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Revenue
₹537 Cr
verified against source
Revenue YoY
11%
reported change
EBITDA
₹62 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Allcargo Logistics reported a solid Q2 FY26 with consolidated revenue of ₹537 crore (+11% YoY) and EBITDA of ₹62 crore (+27% YoY), driven by record performance in both express and contract logistics. Express business achieved highest-ever revenue and volume, gaining market share among top-5 players. Contract logistics also posted record quarterly revenue. Operating leverage improved as SG&A costs shrank despite revenue growth, leading to a positive PBT of ₹9 crore (adjusted for one-time items). Management reiterated guidance of 20% EBITDA CAGR through FY28 and gross margin expansion of 10% CAGR. Risks include potential yield pressure from GPI execution and customer concentration in contract logistics (top 10 customers ~50%+).
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated guidance of 20% CAGR in EBITDA from current levels up to FY28.
- Gross margin expected to grow at 10% CAGR year-on-year.
- Revenue growth guidance of 10-11% CAGR, consistent with current performance.
Risks flagged
- Management noted last year's general price increase (GPI) did not meet expectations; this year's GPI may face similar challenges.
- Top 10 customers contribute over 50% of contract logistics revenue, posing concentration risk.
- Synergies from the merger of express and contract logistics may take time to materialize fully.
Key quotes
- Our express business has delivered the highest ever quarter in the company's history both in terms of revenue and volume and is also the only express company in the top five to grow market share in Q2 over Q1.
- The revenue has expanded but the SG&A costs have actually shrunk instead of growing and that is the operating leverage we've been referring to.
- We are moving to a very cloud native ambience in terms of deploying the tech. We are very very focused on being mobile first.
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