Transport Corporation of India financials and balance sheet

NSE: TCIBSE: 532349Transport ServicesSmall Cap

₹854.50₹19.55 (2.24%)BSE ₹856.20

Share price at the NSE close on 23 Oct 2026. Previous close ₹874.05.

52-week range of traded prices to 23 Oct 2026

₹797.00Low, 22 Sep 2026₹1,242.00High, 29 Oct 2025

Next results date: the board meets on 27 Oct 2026 to consider: financial results and fund raising.

Market cap: ₹6,565 Cr646th largest listed
P/E: 14.3
P/B: 2.6
Dividend yield: 1.17%
ROE: 19.4%
ROCE: 14.0%
Debt to equity: 0.08
Volume, NSE: 20,50542.9% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Transport Corporation of India annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹4,917 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 1.3% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue4,917
Employee costs−276
Other expenses−4,124
Operating profit517
Depreciation−127
Other income+48
One-off items0.0
Finance costs−23
Profit before tax415
Tax−40
Joint ventures+85
Net profit460

What the company owns

Plant, investments and other assets₹2,336 Cr
Receivables₹816 Cr
Current investments₹202 Cr
Cash and bank₹113 Cr
Inventory₹15 Cr

What pays for it: net worth and liabilities

Net worth₹2,605 Cr
Other liabilities₹391 Cr
Owed to suppliers₹267 Cr
Borrowings₹219 Cr

Transport Corporation of India business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Transport Corporation of India segment results by quarter

Revenue by segment

₹5,211 CrTotal

Freight Division₹2,354 Cr45.2% of total
Supply Chain Division₹2,199 Cr42.2% of total
seaways division₹654 Cr12.5% of total
Energy Division₹4 Cr0.1% of total

Profit by segment

Freight Division₹49 Cr11.7% of total
Supply Chain Division₹120 Cr28.4% of total
seaways division₹252 Cr59.7% of total
Energy Division₹1 Cr0.2% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Freight Division
Revenue, ₹ crore
1,998
2,211
2,354
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
64
57
49
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Supply Chain Division
Revenue, ₹ crore
1,024
949
971
1,064
1,340
1,535
1,777
2,199
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
71
57
61
65
82
99
106
120
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
seaways division
Revenue, ₹ crore
359
368
395
558
599
553
620
654
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
74
75
74
179
164
139
200
252
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Energy Division
Revenue, ₹ crore
7
5
4
5
6
6
5
4
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
3
2
1
3
3
2
2
1
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	2,789	2,757	2,849	3,316	3,865	4,091	4,613	5,211
Company revenue, as in its results	2,754	2,718	2,802	3,257	3,783	4,024	4,492	4,917
Revenue	–	–	–	–	–	1,998	2,211	2,354
Revenue growth	–	–	–	–	–	–	10.7%	6.5%
Profit	–	–	–	–	–	64	57	49
Profit growth	–	–	–	–	–	–	−11.2%	−13.8%
Margin	–	–	–	–	–	3.2%	2.6%	2.1%
Return on capital	–	–	–	–	–	18.2%	15.8%	12.0%
Assets	–	–	–	–	–	410	434	557
Liabilities	–	–	–	–	–	56	72	145
Capital employed	–	–	–	–	–	354	362	413
Revenue	1,024	949	971	1,064	1,340	1,535	1,777	2,199
Revenue growth	–	−7.3%	2.3%	9.6%	26.0%	14.5%	15.8%	23.7%
Profit	71	57	61	65	82	99	106	120
Profit growth	–	−20.4%	7.4%	6.8%	26.1%	21.5%	7.0%	12.8%
Margin	6.9%	6.0%	6.3%	6.1%	6.1%	6.5%	6.0%	5.5%
Return on capital	–	18.4%	16.9%	17.8%	21.1%	20.4%	16.9%	14.1%
Assets	–	403	491	496	528	643	844	1,211
Liabilities	–	96	130	132	140	156	214	361
Capital employed	–	307	360	365	388	487	630	850
Revenue	359	368	395	558	599	553	620	654
Revenue growth	–	2.3%	7.5%	41.1%	7.4%	−7.7%	12.2%	5.4%
Profit	74	75	74	179	164	139	200	252
Profit growth	–	2.5%	−2.4%	143.3%	−8.1%	−15.8%	44.6%	25.9%
Margin	20.5%	20.5%	18.6%	32.1%	27.5%	25.1%	32.3%	38.6%
Return on capital	–	17.9%	18.8%	47.3%	45.8%	42.9%	55.0%	54.1%
Assets	–	438	408	412	386	346	401	509
Liabilities	–	17	17	34	27	23	37	42
Capital employed	–	421	391	378	359	323	364	467
Revenue	7	5	4	5	6	6	5	4
Profit	3	2	1	3	3	2	2	1
Margin	49.2%	44.3%	37.9%	56.8%	48.5%	43.6%	40.0%	19.0%
Return on capital	–	22.9%	24.7%	57.4%	55.6%	44.4%	41.9%	21.6%
Assets	–	11	7	5	6	6	5	5
Liabilities	–	1	1	0	1	0	0	1
Capital employed	–	11	6	5	5	5	4	4
Revenue	1,399	1,435	1,479	1,690	1,920	–	–	–
Revenue growth	–	2.6%	3.0%	14.2%	13.6%	–	–	–
Profit	42	44	52	67	78	–	–	–
Profit growth	–	4.0%	18.2%	29.3%	16.2%	–	–	–
Margin	3.0%	3.1%	3.5%	4.0%	4.1%	–	–	–
Return on capital	–	17.5%	19.9%	27.8%	26.6%	–	–	–
Assets	–	312	340	332	368	–	–	–
Liabilities	–	59	78	90	73	–	–	–
Capital employed	–	253	262	242	295	–	–	–
Revenue	18	9	18	13	21	43	45	41
Profit	−21	−9	0	0	0	0	0	0
Assets	0	519	494	581	813	1,098	1,097	1,200
Liabilities	0	25	31	24	36	47	75	66

