Allcargo Logistics Limited — Q4 FY26
Allcargo Logistics reported a largely flat Q4 FY26 consolidated revenue of INR 514 Cr (0.2% YoY), but EBITDA surged 41% YoY to INR 60 Cr, with margins improving to ~11.7%.
neutral
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
64%Questions answered2Evaded / deflected11Questions auditedContradictedNumbers vs filing
Answered
High priority
Expected listing date of Allcargo Global and reasons for delay.
Asked by Avidat Javkar, Equipoise Capital Management
Management provided a clear timeline and status update.
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Question
I would like to know the expected listing date of all cargo global since you mentioned in the previous on call that the listing would be completed by quarter 4 of 26 but there has been no update so far. So could you please provide an update on the status? Are there any issues or challenges causing the delay?
Sanjay Punjabi (Investor Relations)
We have received the necessary approvals from both exchanges and SEBI as well day before yesterday and all we need to do now is file the revised information memorandum with authorities with the audited annual financials and we can expect the listing to happen in about a month's time from now on.
Partial answer
High priority
Opportunities to increase wallet share and margin expansion levers.
Asked by Vikram Suryawanchi, Philip Capital India
Management discussed strategies but did not quantify scope or specific margin levers.
no specific numbers on wallet share scopequalitative only
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Question
Opportunity to increase our wallet share in the businesses. How much scope is there and how we are targeting that and then levers for margin expansion particularly for B2B or expressable business.
Ketan Kulkarni (Management)
Market expansion will be a key lever to improving the market share. We are very focused on both revenue market share and volume market share. All new customer onboarding and organic growth will be very positive on margins and bottom line.
Partial answer
High priority
Further scope for gross margin improvement in express division.
Asked by Vikram Suryawanchi, Philip Capital India
Management listed actions but did not quantify margin improvement or remaining scope.
no quantitative improvement givenno specific margin percentage
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Question
Are we still seeing levers for gross margin improvement with pricing or customer reorientation of contracts? Is there further scope significantly or has pricing discipline come back?
Ketan Kulkarni (Management)
A lot of work has happened in the last 6 months. We introduced metro congestion charge, next round zero, AER charges. All these have had a positive impact on the EEL and the RPKG over the last 6 months and it has improved to a level that we are very comfortable now.
Answered
Medium priority
Capex plans and asset model for consultative logistics growth.
Asked by Vikram Suryawanchi, Philip Capital India
Management provided specific growth figure and capex strategy.
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Question
Consultative side, business side, how the capex in terms of adding capacities or will it also have mix of asset model in terms of growth expansion there on how the capex will look like.
Deepak (CFO)
Consultative logistics has seen 17% revenue growth. We have moved to an asset-light operating lease strategy from April 25. We have a plan to add half a million square ft additional warehouse space largely on an asset-light approach.
Evasive
Medium priority
White space or underutilization in existing consultative logistics capacity.
Asked by Vikram Suryawanchi, Philip Capital India
Management did not provide any concrete utilization numbers or white space quantification.
no specific utilization ratevague reference to industry norms
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Question
Is there any white space or under reflection of existing capacity within that where we can still see further growth possible or it's almost like running at a kind of existing.
Deepak (CFO)
We are well below the industry norms. We track that metrics very closely and we are comfortable on that count.
Answered
High priority
Availability of financial information for Allcargo Global.
Asked by Avidat Javkar, Equipoise Capital Management
Management gave a clear timeline for when financials will be available.
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Question
Is there any financial information available for us to understand about the all cargo global business right now for the quarter end?
Sanjay Punjabi (Investor Relations)
In the next couple of weeks once the IM is filed information on the financials will be available to all.
Answered
High priority
Impact of recent petrol/diesel price hike on H1 FY27 margins.
Asked by Avidat Javkar, Equipoise Capital Management
Management explained the pass-through mechanism and stated no expected impact.
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Question
The recent increase in the petrol and diesel prices announced today. How do you expect this impact to the all cargo logistics business? Should we expect any slower growth or subdued margin in H1 FY27 as a result of higher fuel cost?
Ketan Kulkarni (Management)
This element of cost is already built in in our contracts with the customer. We have a very transparent diesel price hike pass through mechanism which is already up on our website. So we are very well covered.
Partial answer
High priority
When meaningful bottom line improvement will be seen despite EBITDA improvement.
Asked by Anil Raju, Individual Investor
Management cited past improvement but did not give a timeline for meaningful PAT growth.
no specific PAT guidancedeferred to next quarter
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Question
When I see the balance sheet EBITDA is improving to 233 crores but PAT remains 6 crores. When we expect meaningful bottom line improvement.
Deepak (CFO)
If you see the improvement at PAT level pre-exceptional items you can see a 96% improvement which has already happened in this year. The buildup of growth is already in place and the going next quarter that will be visible.
Answered
Medium priority
Key milestones for investors to track over next 4-6 quarters.
Asked by Anil Raju, Individual Investor
Management provided a specific metric (EBITDA margin) and its current level.
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Question
What concrete milestone should investor track over next four to six quarter which is algo turn around?
Deepak (CFO)
Only metrics for investors to track is the EBITDA improvement. Our EBITDA has shown an improvement from 10% to 11% we have achieved in this year and progressively we are committed towards that value creation.
Evasive
Low priority
Any comments on dividends in the future.
Asked by Anil Raju, Individual Investor
Management gave no indication of dividend plans or timeline.
no commitmentdeferred to board
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Question
Any comments on the dividends in the field?
Deepak (CFO)
Dividend is a function decision of board and shareholders and at a right point of time we would recommend that to the shareholders.
Deflected
Medium priority
Split between express and contract logistics post India's beta.
Asked by Paragul, Kingstone Capital Management
Management did not provide the split on the call, directing to a slide and offline.
referred to slideoffered offline follow-up
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Question
I wanted to know the split between express and contract logistics post India's a beta.
Ketan Kulkarni (Management)
We have given disclosures on slide number 22 that would give you some help. We can ask Sanjay to touch base with you.
Partial answer
High priority
Drivers behind sharp EBITDA margin improvement and sustainability.
Asked by Chennmai Parab, Individual Investor
Management explained drivers but did not quantify sustainability or give forward margin guidance.
no specific margin sustainability guidancequalitative only
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Question
EBITDA for full year FY26 has grown by 16% YoY and EBITDA margins are improving to 11% despite largely flat quarterly revenue. What were the major drivers behind the sharp profitability and how sustainable are those margins going forward?
Deepak (CFO)
Gross profit increased by 2% from last year. Employee expense and other expenses have seen significant rationalization. It's a combination of both on the cost side. The trend continues to be favorable.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Consultative logistics revenue grew 17% in current year. | 17% | 0.2% | Overstated vs filing |
| EBITDA improved from 10% to 11% this year. | 11% | 11.7% | Understated vs filing |
| EBITDA value 233 crores mentioned by analyst. | ₹233 cr | ₹60 cr | Overstated vs filing |
| Express volumes Q1 Q up about 2%. | 2% | 0.2% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.