Credit ratingJul 2026
Jul 2026 · Credit Rating- New 29 Jul - ICRA reaffirmed Tejas Cargo’s ratings and enhanced rated limits to Rs.301 crore on July 29, 2026.
Source: Nse
Tejas Cargo India Ltd. (TEJASCARGO)
SME CapServices stocks · SME cap · NSE
Tejas Cargo India Limited is a fast-growing logistics company headquartered in Faridabad, Haryana, specializing in Full Truck Load (FTL) services across India. It operates a fleet of 1,338 vehicles, leveraging technology-driven solutions for efficient fleet management across sectors like logistics, cement, steel, FMCG, e-commerce, and chemicals.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result01 Jun, 07:59 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Services P/E 17.7 (n=143)
Technical timing lens
Trend score and candlestick chart
78Bullishfull bull SMA stack · SMA20 +8.7% / mo · MACD − · near 52W high
Stock trend: 78
Sector RS: —
Services FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but exact sector-index confirmation is unavailable. View sector evidence
Technical chart
TEJASCARGOD candles · FIT view+16.1%Latest close ₹410.00 on 2026-10-15
Bar
+0.0%
RSI
53
MACD hist
-0.56
52W pos
86%
2026-10-15O ₹410.00H ₹410.00L ₹410.00C ₹410.00Vol 4,000 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
TEJASCARGONifty 500
- TEJASCARGO
- +12.1%
- Nifty 500
- -5.0%
- Vs Nifty 500
- +17.1 pp
Chart stats
15 Oct 2026- From 52W high
- -5.9%
- 52W range position
- 91%
- ATR (14)
- 2.8%
- Volume vs 20D
- 0.33x
- Avg traded value
- ₹0.4 Cr
- 20D price channel
- ₹385.1 - ₹425
₹435.9
₹162.4 - ₹435.9
₹11.4
Latest completed session
20-session average
43.4% annualized volatility
No exact NSE sector index is mapped for this company. Nifty 500 remains the broad-market comparison.
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Momentum only
Trend is strong but fundamentals do not support a clean investment thesis.
U-Score
Legacy · OVERVALUED30
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Bullish78
Price trend and sector-relative-strength timing.
Valuation
Legacy model-76.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence64
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹327 Cr | NDF | +8.3% |
| EBITDA | ₹66 Cr | NDF | +53.5% |
| Operating margin | 20.0% | NDF | +600 bps |
| PAT | ₹8 Cr | NDF | -38.5% |
| PAT margin | 2.5% | NDF | -185 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 44.80
- P/B
- 4.99
- EV/EBITDA
- 6.51
- Market Cap
- 965.00Cr
Profitability
- ROE
- 11.80%
- ROCE
- 12.50%
- ROA
- 4.70%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 22.52%
- EPS 5Y
- 27.10%
- Revenue 3Y
- 15.00%
- EPS 3Y
- 15.00%
Balance Sheet
- Debt/Equity
- 1.14
- Interest Coverage
- 6.11×
- Altman Z
- 5.18
- Book Value
- 80.90
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- 59.00 Cr
- EPS TTM
- 8.76
Shareholding
- Promoter Hold
- 74.71%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 83%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 629+25.5% vs prev
Net Profit
₹ CrLatest: 21.0+10.5% vs prev
Return on Equity
%Latest: 10.9-0.9% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 53. Wait for confirmation.
- SMA20 rising (~8.0% over last month) — short-term momentum positive.
- RSI(14) at 53 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 6% off 52W high · 63% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
88
RS percentile
Stage 2 UptrendEstablished S2
1M return
-2.4%
3M return
+16.1%
6M return
+55.6%
1Y return
-
RS 1D
-1
RS 20D
+3
Sector rank
#12
Industry rank
#40
Stage evidence
- Price is 22.5% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +4.5%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
23 Apr 2026
S2 age
70 trading sessions
Sector
neutral
Industry
improving
Partial-history RS: the 3M and 6M weights are re-normalised because 12M history is unavailable.
Relative-strength line vs Nifty 500 (base 100)
149 observations
15 Oct 2026Value 137.65-3.01%
RS vs Nifty 500138
Valuation & peers
U-Score 30 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 30 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation1/30
Growth14/25
Quality2/20
Balance Sheet7/15
Cash Flow1/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
30
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
30/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 7/9.
- Growth contributes 14/25 to the score.
- Balance sheet contributes 7/15 to the score.
Main drags
- Fair-value margin of safety is negative at -76.3%.
- Valuation is weaker at 1/30; verify the latest quarterly trend.
- Quality is weaker at 2/20; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
44.8
PB
5.0
EV/EBITDA
6.5
ROE
11.8%
ROCE
12.5%
FCF Yield
—
Debt/Equity
1.1
MoS
-76.3%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
30
Previous: 30
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-76.3%
Previous: -76.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
30
30
30
30
30
30
30
30
30
30
30
30
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹126.28
-224.7% MoS
Growth-justified P/E
26.6
Growth-justified Value
₹232.58
-76.3% MoS
PEG
2.01
Comparable companies
Peers
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
OLIL
SME
Oneclick Logistics India Ltd.
Logistics
match 87
21
114.0
5.5%
-322%
OVERVALUED
WCIL
Small
Western Carriers (India) Limited
Logistics
match 86
18
24.7
4.6%
-351%
OVERVALUED
SJLOGISTIC
SME
S J Logistics (India) Ltd.
