TCI Express Limited (NSE: TCIEXP) Q1 2026 Earnings Call dated Aug. 14, 2025
Corporate Participants:
Unidentified Speaker
Chander Agarwal — Managing Director
Mukti Lal — Chief Financial Officer
Analysts:
Unidentified Participant
Mohit Lohia — Analyst
Krupashankar — Analyst
Dhruvin Kadakia — Analyst
Achal Lohade — Analyst
Ashwin Reddy — Analyst
Koundinya Nimmagadda — Analyst
Pravesh Kochar — Analyst
Jainam Shah — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the TCI Express Q1FY26 earnings conference call hosted by ICICI Securities Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing STAR and then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Mohit Lohia from ICICI Securities Limited. Thank you. And over to you sir.
Mohit Lohia — Analyst
Yeah. Hi. Thank you Nidhi. And good evening everyone. Thank you for joining us today for quarter one FY26 call of TCI Express Limited. First of all, I would like to thank the management for providing us the opportunity to host the call. From the management side we have Mr. Chandra Agarwal, Managing Director. Mr. Muktila, Executive Director and CFO Mr. Pavitra Mohan Pandan, Senior Chief Sales and Marketing Officer. So without further delay, I would now hand over the call to management for the opening remarks. Thank you. And over to you, sir.
Chander Agarwal — Managing Director
Good evening everyone and welcome to Q1FY26 earnings conference call for DCI Express Limited. I would like to thank all of you for joining us here today. I hope you and your families are staying healthy and fit. We have already circulated our earnings presentation on our website and stock exchanges and I trust you have reviewed it. To begin, I will provide an overview of our business scenario and the performance of our service offerings for the quarter. Following that, I will hand over the call to our executive director and CFO Mr. Mukthi who will walk you through the financial performance for Q1 financial year 26.
The first quarter of financial year 26 marked a steady beginning for the company with DCI Express sustaining its momentum through disciplined operational approach and continued investments in network expansion. Performance during the quarter reflected balanced contribution from all service verticals supported by evolving customer requirements, growing demand across industrial segments and the company’s strategic focus on multimodal logistics. The Surface Express division remained the largest contributor to overall business driven by demand from sectors such as retail, automotive and industrial goods. Operation consistency ensured sustained volumes and service levels. The Rail Express segment continued to strengthen its network supported by infrastructure improvements and increased adoption of cost effective and environmentally compliant railway solutions.
The domestic Air Express division further expanded its last mile connectivity while the International Express division handed over handled over 100 tons of power through multiple Indian gateways recording a 33.25% year on year revenue growth. The C2C segment registered growth of over 14% during the quarter. In line with our focus on diversifying and strengthening revenue streams during the quarter, we added 10 new branches to enhance last mile delivery and capabilities to improve customer accessibility in key regions. In addition, new sorting centers were commissioned in Nagpur, Raipur and Indore. Collectively spanning over 2 lakh square feet, these facilities represent a significant step in our infrastructure expansion and will strengthen our processing capacity in central India.
Our multimodal capabilities remain a core element of a long term strategy contributing to operational flexibility and optimized service timelines. Despite industry headwinds such as elevated freight rates, inflation in labor costs and higher compliance expenses, our asset like model surrounded by agile network management, enables stable freight pricing and consistent serviceability. Through disciplined execution and focus on cost efficiency, we maintained stable revenue performance in Q1 26. This was supported by steady volumes, improved productivity and an optimized cost structure. Profit after tax for the quarter stood at 21 crores. We are pleased to share that TCI Express has been certified as a great place to work for the fifth consecutive year, reaffirming our commitment to employee engagement and workplace excellence.
As part of our CSR initiatives, the TCI Express foundation, in collaboration with TCI foundation established an Archery Academy in Kunti Yarkhand to support tribal children through structured coaching, quality equipment and regular training sessions. Looking ahead, we will continue to focus on expanding our infrastructure and strengthening service capabilities. Plans are in place to replicate automation technologies at upcoming facilities, expand our branch and service network and further develop the multimodal segment to targeted sales and business development initiatives. We are also working to increase our presence in complex sectors such as aerospace and engineering while scaling the Air Express network beyond Metro cities to improve coverage.
