Transport Corporation of India Limited (TCI.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+83.1%

₹1,593.04

vs ₹870.25 price

Levered DCF

₹754.92

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

5.54

Safe zone

Rating

A+

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	15.52×	20.96×	18.17×	15.3×	15.98×	13.43×	10.14×	16.39×
P/B	2.76×	4.02×	3.19×	2.86×	3.25×	1.69×	1.41×	2.65×
P/S	1.44×	1.92×	1.58×	1.28×	1.42×	0.7×	0.53×	0.86×
EV / EBITDA	11.2×	18.5×	15.24×	10.88×	10.99×	8.05×	7.26×	10.72×
Gross margin	11.7%	13.2%	13.2%	14.0%	15.2%	12.4%	12.3%	12.4%
Operating margin	7.9%	12.6%	12.6%	13.3%	14.6%	11.6%	11.5%	11.7%
Net margin	9.3%	9.2%	8.7%	8.4%	8.9%	5.2%	5.2%	5.2%
Current ratio	2.68×	3.45×	4.54×	3.85×	2.85×	1.79×	1.5×	1.41×
Debt / equity	0.12×	0.11×	0.1×	0.05×	0.07×	0.25×	0.41×	0.53×
Interest coverage	17.1×	28.08×	38.3×	51.57×	37.27×	12.27×	9.13×	8.64×
Dividend yield	1.0%	0.9%	0.9%	1.1%	0.9%	0.5%	1.4%	0.6%
Payout ratio	15.3%	18.8%	15.6%	17.1%	14.1%	6.5%	14.1%	9.6%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	17.8%	19.1%	17.5%	18.6%	20.2%	12.6%	13.9%	16.2%
Return on invested capital	12.1%	20.7%	20.4%	24.0%	26.7%	18.8%	19.0%	20.4%
Return on assets	13.1%	14.8%	14.0%	15.1%	15.9%	8.5%	8.5%	8.9%
Free cash flow yield	1.4%	0.1%	0.9%	4.2%	6.3%	7.6%	8.2%	2.3%
Earnings yield	6.4%	4.8%	5.5%	6.5%	6.2%	7.4%	9.9%	6.1%
Enterprise value	₹72.8B	₹88.2B	₹65B	₹47.9B	₹46.7B	₹22.4B	₹18.6B	₹28.3B
Net debt / EBITDA	0.31×	0.33×	0.26×	-0.18×	0.07×	0.95×	1.62×	1.76×
Cash conversion cycle (days)	40	49	59	60	56	70	66	72