ICICI Securities NSE 1.26 % has given a buy rating to TCI Express NSE 2.42 % with a target price of Rs 1007. The share price moved up by 2.25 percent from its previous close of Rs 767.75. The stock’s last traded price is Rs 785.


TCI Express Ltd., incorporated in the year 2008, is a Mid Cap company (having a market cap of Rs 3013.27 Crore) operating in the Logistics sector.

For the quarter ended 30-09-2020, the company reported a Standalone sales of Rs 212.95 Crore, up 139.97 % from last quarter Sales of Rs 88.74 Crore and down 20.97 % from last year same quarter Sales of Rs 269.47 Crore Company reported net profit after tax of Rs 23.49 Crore in the latest quarter.

Investment Rationale
Trucking has been meaningfully impacted on account of Covid-19 pandemic; utilization has recovered to 75/80% in July and has stabilized at 85% by the end of the quarter. The brokerage continues to highlight two trends in the sector– increasing share of rails even in EXIM container trade and relatively better positioning of stronger balance sheet organized sector road transporters i.e. players like TCIE. Both the trends are structural and will accentuate with te advent of DFC and determine the rating rationale on TCIE.

Promoter/FII Holdings
Promoters held 66.9 percent stake in the company as of Sept 30, 2020, while FIIs held 2.1 percent, DIIs 9.7 percent and public and others 21.3 percent.