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Container Corporation of India Ltd — Q2 FY26
Container Corporation of India reported its highest-ever quarterly throughput of 1.44 million TEUs in Q2 FY26, driven by 11% YoY volume growth (Exim +10.2%, Domestic +13%).
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Container Corporation of India reported its highest-ever quarterly throughput of 1.44 million TEUs in Q2 FY26, driven by 11% YoY volume growth (Exim +10.2%, Domestic +13%). Operating income and PAT also reached record levels, supported by improved rail freight margins (up 163 bps to 27.80%) and reduced empty running (down 10.2% YoY). Management maintained FY26 guidance of 10% Exim and 20% Domestic volume growth, citing strong demand in cement (MoUs with UltraTech and Adani), new DPD services, and expansion into shipping and port operations. Risks include slower domestic recovery due to monsoon impact and competitive pressure at Mundra port, where market share declined 261 bps.
कंटेनर कॉरपोरेशन ऑफ इंडिया ने दूसरी तिमाही में अब तक का सबसे ज्यादा कारोबार किया। उन्होंने 14.4 लाख कंटेनर (TEUs) भेजे, जो पिछले साल से 11% ज्यादा है। विदेशी व्यापार में 10.2% और देश के अंदर 13% की बढ़ोतरी हुई। कंपनी का मुनाफा और कमाई भी रिकॉर्ड स्तर पर पहुंच गई। रेल माल ढुलाई से मार्जिन (कमाई का प्रतिशत) 27.80% हो गया, जो पहले से बेहतर है। खाली कंटेनरों की आवाजाही 10.2% कम हुई। कंपनी को उम्मीद है कि इस साल विदेशी व्यापार 10% और घरेलू 20% बढ़ेगा। सीमेंट कंपनियों (UltraTech, Adani) के साथ समझौते, नई सेवाएं और जहाजरानी में विस्तार से मदद मिलेगी। लेकिन बारिश से घरेलू कारोबार धीमा हो सकता है और मुंद्रा बंदरगाह पर प्रतिस्पर्धा बढ़ी है, जहां हिस्सेदारी 2.61% गिरी।
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Domestic volume growth shortfall
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Throughput (Q2 FY26)
1.44M TEUs
+11% YoY
Highest ever quarterly throughput, driven by Exim (+10.2%) and Domestic (+13%) growth.
Rail Freight Margin
27.80%
+163 bps YoY
Improved due to better planning, reduced empty running, and double-stack growth.
Empty Running Reduction
10.2%
-10.2% YoY
Exim empty running down 18%, domestic down 6.7%, boosting margins.
Double Stack Trains (H1 FY26)
3,312 trains
+7.4% YoY
Growth driven by operational efficiencies; next quantum jump expected with DFC connectivity to JNPT.
What Changed vs Last Quarter
NEW
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.
NEW
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.
UPDATED
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.
UPDATED
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.
DROPPED
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.
DROPPED
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.
NEW RISK
Domestic volume growth shortfall
H1 domestic growth at 13% vs 20% guidance; requires 26-27% H2 growth, dependent on cement and other commodities picking up.
NEW RISK
Contingent liability increase
Contingent liabilities rose from ₹1,377 cr to ₹2,120 cr, partly related to LLF demands from railways; management did not fully clarify.
RISK GONE
Impact of global tariffs on Exim volumes
Analysts raised concerns about US tariff uncertainty; management stated no impact seen yet but acknowledged potential risk.
RISK GONE
One-off items masking underlying profitability
Volume discount reconciliation (~₹21 cr) and one-time employee award (~₹18 cr) impacted Q1 revenue and costs; these are non-recurring but highlight volatility.
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Guidance and risk preview
Management reaffirmed guidance despite H1 Exim at 10.2% and Domestic at 13%; expects strong H2 from cement, gunny bales, and tiles.
H1 domestic growth at 13% vs 20% guidance; requires 26-27% H2 growth, dependent on cement and other commodities picking up.
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