Logistics · Founded 1995 · www.ttspl.in · NSE · ISIN INE336X01012
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Business
Total Transport Systems Ltd. is an integrated logistics solutions provider based in India. The company offers a comprehensive range of services, including international freight forwarding (air and ocean), customs clearance, domestic surface transportation, warehousing, supply chain management, and specialized project cargo handling. Its core business model involves managing the movement of goods for clients, leveraging a global network of partners for international reach, and utilizing a mix of owned assets and outsourced services for domestic operations. The company generates revenue through service fees for freight, customs brokerage, warehousing, and other value-added logistics solutions.
Revenue Mix
While specific revenue percentages may fluctuate and vary depending on reporting, Total Transport Systems' operations generally cover these key service lines:
International Freight Forwarding: Encompassing air and ocean cargo services for imports and exports, including cargo consolidation and customs clearance. This is a primary revenue driver, connecting India to global markets.
Domestic Logistics: Involves intra-India surface transportation (road and rail), warehousing, distribution, and last-mile delivery solutions.
Project Cargo & Specialized Logistics: Handling over-dimensional, heavy-lift, or complex cargo for industrial projects, which often requires specialized planning and execution.
Industry
The Indian logistics industry is large, highly fragmented, and experiencing significant growth, with an increasing shift from unorganized to organized players. It is characterized by intense competition from large integrated logistics companies, express delivery services, freight forwarders, and regional operators. Total Transport Systems Ltd. positions itself as an integrated logistics solutions provider with global capabilities through its network. It competes by offering customized solutions, reliability, and specialized services, aiming for a diverse client base across various industries rather than solely focusing on volume leadership.
MOAT
Total Transport Systems' competitive advantages primarily include:
Integrated Service Offering: Providing a comprehensive suite of logistics services (freight forwarding, customs, warehousing, distribution) helps simplify supply chains for clients, fostering convenience and potential customer loyalty.
Global Network Access: Leveraging a network of international partners enables the company to offer seamless cross-border logistics services without requiring extensive asset ownership globally.
Specialized Expertise: Demonstrated capability in handling complex project cargo showcases specialized knowledge and operational prowess, catering to niche industrial requirements.
However, the industry's competitive nature means these advantages, while valuable, may not create extremely high barriers to entry.
Growth Drivers
Robust Economic Growth & Industrialization: India's strong economic growth, government thrust on manufacturing (e.g., PLI schemes), and increasing domestic and international trade volumes directly fuel demand for logistics services.
Infrastructure Development: Government initiatives like the PM Gati Shakti National Master Plan and significant investments in roads, ports, and multimodal logistics parks enhance efficiency and expand connectivity.
E-commerce Expansion: The rapid growth of e-commerce across India drives demand for efficient warehousing, fulfillment, and last-mile delivery solutions.
Formalization of Logistics: The implementation of GST has streamlined inter-state movement and encouraged the shift from fragmented, unorganized players to organized, integrated logistics providers.
Supply Chain Optimization Demand: Businesses are increasingly seeking integrated and technology-enabled logistics partners to optimize their supply chains, reduce costs, and improve efficiency.
Risks
Intense Competition and Pricing Pressure: The highly fragmented and competitive nature of the Indian logistics market can lead to pricing wars, impacting profit margins.
Fuel Price Volatility: Fuel is a major operating cost, especially in surface transportation, and significant fluctuations can directly affect the company's profitability.
Global Trade & Geopolitical Risks: As an international freight forwarder, the company is susceptible to global economic slowdowns, trade policy changes, and geopolitical events affecting trade volumes and freight rates.
Infrastructure & Regulatory Hurdles: Despite improvements, ongoing infrastructure bottlenecks and evolving regulatory environments can still pose operational challenges and increase compliance costs.
Technology Adoption & Investment: The continuous need to invest in and adopt new technologies for tracking, optimization, and automation to remain competitive and efficient.
Management & Ownership
Total Transport Systems Ltd. is a promoter-driven company. Mr. Manish R. Rathi serves as the Managing Director, representing the promoter group. The promoter group typically holds a significant stake in the company, which is common in Indian mid-cap firms, indicating direct involvement of the founding family or key stakeholders in the company's strategic direction and day-to-day operations.
