ICICI Direct has given Buy recommendation for TCI Express with a target price of Rs. 1850 in its research report issued on Jul 29, 2021
ICICI Direct’s research report on TCI Express
TCI Express is a leading asset light B2B (95% of revenues) express logistics company with 28 sorting centres, 800+ owned pan-India centres covering 40000 pick-up and delivery points. SME and corporate clients comprise 50:50 of overall revenues Total 55% of revenues from sectors like auto ancillary, pharma, engineering
Outlook
We remain positive on the stock and maintain our BUY recommendation We value the stock at Rs1850 i.e. 35x P/E on FY23E EPS