We remain optimistic about the upcoming fastening event which is expected to result in higher volumes across retail, electronics, auto and lifestyle products. The company is well positioned to manage the anticipated demand through its expanded network, upgraded infrastructure and strengthen multimodal capabilities with a clear roadmap. TCI Express remains committed to sustaining growth through operational excellence, service reliability and strategic execution in the quarters ahead with this. I would like to now hand over the call to Mr. Mukti to talk about our financial performance for the last quarter.
Mukti Lal — Chief Financial Officer
Yeah, thanks Sundar sir and good evening everyone and thank you for joining us today. I will now take you through the financial performance of the company for this first quarter and as Mr. Chandra has already briefed about the like overview of the business and environment and key development during the quarter, so I will focus on financial performance service wise, my service offerings updates and operational progress and our Strategic priorities. So basically we have achieved a revenue of 287crore rupees and this is reflecting a sequential decline of 6.7% and 2% is on year on year basis and total income of the quarter is 290 crore rupees.
EBITDA for this quarter was like 33 crore rupees and it is a margin level studies 11.5% which is compared to 10 and half percent to in Q4 and 12% in Q1. And profit after tax is again just 21 crore rupees with a margin level of 7.3%. Despite the revenue moderation, our margin as you know margin profile remains resilient supported by operational efficiency again higher network productivity and improved business mix. The benefits from the automation at our shorting center and disciplined control on the records help offset part of the volume softness. So now I’m giving like you know service offering wise performance.
So international access registered growth during the quarter supported by higher volumes through key gateways and increased customer adoption. First time in a quarter we achieved like under ton transportation for air international service continue to handle both outbound and inbound flows provide two way capabilities to clients. Same way like Rail Express reported stable growth with further expansion of network coverage and customer base alongside a higher proportion of repeat businesses. It remained positioned as an option balancing cost efficiency and delivery timeline across key routes. Again about like C2C express recorded also an expansion in business during the quarter supported by new customer acquisition in core industry sectors and increased adoption of customized delivery solutions.
Efficiency in operation was achieved through route optimization and effective utilization of return loads. We continue to provide the expansion of our edge multimodal portfolio with the objective of increasing its overall contribution to the revenue mix over the medium term. Apart that we also like spent 13 crore rupees on a capital expenditure towards branch expansion, shorting center construction and IT infrastructure validation. This is part of our multi year CAPEX plan under which we already spent investment almost like 200 crore rupees in the last three years. We continue to operate with zero debt balances. Receivable days were maintained at 58 days.
Payable days are 35 days. So net working capital cycle cycle is maintained at 23 days. Consistent with our historical performance. Our asset line model allows us to fund expansion entirely from internal accruals while maintaining strong liquidity and we will be maintained for the whole year and time to come also. So our priorities remain focused on expanding multimodal capabilities along with surface expansion. Also we have to increase the contribution of multimodal services in overall PI from current level of 17 and a half to 18 to 20 to 22% in over the next two to three years.
Includes widening customer penetration, high potential industrial verticals, scaling international express volumes and leveraging technology and automation to improve productivity. And also like in that we also strategize where we earlier thought Kudana like one team for the whole multimodal program. Now we decided to be keeping each service offerings have a separate like throughout the ecosystem network from top to bottom. So we creating that way also. So we creating for air and international and Then rail and C2C is a completely different from top to bottom. We creating in a separate team and separate network for that. So on sustainability on other side or you can say like grain logistics we are piloting EVs for last mile and mid mile operation in selected cities and implementing renewable energy solution including solar rooftop at newly built up these three shorting center as Mr.
Chandra has mentioned. So ESG remains an integral part of our long term strategy approach and business. So to conclude Q1 was a steady start to the year. We maintained stable margin despite a modest decline in revenues, continued to invest in network expansion and automation and upheld our strong balance sheet and cash flow profile. We are confident our strategic direction and disciplined execution will enable us to capture growth opportunities in the quarter ahead and deliver sustainable value for all stakeholders. So now thank you very much and now we can open for the open the floor for questions please.
Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen will wait for a moment while the question queue assembles. The first question is from the line of Krupa Shankar NJ from Avendus Park. Please go ahead.