Outlook
Total Transport Systems is poised to benefit from India's structural growth drivers in the logistics sector, including economic expansion, robust infrastructure development, and the ongoing formalization of the industry. The company's integrated service offerings and international network position it well to cater to the evolving demands for efficient and sophisticated supply chain management. However, the outlook is balanced by the intensely competitive landscape, potential for margin pressures due to volatile input costs (like fuel), and sensitivity to global trade dynamics. Sustained growth will hinge on its ability to enhance operational efficiencies, strategically expand its network, adopt new technologies, and maintain service quality amidst a dynamic and competitive market.
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| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 115 | 148 | 146 | 188 | 175 | 156 | 147 | 163 | 156 | 155 |
| Other Income | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 1 | 1 |
| Total Income | 116 | 149 | 147 | 189 | 176 | 157 | 149 | 164 | 157 | 156 |
| Total Expenditure | 113 | 147 | 145 | 187 | 170 | 151 | 143 | 159 | 151 | 153 |
| Operating Profit | 3 | 2 | 3 | 2 | 6 | 7 | 6 | 5 | 5 | 2 |
| Interest | 1 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 1 | -1 | 1 | 1 | 4 | 4 | 4 | 3 | 3 | 0 |
| Provision for Tax | 1 | -0 | 1 | 1 | 1 | -2 | 1 | 1 | 1 | 0 |
| Profit After Tax | 1 | -1 | 0 | -0 | 3 | 6 | 3 | 2 | 2 | 0 |
| Adjustments | -0 | -0 | 0 | 0 | 0 | 0 | 0 | -0 | -0 | 0 |
| Profit After Adjustments | 1 | -1 | 0 | -0 | 3 | 6 | 3 | 2 | 2 | 0 |
| Adjusted Earnings Per Share | 0.5 | -0.4 | 0.1 | -0 | 1.8 | 3.6 | 1.8 | 1.4 | 1.4 | 0.2 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 275 | 246 | 213 | 214 | 256 | 400 | 315 | 583 | 590 | 488 | 665 | 621 |
| Other Income | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 4 | 3 |
| Total Income | 276 | 247 | 213 | 214 | 256 | 400 | 315 | 584 | 591 | 492 | 669 | 626 |
| Total Expenditure | 266 | 233 | 204 | 203 | 243 | 392 | 312 | 567 | 576 | 481 | 652 | 606 |
| Operating Profit | 10 | 14 | 9 | 11 | 14 | 7 | 3 | 17 | 15 | 11 | 17 | 18 |
| Interest | 3 | 4 | 3 | 2 | 2 | 2 | 2 | 2 | 3 | 4 | 4 | 4 |
| Depreciation | 3 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 4 | 4 | 4 |
| Exceptional Income / Expenses | 0 | -25 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 4 | -16 | 6 | 8 | 11 | 4 | 0 | 14 | 10 | 3 | 10 | 10 |
| Provision for Tax | 2 | -0 | -0 | 0 | 3 | 2 | 1 | 4 | 5 | 2 | 1 | 3 |
| Profit After Tax | 2 | -16 | 6 | 8 | 7 | 2 | -1 | 9 | 5 | 1 | 9 | 7 |
| Adjustments | 4 | 1 | 0 | -0 | -0 | -0 | -0 | 0 | 0 | -0 | 0 | 0 |
| Profit After Adjustments | 6 | -15 | 6 | 8 | 7 | 2 | -1 | 9 | 5 | 1 | 9 | 7 |
| Adjusted Earnings Per Share | 6 | -15.5 | 5.8 | 5.5 | 5 | 1.5 | -0.6 | 6.5 | 3.2 | 0.8 | 5.5 | 4.8 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 36% | 4% | 11% | 9% |
