Glottis Ltd — Q3 FY26

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.