Container Throughput (TEUs)
20,710
-22.4% YoY
TEUs handled in Q3 FY26 vs 26,700 in Q3 FY25, reflecting soft global trade.
GLOTTIS
Other
15 Jan 2026
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.
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
Revenue per TEU
₹67,000
-16% QoQ
Average revenue per TEU dropped from ₹79,000 in Q2 due to lower freight rates.
Engineering Products Share
20.2%
+9.4pp QoQ
Share of revenue from engineering products increased from 10.8% in Q2, driven by project cargo.
Top 5 Customer Concentration
30.5%
-7.5pp QoQ
Revenue share from top 5 customers fell from 38% in Q2, indicating diversification.
Management Guidance
Q4 FY26 TEU target close to FY25 full-year levels
Management aims to achieve ~25,000 TEUs in Q4 to reach near FY25's total of ~1,10,800 TEUs, despite soft market.
growthBackward integration capex: 70-75 trailers by Q4 FY26, 1,000 containers live from Q1 FY27
Trailer deployment delayed to Q1 FY27 due to driver training; container payments in Q4, operational from Q1 FY27.
capexDouble-digit EBITDA margin target for FY27
Management expects EBITDA margins to improve to double digits in FY27 as backward integration reduces costs.
marginsKey Risks
Sustained margin pressure from high cost of services
Cost of services rose to 91% of revenue in Q3 from ~86-87% historically, driven by soft freight rates and customer retention strategy.
high · data_observationRenewable energy policy uncertainty
US tariffs and India's ALMM policy have reduced solar module imports, impacting a key vertical. Management expects a shift to raw materials and energy storage, but timing is uncertain.
medium · management_commentaryExecution risk in backward integration
Trailer deployment delayed to Q1 FY27 due to driver training; capacity utilization and cost savings from new assets remain unproven.
medium · analyst_questionNotable Quotes
We cautiously choose to retain key customers accounts and service levels even where margins are thinner to protect long-term relationship and business continuity.
Q3 was very tough for us but we are very patient and very ambitious. Company is very ambitious and bullish and we would request all our stakeholders to measure us on a long term not on a short-term basis.
We are very very positive going on a double digit.