FY26 volume growth guidance of 13% overall
Management reiterated full-year volume growth target of 13%, with Exim at 10% and domestic at 20%.
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Capex budget of ₹860 crore for FY26
Capex achieved ₹202.5 crore in Q1; full-year budget remains intact, with mid-year review after Q2.
2028 target: 100 terminals, 500+ rakes, 70,000+ containers
Long-term infrastructure targets remain unchanged, with 394 rakes currently and 5 new rakes commissioned in Q1.
DFC connectivity to JNPT by December 2025
Commissioning of DFC up to JNPT expected by December 2025, expected to drive rail coefficient from 18-20% to 35-40% over time.
FY26 volume growth guidance: Exim 10%, Domestic 20%
Management reaffirmed guidance despite H1 Exim at 10.2% and Domestic at 13%; expects strong H2 from cement, gunny bales, and tiles.
Infrastructure target for 2028: 100 terminals, 500+ rakes, 70,000 containers
Long-term capacity expansion plan remains unchanged; H1 capex was ₹420 cr vs budget ₹860 cr, likely to be increased.
WDSP connectivity to JNPT by March 2026
Dedicated freight corridor spur to JNPT delayed from Dec 2025 to Mar 2026; expected to double rail coefficient and boost double-stack volumes.
Bulk cement MoUs with UltraTech and Adani Cement
Agreements for ~1 lakh ton/month each; tank container deliveries from Indian manufacturers starting Dec 2025 will enable ramp-up.
FY26 volume growth guidance maintained at 13% overall (10% exim, 20% domestic)
Management reiterated confidence in achieving the original FY26 volume growth targets despite domestic shortfall in 9M, citing Q4 pickup from tank containers and new terminals.
FY29 revenue target of ₹15,000 crore and throughput of 10 million TEUs
Long-term aspiration based on 15%+ exim CAGR and 20%+ domestic CAGR, driven by DFC, double-stack, bulk cement, and shipping expansion.
Capex raised 23% to ₹1,060 crore for FY26
Board approved increase from ₹860 crore to ₹1,060 crore, primarily for containers and rolling stock to support growth.
Western DFC connectivity to JNPT expected by March 2026
Management expressed high confidence in commissioning before March 31, 2026, based on discussions with DFC officials.
FY27 handling volume growth: exim 8%, domestic 15%, overall 9.5%
Management guided 9.5% overall handling volume growth for FY27, with exim at 8% and domestic at 15%, subject to mid-year review.
EBITDA margin to be maintained at 24-25%
Management expects to sustain EBITDA margin between 24% and 25% in the coming years, similar to FY26 levels.
Capex budget of ₹945 crore for FY27
Board approved capex of ₹945 crore for FY27, with potential increase during mid-year review; similar to FY26's ₹1,085 crore.
Bulk cement target: 1 million tons in tank containers in FY27
Management aims to move at least 1 million tons of bulk cement in tank containers during FY27, leveraging new fleet additions.