Transport Corporation of India

What Transport Corporation of India does

Transport Corporation of India (TCI) is a Gurugram-headquartered multimodal logistics company founded in 1958, operating across rail, road, and coastal shipping modes with nearly 1,400 offices and over 16 million sq ft of warehousing infrastructure across India. The company provides integrated third-party logistics (3PL) services to enterprise customers in FMCG, consumer durables, automotive, pharmaceuticals, e-commerce, quick commerce, and renewable energy sectors, with named anchor relationships including Mahindra & Mahindra (automobile freight via rail) and Zepto (cold chain distribution processing over 20 lakh units daily). TCI operates through four primary business lines: multimodal freight and warehousing (3PL), coastal shipping via the TCI Seaways division (6 ships with 78,000 tonnes capacity plus 2 new vessels under construction), cold chain logistics through the TCI Cold Chain Solutions joint venture (80% TCI, 20% Mitsui & Co), and express logistics via the TCI Express subsidiary.

The business model is B2B enterprise-direct sales with quote-based pricing for freight and warehousing services and a pay-as-you-use model for cold chain facilities. Revenue is generated through managed services contracts (multi-year enterprise agreements), transactional freight fees (coastal shipping), and recurring usage-based storage revenue (cold chain). FY26 consolidated revenue reached Rs 4,965 crore (approximately $590M USD), growing 9.46% YoY, with full-year PAT of Rs 460 crore. The company is publicly listed on NSE and BSE (ticker: TCI) with a market capitalization of approximately Rs 8,170 crore. Bhoruka Supply Chain Solutions Holdings Limited holds the largest disclosed stake at ~44.13%. Notable strategic initiatives include a partnership with Flying Whales to deploy LCA60T 60-tonne cargo airships for remote-region logistics, planned FY27 capex of Rs 550-600 crore (nearly double the prior year), and exploration of green logistics including EV trucks and solar-powered facilities.

Name

Transport Corporation of India

Legal name

Transport Corporation of India Ltd.

Website

https://tcil.com

Company type

Public

Founded year

1958

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Transport Corporation of India is a multimodal logistics provider offering 3PL, warehousing, cold chain, and coastal shipping services to enterprise customers across FMCG, automotive, pharmaceutical, e-commerce, and renewable energy sectors throughout India.

Ownership category

akta.pro rank

Product category

Logistics Services

NAICS

Freight Transportation Arrangement (488510), Warehousing and Storage (493), Deep Sea, Coastal, and Great Lakes Water Transportation (48311)

SIC

Arrangement Of Transportation Of Freight & Cargo (4731), Public Warehousing & Storage (4220), Trucking & Courier Services (No Air) (4210)

akta.pro industry

PRIMARYTLAIAAAE

Transportation Management & Managed Freight (Dedicated Transport, Brokerage-Managed)

Transportation & Logistics/Third-Party & Fourth-Party Logistics (3PL/4PL) / Contract Logistics/Integrated 3PL Contract Logistics (Multi-Service)

SECONDARYTLAIAIAM

Cold Chain Cross-Docking, Transloading & Temperature-Controlled Drayage

Transportation & Logistics/Third-Party & Fourth-Party Logistics (3PL/4PL) / Contract Logistics/Cold Chain 3PL (Temperature-Controlled Logistics)

SECONDARYTLAIAKAC

Breakbulk, Ro-Ro & Chartering (Heavy-Lift Vessels, Barges, Specialized Aircraft)

Transportation & Logistics/Third-Party & Fourth-Party Logistics (3PL/4PL) / Contract Logistics/Project Logistics & Heavy Lift / Oversized Cargo Management

Keywords

• Multimodal logistics services
• Cold chain warehousing
• Coastal shipping freight
• Third-party logistics (3PL)
• Warehousing and distribution

Headquarters

HQ city

Gurugram

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Supply Chain, Personnel, Technology or R&D