Logistics
match 85
80
6.6
29.1%
+76%
DEEP VALUE
COMMITTED
SME
Committed Cargo Care Ltd.
Logistics
match 84
42
43.4
13.7%
+1%
WATCHLIST
PRLIND
SME
Premier Roadlines Ltd.
Logistics
match 84
46
6.8
14.4%
-104%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-03T07:20:32.077Z
Management commentary snapshot
Tejas Cargo reports strong FY26 operational growth with 25.2% total income increase, driven by fleet expansion to 1,338 vehicles and strategic entry into specialized logistics segments. PAT grew 9.4%, though EBITDA margins moderated due to higher costs.
The company delivered robust top-line growth in FY26, fueled by fleet expansion and diversification into high-growth logistics segments. While EBITDA margins faced pressure from rising costs, PAT still grew. Strategic focus on specialized logistics and asset-light freight forwarding offers future scalability.
Current business mix
FY26 Sector Wise Revenue Mix
Latest issuer-disclosed distribution across 6 reported categories.
Logistics54.1%
Steel and Cement19.7%
E-Commerce13.5%
Industrial and Chemicals6.6%
FMCG and White Goods5.7%
Coal, FlyAsh, Car Carrier & Freight Forwarding0.3%
Growth engines
Specialized Logistics Segments
Expanded presence in coal logistics, mining logistics, fly ash transportation, and car carrier operations.
Freight Forwarding
Provides a scalable asset-light opportunity alongside core asset-backed business.
Technology-enabled Operations
Leveraging technology-led fleet monitoring, cargo security, and route optimization for efficiency.
Shift to Organized Players
Company believes its capabilities position it well to benefit from the industry's shift towards organized logistics.
Capacity and execution
Owned Fleet Expansion
Owned fleet expanded to 1,338 vehicles during FY26, adding 205 vehicles.
Car Carrier Trailers
40 car carrier trailers were added in FY26.
Container Trucks & Trailers
Between H1 and H2 FY26, 108 vehicles were added, including 35 container trucks (9–18T) and 73 trailers (40T).
EV Deployment
Deployment of electric vehicles under a 5-year e-commerce engagement.
Tailwinds
Infrastructure & Policy Initiatives
Bharatmala Pariyojana, PM GatiShakti, National Logistics Policy, and Sagarmala Programme support the sector.
E-commerce and Consumption Growth
Rising penetration of e-commerce and quick commerce drives freight volumes, expanding into Tier II/III cities.
Formalization of Road Logistics
Increasing preference for compliant, reliable, and tech-enabled logistics partners, with GST, FASTag, e-way bill accelerating formalization.
Headwinds
Higher Operating Costs
EBITDA margins moderated primarily due to higher market hiring, toll, and insurance costs in FY26.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The document primarily presents audited financial results for the full year FY26 compared to FY25, and half-year H2 FY26 compared to H2 FY25, indicating a focus on annual and half-yearly performance trends.
Sector KPIs management disclosed
Total Income
Grew by 25.2% during FY26 to Rs. 636.5 Cr.
EBITDA Margin
Moderated to 18.4% in FY26 from 20.4% in FY25, a 199 bps decline.
PAT
Grew by 9.4% during FY26 to Rs. 20.9 Cr.
Owned Fleet Size
Expanded to 1,338 vehicles in FY26.
Management forward view
Diversification & Future-Readiness
FY26 marked an important year in becoming a diversified and future-ready logistics enterprise.
Focus on Specialized Segments
Focus remains on deepening presence across specialized logistics segments and strengthening customer relationships.
Disciplined Growth
Management aims to drive disciplined, sustainable growth across the business.
Hybrid Fleet Strategy
Targeting ~40% revenue contribution from aggregated fleet by FY27 with ~100 vehicles (replacement/additions) annually.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Contribution from Aggregated Fleet | Transitioning towards Hybrid Fleet Model. | Targeting ~40% revenue contribution from aggregated fleet by FY27. |
| Annual Vehicle Additions | 205 vehicles added in FY26. | Disciplined capex plan of ~100 vehicles (replacement/additions) annually. |
| Car Carrier Business Partnerships | Engaged with Hyundai, Kia, and Mahindra for potential partnerships. | Targeting entry into passenger vehicle logistics. |
| Fuel Facility Expansion | 1 PESO-Licensed Captive Fuel Facility at Rewari, Haryana. | Planning to expand the fuel facility, 1 each in West and North. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
64Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 42nd percentile of the scored universe and 44th percentile within Services. Main check: cash conversion is weak at 43/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
6 docs text-extracted · 2 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
42nd percentile
overall median 67 · Services: 44th pctile, median 66 · SME: 51st pctile, median 64
Evidence depth
Financial-only
6 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
43
weak · profit to cash conversion
Balance sheet
69
acceptable · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
55
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 74.7%.
- ▸Promoter pledge is zero.
Trust risks
- ▸Only 0 years of positive FCF.
- ▸Debt/equity is 1.14.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Tejas Cargo India Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationJun 2026
Jun 2026 · PPT
Source: Nse
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Nse
Investor presentationMay 2026
May 2026 · PPT
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
Investor presentationJul 2025
Jul 2025 · PPT
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
Investor presentationMar 2025
Mar 2025 · PPT
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.