| Operating Profit CAGR | 55% | 0% | 19% | 5% |
| PAT CAGR | 800% | 0% | 35% | 16% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -36% | -28% | 4% | NA% |
| ROE Average | 11% | 7% | 7% | 5% |
| ROCE Average | 12% | 11% | 12% | 11% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 22 | 7 | 12 | 38 | 45 | 47 | 46 | 55 | 75 | 76 | 83 |
| Minority's Interest | 2 | 2 | 2 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | -0 |
| Borrowings | 4 | 3 | 3 | 1 | 1 | 0 | 4 | 3 | 0 | 1 | 1 |
| Other Non-Current Liabilities | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 3 | 4 | 4 | 3 |
| Total Current Liabilities | 43 | 44 | 40 | 28 | 33 | 82 | 49 | 70 | 42 | 73 | 79 |
| Total Liabilities | 73 | 57 | 59 | 69 | 82 | 132 | 103 | 131 | 121 | 155 | 167 |
| Fixed Assets | 13 | 11 | 10 | 9 | 9 | 8 | 8 | 10 | 12 | 19 | 18 |
| Other Non-Current Assets | 1 | 0 | 0 | 1 | 2 | 3 | 4 | 3 | 4 | 16 | 22 |
| Total Current Assets | 59 | 46 | 49 | 60 | 70 | 121 | 90 | 119 | 104 | 120 | 127 |
| Total Assets | 73 | 57 | 59 | 69 | 82 | 132 | 103 | 131 | 121 | 155 | 167 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 4 | 10 | 12 | 2 | -9 | -13 | -21 | -15 | 6 | 11 | 4 |
| Cash Flow from Operating Activities | 7 | 5 | -11 | -10 | 1 | -3 | 5 | 4 | 20 | -2 | -2 |
| Cash Flow from Investing Activities | 1 | 2 | 0 | -1 | -2 | -1 | -1 | -2 | -21 | -18 | 3 |
| Cash Flow from Financing Activities | -2 | -5 | 1 | 12 | -4 | -4 | 2 | -2 | 6 | 13 | -2 |
| Net Cash Inflow / Outflow | 6 | 2 | -9 | 0 | -5 | -7 | 6 | -0 | 5 | -7 | -0 |
| Closing Cash & Cash Equivalent | 10 | 12 | 2 | 3 | -13 | -21 | -15 | -16 | 11 | 4 | 4 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 5.99 | -15.49 | 5.77 | 5.52 | 5.02 | 1.46 | -0.6 | 6.46 | 3.25 | 0.78 | 5.54 |
| CEPS(Rs) | 5.14 | -14.77 | 6.84 | 6.13 | 5.89 | 2.38 | 0.1 | 7.31 | 4.58 | 3.07 | 7.95 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.75 | 0.75 | 0.5 | 0 |
| Book NAV/Share(Rs) | 22.08 | 6.59 | 12.37 | 26.46 | 31.77 | 32.92 | 32.13 | 38.08 | 46.25 | 47.09 | 51.76 |
| Core EBITDA Margin(%) | 3.48 | 5.12 | 4.21 | 5.02 | 5.23 | 1.79 | 0.95 | 2.81 | 2.48 | 1.47 | 2.01 |
| EBIT Margin(%) | 2.71 | -5.04 | 3.9 | 4.81 | 4.79 | 1.5 | 0.74 | 2.65 | 2.18 | 1.47 | 2.04 |
| Pre Tax Margin(%) | 1.5 | -6.67 | 2.58 | 3.89 | 4.14 | 0.96 | 0.01 | 2.31 | 1.67 | 0.66 | 1.45 |
| PAT Margin (%) | 0.87 | -6.64 | 2.69 | 3.7 | 2.81 | 0.55 | -0.25 | 1.56 | 0.88 | 0.26 | 1.32 |
| Cash Profit Margin (%) | 1.87 | -6.01 | 3.21 | 4.11 | 3.29 | 0.85 | 0.05 | 1.79 | 1.25 | 1.01 | 1.93 |
| ROA(%) | 3.67 | -25.08 | 9.82 | 12.32 | 9.58 | 2.05 | -0.66 | 7.79 | 4.14 | 0.91 | 5.49 |
| ROE(%) | 12.5 | -113.82 | 60.38 | 31.48 | 17.3 | 4.74 | -1.66 | 18.16 | 8.09 | 1.67 | 11.06 |
| ROCE(%) | 21.76 | -42.9 | 33.06 | 25.03 | 21.26 | 9.03 | 3.36 | 20.55 | 14.96 | 7.13 | 11.84 |
