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Working capital build and negative operating cash flow
View Risks →Exim Routes Ltd — Q4 FY26
Exim Routes reported a strong FY26 with revenue surging 72% YoY to ₹207 crore, driven by volume expansion (90%+ of growth) as monthly tonnage nearly doubled.
bullish
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Exim Routes reported a strong FY26 with revenue surging 72% YoY to ₹207 crore, driven by volume expansion (90%+ of growth) as monthly tonnage nearly doubled. EBITDA grew 38% to ₹14.1 crore, but margin compressed 170bps to 6.8% due to higher freight costs from a deliberate shift to UK/European sourcing and elevated oil prices. PAT rose 35% to ₹10.2 crore. The company guided FY27 revenue of ₹300 crore (30-50% growth), supported by a new ₹20 crore debt facility and invoice financing scaling to ₹15 crore. Technology platform ARIS is improving operating leverage (costs fell from 3.8% to 3.1% of revenue). Key risk: working capital build (OCF -₹19 crore) may persist if invoice financing ramp-up is slower than expected.
एक्सिम रूट्स ने वित्त वर्ष 2026 में शानदार प्रदर्शन किया। कंपनी की आय पिछले साल की तुलना में 72% बढ़कर 207 करोड़ रुपये हो गई। यह वृद्धि मुख्य रूप से माल ढुलाई की मात्रा बढ़ने से हुई, जो लगभग दोगुनी हो गई। मुनाफा (EBITDA) 38% बढ़कर 14.1 करोड़ रुपये हुआ, लेकिन मुनाफे की दर 6.8% पर आ गई। इसकी वजह यूरोप और ब्रिटेन से माल मंगाने के कारण बढ़ी ढुलाई लागत और तेल के बढ़े दाम हैं। शुद्ध मुनाफा (PAT) 35% बढ़कर 10.2 करोड़ रुपये हुआ। कंपनी ने अगले साल 300 करोड़ रुपये की आय का लक्ष्य रखा है। इसके लिए उसने 20 करोड़ रुपये का नया कर्ज लिया है और इनवॉइस फाइनेंसिंग को 15 करोड़ रुपये तक बढ़ाया है। टेक्नोलॉजी प्लेटफॉर्म ARIS से लागत कम हुई है। मुख्य जोखिम: कार्यशील पूंजी बढ़ने से नकदी प्रवाह नकारात्मक रह सकता है।
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Monthly tonnage
12,000-16,000 tons
+100% YoY
Monthly tonnage doubled from 6-8k tons in April 2025 to ~12-16k tons by March 2026, driving revenue growth.
Containers moved annually
6,000 containers
+50% YoY
Currently moving 6,000 containers annually; target to scale to 10,000 containers in FY27.
Inventory visibility
1 million tons
20% of Indian import market
ARIS platform has visibility of ~1 million tons of inventory worth ~$300M, representing 20% of India's import market.
Sales offer conversion time
Minutes
From 2-3 days to minutes
ARIS reduced manual sales offer conversion from 2-3 days to minutes, improving efficiency and scalability.
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Guidance and risk preview
Management guided 30-50% revenue growth for FY27, aiming for ₹300 crore at the upper end, reflecting current geopolitical and logistics conditions.
Operating cash flow was -₹19 crore in FY26 due to doubling of trading book and tighter supplier terms.
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