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Volume stagnation in express business
View Risks →Allcargo Logistics Limited — Q3 FY26
Allcargo Logistics reported Q3 FY26 consolidated revenue of ₹516 crore, flat YoY, with EBITDA of ₹61 crore and margin of 11.8%.
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Allcargo Logistics reported Q3 FY26 consolidated revenue of ₹516 crore, flat YoY, with EBITDA of ₹61 crore and margin of 11.8%. Express business profitability improved 19% YoY to ₹18 crore EBITDA, driven by yield improvement and cost control. Contract logistics revenue grew 5% YoY to ₹153 crore, but muted due to e-commerce customer deferrals. Management guided for Q4 improvement seasonally and reiterated Vision 2030 targets of 20% revenue CAGR from FY25 base, with 50:50 volume-yield mix. Key risks include volume stagnation in express (3 lakh tons/quarter) and competitive pricing pressure from peers like Delhivery. The new leadership team (post-merger) remains focused on profitable growth, asset-light model, and tech investments (₹12 crore annual budget).
एलकार्गो लॉजिस्टिक्स ने वित्त वर्ष 2026 की तीसरी तिमाही में 516 करोड़ रुपये की कमाई दर्ज की, जो पिछले साल के बराबर है। कंपनी ने 61 करोड़ रुपये का परिचालन लाभ (EBITDA) कमाया, जो कमाई का 11.8% है। एक्सप्रेस कारोबार का मुनाफा पिछले साल से 19% बढ़कर 18 करोड़ रुपये हो गया, जिसकी वजह बेहतर कमाई और खर्चों पर नियंत्रण है। कॉन्ट्रैक्ट लॉजिस्टिक्स की कमाई 5% बढ़कर 153 करोड़ रुपये हुई, लेकिन ई-कॉमर्स ग्राहकों के विलंब से यह धीमी रही। प्रबंधन का कहना है कि चौथी तिमाही में सुधार होगा और 2030 तक सालाना 20% कमाई बढ़ाने का लक्ष्य है। जोखिमों में एक्सप्रेस में माल ढुलाई का रुकना (3 लाख टन प्रति तिमाही) और प्रतिस्पर्धी मूल्य दबाव शामिल हैं। नई टीम मुनाफे पर ध्यान दे रही है और तकनीक पर सालाना 12 करोड़ रुपये खर्च कर रही है।
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Read Transcript →Quarter Snapshot
Express Business EBITDA
₹18 crore
+19% YoY
Express segment profitability improved due to yield enhancement and cost control measures.
Volume Handled
3.13 lakh metric tons
flat YoY
Express volumes remained stagnant around 3 lakh tons per quarter, a concern for scalability.
Realization per Ton
₹11,610
+2% YoY
Yield improvement reflects pricing power and mix shift towards higher-value segments.
Warehouse Space Under Management
8.1 million sq ft
flat QoQ
Contract logistics capacity unchanged; growth dependent on e-commerce customer ramp-up.
What Changed vs Last Quarter
NEW
Q4 FY26 sequential improvement expected
Management expressed confidence that Q4 will be better than Q3 due to seasonality and operational improvements.
NEW
Vision 2030: 20% revenue CAGR from FY25 base
Targeting 20% compound annual growth rate in revenue from FY25 base, driven by 50:50 volume-yield mix.
NEW
Tech investment budget of ₹12 crore for FY27
Annual technology outlay of ₹12 crore for AI, control tower, and service quality enhancements.
NEW
Express business EBITDA growth to continue
Express profitability expected to sustain improvement through yield management and cost control.
DROPPED
20% EBITDA CAGR through FY28
Management reiterated guidance of 20% CAGR in EBITDA from current levels up to FY28.
DROPPED
10% CAGR in gross margin
Gross margin expected to grow at 10% CAGR year-on-year.
DROPPED
Revenue CAGR of 10-11%
Revenue growth guidance of 10-11% CAGR, consistent with current performance.
NEW RISK
Volume stagnation in express business
Express volumes have remained around 3 lakh tons per quarter for several years, limiting scalability.
NEW RISK
Competitive pricing pressure from peers
Analyst raised concern about price cuts by competitors like Delhivery; management acknowledged yield management challenge.
NEW RISK
E-commerce customer deferral impacting CL growth
Contract logistics growth muted as certain e-commerce customers deferred expansion plans.
NEW RISK
Management transition uncertainty
Recent resignations of MD, CFO, and CS in Nov 2025 raised questions about leadership stability.
RISK GONE
Yield pressure from GPI execution
Management noted last year's general price increase (GPI) did not meet expectations; this year's GPI may face similar challenges.
RISK GONE
Customer concentration in contract logistics
Top 10 customers contribute over 50% of contract logistics revenue, posing concentration risk.
RISK GONE
Integration and synergy realization delays
Synergies from the merger of express and contract logistics may take time to materialize fully.
Fast read
Guidance and risk preview
Management expressed confidence that Q4 will be better than Q3 due to seasonality and operational improvements.
Express volumes have remained around 3 lakh tons per quarter for several years, limiting scalability.
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