Krupashankar
Good evening and thank you for the opportunity. My first question is on the Tanesh part. So while you have mentioned it is quite soft. Any number you can provide on what would have been the tonnage for the quarter? Yeah, well so Tanesh is 2 lakh 33 lakh ton in for the quarter. All right. With respect to improving is the existing network on the surface side. Just wanted to get a sense on. You know the utilization levels are at around 82%. Want to know how are you trying to improve that in the surface Express business? Any measures taken on that front?
Chander Agarwal
Yeah, well so as you aware like you know volumes are soft.
So we last year we Were highest with us around 83 and half and then is maintained for the whole year. And this is a good thing. In spite of slightly decline in volume, we are able to so shortly once we add the volumes then certainly we will be reached back to 83 and a half to 84% for the surface for sure. But side by side we also like adding the capacity or network expansion for my Air Domestic and Air International product and as well as for rail. So for them we’re creating in a separate network.
So that cost is also like adding in my overall direct cost. Is it fair to assume that the margins of the surface business have been higher and it is just because the other businesses are scaling up, the profitability is relatively lower. Is that correct? Or any. Any other thoughts you can share on what can drive margins from current levels? So if you talk about margin levels. So margins in surface, Air domestic and rail are all more or less equal and slightly less in Air International business. Because this is a very competitive business, you know, is a high volume business basically.
So that’s okay. So. And. Okay, sorry. So no last point. What I wanted to know is that going ahead is is the growth expectation in the international air business going to drive our top line growth over the near term? Is that, is that going to be the key driver? So basically not only you know, Air International, it will be like all the multimodal model products like rail, Air Domestic and International and C2C put together, they will be the growth driver also. But we, you know, like Surface is our key business. We still have the like 80 to 83% businesses surface. So that has to be also driver, you know, drive the growth.
But we want to be slightly higher growth in these new segments. That’s why we’re creating a team. So our target is to strategy. Supposing we altogether achieving a growth of double digit or like 10, 11% then we maybe achieve 8% growth in surface and then 14, 15% overall growth in multimodal products. So that’s the target and margin level will be certainly improve once we will be get the volumes and you know, revenue growth and we will be back to normal margin levels. So profitability wise all product, you know, doing very well. But somehow some capacity is unutilized in new, you know, network.
We’re creating for first mile and last mile deliveries for these new services like rail and air. Because mid miles is already decided as a train and you know flights. But first mile and second miles we somehow we creating and like more network to be reached customer very fast and to service Level has to be like you know, very high. So that somehow it is slight vacancies there which will be once we will be like picking the volume in gradually then it will also fill up. Understood. Thank you. I’ll get back.
operator
Thank you. The next question is from the line of Dhruvin Kadakia from SKP securities. Please go ahead.
Dhruvin Kadakia
Hi sir. I actually wanted to understand that with respect to our Capex that we have till FY27. It would be really kind if you could give me some kind of a breakup. As to how much are we planning to incur in FY26 and FY27.
Mohit Lohia
Yeah. Well so we have taken a target to in a for the last three year and including 6, 26 and 27 for the five year we’ve taken a target of 500 crore rupees capex plan off that in last three years we spent 200 crore rupees. Now I think in this year we will be finished with the 100 crore and again in a next year again 100 crore.
So this way I think we will be finished and out of 500 we may be like 400 crore plus. That’s the. I think we will be achieved by 27. And then once we will be in the mid of year of 27 then we will be finalized again next 4, 5 years CAPEX plan. So is it safe to say that these 500 crores chances are that it will extend beyond FY27 like it can happen till FY28. Yes, that’s the high, high probability. Yes. All right. And any guidance that you would like to give with respect to EBITDA margin volume growth or realization growth for the next two in this year we targeting.
You know, you know volume growth is in single digit higher single digits like 8, 9%. And with the price hikes we will want to be like 11, 12% in FY26 and then in the next year around volume growth again double digit. And then profit margin is around 15% in revenue growth. Sorry. 13% revenue growth and margin would be back to EBITDA will be normal in 15% 16% range.
