Patel Integrated Logistics Ltd — Q3 FY26

Patel Integrated Logistics reported Q3 FY26 revenue of INR 88 cr (up 12% YoY) with EBITDA margin of 2.49% and PAT of INR 3 cr (margin 3.05%). Total cargo volume declined to 14,339 tons (domestic -7% QoQ, international -6% QoQ) due to IndiGo's aircraft grounding in December 2025 and post-festive slowdown. Management attributed the dip to one-off factors and expects normalization in Q4. The company is expanding domestic network via a partnership with Star Air and incorporated Rajput Logistics (50% subsidiary) to re-enter road logistics on an asset-light model. A restricted stock unit plan is proposed for employee retention. Key risk: continued dependence on passenger airlines for belly cargo capacity leaves volumes vulnerable to airline operational disruptions.