Allcargo Terminals Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Allcargo Terminals Ltd filed with BSE on 26 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Allcargo Terminals reported Q4 FY26 revenue of Rs 208 crore, up 12% year-on-year, with EBITDA of Rs 44 crore, up 31%, and EBITDA margin expanding to 21.2% from 18% a year earlier. For the full year, revenue grew 8% to Rs 821 crore, EBITDA grew 26% to Rs 162 crore, and net profit grew 46% to Rs 44 crore on record annual volumes of 723,035 TEUs. Management discussed capacity expansion at JNPT, construction progress at the Farrukhnagar PFT-ICD project, and capital allocation plans including a Rs 400 crore capex program.
Numbers mentioned
Revenue: INR208 crores (Q4 FY26)
p. 4
“Q4 FY26, our revenue stood at INR208 crores, reflecting a growth of 12% year-on-year.”
Pritam Vartak, page 4 of the filed PDF · View the filing
EBITDA: INR44 crores (Q4 FY26)
p. 4
“EBITDA, excluding other income, came in at INR44 crores, marking a 31% increase year-on-year.”
Pritam Vartak, page 4 of the filed PDF · View the filing
EBITDA margin: 21.2% (Q4 FY26)
p. 4
“EBITDA margin expanded to 21.2% in Q4 FY26 as against 18% during Q4 FY25.”
Pritam Vartak, page 4 of the filed PDF · View the filing
Net profit: INR9 crores (Q4 FY26)
p. 4
“Net profit for the quarter was INR9 crores as against a loss during Q4 FY25.”
Pritam Vartak, page 4 of the filed PDF · View the filing
Total volume (CFS plus ICD): 179,631 TEUs (Q4 FY26)
p. 4
“In Q4 FY26, we handled total volume, CFS plus ICD, 179,631 TEUs, reflecting a growth of 7% over Q4 FY25 and a decline of 7% over Q3 FY26.”
Pritam Vartak, page 4 of the filed PDF · View the filing
Total volume (CFS plus ICD): 723,035 TEUs (FY26)
p. 4
“For the financial year ended March '26, total volume, CFS plus ICD, stood at 723,035 TEUs, reflecting a growth of 6% year-on-year.”
Pritam Vartak, page 4 of the filed PDF · View the filing
Revenue: INR821 crores (FY26)
p. 4
“Revenue for the period stood at INR821 crores, reflecting a year-on-year growth of 8%.”
Pritam Vartak, page 4 of the filed PDF · View the filing
EBITDA: INR162 crores (FY26)
p. 4
“EBITDA stood at INR162 crores, registering a growth of 26%.”
Pritam Vartak, page 4 of the filed PDF · View the filing
Net profit: INR44 crores (FY26)
p. 4
“Net profit for FY26 was INR44 crores, marking a growth of 46%.”
Pritam Vartak, page 4 of the filed PDF · View the filing
Lease payments principal and interest: INR78 crores (FY26)
p. 5
“So in the cash flow statement, you can find it is lease payments principal INR40 crores, you can find in your financing activity. And you can also see interest on lease payment, INR38 crores as a part of financing.”
Pritam Vartak, page 5 of the filed PDF · View the filing
India major ports cargo volume: 915.2 million metric tons (FY26)
p. 3
“India's major ports handled a record 915.2 million metric tons of cargo in FY26, which is a healthy 7% year-on-year growth, and this reflects the strong EXIM and trade activity.”
Suresh Kumar, page 3 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Laden TEU volume — 1 million laden TEU · FY28
stated firmly by Suresh Kumar
p. 6
“So we are on course to achieve the 1 million laden TEU number in FY28.”
Suresh Kumar, page 6 of the filed PDF · View the filing
Capacity — around 12.5 lakh to 13 lakh laden TEUs · FY 2030
stated as an aspiration by Suresh Kumar
p. 6
“So our capacity ambition by FY 2030 would be in the range of around 12.5 lakh to 13 lakh laden TEUs.”
Suresh Kumar, page 6 of the filed PDF · View the filing
Volume aspiration — 1 million TEUs · 2030
stated as an aspiration by Suresh Kumar
p. 6
“So 1 million TEUs by 2030 is the aspiration that we have with regard to volumes.”
Suresh Kumar, page 6 of the filed PDF · View the filing
Capex — INR400 crores · FY27
stated firmly by Pritam Vartak
p. 8
“So as we have mentioned in our investors presentation, overall, we are looking for INR400 crores capex spend for various expansion projects we are talking about.”
Pritam Vartak, page 8 of the filed PDF · View the filing
Farrukhnagar project capex — INR226 crores
stated firmly by Pritam Vartak
p. 8
“For overall Farrukhnagar project, we have allocated a capex spend of INR226 crores.”
Pritam Vartak, page 8 of the filed PDF · View the filing
Lease outgo — INR95 crores to INR100 crores · next year
stated conditionally by Pritam Vartak
p. 10
“And future, based on this existing position, the outgo for the year would be in the range of INR95 crores to INR100 crores.”
Pritam Vartak, page 10 of the filed PDF · View the filing
EBITDA per TEU — INR2,200 to INR2,300
stated firmly by Suresh Kumar
p. 6
“And our targeted EBITDA per TEU is in the range of INR2,200 to INR2,300. So we are happy where we are, and we expect to maintain it at this level going forward.”
Suresh Kumar, page 6 of the filed PDF · View the filing
EBITDA per TEU — around INR2,800 level · 2030
stated as an aspiration by Pritam Vartak
p. 12
“If you look at my 2030 projections, which is part of our investors deck, from existing INR2,300, INR2,400 level per TEU, we are looking to go up to INR2,800 level.”