Dhruvin Kadakia
Okay. So that’s all from my side. Thank you so much. Thank you.
operator
Thank you. The next question is from the line of Achal Louhade from Nuama Institutional equities. Please go ahead.
Achal Lohade
Yeah, thanks for taking my question. If you could help us understand in terms of the so 200 crores you mentioned in terms of capex but I presume the OPEX is also hurting. Is there any estimation as to what is the extent of you know, the under absorption of these cost like or let me put it in another fashion, if you could help us understand on the Surface Express, which has been our core in the past, what is the margin compression we have seen, you know from a 15% has it fallen to a, you know a 10% or 9% or it is still 1314 but balance 400 pips impact is because of the other verticals.
Mukti Lal
Yeah, well, so you rightly said there is a no margin compression itself in Surface Express because this is the biggest service we offering here. Margin is slightly like decline in other multimodal product where we. Because we see on a inflationary pressure or dual flow by these airlines and airport privatization in air segment. And obviously this increase in air internationally slightly low margin business is EBITDA margin is around in the range of 10 to 12%. But though it is not in a big business right now, it will be grow. That is our like long term strategies to be like de risk the revenue stream.
Because we are usually like depending on the one segment of business. So those with de risk ourselves by the client clientele, you know ratio because we have high clientele surface. But we want to be de risk ourselves with the, you know, diversification on the service level also. So that’s why we want to strengthen this multimodal services or other services, these offerings also. So that’s why we simultaneously creating an A team for these other services also. So that’s why margin is slightly less on these. Otherwise on operating level. These also like very good margin and other services also.
Except this one, Air International.
Achal Lohade
I’m a bit lost. If you could elaborate a little bit very clearly. So let’s say, you know, you have said 17% is our the other verticals, right? 80 to 83% is surface express. Have I understood the number right?
Mukti Lal
Yeah, yeah.
Achal Lohade
You’ve said that your margins are fairly stable for the surface, which used to be 15% before. Right. That alone can give me 12% EBITDA market.
Mukti Lal
Yes. Yeah. Now it is around 13%.
Achal Lohade
13. Okay. So there is a 200bps contraction there. And that is driven by. What is that. Is that to do with the pricing competition or simply you’re not able to take a price increase? What is it?
Mukti Lal
Yes, it’s a combination of three thing as we. Because we face this challenge in our last year, this year, hopefully you have seen the numbers. They are the same cost what we are in the last year. So basically that was happened due to toll tax increases and labor wages increases. And we Were not able to passing on to customers. So that’s why that contraction happened on like 200 basis point in last year only 150 basis to 200 basis point. This year we trying to be like increase the prices which we already taken in this Q1 almost 75 basis point in prices and we will be keep continuing this year we are targeting to increase at least 2,2% in overall pricing from the surface segment.
So we’re working on that. That’s our strategy.
Achal Lohade
Right. So let’s say, you know. Sorry, I’m just trying to clarify for the sake of understanding. So you think that 83% is at 13% that alone gives 10%. So that 17% is at zero margin. Have I understood right?
Mukti Lal
No, not zero, but they are very less margin because we creating a network for that. That’s why in each month we adding the branches, we adding the vehicle to like get more businesses on rail and this air. So that’s why supposing we put. So each month we adding the capacity. I think we will be streamlined that one in quarter two more or less. Then after that we will be like building the capacity and building the customer base and then we will be further if needed as some expansion then we will do after that only so we will be finished that.
And another thing also like we creating in a team for this business also so that cost is also adding that will be. I think we will be finished the hiring by September end and then it is normalized. So margin level would be again in that way EBITDA margin would become in the range of 14 to 15% for this multimodal product also put together.
Achal Lohade
Understood. And just last question if I may. You know with respect to the CapEx, what we have spent on the automation. Right. Of this 200 crores or of the total 400 crores what we will end up spending between FY 23, 25, 27, right? 23, 24, 25. Yeah. Right. Of this how much is going for the automation and how much is going for the the new new branches, new locations, new warehousing, etc.
Mukti Lal
Yeah, well so basically for automation put together we will be considering like two we already did and two more will be did by 27. So total put together capex is around 80 to 100 crore rupees on in automation and remaining on construction and land buying and all. So this is the ratio for that. So 25 and 75. Because branch expansion we really don’t need much because there’s enough opex is there for the like we putting the vehicle for additional and all but branch network. We don’t need to put anything much capex for that. For the one branch.
