Snowman Logistics Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Snowman Logistics Ltd filed with BSE on 12 Aug 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
Management of Gateway Distriparks and Snowman Logistics discussed Q1 FY27 performance on a joint earnings call, noting that ICD volumes remained stagnant year-on-year due to disruption from the West Asia crisis while market share was maintained. Rail EBITDA per TEU was pressured by volume mix, port imbalances, lower double stacking, and higher minimum wages, with management expecting improvement in Q2 as cost pass-throughs take effect. Snowman Logistics reported pricing increases of 5% to 7% across warehousing customers and outlined plans for pallet capacity additions and new ICD locations including Ankleshwar and Indore.
Numbers mentioned
Cash tax rate: 18.88% (Q1 FY27)
p. 4
“We will be paying at the rate of 18.88% for at least 7, 8 years.”
Kartik Sundaram Aiyer, page 4 of the filed PDF · View the filing
JNPT share of rail volumes: about 5% (Q1 FY27)
p. 4
“Currently, it's about 5%, but we are hopeful that this will increase going forward, especially as we add Ankleshwar and Indore, both are very dependent on JNPT.”
Samvid Gupta, page 4 of the filed PDF · View the filing
Double stacking percentage: 39% (Q1 FY27)
p. 5
“On double stack, basically, we're at 39%.”
Samvid Gupta, page 5 of the filed PDF · View the filing
Haryana minimum wage increase: 35%
p. 5
“Just for example, Haryana had an increase by 35% in minimum wages.”
Samvid Gupta, page 5 of the filed PDF · View the filing
Land bank: 475 acres
p. 7
“So, our overall land bank is about 475 acres across India in prime locations.”
Samvid Gupta, page 7 of the filed PDF · View the filing
Warehousing pricing increase: 5% to 7% (Q1 FY27)
p. 7
“In terms of percentage, I cannot say right away, but in a range between 5% to 7% on an average is what we have got from most of the customers.”
Padamdeep Singh Handa, page 7 of the filed PDF · View the filing
5PL segment growth: 6% year-on-year (Q1 FY27)
p. 8
“5PL has seen a hike of around 6% year-on-year, I would say.”
Padamdeep Singh Handa, page 8 of the filed PDF · View the filing
Indore land parcel size: 26.4 acres
p. 4
“So now we're at 26.4 acres roughly.”
Samvid Gupta, page 4 of the filed PDF · View the filing
Ankleshwar existing ICD volume estimate: about 5,000 TEUs
p. 6
“That would be doing about 5,000 TEUs is our estimate, but that data is not public.”
Samvid Gupta, page 6 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.
Volume growth — double-digit growth · FY27
stated conditionally by Samvid Gupta
p. 3
“We don't know when it will clear up, but we're still positive in long term. And we're hopeful that for the year, we can still close out on double-digit growth.”
Samvid Gupta, page 3 of the filed PDF · View the filing
Top line growth — 10% to 15%
stated firmly by Samvid Gupta
p. 8
“We're looking at growth of, say, 10% to 15% on top line and it will be across all the segments.”
Samvid Gupta, page 8 of the filed PDF · View the filing
Indore ICD operational date — operational · 2028
stated firmly by Samvid Gupta
p. 4
“Yes, it will be operational by 2028.”
Samvid Gupta, page 4 of the filed PDF · View the filing
Ankleshwar ICD EXIM operations — EXIM operations start · September
stated firmly by Samvid Gupta
p. 6
“So right now, it's zero, EXIM has not started. It will only start by end of September.”
Samvid Gupta, page 6 of the filed PDF · View the filing
Ankleshwar ramp-up volume — similar number to existing ICD (about 5,000 TEUs) · 3 to 4 years
stated as an aspiration by Samvid Gupta
p. 6
“But we also estimate that, say, within 3, 4 years, we should be doing a similar number.”
Samvid Gupta, page 6 of the filed PDF · View the filing
Pallet additions — around 24,000 additional pallets · this year
stated firmly by Padamdeep Singh Handa
p. 8
“So, this year we'll see around 24,000 additional pallets, I mean, by end of this year.”
