Transport Corporation Of India Q2 FY27 Results: Consolidated Net Profit ₹117 Crore on Total Income of ₹1,398 Crore

Earnings
logistics and transport

Blacklitt Research27 October 20263 min read

Transport Corporation Of India (NSE: TCI) reported consolidated total income of ₹1,398 crore and net profit of ₹117 crore for the quarter ended 30 Sep 2026, and standalone total income of ₹1,196 crore and net profit of ₹92 crore, it said in a filing on 27 Oct 2026.

Key highlights

Consolidated

Including its subsidiaries

Total income: ₹1,398 crore, up 14.8% YoY and 11.4% QoQ
Net profit: ₹117 crore, up 3.0% YoY and 9.7% QoQ
EPS: ₹15.08 basic, up 2.7% YoY
Finance costs: ₹7 crore, up 23.7% YoY

Standalone

The company on its own, without its subsidiaries

Total income: ₹1,196 crore, up 12.3% YoY and 7.6% QoQ
Net profit: ₹92 crore, up 4.4% YoY and down 23.5% QoQ
EPS: ₹11.94 basic, up 4.3% YoY
Other income: ₹11 crore, down 32.1% YoY

Summary

Consolidated ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	1,398	1,217	+14.8%	1,255	+11.4%
Revenue from operations	1,388	1,205	+15.2%	1,249	+11.2%
Other income	10	13	-20.8%	6	+57.1%
	117	114	+3.0%	107	+9.7%
Profit before tax	130	126	+3.1%	117	+11.2%
Finance costs	7	6	+23.7%	7	+4.3%
Depreciation	39	31	+26.9%	36	+7.2%
Tax expense	13	13	+4.0%	10	+27.5%
Net profit margin	8.36%	9.32%	-0.96 pp	8.50%	-0.13 pp
EPS, basic (₹)	15.08	14.69	+2.7%	13.77	+9.5%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Income grew faster than profit this quarter. Revenue from operations, at ₹1,388 crore, rose 15.2% while other income fell 20.8%, so other income is only 0.7% of total income.

The auditors' consolidated review notes that five subsidiaries and one branch, with total revenue of ₹507.37 million for the quarter, were not reviewed by their auditors, and states these are not material to the group. One subsidiary's interim results, with revenue of ₹1,461.26 million, were reviewed by other auditors.

Standalone ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	1,196	1,065	+12.3%	1,112	+7.6%
Revenue from operations	1,185	1,048	+13.0%	1,070	+10.8%
Other income	11	17	-32.1%	42	-72.7%
	92	88	+4.4%	120	-23.5%
Profit before tax	103	99	+4.5%	129	-20.1%
Finance costs	6	5	+27.7%	5	+11.1%
Depreciation	34	27	+25.7%	31	+8.7%
Tax expense	12	11	+4.5%	9	+23.7%
Net profit margin	7.66%	8.24%	-0.58 pp	10.78%	-3.11 pp
EPS, basic (₹)	11.94	11.45	+4.3%	15.60	-23.5%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Standalone profit fell from the previous quarter while income rose. Net profit of ₹92 crore was down 23.5% QoQ, against ₹120 crore in Q1 FY27, while total income rose 7.6%.

Against the year-earlier quarter, standalone net profit rose 4.4%, slower than the 12.3% rise in total income. Depreciation rose 25.7% to ₹34 crore and finance costs rose 27.7% to ₹6 crore. Exceptional items are nil in all periods shown.

The auditors' standalone report states that nothing has come to attention indicating the statement has not disclosed information required under Regulation 33. One branch, with revenue of ₹0.19 million, was not reviewed by the auditor and relies on management accounts.

The Board also approved a buyback of up to 15,62,500 equity shares at ₹960 each, aggregating up to ₹150 crore excluding transaction cost, which the results note says is in progress. The Board has also approved issuing secured, listed, redeemable non-convertible debentures of up to ₹300 crore on a private placement basis, with the Executive Authorization Committee to finalise terms.

The company's Q2 FY27 consolidated share of JV and associate profit and its segment revenue are reported in the statement. The Freight Division, at ₹638 crore in consolidated segment revenue, and the Supply Chain Solutions Division, at ₹644 crore, are the largest segments in the quarter.

Inference

The filing shows a board-approved buyback of up to ₹150 crore and a proposed NCD issue of up to ₹300 crore. The filing does not state the reason for the NCD issue, its use of proceeds, coupon, tenure or maturity, and does not say whether the buyback has been completed or how many shares have been bought so far.

TCI Holdings Asia Pacific Pte Limited ceased to be a subsidiary with effect from 26 Jan 2026, according to the filing.

Reference: Original filing (PDF)

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