TCI Express Limited (TCIEXP.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

+31.5%

₹653.05

vs ₹496.50 price

Levered DCF

₹410.66

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

B-

Overall 3 / 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	21.76×	28.5×	31.13×	41.2×	50.96×	36.15×	23.53×	37.63×
P/B	2.16×	2.46×	5.82×	9.62×	12.24×	8.38×	6.21×	10.26×
P/S	1.43×	1.56×	3.27×	4.62×	6.07×	4.31×	2.03×	2.68×
EV / EBITDA	13.13×	13.6×	21.05×	28.42×	35.81×	25.57×	16.61×	22.47×
Gross margin	14.5%	15.2%	19.1%	17.8%	18.4%	18.9%	14.5%	14.0%
Operating margin	8.0%	8.5%	13.7%	14.7%	15.5%	15.2%	11.5%	11.3%
Net margin	6.6%	7.1%	10.5%	11.2%	11.9%	11.9%	8.6%	7.1%
Current ratio	3.12×	3.2×	2.96×	2.41×	2.93×	2.6×	2.52×	1.86×
Debt / equity	0.08×	0.01×	0.01×	0.01×	0×	0.01×	0.01×	0.04×
Interest coverage	46.72×	78.66×	116.6×	100.46×	184.49×	164.88×	132×	30.5×
Dividend yield	2.0%	1.6%	0.7%	0.5%	0.5%	0.2%	0.8%	0.4%
Payout ratio	42.5%	35.8%	23.3%	22.1%	23.9%	7.6%	19.8%	15.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	9.9%	11.2%	18.7%	23.4%	24.0%	23.2%	26.4%	27.3%
Return on invested capital	8.1%	9.7%	17.8%	22.4%	23.1%	22.2%	26.2%	26.6%
Return on assets	7.9%	9.3%	15.5%	19.0%	19.6%	18.4%	20.6%	19.2%
Free cash flow yield	-1.3%	3.6%	2.0%	0.4%	0.7%	1.2%	2.4%	2.1%
Earnings yield	4.6%	4.6%	3.2%	2.4%	2.0%	2.8%	4.3%	2.7%
Enterprise value	₹18.2B	₹18.8B	₹40.9B	₹57.3B	₹65.5B	₹36.3B	₹20.9B	₹27.4B
Net debt / EBITDA	0.31×	-0.04×	-0.03×	-0.03×	-0.08×	-0.05×	-0.06×	-0.05×
Cash conversion cycle (days)	42	35	34	31	33	33	33	-30