I think one, one and two lakh rupees is suffice for that. Sometime in a like supposing we opening up the branch for the rail so we might putting in a same location so there is no additional capex we. Need to put that.
Achal Lohade
Understood. Understood.
Mukti Lal
Yeah. And hardly this basically going into in a 90% plus is going into this shorting center.
Achal Lohade
Right? Okay. Okay. And just one factual question. Is there any overlap in terms of the operations between us and tci? Whether it is last mile or mid mile as in line hall or the warehousing or. No, that the corporate office at all. No.
Mukti Lal
Since inception of this division as we are a part of tcl. Since that time we were not having any kind of operation together except a few offices. We sitting together because these are the admin offices like regional offices or controlling offices and all other than that nothing we are doing like anything is overlapping there.
Achal Lohade
Okay. Already totally independent. Okay.
Mukti Lal
Independent. And business line is also like completely different because we doing air they are not doing air at all. They’re doing shipping, we are not doing sipping. So completely, completely different service offerings and different network and altogether.
Achal Lohade
Got it. This is very helpful sir. Thank you so much. Thank you.
Mukti Lal
Thank you.
operator
Thank you. Before we take the next question I would like to remind the participants. Anyone who wishes to ask a question may press star and one on their touchstone telephone. The next question is from the line of Ashwin Reddy from Samatva Investments. Please go ahead.
Ashwin Reddy
Yeah. Hi, good evening. My first question is on regarding the multimodal transportation. What we’re doing. So what are the broad timelines by. When we believe the margins will come. Back to the surface level? Is it like one year away, two. Years away or how far away from. When the margins will start to come back to company level Margins?
Mukti Lal
Yeah, so well. So basically on multimodal and other offerings we will be almost done the like expansion and for current time. So I think by September we slightly face like margin pressure on multimodal. After that that will be because we building up the like revenues also in additional network we created. And we also like the team putting team for the more businesses. So I hopeful quarter three onwards we will be like normalized in the range of 12 to 14% margin level will be start in multimodal as well. Because then we will be able to utilize this network, you know fully or like in a maximum level that will be directly add to our Profits because.
Because you know our strategy is very clear. We are not putting extensive network which is creating a loss to us because we are not like a startup company. So whatever we are doing as a sustainable basis and gradually we doing so we at least have to be margin on these businesses and we’re building up the capacities over the period. So gradually we are not putting something in like one year and then you know climbing that way. So we going gradually. So whatever we did initially we did that and quarter three onwards it will be normalized as a margin level.
Ashwin Reddy
Got it. So just to extend the same question now the clients that you get here are they what is the overlap with your existing clientele that you have? Is it primarily the same customer or are you going out and getting new customers business?
Mohit Lohia
Yeah. So it is basically kind of like almost 50, 60% is the same client which is needed a difference like pharma come you take. So they also doing surface they taking from us. Earlier they using continuously air services. Now we also convince them to be used rail services wherever they fast like kind of mid solution in times of tag like surface and air in between they want.
So service offering to same customer is like repetition of this 50, 60% so customer base is almost same.
Ashwin Reddy
Got it, Got it. And my second question is on regarding the approach to E commerce segment. Has there been any change in your approach to E commerce and has there been any change in the E commerce industry itself? Is it now more viable to get more like this one E commerce or what are any thoughts there would be helpful?
Chander Agarwal
Yeah, that’s a very good question. So basically I just also forget to that for the like Air International is a completely different customer. I just forget to mention and answer your last question. So there isn’t a customer base completely, completely different.
But other services like either is a C2C or air domestic or rail is almost like 50 60% customer the same. So I am like now giving a answer for next question. So basically for E Commerce yes we are you know reposition our confidence on to like restart the business. For the E commerce customer though we have already for the very few customer now we created creating on a separate team and refocusing on because we seeing market stabilized. Whatever we’re doing is like visible whether we will be on the profit or not profit. So we going in a small customer because new entrants are also there now brand also like doing direct deliveries to customers.
