TOTAL - Total Transport

📊 NSE: TOTAL 🏢 Miscellaneous 📅 Last Updated: 12/14/2025 14:27

💰 Financial Performance

Revenue Growth by Segment

Multimodal Transport (MLT) revenue grew 11.7% QoQ to INR 134.78 Cr in Q2 FY26. Last Mile Delivery (LMD) and Custom House Agent (CHA) segments also contribute, with LMD previously representing 16% of consolidated turnover (INR 103.63 Cr) in FY25.

Profitability Margins

EBITDA margins improved to 2.9% in H1 FY26 from 0.8% in H1 FY25. PAT margins rose to 1.7% in H1 FY26 from 0.0% in H1 FY25. FY25 consolidated PAT margin was 1.45%.

EBITDA Margin

EBITDA margin for H1 FY26 was 2.9%, an improvement of 218 bps YoY. Q2 FY26 EBITDA was INR 5 Cr, a 4.0x YoY growth.

Capital Expenditure

Property, land, and equipment stood at INR 15.17 Cr as of H1 FY26. No large planned debt-funded capex is expected over the medium term.

Credit Rating & Borrowing

CRISIL Stable rating. Total borrowings stood at INR 36.6 Cr as of FY25. Interest coverage ratio improved to 4.44x in FY25 from 2.42x in FY24.

⚙️ Operational Drivers

Raw Materials

Freight and handling charges are the primary costs. While specific % of total cost is not disclosed, they are the main drivers of the operating expense base for the logistics services.

Capacity Expansion

Not disclosed in MT/units as the company is a service provider; however, the company is scaling up LMD volumes and expanding its multimodal platform capabilities.

Raw Material Costs

Not disclosed as a % of revenue; however, subdued global freight rates and reduced average realizations per shipment led to a decline in consolidated revenue in FY25.

Manufacturing Efficiency

Not applicable as a service provider; however, sequential improvement in EBITDA margins in H2 FY25 was supported by cost optimization.

Logistics & Distribution

Not disclosed as a % of revenue; however, the company focuses on high-margin segments such as LCL consolidation and Last-Mile Delivery (LMD).

📈 Strategic Growth

Expected Growth Rate

10.90%

Growth Strategy

Disinvestment of the loss-making LMD subsidiary (OneWorld Logistics) to stop the cash drain and focusing on high-margin LCL consolidation and air-freight divisions which saw solid volume growth in Q2 FY26.

Products & Services

LCL (Less than Container Load) Consolidation, FCL (Full Container Load) Forwarding, Air Freight, Last-Mile Delivery (Abhilaya), and Custom House Agency (CHA) services.

Brand Portfolio

Total Transport Systems, Abhilaya.

New Products/Services

Scale-up in Last-Mile Delivery (LMD) volumes under the Abhilaya brand.

Market Expansion

Strategic diversification and strengthening logistics capabilities across multimodal platforms.

Strategic Alliances

CP World Global Network, iCargo Alliance, and a 30% owned JV, Seedeer (India) E-commerce Private Limited, partnered with Seedeer (Hong Kong) E-Commerce Company Limited.

🌍 External Factors

Industry Trends

The industry is shifting towards end-to-end multimodal solutions. TTSL is positioning itself by scaling up its LMD volumes and maintaining a global network to counter the fragmentation in the logistics sector.

Competitive Landscape

Highly competitive and fragmented logistics industry with low entry barriers and numerous small players.

Competitive Moat

The company's membership in the CP World Global Network and iCargo Alliance creates a significant network effect moat, allowing it to offer global reach that smaller, fragmented competitors cannot match.

Macro Economic Sensitivity

Sensitivity to global freight volatility and macroeconomic headwinds which impacted FY25 revenue realizations.

Consumer Behavior

Growth in e-commerce is driving demand for Last-Mile Delivery (LMD) services.

Geopolitical Risks

Monitoring evolving tariff structures and global trade policies that could impact demand outlook.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Companies Act 2013, Foreign Exchange Management Act (FEMA) 1999 for overseas activities, and various labor and tax laws.