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Prabhudas Lilladher Report
We recently visited TCI Express Ltd. sorting center in Pune. Spread over 1.5 lakh square feet, the center is fully automated and has ~50 loading docks.
The management expects recovery in B2B volumes (annualized 12-15% volume growth targeted) from H2 FY25E, on the back of improvement in textile loads (South based).
The stock is currently trading at 33 times/23 times FY24/FY26E earnings. We maintain ‘Buy’ rating on TCI Express with a target price of Rs 1410 based on 29 times FY26E P/E multiple.
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