Pritam Vartak, page 12 of the filed PDF · View the filing
PFT completion timeline — April 2027 · April 2027
stated firmly by Suresh Kumar
p. 12
“As you would know that this is being done through group companies, and the time line for the PFT completion is April 2027 and the ICD completion, maybe another 2 quarters after that.”
Suresh Kumar, page 12 of the filed PDF · View the filing
External/bank financing — restricted to somewhere around INR100 crores
stated conditionally by Pritam Vartak
p. 9
“But in our estimate, it would be restricted to somewhere around INR100 crores and which, for the company of our size, we can absorb.”
Pritam Vartak, page 9 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the volume estimates are conservative based on current market study and will be reviewed closer to launch.
Answered by Suresh Kumar
Asked by Madhur Rathi: Why is the Farrukhnagar terminal's expected volume ramp-up slower than earlier indicated capacity targets?
p. 4
“So at this stage, the volume estimates that we are doing there is based upon our understanding of the market. So to that extent, kindly consider this as a conservative estimate based upon the current market conditions that we are studying.”
Suresh Kumar, page 4 of the filed PDF · View the filing
Management said the company is conserving capital to fund growth projects and will consider dividends/buybacks at an appropriate time.
Answered by Pritam Vartak
Asked by Madhur Rathi: What is the capital allocation policy towards dividends or buybacks?
p. 5
“So we are conserving capital right now, and dividends and buyback that all has to be considered. We'll consider that at an appropriate time.”
Pritam Vartak, page 5 of the filed PDF · View the filing
Management declined to give a specific timeline but confirmed active work is underway.
Answered by Suresh Kumar
Asked by Deepak Karwa: When can the Chennai facility expansion be expected?
p. 7
“So I look forward to sharing this in the coming investor calls. I would not want to make a comment on this today. But there is active work as an organization that we are doing to enhance capacity there.”
Suresh Kumar, page 7 of the filed PDF · View the filing
Management estimated CFS market share at 10-12%, noting this is not a published figure.
Answered by Suresh Kumar
Asked by Deepak Karwa: What is the company's current market share in the CFS space?
p. 7
“Our estimated market share at this point in time, this is an estimated number, on the CFS side would be in the range of 10% to 12%.”
Suresh Kumar, page 7 of the filed PDF · View the filing
Management said funding will come from cash flow, unutilized equity from rights issue and private placement, with balance from bank financing, and confirmed the company is currently debt-free.
Answered by Pritam Vartak
Asked by Ashok Shah: How will the company finance capex over the next 1-2 years and what is the debt plan?
p. 9
“As of now, company doesn't have any debt on its balance sheet, and the company is debt free.”
Pritam Vartak, page 9 of the filed PDF · View the filing
Management pointed to the higher-margin rail-linked ICD at Farrukhnagar and scale efficiencies from expanded capacity at JNPT and Mundra.
Answered by Suresh Kumar
Asked by Sonal Minhas: What are the key drivers for realization improvement as capacity grows toward 1.3 million TEUs by 2030?
p. 10
“In future, we will have a rail-linked ICD in Farrukhnagar, and the margin profile in that location would be different from the existing facility.”
Suresh Kumar, page 10 of the filed PDF · View the filing
Management attributed the quarter's high margin partly to reduced other expenses and cautioned investors to look at multi-quarter trends rather than a single quarter.
Answered by Pritam Vartak
Asked by Purav Shah: What drove the strong 21% EBITDA margin in Q4 and is it a sustainable benchmark?
p. 12
“In Q4, there has been a certain reduction in terms of other expenses, which has been there. And this is driven by operational efficiency. Some of these expenses would come back”
Pritam Vartak, page 12 of the filed PDF · View the filing
Management said current strengthening in ground rent stems from commodity pricing and freight fluctuations rather than supply chain disruption, and noted ground rent's share of CFS revenue has declined over time.
Answered by Suresh Kumar
Asked by Vikram Suryavanshi: Are disruptions currently boosting ground rent margins as seen during COVID?
p. 14
“So in terms of ground rent, the last year has seen a strengthening of ground rent, but not because of disruptions. It's simply because of what we believe is the commodity pricing changes which keep happening and the fluctuations in international freight.”
Suresh Kumar, page 14 of the filed PDF · View the filing
Management said ground rent now represents about 20% of CFS revenue, having progressively declined as a share of the business.
Answered by Suresh Kumar
Asked by Kiran Gadge: What percentage of revenue comes from ground rent versus handling/transportation?
p. 15
“And that is currently running at close to a 20% level in terms of what the ground rent realizations that we have.”
Suresh Kumar, page 15 of the filed PDF · View the filing
Risks flagged
Terminal congestion and shortage of transport fleet causing seasonal disruptions
p. 15
“We are passing through one of them currently because of a bit of terminal congestion, shortage of transport fleet.”
Suresh Kumar, page 15 of the filed PDF · View the filing
Global growth moderation and geopolitical tensions/trade uncertainties affecting supply chains and cost structures
p. 3
“This reflects the impact of geopolitical tensions and trade uncertainties, which continue to weigh on supply chains and cost structures.”
Suresh Kumar, page 3 of the filed PDF · View the filing
Competitive pressure limiting ability to raise EBITDA per TEU beyond a certain level
p. 15
“And we also operate in a competitive space. So we can't kind of push that beyond a level.”
Suresh Kumar, page 15 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.