Transcript of Analyst/Investor Conference Call for the quarter ended June 30, 2026

Date: August 7, 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 Monday, August 3, 2026, in connection with the unaudited financial results of the Company for the 1st quarter ended June 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 Q1 FY2027 Investor Conference Call August 03, 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 Q1 FY27 Earnings Conference Call. On behalf of the management, we have with us Mr. Vineet Agarwal, Managing Director, and Mr. Ashish Tiwari, Group CFO. All participants are in listen-only mode. Please note that this call is being recorded. With that, I now invite Mr. Ashish Tiwari to share his opening remarks. Thank you, and over to you, Sir. Mr. Ashish Tiwari Thank you, Simran, and good evening to all of you. Thank you for joining the call. My apologies for rescheduling the call because of some unavoidable situations with us. Before we begin the call, I just wanted to put a disclaimer that some of the statements made during this call may contain forward-looking statements. So, we would start with the opening remarks of Mr. Agrawal and presentation, and then we would have a question-and-answer session. So, thank you and over to you, sir. Mr. Vineet Agarwal Thank you, Ashish. Thank you, Simran. So, let me start by giving a broad outlook. I think in the last quarter gone by, of course, top of mind has been the impact of the West Asia crisis. That has had an impact; of course, you are aware of the increase in diesel price. Of course, things had come down when there was a cessation of hostilities, and then it again accelerated. So, this has also had an impact on the bunker pricing. So, hence, we have seen that the impact, the bunker prices came down and then they started climbing up in the last, in this month, actually, not in the month of July, and not so much in the first quarter, April, May, June. So, but there was in the initial part of April, May, we did see the bunker prices being higher. Of course, the impact of diesel price hikes have just started to be shown. Some of our growth has also captured some of the value increase and some volume increase, of course. There is a large backlog of containers in both JNPT as well as Mundra, is what we are hearing, almost 10,000-12,000 containers at JNPT. Rail movements are also very slow across the country. It's also the monsoon season. So, container repo, that is repositioning, has also been a challenge. Of course, international container prices have also gone up substantially, as you are aware, and that is also putting pressure on exports. What we saw as an inventory buildup last year, in quarter two, also, we are seeing some of that possibly happening in quarter two as well. Some of the companies were affected, and that is in line with the festival season and just general restocking. The companies that were affected by the gas shortage have restarted in June, though we are fearing that some of them might shut shop in the next few months, in the next few weeks, in case the prices remain high. We've seen some places’ export production getting affected, specifically, some engine manufacturers, a sector that was sending products to West Asia; I think that has been slightly affected. Barring all of that, we have seen robust growth in the auto sector and some other areas. We're seeing a little bit of a revival, or rather not revival, but I would say some impact on the MSME side, on the positive side. So, that is good; that's positive. Apart from that, consumer trends are the same, similar. Quick commerce is accelerating, and we are seeing that a lot of supply chains are getting rejigged because of that also. So, that's broadly some opening comments. Let me take you to the presentation. I'm sure all of you are mostly aware of it but let me go through some of the basics. I think all of you are aware of these integrated strengths. Again, we continue to remain a strong player in the multimodal segment; in fact, the only player with an integrated approach. And these are some of our services.We continue to add something or the other on the basic services side. Let me share a quick case study. This is a case study for an apparel brand, where we run their entire warehouse. It's about a 37,000- 38,000 square feet facility, which has about more than 30,000 bins, and the throughput is almost about 80,000 SKUs. The problem has always been that there used to be volume surges during the month end, as well as there used to be delays in the return management, as well as the picking system used to be quite outdated. So, we came in with a proper facility where we've integrated the multi-channel that they are supplying to not just their own stores, but the other different channels, as well as the e-commerce platform that they have set up. So, this way the replenishment is very quick, and also the reverse management has improved substantially for them, and they are able to reduce the wastage that is in the system. So, this is an operation that is quite scalable for many companies, and we continue to provide these kinds of solutions to them. From a technology perspective, things are quite strong. We have various layers where we are able to provide a holistic approach, not just to our operations, but also to our customers. In terms of the last quarter’s movement, we did about 624 rakes, which is almost the same as last year. We, as you're aware, own three rakes of our own. The tonnage handled, the TU's handled last year versus last year is almost the same as this year in terms of the numbers also, and of course, the yards that we manage about 67 odd yards across the country. We are present in all major sectors, and especially in the high-growth sectors, we have a strong presence. For example, we built in very deep capabilities on the renewable side, where we manage for companies which are manufacturing solar products, we move in bulk from the factory by road as well as by rail. There are also some companies that are doing warehousing specifically where they want a solution where they are able to kit various solar products that go into a home. With the Pradhan Mantri Yojana of providing solar power to homes, we are providing a kitting facility and then delivery to homes, also in some cases out of that warehouse for some clients. On the quarter gone by, it's a consecutive quarter, 24th consecutive quarter of growth, grew at about 9% on the top line console level. We have close to 160 crores in cash. Of course, some of that has been used because of the continuous investments that we are doing. The investment in the first quarter was about 167 crores. As you are aware, last year we did about 370 crores. Our care rating has also been enhanced to AA+. On the freight business side, the margin has been slight, there has been sligh [Showing first 8,000 characters — download PDF for full document]