Thank you, Muskaan. Good evening and very warm welcome to everyone.

Thank you for being on the call of TCI Express. We are happy to have the management with us here today for question and answer session with the investment community.

The management is represented by Mr. Chander Agarwal, Managing Director; Mr.

Pabitra Panda, Chief Business Officer; and Mukti Lal, Executive Director and Chief Financial Officer. Before we start with the call, we will have opening comments from the management.

I will hand over the call to Mr. Chander Agarwal for opening comments.

Over to you, sir.

Thank you. I hope I am audible, loud and clear?

Good evening, everyone, and welcome to the Q3 and nine-months FY26 earnings conference call of TCI Express Limited. Thank you for joining us today.

I hope you and your families are doing well. Our earnings presentation for the quarter has already been shared on the company's website and with the stock exchanges, and I trust you had the opportunity to review it.

I will begin by sharing an overview of our operational performance and business progress during the quarter and nine months ended December FY26. Following this, our Executive Director and CFO, Mr.

Mukti, will take you through the financial performance in detail. During the third quarter, the operating environment reflected a mixed trend across sectors.

While certain industrial and export-linked segments showed moderation, domestic consumption and festive-led demand supported freight movement. Against this, TCI Express delivered a stable performance supported by disciplined execution, network expansion, and steady traction across multiple business verticals.

On an overall basis, the company reported 6% year-on-year growth for the quarter. Furthermore, as part of our ongoing commitment to shareholder value, we are pleased to announce an interim dividend of ₹7 per share, representing a payout of 350% on the face value.

Surface Express continued to remain the largest contributor to overall volumes. During the quarter, Surface Express resumed growth following a period of subdued performance.

Performance was supported by customer additions, higher wallet share from existing enterprise accounts, and increased movement across sectors as automotive, defense, solar, and electric vehicles. Business from MSME and pharmaceutical customers also improved during the period.

Furthermore, during the quarter, we saw an increase in business from key account management customers reflecting deeper engagement and improved solution alignment. Customer acquisition remained strong with registered customer additions more than doubling on a year-on-year basis supported by focused sales efforts and high field engagement.

To strengthen network reach, five new branches were added in Q3 FY26. In addition, customer contract renewals are currently underway with revised pricing being implemented earlier than the usual cycle, supporting yield improvement going forward.

During the quarter, the Rail Express segment delivered 24% year-on-year growth aided by higher pharma volumes and technology-led improvements in compliance and shipment visibility. The Air Express business also reported steady progress with domestic Air Express growing about 14% year-on-year on the back of customer additions, improved delivery performance, and stronger regional connectivity, while international Air Express recorded nearly 28% growth driven by higher trade-lane activity, customer wins in Express, and progress on cargo consolidation and global partnerships.

The C2C Express segment scaled further with 32% year-on-year growth supported by wider manpower coverage and new customer acquisitions. The E-commerce Express business continued to gain traction, delivering strong growth with consistent volumes across the quarter, stable profitability, and continued progress on B2C expansion, leadership strengthening, and technology integration to support future scale.

From a people and process perspective, focused efforts are being taken towards organized business growth and culture transformation across business associates and logistics staff. As front-line representatives of the company, these teams play a critical role in customer interaction, service quality, and operational outcomes.

Structured training and engagement initiatives are expected to improve execution consistency and support long-term growth. During the period, the company has been certified under ISO certifications for ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018.

These certifications reflect our continued focus on quality, environmental responsibility, and workplace safety. We are also pleased to share that TCI Express has been certified as a Great Place to Work for a sixth consecutive year and recognized as India's most preferred brand for 2025-2026.

These recognitions reinforce our focus on people, governance, and long-term value creation. Our Corporate Social Responsibility initiatives continued during the quarter.

A health checkup camp was organized for employees at the corporate office in collaboration with Medanta Hospital, supporting preventive healthcare and employee well-being. The TCI Express Foundation's Jaipur Foot and Rehab Center in Lucknow supported 144 beneficiaries during the quarter by providing artificial limbs and assistive devices, contributing to mobility and long-term rehab outcomes.

