Credit Rating- New

Dated: October 1, 2026 Listing Department Listing Department BSE Ltd., National Stock Exchange of India Ltd., Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street – Bandra Kurla Complex, Mumbai- 400001 Bandra (E) Mumbai – 400051 Scrip Code: 532349 Scrip Symbol: TCI Sub: Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 – Credit Rating Dear Sir/Madam, Pursuant to Regulation 30 read with Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), as amended, we wish to inform you that CARE Ratings Limited (“CareEdge Ratings”) has reaffirmed and assigned ratings to the bank facilities of Transport Corporation of India Limited, as set out below: Facilities Amount (Rs. Crore) Rating Rating Action Long Term Bank Facilities 300 CARE AA+; Stable Reaffirmed Commercial Paper (Carved out)* 50 Care A1+ Reaffirmed Commercial Paper 100 Care A1+ Assigned Press Release dated September 30, 2026, issued by the CareEdge Ratings in respect of the above ratings, is enclosed herewith. The above information is also available on the Company’s website at www.tcil.com. You are requested to take the above information on your records For Transport Corporation of India Limited (Hansa Sharma) Company Secretary & Compliance Officer M. No.: A42616 Encl: a/a Press Release Transport Corporation Of India limited September 30, 2026 Facilities/Instruments Name of the Regulator1 Amount (₹ crore) Rating2 Rating Action Long Term Bank Facilities RBI 300.00 CARE AA+; Stable Reaffirmed Commercial Paper SEBI 100.00 CARE A1+ Assigned Commercial Paper (Carved out) RBI 50.00 CARE A1+ Reaffirmed Details of instruments/facilities in Annexure-1. Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) has reaffirmed long-term ratings of ‘CARE AA+; Stable to bank facilities of Transport Corporation of India Limited (TCIL) and short-term ratings of CARE A1+ to Commercial paper (carved out) issue and has assigned ratings of CARE A1+ to the proposed Commercial paper (Standalone) issue. The proposed term loan will be utilised to meet its working capital limits, considering high capex plans in near term. Ratings derive strength from the company’s established presence as one of India’s leading integrated logistics service providers, its diversified business profile across through three main divisions— freight, supply chain solutions (SCS), and seaways and its association with strong and diversified customers base that remained largely consistent with time. Ratings continue to draw comfort from the company's strong operational track record, with revenue and operating profitability registering compounded annual growth rates (CAGRs) of ~12.5% and ~15.2%, respectively, for five years ending FY26. CareEdge Ratings also takes note of the company’s continued focus to increase its scale, particularly in the seaways segment, which is having higher profitability margins which and its leadership position in the organised logistics segment, extensive distribution network, and asset-light operating structure in the freight division will enable the company to sustain its strong business risk profile in downturn cycles. Ratings further reflect the company’s continued robust financial profile in FY26 (refers to April 01 to March 31) and Q1FY27 (refers to April 01 to June 30), characterised by strong cash flow generation, a net cash position and comfortable credit metrics. Ratings also take cognisance of the company’s strong liquidity position, supported by healthy cash and liquid investments and negligible reliance on external debt. However, ratings remain constrained by the company’s significant dependence on the automobile sector, which contributes ~70– 80% of overall revenue for SCS division and highly fragmented and competitive nature of the logistics industry. However, TCIL derives strength from its integrated business model, diversified customer base, and sizeable proportion of contracted business, which provide reasonable revenue visibility and business stability. The company’s receivable cycle also remained relatively moderate, with debtor days staying in the range of ~54–60 days in the last three fiscal years, in the working capital-intensive industry. Going forward, company’s ability to manage its working capital requirements will be key rating monitorable factors. Ratings will continue to monitor any potential implications of geopolitical developments on the company's business profile and financial performance in the short-to-medium term. Rating sensitivities: Factors likely to lead to rating actions Positive factors • The company’s ability to significantly scale up its operations leading to annual cash accruals in the range of ₹1100 crore on a sustained basis while sustaining its healthy financial risk profile with net debt to earnings before interest, taxation, depreciation, and amortisation (EBITDA) less than 0.5x. 1SEBI: Securities and Exchange Board of India; RBI: Reserve Bank of India; MCA: Ministry of Corporate Affairs; IRDAI: Insurance Regulatory and Development Authority of India; PFRDA: Pension Fund Regulatory and Development Authority 2Complete definitions of the ratings assigned are available at www.careratings.com and in other CARE Ratings Limited’s publications. 1 CARE Ratings Ltd. Press Release Negative factors • Deteriorating business profile leading to decline in total operating income and margins below 8% on a sustained basis. • Significant debt funded capex leading to total debt to PBILDT above 1.2x. Analytical approach: Consolidated CareEdge Ratings has consolidated the business and financial risk profiles of TCIL and its subsidiaries, owing to strong business and managerial linkages. As on March 31, 2026, the company had seven subsidiaries, including step-down subsidiaries, one joint venture and one associate company, all listed under Annexure-6. Outlook: Stable Stable Outlook reflects CareEdge Ratings’ belief of TCIL to maintain its leading market position across segments, which shall enable it to sustain healthy operational and financial performance in the medium term. Detailed description of key rating drivers: Key strengths Leading integrated multi-modal logistics player, with presence across the logistics industry TCIL has established itself as one of India’s prominent integrated logistics and multimodal transportation companies, supported by its extensive operational network spread across the country. The company provides a wide range of logistics solutions covering transportation, warehousing, and end-to-end supply chain services, catering to diverse industries and customer requirements. TCIL’s presence across different transportation modes, including road, rail, and coastal shipping, enables it to deliver seamless multimodal logistics solutions with improved efficiency and flexibility. The company’s business operations are broadly divided into three core segments—Freight, SCS, and Seaways. Over the years, TCIL strengthened its position in each of these verticals through its integrated service offerings, strong customer relationships, and wide distribution reach across India. Established track record of operations and strong brand image TCIL has a longstanding operational track record of over six decades in the Indian logistics industry. Over the years, the company developed a strong transportation and distribution network, managing an attached fleet of over 10,000 trucks and trailers on a daily basis, supported by a nationwide branch network comprising over 1,000 company-operated offices. The company has also significantly expanded its warehousing capabilities, with total warehouse capacity increasing to ~16.5 million square feet, largely on a leased basis.In the supply chain solutions segment, the company operates ~1,300 owned vehicles and plans to further strengthen the fleet by adding ~100–200 trucks in th [Showing first 8,000 characters — download PDF for full document]