So DT D2C model is also working here. So we focusing again as a gradually and we will be go with the Only profitable approach only we will not be invest anything which is making loss for the company. So we are very much clear on that. So we reproduce. But it is more of B2B or B2C. Is what you’re focusing on the last mile delivery what you’re focusing on or is it more on the B2B within E commerce? So B2B are normal for the surface. We’re doing since long and is always. But now we focusing more into B2C as well.
So we like employing the team there as well.
Ashwin Reddy
Got it, got it. Thank you so much. Yeah.
operator
Thank you. The next question is from the line of Condinia Namagana from Jeffries. Please go ahead.
Koundinya Nimmagadda
Yeah. Hi sir. Thanks for the opportunity. So sir, starting with you know if you can little bit throw some color on, you know what is the what on the macro background for the quarter gone by giving the mutual volume and what is your outlook? I mean to you nearly 50% of Tokyo is already done. So what is the kind of what are. I mean how is it looking like at this point in time? If you can speak a little bit about it, please.
Mukti Lal
Yeah, well so few positives happened in this quarter like cost visibility is there. So we have stable the cost and what the pressure we feel in a whole last year for the increase in labor cost or increase in toll cost and you know other costs. So that is slightly stable. Second business environment is slightly like more you know probable now earlier is like more uncertain. We what customer committed. But until ultimately we not get that. But now it is slightly the no certain certain in some cases. But still we facing few to three segments like especially engineering companies are really not.
They’re kind of having the growth of like moderate growth or like flattish growth continue. And same way lifestyle companies also doing the same way. A few segment has all has grown where like pharma is upstate, you know taking shape and like new segment of Pen pen division or you know kitchenware companies they’re doing very well. So that’s where either like a mixed bag basically few segment is really doing well and few segment is still like having flattish kind of growth.
Koundinya Nimmagadda
So I mean if you. If I were to look at your guidance right you need to do about a 12% kind of growth at least for the balance 9 months vis a vis decline in the current quarter. So how do you see this growth recovery part? Is it going to be immediate or you didn’t it’s going to be back ended because this year a festive season is concluded. But still you are saying that we haven’t seen any recovery on the macro outlook. And at the same time if I were to look at our volume growth item for some reason, I mean one of your peers, I mean they are reporting really good set of numbers while you are lagging.
So just trying to understand, I mean that difference with respect to the commentary and also delivery part. I mean what is happening and how do you intend to achieve your guidance?
Mukti Lal
So. Yeah, well you know our key business is again surface and we focusing on wherever with the high growth. You know high growth like in pharma and you know this other segment as mentioned. So we will be focusing more and putting more sales team to achieve the you know, higher revenue growth there Second multimodal as we mentioned and also given very good numbers in Air International and C2C business. So these number again you seen like 14% growth and 33% growth and kind of numbers. So we’ve seen slightly higher growth traction in these multimodal segments and kind of like 6, 7% growth in or you can say like around 8% growth with together price hiking.
We are hopeful will be achieved because now certainty is slightly higher than last year. That’s the only thing I can say.
Koundinya Nimmagadda
Okay, so certainty as in you are saying that at least it will not be de growth. Maybe it’s at least bottoming out at least on the negative growth front. Is that what you’re trying to highlight?
Mukti Lal
Yeah, yeah, yeah.
Koundinya Nimmagadda
Can you put a number on. You know, I mean you used to do this SME versus corporate customer base. I mean how. What is it now and what was it earlier? Because I think you also saw earlier in one of the previous calls spoke of increase in the corporate mix. So how is it now that is.
Mukti Lal
Also like in projective side. So we have improved that earlier last quarter. I think in the whole year we maintained 52 corporate and 48 as a sundry. Now it is 49 in a sundry and 51 corporate. Because our target to be achieved 50 50. So that is also going well that way. I am hopeful because sundry side slightly we have very positive you know signs to for the every customer. So we will be improve on that as well. So ratio would be by year end would be 50 50. And that is also like directly add to our profit margin.
That’s why we very confident to be achieved higher profit margin in this year.
Koundinya Nimmagadda
Sure sir. Thank you and all the best.