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Transport Corporation of India quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 3 Jun	Mar 2021Filed 26 May	Mar 2022Filed 30 May	Mar 2023Filed 19 May	Mar 2024Filed 17 May	Mar 2025Filed 12 Jun	Mar 2026Filed 26 May
Revenue from operations	1,943	2,346	2,754	2,718	2,802	3,257	3,783	4,024	4,492	4,917
	1,782	2,133	2,504	2,477	2,541	2,848	3,359	3,614	4,031	4,400
Materials and goods bought	–	–	0	0	0	0	0	0	0	0
Employee costs	–	–	140	157	145	170	197	223	250	276
Other expenses	–	–	2,364	2,320	2,396	2,678	3,162	3,390	3,781	4,124
Operating profit before depreciation	161	213	250	241	261	409	424	411	461	517
Operating margin	8.3%	9.1%	9.1%	8.9%	9.3%	12.6%	11.2%	10.2%	10.3%	10.5%
Materials, % of revenue	–	–	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Employee costs, % of revenue	–	–	5.1%	5.8%	5.2%	5.2%	5.2%	5.6%	5.6%	5.6%
Other expenses, % of revenue	–	–	85.8%	85.4%	85.5%	82.2%	83.6%	84.2%	84.2%	83.9%
Depreciation and amortisation	59	69	77	82	93	113	121	128	118	127
Operating profit after depreciation	102	144	172	158	168	296	303	282	343	390
Other income	12	18	20	20	25	20	30	46	47	48
Finance costs	29	32	37	34	27	13	10	13	20	23
Profit before one-off items and tax	85	130	154	144	167	303	323	315	370	415
One-off items	15	22	−1	−10	−13	0	−3	−2	0	0
Profit before tax	100	152	154	134	154	303	320	312	370	415
	19	29	33	16	24	38	43	34	43	40
Current tax	–	–	39	25	27	39	41	40	39	36
Deferred tax	–	–	−5	−9	−3	−1	3	−7	4	4
Share of profit of joint ventures and associates	–	–	25	25	20	28	44	76	90	85
	81	124	145	143	150	293	321	355	416	460
Belonging to the company's shareholders	81	124	144	142	147	290	317	351	413	460
Belonging to outside owners of subsidiaries	–	–	1	1	3	3	3	4	4	–
Other comprehensive income	–	–	1	0	1	4	−1	−4	1	12
Total comprehensive income	–	–	146	143	151	297	319	351	417	472
Net margin	4.2%	5.3%	5.3%	5.3%	5.4%	9.0%	8.5%	8.8%	9.3%	9.4%
Net margin without joint ventures and associates	–	–	4.4%	4.3%	4.6%	8.1%	7.3%	6.9%	7.3%	7.6%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 29 May	Mar 2020Filed 3 Jun	Mar 2021Filed 26 May	Mar 2022Filed 30 May	Mar 2023Filed 19 May	Mar 2024Filed 17 May	Mar 2025Filed 12 Jun	Mar 2026Filed 26 May
	897	1,030	1,178	1,458	1,732	2,037	2,191	2,605
	892	1,024	1,170	1,430	1,702	2,004	2,155	2,566
Share capital	15	15	15	15	16	16	15	15
Reserves	877	1,009	1,154	1,415	1,686	1,988	2,139	2,551
Belonging to outside owners of subsidiaries	5	6	9	27	30	33	36	39
	414	369	235	62	63	157	155	219
Repayable after a year	186	148	109	23	40	102	102	143
Repayable within a year	228	221	126	39	23	55	53	76
	491	471	410	286	268	284	365	598
Trade payables	67	64	76	85	76	66	107	267
Other financial liabilities	121	102	112	36	107	98	144	165
Other liabilities	0	74	88	105	40	41	31	56
Provisions	7	10	9	21	23	25	31	33
Tax owed	69	–	0	–	–	0	–	–
	227	183	150	83	101	180	224	279
Other financial liabilities	0	3	12	26	24	37	76	84
Other liabilities	0	–	0	–	–	–	2	2
Provisions	0	0	0	5	6	7	8	8
Deferred tax	39	30	27	28	30	33	36	43
	1,616	1,683	1,739	1,827	2,101	2,501	2,780	3,482
Held for sale or for a demerger	–	–	3	–	1	1	1	1
	922	976	1,012	1,012	1,065	1,210	1,520	1,881
Plant in use, after depreciation	726	748	738	721	718	761	823	1,042
Plant being built	4	22	5	7	26	109	255	343
Intangible assets	1	24	67	80	74	101	141	146
Property held to earn rent	–	135	0	–	198	–	–	5
Investments	0	0	150	178	0	212	240	285
Stakes in joint ventures and associates	117	–	0	–	–	–	–	0
Loans given	3	4	14	0	0	0	0	0
Other financial assets	5	2	2	6	10	7	8	18
Other assets	67	41	37	19	40	20	53	41
	694	707	724	815	1,035	1,291	1,258	1,600
Inventories	5	7	7	8	5	11	7	15
Trade receivables	515	487	511	508	561	601	722	816
Cash and cash equivalents	10	13	34	68	170	83	51	93
Other bank balances	5	13	5	7	15	13	34	20
Current investments	0	0	0	15	88	331	171	202
Loans given	24	23	12	1	1	1	2	2
Other financial assets	3	2	2	23	139	156	198	187
Tax paid in advance	34	51	20	31	9	19	17	62
Other assets	97	112	132	155	47	77	58	204
Net debt	399	343	195	−27	−210	−269	−101	−96