Revenue model

1. Integrated Logistics and Supply Chain Services: Third-party logistics (3PL) services including multimodal transportation across rail, road, and coastal shipping. Provides warehousing, distribution, and sector-specific logistics solutions serving FMCG, consumer durables, renewables, e-commerce, and quick commerce sectors. Contributed across all business segments with Q4FY26 revenue of ₹1,336 crore.
2. Coastal Shipping (Seaways Division): Maritime freight services operating six ships with 78,000 tonnes capacity, contributing around 11% of consolidated revenue of ₹4,965 crore in FY26 with significantly higher share of operating profit due to superior margins. Freight rates increased 25-30% to offset bunker fuel cost increases.
3. Cold Chain Solutions: Temperature-controlled warehousing and distribution through TCI Cold Chain Solutions JV (80% TCI, 20% Mitsui). Flexible pay-as-you-use commercial model serving pharmaceuticals, quick commerce, and perishable goods sectors. New 1.5 lakh sq ft facility in Gurugram adds to 16 million sq ft national footprint.
4. Heavy-lift Air Logistics (Emerging): Strategic collaboration with Flying Whales to deploy LCA60T rigid cargo airships capable of carrying 60 tonnes with hover loading capabilities for remote regions in defense, energy, and infrastructure sectors.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

Transport Corporation of India provides integrated third-party logistics (3PL) services across rail, road, and coastal shipping modes, supported by a nationwide network of nearly 1,400 offices and 16 million+ sq ft of warehousing infrastructure. The company delivers multimodal transportation, temperature-controlled cold chain storage (through the TCI-Mitsui joint venture), coastal shipping freight via its Seaways fleet of six ships, and sector-specific supply chain solutions for FMCG, consumer durables, automotive, e-commerce, quick commerce, pharmaceuticals, and renewable energy clients.

Product overview

Transport Corporation of India (TCI) operates as a diversified multimodal logistics company offering an integrated platform of logistics services. The core portfolio includes TCI Seaways (coastal shipping with 6 ships), TCI Cold Chain Solutions (joint venture with Mitsui for temperature-controlled storage), 3PL services, warehousing and distribution (16+ million sq. ft. across India), LTL transportation, and green logistics initiatives. TCI Express serves as a subsidiary focused on express logistics. The company serves FMCG, consumer durables, renewables, e-commerce, quick commerce, pharmaceuticals, and automotive sectors across rail, road, and coastal shipping modes.

Differentiator

Problem solved

Functional benefit

Brands

• TCI Express: Express logistics and transport services division
• TCI Cold Chain Solutions
• TCI Seaways

Products and services

• TCI Seaways (Coastal Shipping) Maritime freight services operating six ships with approximately 78,000 tonnes of carrying capacity along India's coastline for enterprise customers. Contributed around 11% of consolidated revenue with disproportionately higher share of operating profit due to superior margins, supported by 25-30% freight rate increases to offset bunker fuel costs.
• TCI Cold Chain Solutions Joint venture (80% TCI, 20% Mitsui & Co) operating multi-temperature cold storage facilities across frozen, chilled, and air-conditioned zones for pharmaceuticals, quick commerce, food & beverages, dairy, meat & poultry, beauty and life sciences customers. Features flexible pay-as-you-use commercial model, SCADA-based monitoring, and 500 kW rooftop solar power at the new Gurugram facility.
• Third-Party Logistics (3PL) Integrated third-party logistics services combining rail, road, and coastal transportation for enterprise customers across FMCG, consumer durables, renewables, e-commerce, and quick commerce sectors. Includes supply chain management, distribution, and sector-specific solutions.
• Warehousing and Distribution Over 16 million sq ft of warehousing space across India, including cold chain facilities, hub infrastructure, and multimodal distribution centers serving diverse industry sectors nationwide.
• Less-Than-Truckload (LTL) Transportation Less-than-truckload freight services enabling cost-efficient shipping for smaller consignments, identified by management as a key growth area for the company.
• TCI Express Express logistics subsidiary providing time-sensitive transport and delivery services. Completed acquisition of 100% equity of TCI Global (Singapore) in January 2026 to expand express logistics operations into Singapore.

Quantifiable outcome

• Revenue grew 11.6% YoY to ₹1,336 crore in Q4FY26
• +4 more outcomes

Named customers7 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered flagship, core and minor.