Looking ahead, the company remains focused on strengthening its core Surface network, expanding multimodal capabilities, and deepening engagement across key customer segments. Continued investments in technology, network optimization, and people development remains central to our strategy.

Furthermore, during nine-month FY26, the company added more than 300 employees to align manpower with network expansion and service requirements. With a strong balance sheet, asset-light model, and disciplined execution, TCI Express is well-positioned to navigate near-term demand variability and pursue sustainable growth in the quarters ahead.

With this, now I'd like to hand over the call to Mr. Mukti, who will take you through the financial performance of the quarter and nine months ended FY26.

Thank you.

Thank you, sir, and good evening, everyone. I will now take you through the financial performance of TCI Express for the third quarter and nine-month ended FY26.

As our Managing Director has already been covered the business environment, service initiatives, and operational progress, I will mainly focus on the financial highlights. For the third quarter of this 26, income from operation was ₹314 crore compared to ₹296 crore in quarter three in last year's same quarter, reflecting a year-on-year growth of 6%.

On sequential basis, we also increased revenue by 2%, and total income for the quarter was ₹317 crore for FY26. EBITDA for the quarter was ₹37 crore compared to ₹33 crore in the same quarter of last year.

EBITDA margin for quarter three FY26 is 11.6%. Profit after tax for the quarter is ₹23 crore with a margin of 7.2%.

For the nine-month period, income from operation is ₹909 crore and compared to ₹901 crore in corresponding period last year by registering 1% growth in this nine-month period. Total income for the period stood at ₹919 crore.

EBITDA for nine months is ₹109 crore with a margin of 11.9%, while profit after tax stood at ₹69 crore with a margin of 7.5%. The nine-month performance reflects stable operating execution despite demand variability across quarters.

From a return and efficiency perspective, return on capital employed for nine months stood at 19.6%. Current ratio remained healthy at 3.38 times, highlighting strong liquidity and balance sheet flexibility.

Working capital management remained again stable during this quarter. Receivable days has maintained at 60 days, payable days at 39 days, resulting in net working capital cycle of 21 days.

The increase in working capital days compared to the previous quarter is largely linked to the festive season volumes and timing of collections, and remains well within the manageable levels. Further, we will be trying to reduce in time to come in by next quarter.

The company continued to operate with a debt-free balance sheet. The net cash position remained strong at the ₹146 crore, supporting ongoing investment and operational requirements.

Cash flow from operation for the nine-month FY26 was ₹29 crore. During the same period, the company incurred capital expenditure of ₹45 crore primarily towards branch expansion, sorting center infrastructure, and IT upgrades.

Free cash flow for the nine-month period stood at ₹15 crore. Additionally, the company revised its projected capex to ₹400 crore from the earlier plan of ₹500 crore in five-year tenure, which will be finished in FY27.

We will be revised to from ₹500 crore to ₹400 crore. Remaining period we will be done almost like ₹150 crore in 1.5 year time.

From a service performance perspective, Surface Express remained the largest contributor to revenue, while rail, air, C2C, and E-commerce segment supported overall growth during the quarter. As mentioned earlier, investments across multimode services and technology platform are aimed at improving operating leverage over the medium term.

To summarize, the third quarter and nine-month performance reflects steady revenue growth, disciplined cost control, stable margins, and a strong balance sheet. Our priorities remain focused on prudent capital allocation, maintain liquidity, and strengthening cash flows.

With this, I conclude my remarks. We can now open for the floor for the question and answer.

Thank you very much.

Hello.

Hi. Thank you for the opportunity and congrats on the good set of numbers.

Am I audible?

Yes, you are audible, Kanish. Continue.

Sir, I have a few questions. The first one is on the SME side.

Given the current headwinds faced by the SMEs, could you help us understand how sticky our SME clients are to the Express group model versus shifting to 3PL or other affordable models? Also, so far have we seen any SME clients move away from us?

Sorry, what I understand, your voice is not clear. You talking about SMEs again they facing the headwinds and how they performing and how they giving the business to us, right?

