 3,500+, TCI has the infrastructure and personnel to handle even the most complex logistics tasks. This level of scale and expertise is a game-changer for businesses looking for reliable and efficient logistics solutions.
Products and Services
Transport Corporation of India (TCI) offers a wide range of products and services to cater to the diverse needs of its customers.
TCI Freight provides total transport solutions for cargo of any dimension or product segment. This includes transporting containers and bulk cargo.
TCI Supply Chain Solutions offers services such as Supply Chain Consultancy, Inbound Logistics, Warehousing / Distribution Centre Management & Outbound Logistics.
TCI Seaways caters to the coastal cargo requirements, making it a convenient option for transporting cargo along the coast.
TCI Chemical Logistics Solutions specialises in the storage and transportation of various chemicals, including liquids, dry substances, and gases, in compliant warehouses.
Here are the different categories of products and services offered by TCI:
- TCI Freight
- TCI Supply Chain Solutions
- TCI Seaways
- TCI Chemical Logistics Solutions
Frequently Asked Questions
Is TCI a big company?
Yes, TCI is a large company, being one of the largest divisions of Group TCI. It's also India's leading surface transport entity, indicating its significant size and influence.
How many vehicles are there in TCI?
TCI operates a fleet of approximately 11,400 vehicles, including company-owned vehicles, trucks, trailers, and reefer vehicles. This extensive fleet supports TCI's extensive logistics network.
Sources
- https://en.wikipedia.org/wiki/Transport_Corporation_of_India
- https://dcfmodeling.com/blogs/history/tcins-history-mission-ownership
- https://www.fundsindia.com/blog/equities/alpha-transport-corporation-of-india-ltd-equity-research-desk/30538
- https://www.etmoney.com/stocks/transport-corporation-of-india-ltd/2387
- https://economictimes.indiatimes.com/transport-corporation-of-india-ltd/stocksupdate/companyid-12950.cms
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