Total Transport Systems Limited

Industrials — Integrated Freight & Logistics · NSE

₹68.40−₹1.14 (−1.64%)

DalalBaazaar Score

56 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity.

In simple words: Reasonable but unspectacular business quality, with both sales and profits growing well. Thin profit margins are the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:46 pm

Understanding the Business

Company site ↗

The 60-second version of Total Transport Systems Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Total Transport Systems Limited provides logistic services in India and internationally. The company operates through three segments: Multimodal Transport Operations, Last Mile Delivery Operations, and Custom House Agent Operations.

IndustryIntegrated Freight & Logistics

SectorIndustrials

Employees417

Annual revenue₹622 Cr

How does it make money?

Turns over ₹622 Cr a year. Of every ₹100 of sales, about ₹1 reaches shareholders as profit, with ₹3 left at the operating level before interest, tax and depreciation. Each of its 417 employees supports ₹1.49 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.49 Cr

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., SIEMENS LTD, ABB INDIA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 14.8% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE15.2%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +5% while net margin moved +41% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+5%

Margin effect+41%

DalalBaazaar Score

56/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ ROE of 8.6% is weak

Quality vs. Valuation

Company Quality

51/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

88/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

12.3x

3Y Median

33.4x

40 monthly readings · mean 44.8x · range 8.6x–126.0x

Sector Median

88.8x

median of 3 sector peers

🟢Current valuation is approximately 63% below its 3y median of 33.4x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 86% below the peer median of 88.8x.

vs. its own history

Cheap

33.4x median over 40 months · -63%

vs. sector peers

Cheap

88.8x median of 3 peers · -86%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

7.9x

PEG

0.87

What's Good / What's Bad

🟢 What's Going Well1

Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

2 items require attention · 1 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 141% over 3 years, from ₹17 Cr to ₹40 Cr.
🟡Receivables growing faster than salesFinancial
Receivables up 44% against revenue up 5% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 63% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 86% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹17 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Sales are being booked faster than collected
Receivables are up 44% against revenue up 5%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Growth barely outpaces inflation
Revenue compounding at 1.7% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 1%✓ 2.9%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA stays below 2x✗ 2.2x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
3Interest cover stays above 3x✓ 3.7x
How much operating profit can fall before interest stops being comfortably covered.
4Revenue growth stays above 4% a year✗ 1.7% CAGR
Latest reported year was 31.3%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
5Free cash flow remains positive✓ ₹17 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

8 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

7 good · 4 neutral · 0 weak

Market Cap

₹110 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

12.3x

Cheap

Cheap against the generic band

P/B Ratio

1.20x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹5.58

Profitable

Profitable on a per-share basis

ROE

8.6%

Moderate

Moderate capital efficiency

ROCE

14.8%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.44x

Low

Conservative leverage

Revenue Growth (YoY)

31.3%

Healthy

Healthy top-line growth

Profit Growth (YoY)

40.9%

Healthy

Profits growing at a healthy clip

Dividend Yield

1.83%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹17 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

2.9%

Weak

Thin margins leave little room for error

Net Margin

1.3%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.55

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.09

Defensive

Steadier than the market

52W Range Position

55%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

70.8 / 70.5

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

44.5

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹590 Cr	₹488 Cr	₹665 Cr	₹622 Cr	+1.7%
EBITDA	₹15 Cr	₹9 Cr	₹19 Cr	₹18 Cr	+6.8%
EBITDA Margin	2.5%	1.8%	2.9%	2.9%	—
PAT (Net Profit)	₹5 Cr	₹1 Cr	₹9 Cr	₹8 Cr	+14.2%
EPS	₹3.47	₹0.78	₹5.54	₹4.83	+11.7%
ROE	7.0%	1.6%	10.7%	8.6%	—
ROCE	16.0%	8.5%	14.5%	14.8%	—
Total Debt	₹17 Cr	₹34 Cr	₹39 Cr	₹40 Cr	+34.0%
Free Cash Flow	₹15 Cr	-₹15 Cr	-₹3 Cr	₹17 Cr	+4.5%

🟡 Revenue has been broadly flat over 3 years (1.7% a year).

🟢 EBITDA has grown at 6.8% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 2.9% over 3 years.

🟢 PAT (Net Profit) has grown at 14.2% a year over 3 years.

🟢 EPS has grown at 11.7% a year over 3 years.

🟢 ROE has risen from 7.0% to 8.6% over 3 years (+1.6 pts).

🔴 ROCE has fallen from 16.0% to 14.8% over 3 years (-1.2 pts).

🔴 Total Debt has grown at 34.0% a year over 3 years.

🟢 Free Cash Flow has grown at 4.5% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹191 Cr

Total Liabilities

₹101 Cr

Cash & Equivalents

₹6 Cr

Operating Cash Flow

₹21 Cr

Capex

-₹4 Cr

Corporate Actions

Dividend Rate

₹1.25

Ex-Dividend Date

31 Aug 2026

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%

Recent News

2 positive2 mixed2 general

Is Total Transport Systems the Best Stock in Its Sector? A Look at the Numbers

Univest, 09 Oct

Total Transport Systems (NSE:TOTAL): What Does Its Q2 FY27 Depository Compliance Filing Mean?

Kalkine India, 13 OctResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Why You Might Be Interested In Total Transport Systems Limited (NSE:TOTAL) For Its Upcoming Dividend

Simply Wall Street, 27 AugCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Total Transport Systems Reports Q1 FY27 Revenue of Rs. 193.6 Cr, up 31.3 Percent. YoY; PAT at Rs. 4.1 Cr with 2.1 Percent Margin

Business Standard, 10 AugResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Total Transport Systems Share: Bull Case vs Bear Case for 2026

Univest, 28 Sept

HDFC Bank Q2 Results: Net profit rises 5% to ₹19,510 crore, NII jumps 10% in last quarter under outgoing CEO Jagdishan

Livemint, 17 OctResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongFinancial Health · Valuation

MiddlingBusiness Quality · Growth

WeakProfitability · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 1 high-severity red flag sits above this conclusion and should be read first.

2 of 5 tripwires tripped — Debt / EBITDA stays below 2x; Revenue growth stays above 4% a year · see Key things to watch ↑