Analysts/Institutional Investor Meet/Con. Call Updates

Date: November 5, 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: Transcript of Analysts/Investors Conference call Dear Sir/Madam, In compliance with Regulation 30 read with Para A of Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, please find enclosed herewith transcript of the Analysts/Investors Conference call held on held on Friday, October 30, 2026, in connection with the Unaudited Financial Results (Standalone and Consolidated) of the Company for the second quarter and half year ended September 30, 2026. The same is available on the website of the Company under the link: https://tcil.com/investor-analyst-corner/ You are requested to take the above information on your records. For Transport Corporation of India Limited (Hansa Sharma) Company Secretary & Compliance Officer (A42616) Transport Corporation of India Limited Q2 FY2027 Investor Conference Call October 30, 2026 MANAGEMENT: MR. VINEET AGARWAL : MANAGING DIRECTOR MR. ASHISH TIWARI : GROUP CHIEF FINANCIAL OFFICER MODERATOR: MS. SIMRAN SHARMA : INVESTOR RELATIONS Ms. Simran Sharma Good evening, ladies and gentlemen. We will begin with the session in a while. Ms. Simran Sharma Good evening, ladies and gentlemen. I am Simran, and I would like to extend a warm welcome to everyone joining us for the Transport Corporation of India Limited Q2 FY27 Earnings Conference Call. On behalf of the management, we have with us Mr. Vineet Agarwal, Managing Director, and Mr. Ashish Tiwari, Group CFO. Before we begin, I would like to inform all participants that they are currently in listen-only mode. Please note that this conference call is being recorded. With that, I now invite Mr. Ashish Tiwari to begin with his opening remarks. Thank you and over to you, sir. Mr. Ashish Tiwari Thank you, Simran, and good evening to all of you again for joining this call. We have our presentation which is uploaded on our website as well as sent to the stock exchange. Just a caveat that all the discussions which are there today might have some forward-looking statements, so they may not be coinciding with the actual performance going forward. Now I will request Mr. Agarwal to quickly have some opening remarks and meanwhile I am putting the presentation. Thank you. Over to you, sir. Mr. Vineet Agarwal Thank you. Good evening, everyone, and welcome to our conference call. This has been an interesting quarter with good double-digit growth on the top line, though bottom line did not keep up with that same pace. I'll talk a little bit more about it. But the general trend and the feeling is that things are moving in sync with the current line of growth that we are seeing in the market. And, of course, we as a business tend to see things a little earlier than what's happening. And some sectors are showing some signs, for example, a little bit of a pullback that happened in the auto sector, where the auto sector is expecting, or rather people are expecting more discounts around the festive season, so that there is some purchase which has slowed down a little bit. But the dispatches have been OK, not as much as last year. So we are coming up from a high base when it comes to the auto sector as well. The pre-stocking, pre- Diwali and pre-festival season also was not as robust, but it continued. And those are also reflected in some of our numbers. Let's start with the presentation. So I think, you know, we can go straight to the. I think many people know already about the company, so I would not go into specifics here. What we would like to hear, just go back, Ashish, please. So this is the whole opportunity played at where we are today from all kinds of areas. Now, some of these segments, which are verticals, but also act like horizontals for us. Example is chemical logistics, which not only the Chemlog business does, but also Concor. Similarly, cold chain is like a horizontal and vertical for us. Because it is applied in many other industries. So, it is some of these businesses are very large in terms of their market size, but not necessarily good in terms of their margins. But as we can see, our presence is helping us to provide a bundled service to our customers, which is what I think works quite well on an overall basis. This is an example of a customer that we have in a consumer staple business where we actually moving some of their products via bulk in bulk via rail and then take it to a packing facility and then subsequently delivering it literally to the channels directly. We don't, of course, go to the final customer, but we go to the B2B customer. And this is an integrated play that we are experimenting with. But the idea is that if we can grow this, we can do it pan India for this customer. It has impacted very positively for the client where they have been able to save freight as well as also moving towards more green logistics. It has also helped in product security as well as consistency because there's no multiple handling, which has really helped the customer being a very clear and clean product to the market. Our technology aspect is continuing to grow and add more value with now we basically could talk to you about how we have moved from more visibility to creating intelligence into the system and ultimately integrating all the various legs across the board so that customers get a seamless visibility as well as intelligence across the system. In terms of rail movements were slightly lower than last year in the same first half, but it is still consistent with the high growth as well as the number of TEUs handled is almost the same. Though, if we see volume wise things have moved up slightly. Sorry, value wise things have moved up slightly if they're not moved up so much on the volume side. Again, we're present in almost all the major sectors and especially the growth led sectors, specifically high tech, electronics, consumption, quick commerce and so on and so forth. Let's go to division wise on the overall performance. Business has grown by almost 14.85 to 15% in the quarter, which is a high growth rate. As I said, some of it has also come because of value growth, not just volume growth. Volume in some areas are a little muted, but value growth has come up because of the increase in freight rates as well as diesel prices that have led to freight rate increases. Some of it is also new contracts that we've got and they're not necessarily reflecting in the profitability, but they are starting to reflect on the business growth aspect. We have made almost a similar investment in Capex. The Capex investment is almost as similar as what we've done the full year last year for six months already, and we think this will continue at the budget level. The buyback that we offered of 150 crores, about 7,000 shareholders participated and it was quite successful. Next slide. Going forward on the freight business, essentially the breadth of the offices, the sector, the network continues with that about 11%. 11 offices have been opened and the LTL share is still at about 37%. It's starting to inch up, but we are also seeing decent amount of growth in the FTL side. Things have started to pick up a little bit. The EBIT has come down, but as I said, this year is going to be, in terms of the overall margin, a period of rebuilding. That has started and you are seeing the top line growth about 12%, reflecting that also for the half year, 11.5%. Margins remain lowish to the flattish, but now we are seeing that some of this will start picking up. As you can see, overall from the full year, ROCE, the numbers have also started to pick up. Actually, to go back on the freight side, I think we are seeing enough and more demand coming from certain types of custo [Showing first 8,000 characters — download PDF for full document]