• Flying WhalesflagshipStrategic or Co-development Partner · 17 February 2026Strategic collaboration to deploy LCA60T rigid cargo airships capable of carrying up to 60 tonnes with hover loading capabilities without traditional ground infrastructure. Flying Whales plans to establish its third global hub in Tamil Nadu under its 'Three Pillars' strategy, positioning India as central production and operations hub for Asia-Pacific and Middle East. Partnership combines airship's heavy-lift technology with TCI's multimodal network of nearly 1,400 offices to deliver cargo to remote regions for defense, energy, and infrastructure sectors.
• Flying Whales ServicesflagshipStrategic or Co-development Partner · 17 February 2026Subsidiary of Flying Whales involved in the LCA60T aeronautical program deployment in India, supporting sustainable heavy-lift cargo solutions development.
• Mitsui & Co (Japan)coreStrategic or Co-development Partner · 29 December 2025Joint venture TCI Cold Chain Solutions (80% TCI, 20% Mitsui) operates multi-temperature cold chain facilities including new 1.5 lakh sq ft facility in Gurugram with rooftop solar power and SCADA monitoring. Mitsui brings international cold chain expertise and capital for facility expansion across India's growing cold storage market projected to reach USD 18.26 billion by 2033.
• ZeptominorChannel Partner/ Reseller/ Distributor · 21 March 2025Partnership for cold chain storage and distribution expansion supporting Zepto's quick commerce operations processing over 20 lakh units daily through direct-to-farm produce supply chain.

Scale indicators10 records

Recent moves9 records

Expansion highlights5 records

Broad incumbents

• DHL Supply Chain India: Global logistics giant with established Indian 3PL, warehousing, and contract logistics operations. Comparable in integrated supply-chain solutions and enterprise customer targeting, but operates as part of a globally diversified parent offering broader capabilities than TCI.
• FedEx Logistics India: Global integrator with significant Indian air and ground freight, warehousing, and forwarding capability. Comparable in multimodal enterprise freight forwarding and contract logistics, though skewed toward international flows versus TCI's domestic focus.

Direct peers

• Container Corporation of India (CONCOR): Indian listed public-sector rail-based container logistics company operating multimodal terminal-and-freight services. Comparable on rail-anchored multimodal logistics across India and similar enterprise customer base.
• Mahindra Logistics: Indian 3PL and supply-chain arm of Mahindra Group, with strong auto and enterprise exposure across warehousing, transportation, and last-mile. Closely comparable target verticals (FMCG, auto, e-commerce) and Indian enterprise GTM motion.
• Allcargo Logistics: Indian listed multimodal logistics company operating integrated 3PL, coastal/container shipping, and contract logistics. Directly comparable in scale, public-market profile, and multimodal strategy including M&A-driven expansion.
• Blue Dart Express: Indian listed express logistics and courier company majority-owned by DHL, serving B2B and B2C enterprise customers. Comparable in air and surface express, time-sensitive cargo, and Indian enterprise customer segments.
• Delhivery: Indian listed logistics and supply-chain company operating integrated express parcel, freight, and warehousing services. Comparable as a tech-enabled, pan-India enterprise logistics platform competing for the same e-commerce and large-enterprise wallet share.
• Snowman Logistics: India's leading listed cold-chain and temperature-controlled logistics specialist. Directly comparable in temperature-controlled warehousing, pharma/perishables customer base, and pan-India facility footprint—though narrower vertically than TCI.

Regional players

• Aegis Logistics: Indian listed logistics and downstream energy company with liquid logistics terminals and gas distribution. Partially comparable on Indian multimodal logistics and infrastructure-asset plays, though its energy exposure differentiates it from a pure-play 3PL like TCI.

Emerging players

• Gati (now part of Allcargo Group): Indian express distribution and supply-chain company, now under Allcargo ownership, providing surface and air express, warehousing, and e-commerce logistics. Comparable as a multi-vertical Indian logistics player pursuing pan-India enterprise and quick-commerce contracts.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/TCILGroup

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Transport Corporation of India