TRANSPORT CORPORATION OF INDIA LIMITED

Shareholders of Transport Corporation of India Limited

The most recent itemised shareholding pattern that could be verified from an official company document is the pattern as at 31 March 2025 set out in the corporate governance report in the annual report for FY 2024–25. At that date the issued and paid-up capital was 76,608,762 equity shares of INR 2 each (INR 15.32 crore), held by 51,693 shareholders, of which 1.10 per cent of shares were in physical form. The company has issued no GDRs, ADRs, warrants or other convertible instruments apart from employee stock options.

Promoters and promoter group (all Indian) held 52,715,223 shares, or 68.81 per cent, against 68.92 per cent at 31 March 2024. Non-promoter holding was 31.19 per cent, comprising mutual funds 10.96 per cent, foreign portfolio investors 3.17 per cent, alternative investment funds 0.83 per cent, qualified institutional buyers 0.60 per cent, banks, financial institutions, insurance companies and FIIs together under 0.01 per cent, corporate bodies 1.27 per cent, Indian public 9.92 per cent, non-resident Indians 0.72 per cent in aggregate, employees 0.76 per cent, Hindu undivided families 1.47 per cent, the Investor Education and Protection Fund 1.47 per cent, trusts 0.01 per cent and non-banking financial companies under 0.01 per cent.

In the investor presentation for the quarter ended 30 June 2026, filed with BSE and NSE on 3 August 2026, the company showed promoters at 69 per cent, mutual funds at 11 per cent, Indian public at 10 per cent, foreign holdings at 3 per cent, body corporates at 1 per cent and others at 6 per cent. Those figures are rounded to whole percentage points in the source document.

Ultimate beneficial ownership

Control rests with the Agarwal family. In the SEBI letter of offer for the 2024 buyback, the promoter and promoter group held 53,593,516 shares, or 68.82 per cent, as at the record date of 4 September 2024, made up as follows: Bhoruka Supply Chain Solutions Holdings Limited 44.20 per cent; Dharmpal Agarwal – TCI Trading 6.39 per cent; Vineet Agarwal 3.90 per cent; Priyanka Agarwal 3.80 per cent; Dharam Pal Agarwal – HUF 2.62 per cent; Urmila Agarwal 2.38 per cent; Chander Agarwal 2.36 per cent; Dharmpal Agarwal 1.06 per cent; Chandrima Agarwal 0.76 per cent; Vihaan Agarwal 0.44 per cent; Nav Agarwal 0.44 per cent; TCI Exim (P) Limited 0.40 per cent; and Vineet and Sons – HUF 0.06 per cent.

Dharmpal Agarwal, Vineet Agarwal and Chander Agarwal are classified in that filing as promoters, the remaining names as promoter group. The largest single holder is Bhoruka Supply Chain Solutions Holdings Limited, an Indian company in the promoter group of which Urmila Agarwal is a director; the filings consulted do not trace ownership above that company, so the chain cannot be extended further from official sources here. No natural person is disclosed as holding 25 per cent or more of the company directly. Nationality is not recorded in any of the filings consulted and is therefore stated as not disclosed.

On pledges and encumbrances: neither the corporate governance report for FY 2024–25 nor the September 2024 letter of offer discloses any pledge or other encumbrance over promoter shares. The quarterly shareholding pattern filed with the exchanges under Regulation 31 of the SEBI Listing Regulations carries the encumbrance columns and is the authoritative source for the current position; that filing could not be retrieved directly for this note, so the present encumbrance position is not independently confirmed here.

Data availability

The record behind this page attributed the company almost entirely to passive foreign funds — ten rows led by DFA Emerging Markets Value at 18 per cent, DFA Emerging Markets Small Cap Series at 13.64 per cent, iShares MSCI India Small Cap ETF at 4.75 per cent and two Avantis funds at 2.66 per cent each — with share quantities in the tens of thousands against an issued capital of more than 76 million shares. That data is not reconcilable with the company’s own filings, in which total foreign portfolio holding was 3.17 per cent at 31 March 2025, and it has not been used. The figures above are taken from the company’s annual report, its SEBI buyback letter of offer and its exchange filings.

The stored identifier on this page is a GST registration number beginning 06AAACT, issued for the state of Haryana, and not a Corporate Identity Number. The company’s CIN is L70109TG1995PLC019116.

Directors and officers of Transport Corporation of India Limited

The board as disclosed in the corporate governance report for FY 2024–25, with Director Identification Numbers as recorded in the SEBI letter of offer of September 2024, is as follows.

• Dharmpal Agarwal (D P Agarwal), DIN 00084105 — Chairman and Managing Director; reappointed with effect from 1 August 2023.
• Vineet Agarwal, DIN 00380300 — Managing Director; reappointed with effect from 1 July 2023.
• Satyanarayan Agarwal (S N Agarwal), DIN 00111187 — Non-Executive Director; on the board since 2 January 1995.
• Urmila Agarwal, DIN 00818165 — Non-Executive Director since 1 November 2012.
• Chander Agarwal, DIN 00818139 — Non-Executive Director since 21 September 2006.
• Vijay Sankar, DIN 00007875 — Independent Director; second term from 4 November 2021.
• Gita Nayyar, DIN 07128438 — Independent Director; second term from 24 May 2024.
• Ravikant Uppal, DIN 00025970 — Independent Director since 28 October 2019.
• Vikrampati Singhania, DIN 00040659 — Independent Director since 5 July 2021.
• Avinash Gupta, DIN 02783217 — Independent Director since 30 October 2023.