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 26 May	Mar 2022Filed 30 May	Mar 2023Filed 19 May	Mar 2024Filed 17 May	Mar 2025Filed 12 Jun	Mar 2026Filed 26 May
	305	368	361	299	359	444
	300	417	379	338	397	525
	45	−16	−73	−99	−92	−28
Receivables	−24	0	−56	−41	−123	−96
Inventories	−1	−1	3	−6	4	−8
Payables	53	−9	−21	−10	41	29
Other working capital	16	−6	0	−42	−14	47
Tax paid	5	−49	−19	−39	−38	−80
Capital spending	155	76	156	243	354	414
Free cash flow	149	292	205	57	5	31
	−106	−76	−193	−404	−99	−367
Plant and property sold	31	5	3	1	5	1
Interest received	6	2	9	23	23	17
Dividends received	10	10	31	53	74	77
	−178	−258	−65	18	−292	−35
Borrowings raised	2	2	39	96	49	96
Borrowings repaid	−144	−217	−38	−8	−44	−33
Interest paid	−27	−10	−7	−9	−14	−15
Lease payments	−3	−11	−9	−10	−13	−19
Dividends paid	10	41	54	55	77	70
Shares bought back	0	0	0	0	197	0
Shares issued	0	0	0	0	0	0
Net change in cash	21	34	102	−87	−32	42

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Transport Corporation of India dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 3 Jun	Mar 2021Filed 26 May	Mar 2022Filed 30 May	Mar 2023Filed 19 May	Mar 2024Filed 17 May	Mar 2025Filed 12 Jun	Mar 2026Filed 26 May
Earnings per share	₹10.61	₹16.80	₹18.84	₹18.54	₹19.12	₹37.50	₹40.96	₹45.18	₹53.43	₹59.49
Diluted earnings per share	₹10.61	₹16.70	₹18.80	₹18.54	₹19.07	₹37.34	₹40.83	₹45.06	₹53.32	₹59.38
Dividend per share	₹1.10	₹1.60	₹1.80	₹2.00	₹2.50	₹6.00	₹7.00	₹7.00	₹8.00	₹10.00
Book value per share	–	–	₹116.37	₹133.23	₹151.71	₹184.91	₹219.44	₹258.55	₹281.66	₹335.41
Dividend payout	10.4%	9.9%	9.6%	10.8%	13.1%	16.0%	17.1%	15.5%	14.8%	16.6%
Shareholder yield	–	–	–	–	0.5%	0.9%	1.1%	0.9%	3.3%	1.0%
Market cap at the year end (₹ crore)	1,788	2,071	2,490	1,445	1,972	4,630	4,859	6,304	8,444	7,082

