Container Corporation of India Ltd — Q3 FY26
Container Corporation of India reported a strong Q3 FY26 with throughput of 4.15 million TEUs (up 11% YoY), driven by 10% exim and 13% domestic growth.
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
55%Questions answered2Evaded / deflected10Questions auditedConsistentNumbers vs filing
Partial answer
High priority
Why is revenue growth lower than volume guidance despite volume tracking well?
Asked by Pulkit Partney, Goldman Sachs
Management explained the metric mismatch but did not quantify the realization gap or provide revenue growth drivers.
reframed the question to NTKMno specific realization numbers given
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Question
you've been giving guidance on volumes and as you rightly highlighted you're not too far from that but on the revenue front we are significantly lower... what's really happening on realization?
Management
See uh exam there is a realization is not commensurate with physical... correct parameter to correlate loading with revenue will be NTKM... lead of XM has gone down by 2% due to less demand in North India.
Answered
High priority
Why hasn't DFC connectivity to Gujarat ports boosted volumes already?
Asked by Pulkit Partney, Goldman Sachs
Management clearly explained the technical differences and why JNPT connectivity is unique.
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Question
few ports in Gujarat, Mundra, Pipab have been connected to DFC for a while now and the impact of that have not really reflected. What is the reason that just J&PD connection would be such a big game changer?
Management
Gujarat ports are not directly on DFC; they have feeder routes... JNPA DFC will be going up to JNPA so only freight trains fast moving container trains will be moving on this circuit... 25 ton excel load wagon cannot move on Indian railways route.
Evasive
Medium priority
Which quarter will DFC impact be visible?
Asked by Pulkit Partney, Goldman Sachs
Management gave a vague answer and avoided committing to a specific quarter.
refused to specify quartervague timeline
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Question
which quarter should we see the impact of DFC come through for us?
Management
Well, it will be starting from next financial year. So, I'm not an astrologer. I cannot predict that which quarter you will see the impact. But definitely from Q1 of next, that's why we should start seeing some difference.
Answered
Medium priority
What is the originating volume for Q3?
Asked by Jan Sha, Aquarius Securities
Management provided the exact originating volume numbers for Q3.
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Question
if you can just provide me the visualating volume for this particular quarter. For this particular quarter Q3.
Management
For exam number six. Okay. Uh originating volume for this quarter is uh exam it is uh 564 324 TUS. Domestic 12817 TUS and uh total is 685141TUS.
Evasive
Low priority
Why doesn't the company publish originating volumes and NTKM in press releases?
Asked by Jan Sha, Aquarius Securities
Management acknowledged the request but gave no concrete plan to publish the data.
no commitment to changevague response
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Question
Why we are not publishing the originating kilometers in the press released after the quarter ends and why we are only focusing on the handling volumes?
Management
Okay we will I have noted your request we will see. Yeah.
Partial answer
Medium priority
What is the market share for this quarter and 9 months?
Asked by Jan Sha, Aquarius Securities
Management provided 9-month market share but not the quarterly figure.
quarterly market share not provided
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Question
what would be the market share for this particular quarter and for the 9 months at the all India level?
Management
I don't have market share with me right now for this particular quarter. For 9 month period I can give you the market share. For exam it is 53.8% and domestic it is 55.88%. Total is 54.35%.
Partial answer
High priority
Why is market share falling and what steps are being taken?
Asked by Jan Sha, Aquarius Securities
Management gave a reason but did not detail specific actions to reverse the decline.
no specific steps quantifiedfuture target without current actions
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Question
why we are not taking any major steps to make sure that our market share doesn't fall... what kind of things which has happened over last decade which has resulted in this kind of market share d for us?
Management
fall in market share... reasons are pretty obvious we are not picking up the low margin business because we believe in giving good service to our customers while retaining our margins... projection that I have given for FY29 definitely it is going to increase our market share and take it between 65 to 70%.
Answered
High priority
Why haven't margins improved despite not taking low-margin contracts?
Asked by Jan Sha, Aquarius Securities
Management provided specific margin numbers and explained the improvement.
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Question
if you see a margin precoid it used to be 25 26%... whereas as of now it is ranging in between 21 22%... if you are not taking low margin contract there has to be some compensatory impact on the margin but which has not been reflective.
Management
See if you compare pre-COVID... there was a change in LLF payment to railway... for Q3 of this financial year we have achieved AITA margin of rupes 601 crores... 25.1% and last Q3... 24.2%. So there has been an improvement of around 100 basis points.
Partial answer
Medium priority
How many tank containers do you have and what volumes can they handle?
Asked by Sumit Kish, Access Securities
Management gave container count but did not quantify the volume impact on domestic business.
volume impact not quantified
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Question
what is the total number of tank containers that we have presently and what do you expect by the end of the financial year and if you were to utilize those tank containers reasonably well what kind of volumes would you be able to handle?
Management
we have as of now 300 tank containers of our own ownership... one of our customer has also procured 200 tank containers... 500 tank containers are already there... we are getting 100 containers around one rake every month.
Evasive
Low priority
Can you provide NTKM data for 9 months on a comparable basis?
Asked by Sumit Kish, Access Securities
Management acknowledged but did not provide the requested data.
no data provideddeferred to future
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Question
Could you provide us some sense of what have you done in the 9 month FI26 period in net and kilometer terms in exam and domestic and please provide them on a recording basis?
Management
I have noted your request we will definitely act on that
Evasive
High priority
How will you achieve 20% domestic growth in Q4 when 9-month growth is only 13%?
Asked by Sumit Kish, Access Securities
Management did not explain how the gap would be closed in Q4.
no specific Q4 driversvague optimism
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Question
you've given a guidance of 20% on three years for domestic... the first 9 months is 13%. what is so extraordinary that is going to happen in the fourth quarter that you'll get to 20% growth?
Management
in domestic we are going to we are getting good loading now in all the factors like cement is there and tiles are there... we are quite optimistic of achieving the target that we gave at the start of initial year.
Partial answer
Medium priority
What is the underlying assumption for originating growth relative to handling growth?
Asked by Priyanka Bitwas, JM Financial
Management gave a directional answer but no quantitative assumption.
no specific growth rate given
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Question
should we assume that the originating also grows at the same level or should we assume like the originating grows at a lower level like what is your underlying assumption for it?
Management
Originating definitely will grow then only we will get more handling volumes... it will be on the similar lines of course.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Q3 EBITDA margin 25.1% vs 24.2% last year | 25.1% | 25.1% | Matches filing |
| 9-month EBITDA margin 25.2% vs 25.4% last year | 25.2% | 25.1% | Matches filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.