The corporate governance report records that Dharmpal Agarwal, Urmila Agarwal, Vineet Agarwal and Chander Agarwal are members of the promoter and promoter group and are related to each other, and that Satyanarayan Agarwal is related to Dharmpal Agarwal.

Legal roles under section 203 of the Companies Act, 2013 are distinct from executive titles. The managing directors named above are the whole-time key managerial personnel; Ashish Kumar Tiwari is Group Chief Financial Officer; and the office of Company Secretary and Compliance Officer was held by Archana Pandey (ACS A23884) until 15 May 2025 and is shown in the company’s 2026 exchange filings as held by Hansa Sharma (ACS A42616). The corporate governance report additionally designates as key managerial personnel under Regulation 16(1)(d) of the SEBI Listing Regulations: Jasjit Singh Sethi, Chief Strategy Officer; Ishwar Singh Sigar, Chief Executive Officer, TCI Freight; Manoj Kumar Tripathi, Chief Executive Officer, TCI Supply Chain Solutions; and Ram Ujagar Singh, described in the board’s report and in the letter of offer as President and Chief Executive Officer, TCI Seaways.

Senior management personnel who are neither directors nor key managerial personnel include Rajkiran Jayaram Kanagala, Chief Business Officer; Ajit Singh, Chief Executive Officer, TCI-CONCOR; Sumit Kumar Bhaiya, Chief Executive Officer, TCI Cold Chain Solutions; Naveen Gupta, Chief Audit and Risk Officer; Pramod Kumar Jain, Head of HR and Administration; Prashant Panda, Head of Legal; Munish Chander, Group Head of CSR; and Uday Prakash Maydeo, Head of IT with effect from 2 September 2024.

Recent officer changes

• 14 May 2025 — the board approved the reappointment of Vikrampati Singhania (DIN 00040659) as Independent Director for a second consecutive term of five years from 5 July 2026 to 4 July 2031, subject to shareholder approval.
• 15 May 2025 — Archana Pandey ceased to be Company Secretary and Compliance Officer at the close of business; the board authorised Ashish Kumar Tiwari, Group Chief Financial Officer, to oversee compliance responsibilities in the interim.
• 26 May 2026 — Hansa Sharma (ACS A42616) signs the company’s filings with BSE and NSE as Company Secretary and Compliance Officer; her date of appointment was not verified from the sources consulted.

Data availability

The record behind this page carried fifteen rows of management rather than the board, and several of the titles belong to other entities: a Chief Operating Officer of TCI Express, which is a separately listed company demerged from this one in 2016 and not part of this group; a Chief Executive Officer of TCI-CONCOR Multimodal Solutions, which is a subsidiary; and a Group Head of HR and Chief Executive Officer of TCI Global, which is a step-down subsidiary in Singapore. Those roles are not offices of Transport Corporation of India Limited and have not been presented as such. The board and key managerial personnel above are taken from the corporate governance report and the board’s report in the annual report for FY 2024–25 and from the SEBI letter of offer.

No date of birth and no national identification number is published here. The underlying record carried a birth year for one individual; it has been suppressed. Nationality is not recorded in any official register entry or filing consulted and is therefore stated as not disclosed. Director Identification Numbers are published because they are a public corporate identifier.

Group structure of Transport Corporation of India Limited

Nothing sits above the company. Transport Corporation of India Limited has no holding company; it is a listed entity in which the promoter and promoter group, the Agarwal family and its holding entities, held 68.81 per cent at 31 March 2025, the largest single holder being Bhoruka Supply Chain Solutions Holdings Limited at 44.20 per cent. The board’s report for FY 2024–25 states that the company has 8 subsidiaries, 1 joint venture company and 1 associate company. The entities below are taken from Form AOC-1 and from note 40 to the consolidated financial statements for the year ended 31 March 2025.

On TCI-CONCOR Multimodal Solutions Private Limited: the company describes it commercially as a joint venture with Container Corporation of India Limited, a government company, but Form AOC-1 and note 40 to the consolidated financial statements for FY 2024–25 classify it as a subsidiary, with the company holding 51 per cent, and it is line-by-line consolidated rather than equity-accounted. It was also identified in the board’s report as meeting the criteria of a material subsidiary on FY 2024–25 financials. The only entities the company equity-accounts are Transystem Logistics International Private Limited, at 49 per cent, classified as a joint venture, and Cargo Exchange India Private Limited, at 32.50 per cent, classified as an associate.

On TCI Seaways: TCI Seaways Limited ceased to exist as a separate company when it was amalgamated into Transport Corporation of India Limited under a scheme of arrangement, consideration shares being allotted on 21 September 2006. Coastal shipping has since been operated as the TCI Seaways division of the listed company, with a fleet of six ships. The identifier TNMAS0035783000 held on this page against TCI Seaways is not a company registration number.

Data availability

The group tree on file omitted TCI Chemlog Private Limited, TCIL Middle East Logistics Services LLC, Transystem Logistics International Private Limited and Cargo Exchange India Private Limited; it showed TCI-CONCOR as a joint venture where the accounts classify it as a 51 per cent subsidiary; and it listed TCI Seaways as a group company when it is a division. It also carried the company’s GST registration number in place of a Corporate Identity Number, and the same substitution ran through the tree. The stored identifiers for the Singapore, Bangladesh and Nepal subsidiaries are reproduced above as recorded, with their registers named, but were not verified against those registers; the ownership percentages and classifications are from Form AOC-1 and are verified. The company’s own identifier is CIN L70109TG1995PLC019116.