Chander Agarwal
Thank you.
operator
Thank you. The next question is from the line of pravesh from four line Capital. Please go ahead.
Pravesh Kochar
Hi sir. Thank you for the opportunity. One quick clarification. You mentioned that the multimodal even today is you know between 70 to 80% of the revenue. And we have seen you know very high growth on both C2C and Air International as you said. So I’m wondering why is that mix not increasing in the overall revenue? Because this was the same 17 20% even in Q1 FY25.
Mukti Lal
So basically you rightly said so. You know that number was in A for the whole last year was around 17%. Now it is near to 18%. But sometimes you know like earlier we have the E commerce business was around 3% in overall.
But now it is almost reduced to 2%. So this year onward we again focusing on. That’s the reason there’s a maintenance around 18% because again numbers are almost these number like we have the growth in Air International business which is very small business right now which will be grow. So this number is around 18% now. Understood. What was our growth for the rail express business this quarter is around 8%.
Pravesh Kochar
Understood. Secondly, in terms of branch openings, I think we had a target for 80 branches this year. We’ve done 10 in this quarter. How much have we done in Q2 till now? Due to we only open three branches in this July month.
Mukti Lal
Okay. Overall our internal meetings and all. So that’s why focus was slightly less to open the branches and maximum branches. I think we will be open in September month in this quarter may not be like more than 12 or 13 branches in this quarter as well. Got it. Understood. And lastly when are you thinking about the 2% price hike that you mentioned? And what’s the confidence that this time we’ll be able to get it through the to the customer? It is so it is consistent process as I had taken in quarter one is around 75 basis point.
And same way we want to be like to 75 basis point in this quarter. So it will be continuous process because after that so we targeting to improve almost 2% that will be happened by I think in you know Q4 it is not possible to take hike because that the business time so usually is happen whatever happened till calendar year end. So by this December I think we will be finished this process.
Pravesh Kochar
Understood. Thank you. Yeah.
operator
Thank you. The next question is from the line of Jainam Shah from Equire Securities. Please go ahead.
Jainam Shah
Yeah, thanks for the opportunity. So I joined the call late. If you can give me the volume number for this quarter.
Mukti Lal
Yeah, so volume number is exactly 2 lakh 33,000 ton. Genome.
Jainam Shah
Yeah, got it sir. So what I see over here is that a volume is grown by around 1% for the quarter. And when I recollect the the transcript of the last quarter, the after April the volume is expected to grow in the low single digit during those two months. So eventually can we say that June has been kind of a worst quarter for us which led to around from plus let’s say low single digit to minus 1% growth for this quarter. So has that been the case or something else with that?
Mukti Lal
No, basically you know like April was, you know it is like journey in a different way.
So June we were expect a slightly higher volume but June did not. Well that way May was okay. May was fantastic. And apparel was you know basically like slightly okay. But June was the biggest like that way. And July is again in a good month. So somehow you know, now revenue has stabilized as you seen like decline in the volume is hardly like less than 1%. So this is okay. But we were focusing more into in this quarter too and visibility, you know I can say like visibility is there for, for the like quarters. Last year we faced as an visibility was uncertainty was high.
So that we overall basis in our customer base we’re seeing certainty is like higher than last year and the visibility is slightly high. So that’s. Yeah.
operator
So the line for the current participant has disconnected.
Mukti Lal
Yeah, no worries please.
operator
A reminder to the participants. Anyone who wishes to ask a question may press star and one on their touchstone telephone. Ladies and gentlemen, anyone who wishes to ask a question may press star and one on their touchstone telephone.
Mukti Lal
If there is no question we can be like conclude the call right now.
operator
Okay sir, as there are no further question, I would now like to hand the conference over to the management for closing comments. Chandra. Sir, your comment please.
Chander Agarwal
One second. Thank you all for joining us today. We have endeavored to address all your questions. Should you have any further inquiries, please feel free to reach out to our investor relations team and we would be happy to assist. We look forward to connecting with you in the next quarter. Wishing you a healthy time ahead and a happy Independence Day and Krishna Janmashmi in advance. Thank you.
Mukti Lal
Thank you everyone.
operator
Thank you on behalf of ICICI securities limited that concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.