Ratios

Consolidated, years to March.Transport Corporation of India PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 3 Jun	Mar 2021Filed 26 May	Mar 2022Filed 30 May	Mar 2023Filed 19 May	Mar 2024Filed 17 May	Mar 2025Filed 12 Jun	Mar 2026Filed 26 May
Revenue growth	–	20.8%	17.4%	−1.3%	3.1%	16.2%	16.1%	6.4%	11.6%	9.5%
Operating profit growth	–	32.4%	17.3%	−3.6%	8.6%	56.5%	3.7%	−3.2%	12.3%	12.1%
Net profit growth	–	52.4%	17.3%	−1.4%	5.0%	94.7%	9.5%	10.6%	17.4%	10.5%
Earnings per share growth	–	58.3%	12.1%	−1.6%	3.1%	96.1%	9.2%	10.3%	18.3%	11.3%
	–	–	16.2%	14.9%	13.4%	22.3%	20.3%	18.9%	19.8%	19.5%
	–	–	–	−1.3 pts	−1.4 pts	8.9 pts	−2.0 pts	−1.3 pts	0.9 pts	−0.4 pts
From the net margin	–	–	–	0.0 pts	0.0 pts	9.3 pts	−1.3 pts	0.8 pts	1.0 pts	0.4 pts
From asset turnover	–	–	–	−0.5 pts	−0.1 pts	2.6 pts	1.1 pts	−1.9 pts	−0.5 pts	−1.6 pts
From borrowing	–	–	–	−0.8 pts	−1.4 pts	−3.1 pts	−1.9 pts	−0.2 pts	0.4 pts	0.8 pts
Return on capital employed	–	–	13.1%	11.3%	11.9%	19.5%	16.9%	12.9%	14.6%	13.8%
Cash conversion	–	–	–	–	202.6%	125.7%	112.5%	84.5%	86.3%	96.6%
Interest cover	3.5	4.5	4.6	4.6	6.3	23.0	30.8	21.2	17.0	17.1
Debt to equity	–	–	0.46	0.36	0.20	0.04	0.04	0.08	0.07	0.08
Receivable days	–	–	68	65	67	57	54	54	59	61
Working capital days	–	–	55	58	52	54	50	58	56	57
Asset turnover	–	–	1.70	1.65	1.64	1.83	1.93	1.75	1.70	1.57
Assets per rupee of net worth	–	–	1.81	1.72	1.56	1.37	1.25	1.24	1.27	1.33
Sales per rupee of plant	–	–	3.79	3.63	3.80	4.52	5.27	5.29	5.46	4.72
Capital spending to depreciation	–	–	–	–	1.67	0.67	1.29	1.89	3.01	3.25
Plant being built, % of plant in use	–	–	0.6%	2.9%	0.7%	1.0%	3.6%	14.3%	31.0%	32.9%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 14.7%
Cash from operations against operating profit: 85.9%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	11.9%	9.1%
Profit growth, yearly rate	–	25.6%	13.2%
Return on equity, average	–	20.2%	19.4%
Return on capital employed, average	–	15.5%	13.8%
Operating margin, average	9.9%	10.9%	10.3%
Net margin, average	7.0%	9.0%	9.1%
Asset turnover, average	–	1.75	1.67
Interest cover, average	13.3	21.8	18.4
Debt to equity, average	–	0.06	0.08

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,832	1,103	444
Cash from investing	−1,140	−870	−367
Cash from financing	−633	−310	−35
Capital spending	1,242	1,010	414
Dividends paid	297	202	70
Shares bought back	197	197	0
Shares issued for cash	0	0	0
Borrowings raised	282	241	96
Borrowings repaid	340	85	33

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	6	7	6	4	4	3
Altman Z-scorePublished threshold 1.1	–	–	4.70	5.20	6.25	9.73	10.99	10.71	9.47	8.24
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.02	−2.65	−1.84	−2.67	−2.07	−2.54
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−2.81	0.06	7.79	19.94	5.92	12.22
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.35	1.06	0.93	0.90
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−4.09	1.76	−16.76	−5.79	0.69	8.58	3.63
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	1.14	−0.41	1.67	−0.36	1.43	0.45	3.67
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.21	0.06	0.08	0.22	0.64	1.42	0.99
Effective tax ratePublished threshold 17.16 per cent	19.03	18.80	21.71	11.88	15.46	12.43	13.59	10.76	11.71	9.63
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−3.89	7.76	−1.70	1.57	−9.68

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
30 Sep 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term Loan	CARE AA+Review, Re-affirm	Stable	300
30 Sep 2026	CARE Ratings Limited (opens in a new tab)	Commercial Paper	CARE A1+Review, Re-affirm		50
26 May 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AAReview, Re-affirm	Stable	200
26 May 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Re-affirm		40
26 Dec 2025	ICRA Limited (opens in a new tab)	Fund-based-Term loan	[ICRA]AAReview, Re-affirm	Stable	200

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.