Logistics

TCI Express (TCIEXP) reported another weak quarter with Q2FY26 revenue/EBITDA/PAT decreasing 1%/7%/4% YoY (missing consensus estimates by 3%). Volume (~250k tons) and realisation edged down 1% YoY each. Muted demand in

VRL Logistics (VRLL) reported flat Q2FY26 revenue on the back of realisation growth (+12% YoY) and volume decline of 11% YoY (+4% QoQ) due to exit from low margin business. EBITDA/PAT rose 14%/39% YoY on the back of

Delhivery’s Q2FY26 print was affected optically by: i) GST-led disruption in momentum (in PTL business particularly); and ii) E-commerce integration related costs (INR900mn; total to be lower than previous estimate of

Blue Dart reported revenue growth of 7% YoY in Q2FY26, led by volume (tonnage +6% YoY; shipment +10%) and realisation (+1% per tonne; -3% per shipment due to product mix) of 7%. However, margin beat (16.3%, +160bp above

Mahindra Logistics (MLL) posted Q2FY26 revenue/EBITDA growth of 11%/28% with losses continuing. The Express business reported its maiden positive gross profit and that is expected to improve hereon. Transformation

TCIEXP posted another weak quarter with Q1FY26 revenue/EBITDA/PAT decreasing 2%/11%/9% YoY—missing consensus by 4%/3%/2%. Volume (233k tons) and realisation edged down 1% YoY each. Muted demand in Engineering and

VRL Logistics (VRLL) posted revenue growth of 2% in Q1FY26 largely due to realisation growth (up 17%), which was offset by 13% volume decrease (VRLL’s strategy of cutting down on low-margin cargo; LFL growth of 4–5% YoY

Container Corporation (Concor) reported another weak quarter with Q1FY26 revenue/EBITDA/PAT changing +3%/-1%/+1% YoY due to: i) volume reconciliation adjustment (INR210mn impact); ii) one-time reward to employees

Delhivery reported robust Q1FY26 EBITDA/PAT growth of 53%/67% YoY, beating our and consensus estimates. Express Parcel revenue increased 10% YoY led by volume (+14%; gained market share YoY), partially offset by yield

Blue Dart Express (BDEL) reported a weaker-than-expected Q1FY26 performance largely on account of lower margins (at 13.6%, -150bp YoY/QoQ and 60bp below our estimate) due to mix (higher weight parcels have lower service

Mahindra Logistics (MLL) reported revenue/EBITDA growth of 14%/15% YoY in Q1FY26 with continued losses at the PAT level. SCM revenue expanded 15% with contract logistics up 18% and B2B express up 11%. Warehousing

We interacted with Mr Sunil Vaswani, Executive Director at Container Shipping Lines Association (CSLA) and veteran with more than three decades of experience in container shipping, to pick his brains on the ongoing

TCIEXP reported another weak quarter with Q4FY25 revenue/EBITDA/PAT decreasing 3%/37%/35% YoY (missing our estimate by 2%/14%/6%). Volume edged down 1% YoY to 255k tons (995k tons in FY25) and realisation fell 2% YoY.

BDE posted an overall weak Q4FY25 showing with EBITDA/PAT falling 6%/29% YoY (missing our estimates by 8%/32%). Revenue grew 7% YoY on the back of realisation growth (+7%) and flat YoY shipment (missing our estimates by

Container Corporation (Concor) posted a weak Q4FY25 with volume inching up 1% YoY (6Y CAGR: 2%) and EXIM volume up 5% YoY (4% below our estimate; 6Y CAGR: 1%). Domestic volume dipped 14% YoY (23% below our estimate; 6Y

VRL Logistics (VRLL) posted revenue growth of 5% YoY, largely on the back of higher realisation (+18%; price hike and customer mix) offsetting the 11% YoY contraction in volumes (discontinuation of low-margin contracts).

Delhivery reported a robust 16% QoQ jump in Q4FY25 in EBITDA to INR1.19bn (42% above our estimates), largely led by PTL (188% above our estimates). PTL’s revenue surged 24% (volume +19%; realisation +5%) with record

Mahindra Logistics (MLL) reported consolidated EBITDA of INR777mn in Q4FY25, 2% above our estimates, largely led by a surprise in contract logistics. Express segment volume improved 15% QoQ on seasonality, customer wins

Nuvama Wealth Management is hosting a conference call with the management of Adani Ports and Special Economic Zone Limited on Friday, April 18, 2025 (at 10.30AM IST). Considering April 18, 2025 is a holiday, repeat

The logistics sector, in general, has been fighting battles on several fronts such as weak volume growth (soft manufacturing and consumption), heightened competition (particularly in express parcel) and cost inflation