Sir. Also that since they are facing headwinds, is there any probability that they will shift from Express model to affordable models like 3PL or other models?

No. SMEs not hit much.

What kind of SMEs we are dealing with that, they are prudent one and then fully compliant, and they have the full supply chain and businesses across India and we helping them to deliver everywhere. Our ratio is maintained with them and we getting the business from them regularly.

Currently ratio with them is around 49%, and we will be keep continue. Again, you seen in a recent budget, government is also highly focused on to help to these SMEs, and they also marking some fund to be get the direct purchases from the SME customers and all.

Government is also worrisome about their existence in the system continuously. That's why our company since inception is focusing on SME customers.

We will be keep continue there and really they are not moving from Express industry to other model. They have to be keep continue with the Express because this is a model giving the guarantee to deliver on time and with damage-free and all.

This way is nothing to be worrisome and is very well going on.

Okay. Far none of our SME clients have left us?

No,

no. Not at all.

Okay. I just wanted to have understanding about the back-end infrastructure.

If we were able to win a contract that significantly increase our capacity utilization, would our existing back-end infra be able to absorb and service this incremental volume or would it require further expansion of capex?

Can you come again? Your voice is not clear actually.

Okay. Sir, just wanted to have an understanding about the back-end infrastructure.

If we were able to win a contract that significantly increase our capacity utilization, would our existing back-end infra be able to absorb and service this incremental volume or would it require further expansion of capex? Was I audible?

Yeah. Basically, you need to see in a three aspect.

One is we have the existing infrastructure for the Surface and other services like air and rail and C2C. We creating an additional infrastructure to giving a excellent services to customers.

We creating infrastructure for rail service independently. We creating infrastructure for air domestic and international also separately.

As our MD has mentioned, we hiring new people for the sales and operation both. We are future-ready for wherever we win the any contract.

We can be get that almost like once we will be get the like 30%, 40% revenue growth in existing infrastructure is okay, we will be do that. Infrastructure is also in a two way.

One is my fleet and another one is our sorting centers and branch network. Sorting center and branch network is fine, but fleet will be added wherever is required because is a variable component.

In existing fleet, we have utilization level is around 83% plus. This way it can be increased to 2%, 3% in existing one.

Whenever we added the new customer on a very particular line, then we have to be add the additional capacity accordingly. Or we shift the capacity from low capacity to higher capacity in existing truck.

Again right supposing we utilizing 16-17 ton truck, then we can be moved to 25 ton truck or supposing 9 ton, then we can be moved to 18 ton. This way is happening and it's very dynamic one.

That is not an a challenge. Wherever we will be grow faster, then we are ready with that.

Okay. Lastly, I wanted to understand the company's priority between improving capacity and top line versus improving margin.

For instance, if an institutional client order volume that can significantly increase utilization and top line, but at the cost of lower realization, would the company accept the trade-off or would we prefer to let the order go and continue focusing on SME clients which offer higher margin but lower utilization and top line?

Our approach is always to get the profitable business continuously. We will be keep a balance and we maintained that balance since last more than two decades where we getting business in 50-50% from SME and 50 from the bigger customers.

That tendency and that vision we will be going ahead also. With the even newer services rail and C2C, we will be keep give that way.

We will be keep continue with that because, again, SME customer giving the good prices and low volume obviously, and bigger customer giving the volumes and slightly low prices. We have to be keep both and keep continue with that method actually.

If we look at institutional clients, where revenue from them are more sustainable, if we look at operating leverage, if you focus on that then we would also be able to achieve margin from them, right?

You talking about SME?

No, I'm talking about institutional client.

No. Institutional client, yeah, it is always better to have the SME and both together actually.

That's why if you see my customer concentration is not so high with the one or two customers. As we mentioned time to time, my top 25 customer is not giving more than 15% revenue to us.

This way we have very low concentration on a particular customer. We are not depending upon that because always big customer or institutional client is always squeezing margin and squeezing the prices, and so they sometime very highly fragmented to be move to other service player if they offering something, some reduced prices and all.

