Prabhudas Lilladher Recommends 'BUY' on TCI Express with Rs 694 Target

• Prabhudas Lilladher maintains a 'BUY' rating for TCI Express, setting a target price of Rs 694.
• TCI Express reported a weak Q3FY26 performance with a 10.3% EBITDA margin, below estimates.
• Volumes grew 5.4% year-on-year to 255,000 MT, marking the first growth in 8 quarters, signaling a turnaround.
• Volume growth was fueled by recovery in surface express, new customer additions, and increased wallet share from existing enterprise accounts.
• Future outlook projects sales/PAT CAGR of 7%/18% respectively over FY25–FY28E, with 6% CAGR in volumes.