Padamdeep Singh Handa, page 8 of the filed PDF · View the filing
Jaipur ICD litigation resolution — final arguments · September
stated conditionally by Samvid Gupta
p. 4
“We're hopeful that it can get closed within a hearing or two.”
Samvid Gupta, page 4 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 market share is intact and the de-growth is due to the West Asia war situation, with hope for double-digit growth for the year.
Answered by Samvid Gupta
Asked by Jainam Shah: Was the stagnant ICD volume due to market de-growth or loss of market share, and how is volume expected to behave for the rest of the fiscal year?
p. 3
“So, the market share is intact only. The market has de-grown in the markets that we operate in.”
Samvid Gupta, page 3 of the filed PDF · View the filing
Management confirmed lower rail EBITDA this quarter due to volume mix, port imbalance, lower double stacking, higher empty running, fuel and wage increases, with expected recovery in Q2.
Answered by Samvid Gupta
Asked by Aditya Mongia: Is EBITDA per TEU on the rail side declining despite maintained market share?
p. 5
“Lower double stacking, higher underframe, higher empty running all contributed to a lower rail EBITDA in this quarter.”
Samvid Gupta, page 5 of the filed PDF · View the filing
Management said they explored a sale about 1.5 years ago but did not get the right valuation, and are not actively pursuing a sale now given a net debt-zero position.
Answered by Samvid Gupta
Asked by Aditya Mongia: Is there any plan to improve or exit the CFS business given it does not benefit from DFC?
p. 5
“So, we undertook an exercise, but we didn't get the right valuation. This was about 1.5 years ago.”
Samvid Gupta, page 5 of the filed PDF · View the filing
Management said trends were similar to Q1 but July volumes were impacted by weather-related restrictions on double stacking and port operations.
Answered by Samvid Gupta
Asked by Niraj Mansingka: What was the volume growth trend in June and July?
p. 6
“So, there was a lot of restrictions on double stacking and even operations at the port were both congested as well as restricted.”
Samvid Gupta, page 6 of the filed PDF · View the filing
Management said it is a positive long-term development but volume shifts will be gradual and dependent on shipping line decisions.
Answered by Samvid Gupta
Asked by Achal Lohade: How does DFC connectivity to JNPT change the ICD business economics?
p. 10
“But it's a wait-and-watch kind of thing. And we don't expect an overnight shift of volumes from a road-to-rail kind of thing happening.”
Samvid Gupta, page 10 of the filed PDF · View the filing
Management said current pricing makes JNPT more expensive for Northern India due to distance, but revenue and EBITDA per TEU would be higher.
Answered by Samvid Gupta
Asked by Achal Lohade: Will per-unit margins from JNPT be higher or lower than current routes?
p. 10
“For us, the revenue per TEU would be higher on JNPT on current pricing and then slightly the EBITDA will also be higher just as a function of distance.”
Samvid Gupta, page 10 of the filed PDF · View the filing
Management said there is no concrete development, only industry rumors about the possibility.
Answered by Samvid Gupta
Asked by Koundinya Nimmagadda: Can management elaborate on discussions of a special haulage charge for JNPT?
p. 11
“We don't have any insight, but it's just like industry rumors that it's on everyone's wish list, but there's nothing concrete that anything has come on this.”
Samvid Gupta, page 11 of the filed PDF · View the filing
Risks flagged
Disruption from the West Asia war situation affecting import volumes
p. 3
“It's led to a disruption in everything. We don't know when it will clear up, but we're still positive in long term.”
Samvid Gupta, page 3 of the filed PDF · View the filing
Port congestion and weather-related restrictions on double stacking
p. 6
“So, there was a lot of restrictions on double stacking and even operations at the port were both congested as well as restricted.”
Samvid Gupta, page 6 of the filed PDF · View the filing
Higher minimum wage costs pressuring margins
p. 5
“Just for example, Haryana had an increase by 35% in minimum wages.”
Samvid Gupta, page 5 of the filed PDF · View the filing
Time lag in passing on cost increases to customers
p. 5
“We've tried to pass it on to customers, but there is a time lag in that also.”
Samvid Gupta, page 5 of the filed PDF · View the filing
Uncertainty over whether special JNPT haulage rationalization will materialize
p. 11
“But that is a matter of question whether it is going to happen or not.”
Rajguru Behgal, page 11 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.