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Revenue
₹143.9 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹4 Cr
latest reported figure
Source
nse announcements
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Glottis reported a weak Q3 FY26 with revenue of ₹143.9 crore and EBITDA margin of 2.8%, down sharply from 7.4% in the 9-month period. The softness was driven by lower shipment volumes, a 16% sequential drop in revenue per TEU to ~₹67,000, and a 400bps rise in cost of services to 91% of revenue. Management attributed the weakness to global trade policy uncertainty, particularly US tariffs and India's ALMM policy impacting renewable energy imports. Container throughput fell to 20,710 TEUs vs 26,700 a year ago. On the positive side, engineering products grew to 20.2% of revenue from 10.8% QoQ, and the company is expanding into auto and pharma verticals. Backward integration capex (trailers, containers) is progressing, with 70-75 trailers expected by Q4 and containers live from Q1 FY27. Management is bullish on Q4 and FY27, targeting double-digit EBITDA margins. Key risk: sustained margin pressure if freight rates remain soft and cost of services stays elevated.
Colored figures show movement against the previous available record.
Guidance to track
- Management aims to achieve ~25,000 TEUs in Q4 to reach near FY25's total of ~1,10,800 TEUs, despite soft market.
- Trailer deployment delayed to Q1 FY27 due to driver training; container payments in Q4, operational from Q1 FY27.
- Management expects EBITDA margins to improve to double digits in FY27 as backward integration reduces costs.
Risks flagged
- Cost of services rose to 91% of revenue in Q3 from ~86-87% historically, driven by soft freight rates and customer retention strategy.
- US tariffs and India's ALMM policy have reduced solar module imports, impacting a key vertical. Management expects a shift to raw materials and energy storage, but timing is uncertain.
- Trailer deployment delayed to Q1 FY27 due to driver training; capacity utilization and cost savings from new assets remain unproven.
Key quotes
- We cautiously choose to retain key customers accounts and service levels even where margins are thinner to protect long-term relationship and business continuity.
- Q3 was very tough for us but we are very patient and very ambitious. Company is very ambitious and bullish and we would request all our stakeholders to measure us on a long term not on a short-term basis.
- We are very very positive going on a double digit.
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