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Revenue
₹478.09 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹24 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Western Carriers delivered a resilient Q3 FY26 with revenue of ₹478 crore, EBITDA of ₹24 crore, and PAT of ₹11 crore, showing strong sequential improvement. Revenue grew ~9% QoQ, EBITDA surged 27% QoQ, and EBITDA margin expanded from 4.3% to 5.0%. The key driver was robust volume growth: domestic containers rose 14.9% YoY to 23,565 TEUs and EXIM containers grew 14.4% YoY to 38,638 TEUs, totaling ~8,000 incremental TEUs. Management highlighted tailwinds from the India-EU FTA, India-US trade deal, and the upcoming western DFC completion. The company has a strong order book and completed ₹30+ crore capex in specialized containers and equipment. A risk remains: gross margins declined YoY from 14% to 12% due to a 2% dip in EXIM realizations, though management expects improvement as geopolitical conditions stabilize.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects sustained growth in EXIM volumes as geopolitical conditions normalize and trade deals boost cargo movement.
- Realizations are expected to improve as EXIM business recovers, supported by better volumes and operational efficiencies.
- Company intends to continue capex in specialized containers and equipment to support long-term customer commitments.
- Non-metals business (tiles, chemicals, FMCG) is growing faster and will outpace metals growth, aiming for balanced mix.
Risks flagged
- Gross margins fell from 14% to 12% YoY, attributed to a 2% decline in EXIM realizations from lower demand in North India.
- Operating cash flow remains subdued due to increased working capital requirements as business grows; management expects improvement as realizations rise.
- Concor's focus on multimodal logistics parks and integrated offerings was questioned; management downplayed risk, citing complementary relationship.
- Metals form 55% of FY25 revenue; management argues diversification within metals and growth in non-metals mitigates risk.
Key quotes
- We are seeing a tremendous growth... almost 8,000 TEUs plus is what we've done quarter on year on year on quarter 3 and these numbers are tremendous given the situation that it's not still 100% normalized in the geopolitics.
- Our warehousing play is completely dependent on the customer... we do not build or operate warehousing as a business per se but rent out warehousing as per requirement for 4PL as well as first mile and last mile of the customer.
- The concept of a dedicated freight corridor is defined in its name... by design it is going to be much much slower than a DFC. What happens with the DFC is your movement is far quicker, far more efficient and far more guaranteed.
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