In Express industry, fortunately this is a very good thing where they don't compromise on a service level and usually they not moving much on due to price reduction and all. That's why you seen realization per unit is not decreasing in this industry in spite of high competition and all.

This way is not impacting that way, and is a good to have SME and institutional client both in this way.

No, I just wanted to have an understanding of what is the company's priority. Is it top line or is it maintaining margins?

No, no. Both.

We have We should take another next question, Mukti.

Please. Kanish, we have the both priorities.

We have to be growth with the profitable only. We will not the do the growth for the only revenue top up at once.

Yeah.

Sir. Thank you.

That is all from

my end.

Thank you to give me this opportunity. Sir, our competitor, one number peer since it is Delhivery, how they damage our earning, service last three years by incurring losses, what you expect next one year?

We don't want to be comment on particular competition, but you seen their results also. Every competition have their own space and own field.

We are very clear on our sense. We will be keep the revenue growth with the profitability only.

This market is very big because we were in a subdued revenue growth in last five, six quarter because our focus and our dependence was on only one particular segment only, Surface. That was the biggest one.

Now we

face

this thing and then we started the newer services also. Then you seen the results in this quarter.

Every other services has been increased phenomenally, very well. It means it's not that ki we will be less focusing on our Surface, this is a biggest one.

We will be keep growing simultaneously, but these newer services slightly higher, and obviously Surface will be in the more than double-digit growth in time to come. We're not seeing any competition can harm for particularly can we get the business on lower prices and all.

This is not the case actually. Because this industry, people are not behind the rates, rather they want an a good services.

Because I am shareholder since last six years, and went to see your Delhi sorting center too, but results are not up to mark. You are doing hard work, that is the thing.

Sir, Air Express, Chander, you say growth comes 24%. Earlier, say before four years, you were not sure for air cargo due to airport and airline handling problem, but now you are saying different story.

Is it so?

Chander sir?

Can you repeat the question, please?

Sir, Air Express grow 24%. Earlier, say before four years, you were not sure for air cargo due to airport and airline handling problem, but now you are working saying different story.

Is it so?

You have to also see that the business environment evolves. It changes.

It cannot be static. If the air cargo business was slow before COVID, after COVID it took off.

It's starting to now slow down again. We have enough now base.

We have developed a very strong base where even with a lower volume growth, we will still be able to show growth. I think it's all fundamental to how the company can change itself from the environment it is doing business in at the moment.

We are affected. We have to go as per how the market changes.

Right. What is your commentary for financial year '27?

Mukti?

Yeah, '27, we looking for 15% plus kind of volume growth, and with the 2% price hike, 17%, 17-18% kind of revenue growth we looking for. Accordingly, profit margin like PAT level, we will be increase in the range of 20% plus because we in a phase of expanding our team and creating a separate capabilities for each services like for rail, for C2C, for air and international.

We creating that one. We refocusing back on B2C segments also, again not targeting big giants company, but again small small B2C players for the delivery of, and also we focusing on D2C, which is also increasing in this market.

We looking for kind of 15% growth in FY27.

Okay. Thank you.

Thank you.

Hello, sir. I just have three, four very small questions to ask.

First, from a product mix point of view, how do we expect our product mix to be in the next two years? If you have to give me a breakup between Surface Express, your international air, domestic air, and E-commerce, how would you split your revenues in terms of percentages?

Yeah. Overall in this quarter and I think FY26 end, nothing will be change much.

We will be finish in around 18.5% to 19% in other services, and 81% is Surface. Of that, in this 19% chunk, we including rail, air domestic and international, C2C, and E-commerce part.

This is the part of that. In this, because these are the again few are the very small and we just launch in two, three year back.

Biggest chunk is C2C, and then followed by air, and then rail, and then E-commerce.

C2C is So, E-commerce as a percentage is how big a chunk?

It is very low, again 2%

to 2.5%.

Earlier, it was around 4.5%, then we reduced the chunk from the again big guys and all. Shrink to 2.5%, and now we

Is it the same as international Air Express? International air is also around that range?

Yeah. It is also around 2%, yeah.