| Receivable days | 49.9 | 52.42 | 51.71 | 68.71 | 78.99 | 80.36 | 110.77 | 56.44 | 53.08 | 58.01 | 50.81 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | 35.39 | 52.79 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PER(x) | 0 | 0 | 0 | 8.42 | 6.22 | 12.98 | 0 | 11.02 | 38.09 | 121.13 | 12.41 |
| Price/Book(x) | 0 | 0 | 0 | 1.76 | 0.98 | 0.58 | 1.35 | 1.87 | 2.68 | 1.99 | 1.33 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.05 | 0.61 | 0.53 | 0 |
| EV/Net Sales(x) | 0.04 | 0.03 | 0.1 | 0.36 | 0.23 | 0.12 | 0.26 | 0.21 | 0.32 | 0.33 | 0.2 |
| EV/Core EBITDA(x) | 1.06 | 0.49 | 2.17 | 6.98 | 4.44 | 6.72 | 25.11 | 7.1 | 12.69 | 14.88 | 7.52 |
| Net Sales Growth(%) | 4.69 | -10.65 | -13.4 | 0.29 | 19.97 | 55.96 | -21.19 | 85.22 | 1.21 | -17.31 | 36.29 |
| EBIT Growth(%) | -37.38 | -266 | 166.97 | 23.57 | 19.69 | -51.22 | -61.23 | 565.12 | -16.58 | -44.49 | 90.03 |
| PAT Growth(%) | -58.92 | -781.48 | 135.08 | 38.1 | -8.85 | -69.56 | -135.26 | 1279.59 | -42.74 | -75.97 | 602.15 |
| EPS Growth(%) | -36.33 | -358.47 | 137.29 | 0 | -9.09 | -70.85 | -141.22 | 1171.05 | -49.71 | -76.14 | 614.32 |
| Debt/Equity(x) | 0.71 | 2.05 | 1.44 | 0.37 | 0.4 | 0.46 | 0.51 | 0.49 | 0.22 | 0.44 | 0.44 |
| Current Ratio(x) | 1.36 | 1.04 | 1.22 | 2.15 | 2.09 | 1.47 | 1.83 | 1.69 | 2.5 | 1.64 | 1.6 |
| Quick Ratio(x) | 1.36 | 1.04 | 1.22 | 2.15 | 2.09 | 1.47 | 1.83 | 1.69 | 2.5 | 1.64 | 1.6 |
| Interest Cover(x) | 2.24 | -3.11 | 2.97 | 5.22 | 7.3 | 2.8 | 1.01 | 7.93 | 4.24 | 1.81 | 3.46 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0.21 | 0.41 | 0.8 | 0.37 | 0.26 | 0.08 | 0.22 | 0.33 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 48.18 | 48.19 | 48.2 | 48.2 | 48.22 | 48.22 | 48.22 | 48.23 | 48.23 | 49.74 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 51.82 | 51.81 | 51.8 | 51.8 | 51.78 | 51.78 | 51.78 | 51.77 | 51.77 | 50.26 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.78 | 0.78 | 0.78 | 0.78 | 0.78 | 0.78 | 0.78 | 0.78 | 0.78 | 0.8 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 | 0.83 | 0.83 | 0.81 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.61 | 1.61 | 1.61 | 1.61 | 1.61 | 1.61 | 1.61 | 1.61 | 1.61 | 1.61 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +36% | +4% | +11% | +9% |
| Operating Profit CAGR | +55% | 0% | +19% | +5% |
| PAT CAGR | +800% | 0% | +35% | +16% |
| Share Price CAGR | -36% | -28% | +4% | — |
| ROE Average | +11% | +7% | +7% | +5% |
| ROCE Average | +12% | +11% | +12% | +11% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 48.18 | 48.19 | 48.2 | 48.2 | 48.22 | 48.22 | 48.22 | 48.23 | 48.23 | 49.74 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 51.82 | 51.81 | 51.8 | 51.8 | 51.78 | 51.78 | 51.78 | 51.77 | 51.77 | 50.26 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.78 | 0.78 | 0.78 | 0.78 | 0.78 | 0.78 | 0.78 | 0.78 | 0.78 | 0.8 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 | 0.84 | 0.83 | 0.83 | 0.81 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.61 | 1.61 | 1.61 | 1.61 | 1.61 | 1.61 | 1.61 | 1.61 | 1.61 | 1.61 |
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