TCI Express540212Quarterly results
Board approves quarterly results, proposes independent director; auditors note GST demand
Board approved unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026, plus the auditors' Limited Review Report.
By ScoutQuest · · 2 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 338.02 | 308.53 | +9.6% | 313.40 | +7.9% |
| Total income | 342.09 | 312.77 | +9.4% | 317.43 | +7.8% |
| Profit before tax | 31.97 | 31.95 | +0.1% | 27.64 | +15.7% |
| Profit after tax | 23.47 | 23.91 | −1.8% | 20.49 | +14.5% |
| Total comprehensive income | 24.47 | 23.36 | +4.8% | 19.95 | +22.7% |
| Basic EPS | 5.74 | 6.23 | −7.9% | 5.20 | +10.4% |
- Total income YoY growth
- +9.4% (year ago 312.77)
- Profit after tax YoY change
- −1.8% (latest 23.47, year ago 23.91)
- Period
- Quarter Ended Sep 30, 2026 Unaudited
Also decided at the meeting
- Proposed appointment of Ms. Ranjana Agarwal (DIN: 03340032) as Non-Executive Independent Director w.e.f. November 05, 2026 for five consecutive years (to November 04, 2031), subject to Members' approval.
- Approved the Postal Ballot Notice seeking Members' approval for the appointment of Ms. Ranjana Agarwal as Non-Executive Independent Director.
Auditor's review
Conclusion: Unmodified
- Emphasis of Matter: GST demand under reverse charge mechanism of INR 51.36 Crores plus interest and penalty; appeal rejected 30th December 2025, appeal shared before GSTAT Haryana; no adjustments envisaged.
- Other matter: two subsidiaries' interim results not reviewed by their auditors (total assets INR 66.57 crores, quarter revenue INR 2.81 crores, quarter net loss INR 3.15 crores); not material to the Group.
Notes to the results
- GST demand order raising tax liability of INR 51.36 Crores plus interest and penalty for July 01, 2017 to March 31, 2022; appeal shared before GST Appellate Tribunal, Haryana; Company does not anticipate adverse outcome.
- Exceptional item represents the impairment of investment amounting to INR 2.28 crores for the year ended March 31, 2026.
Board meeting outcome
The board of TCI Express met on November 05, 2026. The outcome covers the company's accounts for the quarter and half year ended September 30, 2026, and a boardroom appointment.
What the board approved
- Unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026.
- The Limited Review Report submitted by the statutory auditors on those results.
- On the Nomination and Remuneration Committee's recommendation, the appointment of Ms. Ranjana Agarwal as a Non-Executive Independent Director, with effect from November 05, 2026, for a term of 5 consecutive years, subject to the approval of members through Postal Ballot.
- The Postal Ballot Notice seeking members' approval for that appointment, along with related matters.
The numbers, on a consolidated basis
- Revenue from operations for the quarter ended September 30, 2026: Rs. 338.02 crore, against Rs. 308.53 crore in the quarter ended September 30, 2025.
- Net Profit/(loss) after tax for the quarter ended September 30, 2026: Rs. 20.49 crore, against Rs. 26.23 crore in the quarter ended September 30, 2025.
- For the half year ended September 30, 2026: Revenue from operations Rs. 651.42 crore and Net Profit/(loss) after tax Rs. 43.97 crore.
Read together, revenue from operations was higher year on year for the quarter, while Net Profit/(loss) after tax for the quarter was lower than the same quarter a year earlier. Standalone results were also approved at the same meeting.
What the auditors said
- The review was carried out under the Standard on Review Engagements (SRE) 2410, which gives moderate assurance; the auditors do not express an audit opinion.
- Nothing came to their attention that caused them to believe the statement contains a material misstatement.
- Emphasis of Matter: a GST demand on the reverse charge mechanism amounting to INR 51.36 Crores, along with applicable interest and penalty. The company's appeal before the Commissioner (Appeals) was rejected, and it has shared an appeal before the Goods and Services Tax Appellate Tribunal, Haryana. Management is confident of prevailing and does not anticipate an adverse financial outcome, and no adjustment is envisaged in these results. The auditors' conclusion is not modified for this matter.
What a retail reader can take away
- Both sets of quarterly accounts are approved, and the auditors' review carries no modification; the GST matter is drawn attention to as an Emphasis of Matter rather than a change to the reported numbers.
- The independent director appointment is a proposal at this stage and takes effect subject to members' approval through the postal ballot.
- The GST demand is the item to track: it is stated at INR 51.36 Crores plus interest and penalty, with the appeal now before the tribunal.
43.97 (INR in Crores)Consolidated Net Profit after tax, half year ended Sep 30
Profit after tax, latest quarter23.47 (INR In Crores)
Consolidated Net Profit after tax, quarter ended Sep 3020.49 (INR in Crores)
20.49 (INR in Crores)-21.9%
202526.23 (INR in Crores)202620.49 (INR in Crores)
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More numbers
- Consolidated Revenue from operations, quarter ended Sep 30, 2026338.02 (INR in Crores)
- Consolidated Revenue from operations, quarter ended Sep 30, 2025308.53 (INR in Crores)
- Consolidated Revenue from operations, half year ended Sep 30, 2026651.42 (INR in Crores)
- Consolidated Net Profit after tax, quarter ended Sep 30, 202620.49 (INR in Crores)
- Consolidated Net Profit after tax, quarter ended Sep 30, 202526.23 (INR in Crores)
- Consolidated Net Profit after tax, half year ended Sep 30, 202643.97 (INR in Crores)
- GST demand on reverse charge mechanismINR 51.36 Crores
- Term of appointment as Non-Executive Independent Director5
- Total income, latest quarter342.09 (INR In Crores)
- Total income, year-ago quarter312.77 (INR In Crores)
- Total income, previous quarter317.43 (INR In Crores)
- Total comprehensive income, latest quarter24.47 (INR In Crores)
- Total comprehensive income, year-ago quarter23.36 (INR In Crores)
- Total comprehensive income, previous quarter19.95 (INR In Crores)
- Profit after tax, latest quarter23.47 (INR In Crores)
- Profit after tax, year-ago quarter23.91 (INR In Crores)
- Profit after tax, previous quarter20.49 (INR In Crores)
- Revenue from operations, latest quarter338.02 (INR In Crores)
- Revenue from operations, year-ago quarter308.53 (INR In Crores)
- Revenue from operations, previous quarter313.40 (INR In Crores)
- Profit before tax, latest quarter31.97 (INR In Crores)
- Profit before tax, year-ago quarter31.95 (INR In Crores)
- Profit before tax, previous quarter27.64 (INR In Crores)
Source: BSE · 5 Nov 2026
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