All right. Okay.

Second question in terms of volume and realization per ton, what would be your guidance for '27 and '28 going forward? In

this year, we are target to increase the yield by at least 100 basis point, 1% basically. Next year, we targeting 2%, again next year also 2%.

By FY28, we will be in a situation to increase my realization by 5%, and that directly add to our profits. Okay.

Okay. Last couple of questions.

What was the volume growth in this particular quarter? Just volume numbers in this quarter.

Volume number is 2,55,000 metric ton in this quarter we achieved.

Sir.

In nine months, total is around 7,37,000 metric ton.

Sir. Last question.

Our ₹500 crore capex plan, which was supposed to end, I think, till FY27, and then in the last call we decided that we will push it to FY28. By FY28 can we assume that this ₹500 crore capex will be fully incurred or is there something new coming up or some postponement or something expected?

Rightly so. We will be keep '27 ₹400 crore and then additional ₹100 crore by '28.

You rightly said. By '28, we will be consume this ₹500 crore fully.

We are on that plan.

All right. Thank you so much, sir.

That's all from my side.

Hi. Good evening.

Am I audible?

Yes, Anurag. Go ahead.

Sir. Just capacity utilization details for the quarter would be great, yeah.

Yeah. Capacity utilization in this quarter, we have around 83.25% because is supposed to be higher, but somehow after Deepawali there is a dip in volumes and then again picking up in December and all.

That's why is happening around 83.25%.

Okay. Okay.

Thank you, sir. Thank you.

Hi. It's Koundinya.

Thanks for the opportunity, sir. Sir, just trying to understand what is the scenario like?

How is the momentum on the ground in the fourth quarter? Can you put some color on how is Jan and Feb, how does the outlook like?

You also spoke about potentially taking early price hikes. What gives you that confidence to take price hikes now?

If you can speak a little bit about that, please.

Chander sir, you want to comment on that?

You can go ahead, Mukti.

Yeah. Basically, Koundinya, this environment has improved a lot in the sense of freight movement, in the sense of volume growth for the Express industries, and you seen the others competition number also everyone is increasing.

Third thing is cost pressure is stabilized now. Again, labor cost is still is in increasing trend because government also want to be regularized that and want to be given a social security and all.

That is going on and is also very clear by applying labor laws implementation there. With that and business environment now is a good news where tariff has also reduced from 25 to 18, and this penalty tariff is also removed.

I think overall business scenario and as you've seen economy is also growing, special thing where government was also putting very high emphasis on SME customers because government knows SME is a key segment for the Indian logistics also and for the Indian growth also, obviously Indian economy growth also. That's why they're putting an extra fund to be grow that.

They also want to be create a different cluster for the manufacturing for the different different kind of different manufacturing. Overall we also put into new segment we signing the contract for the EV vehicle companies, we also sign the contract with the solar, we also signing contract with the electronics companies also.

We also focusing on as we expand on a new geographies for the other services. Overall environment, I see growth is also coming from the Tier 2, Tier 3 cities.

People have the more income in the hands to consumption for that. Overall scenario looks great.

Again, one segment which we really facing challenges was lifestyle and textile industry, which is I think they will be also get the boost up with these kind of tariff has removed from that. I think we hopefully that industry will be start to doing well.

Scenario January month was also getting good. PMI is also, as you've seen, improving.

We're seeing we will be also sync with that and certainly all the segment, I am saying, verticals moving ahead, defense segment is also new companies coming up, existing companies also producing more and all. Hopefully, environment is very positive and interest rate is also very low as you've seen.

I think inflation is also low. Customer is also intend to be give slight hike to prices.

That environment has also built up. Now we are building our capabilities and surely we'll be achieve what we promising for the quarter four and then subsequently and gone.

Yeah.

Sir, you did speak about 15% target for FY27. In FY26, where do you think the growth will end because after two quarters of weakness, this quarter you came back now finally at 5% growth, which is a decent number.

Where do you think you will end the year at on the volume side?

I think next quarter again we will be do single high-digit growth and or might be like achieve

Sorry, sir. I lost you there.

Hello?

Sure.

There are some technical glitch and this lines has been disconnected. Now we're back.

No worries, sir. You were speaking about growth momentum.

I was asking about where you can potentially end FY26 at. Yeah.

I just mentioned on quarter, we will be finished high single digit or might be achieve double-digit growth in this quarter.

Oh, nice. Understood, sir.

Sir, secondly, I see that your employee costs a bit have gone up. While usually are very prudent on costs, this time it appears that costs have gone up.

You did speak about some adding some sales force and all. Maybe can you speak a little bit more give more granularity on that, what is the kind of addition that was on the sales side and what is expected revenue growth or something?

What is it? What are your plans out there if you can speak a bit more on that, please?

Basically, yeah, good question. Basically this cost is also included the labor code impact also, which is around ₹60 lakh, which included here.

Though we were prepared in a long time back where we tuning all the everything. This time we just gratuity impact was there and that we have taken into consideration.

That's why looks like inflated there.

Sir, ₹60 lakhs of past period Sorry for interrupting you, sir. ₹60 lakhs is of past period or is it like a recurring thing that you've included here?

No,

no, it's a past impact. Means overall impact is one-time impact is there.

Okay. Understood, sir.

Then sales team, we creating in a sales for the each different product for the separately. That's why we hiring the people, and that's why our Mr.

Chander Agarwal also mentioned. We creating a culture adoption also because we hiring people from the outside world and then inculcating our culture with them.

We giving high skill training and high cultural training into company. We will build up, and we also planning to have at least to increase the number from 300 to 500 by March end.

This is our planning to be built up the teams.

Oh, okay.

Yeah.

Understood, sir. Sir, lastly, I think there was an announcement, I don't know, you are creating new related-party policy.

Unfortunately, that link is not working. Can you help us understand what is it about?

Sorry? RPT.

In the press release along with the results, there was an approval for new related-party policy. There was some link given, but that link is not working.

If you can help us understand what is the new policy about related-party transactions?

It is in a recurring nature actually. There is a nothing new on that.

SEBI is time to time defining the new rules and there is no significant change happened there. We will be give that link.

I don't know where it is missing. There is a nothing new change on that.

They're changing over the period few things, but nothing new has been changed. Just some definition has been changed, some things happened on that.

Nothing much on that. I will be check that link and then revert back on that, please.

Sure, sir. Thank you very much.

Looking forward to positive growth momentum from you. Yeah.

Thank you.

Hi. Good evening.

Thanks for the opportunity. Sir, firstly, could you let us know when was the last time that a price hike was taken?

Sorry, last?

The last time that we had raised prices because right now we talked about the price increase, right, which you plan to do, but when was the last time that we had taken a price increase?

Yeah. Price increase actually is very dynamic.

I think we taken that price hikes two year back in FY23, and then intensely not taken because environment was not conducive for that. In this year, everyone has talked about to be price passing on basically because toll tax has increased, labor cost has increased.

Price inflation is there for the overall industry. We also want to pass on.

Yes, last time we taken in '23. Got it.

Got it. You talked about the sector, the retail sector not being strong yet.

What percentage of our revenue comes from this sector now?

It's around 49%. We keep continue like in the 50-51% though our No, no, no, not the

What I meant is not the SME versus institutional. What I meant is in the end-user industries, the client industries.

Because

I thought you mentioned the retail sector has not done so well for you. What percentage of the revenue is this sector for you?

For us, revenue is from that segment is around 8%, 8.5% in overall basis. Okay.

What would be the top five sectors for you and what is the combined contribution from the top five sectors for you?

Top five is contributing 55% revenue to us, and these top five are like auto, pharma, engineering, electronics, and textile. These are the segment we're getting this revenue, 55% from these segments.

Got it. Got it.

Got it. Thank you so much.

Hello, sir.

Sir,

see, your market cap is now about 2K, ₹2,000 crore. When it was about ₹6,000 crore, you gave a buyback.

Now the buyback tax also How buyback, I'm talking.

Yeah. Now

the buyback tax was also kind of the recent budget become little attractive. Is there any plan that you can think of because the valuation is so attractive?

You rightly said because now government has changed some tax part again. I think these are investor-friendly now.

We can think over. We will be internally discuss, and whenever is required, we will be do that.

As last time also, our promoter has not participated on that, and it was even on 18.50 per share was there. This you rightly said is conducive time.

We will be think on, but right now there is no discussion is going on. If we found better because there was taxation was not investor-friendly, so that's why market has also declined for the all buybacks and all.

We can be think over, but right now there is no proposal for that. Then,

sir, you're saying about your capacity utilization is about 83%, and what is the maximum that you can utilize, and will there be a operating leverage when the capacity utilization crosses 85% plus and above?

Yeah. There is always a scope to improve.

We can be reach on a 85-86% by don't disturbing or reducing service level with the customers. We can do 85, 80 85.5%.

If beyond that, we want to be improve the utilization, then we have to be somehow compromise on the services, which we can't do. I think ideal thing is 85 to 86%.

Again, I am saying it is a very dynamic one again. Supposing whenever we reach on a highest capacity utilization, then we will be again move to on a another truck, which is in a higher capacity truck like, again, I mentioned in various calls where 16-ton truck can be move to 25-ton truck then.

Then again, we have the scope to be improved the utilization level for that. Ultimately per-unit cost is coming down.

That way since long we doing that, and we have very high flexibility because we completely outsource our fleets. We have the very high flexibility in our hands, and we can be do that within the even less than one-month time.

That's way is highly dynamic, and we can be do whenever is required for that purpose.

Okay. Sir, now you're doing a EBITDA of about 10-11%, but your peak EBITDA was about 15.

Will you go back to that in the mid to long term? Is there any possibility?

Yeah. We certainly trying to achieve that back to this normal number of 15% plus because, again, why this like EBITDA, has been impacted, which is again one is reason is revenue, second one because we building up the capabilities for the other services.

We have to be spend the money on to creating the network like for the rail, for Air Express, and all because and once we will be like Again, you've seen the numbers where we getting the high revenue from these segments. Once we will be get the like utilization level of this, network will be increased, then certainly we will be improve our EBITDA very fast like in past we also did the same way.

In one year, we like in each I think in two-year time, we improved 400 basis point in two-year time. This way will be come again, and we trying for that.

Now we're again in a phase to build up the capabilities, and I think we will be take a, balanced approach. We are not putting in a high cost on a particular segment and then getting the losses and all.

Rather, we going in a very, gradual manner where we built up the capabilities also and we maintain the profits also. This way we will be certainly back to this, territory, margin territory back of like 15% plus, sure.

Okay. Approximately, how much time will it take?

Two to three years? I'm asking about the mid- to long-term perspective.

It is a mid. I think we will be do in the next two, three years.

Next year, we'll be targeting to be in the range of 13% plus, and then subsequently in each year we can be increased 100 basis point very easily. Again, I think by '28 or '29, we will be achieve 15% plus.

Okay. Sorry if I can squeeze one more.

That means you mean to say that you are in the consolidation period where some of the new things are yet to produce results, am I right?

Sorry, can come you again?

No, I'm saying you are in a consolidation phase where you have invested some of the money in the last two, three years. Those things are yet to give you a fruit, right?

Sorry, I didn't get what you're saying.

No, I'm saying whatever that you have invested in the last few years, maybe two, three years, the other new segments are yet to give you a result. You are now at

Yeah. You rightly said because this again a very inception phase.

We're trying hard to be building up the capabilities and to get the revenues on that. We're getting good traction and all the new services, and obviously in Surface segment, again our wide segment.

We getting new verticals business, we enhancing our wallet share with the existing customers. We putting all over efforts wherever we can get the revenue, but with the profit margins obviously.

We'll do that, yeah.

Okay. Thank you, sir.

No problem. Thank you.

On the behalf of PhillipCapital, we thank the management of TCI Express for giving us an opportunity to host the call and taking out time to connect with the investors. Thank you, all, for being on the call.

Thank you.