Snowman Logistics Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Snowman Logistics Ltd filed with BSE on 14 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
Management of Gateway Distriparks and Snowman Logistics discussed subdued volumes during the quarter attributed to the West Asia conflict affecting import and export cargo, particularly from the US, Europe and Middle East. They provided updates on capex plans including Indore and Jaipur ICD projects, Ankleshwar MMLP ramp-up, and Snowman's warehousing and 5PL segment margins. Management also addressed debt levels, tax rate changes, and reiterated a long-term revenue target for Snowman.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Total TEU volume: 188,000 (Q4 FY26)
p. 9
“Yes, it's reported in our press release. So, for the quarter, say we've done 188,000. 96,000 is Rail and 91,000 is CFS roughly.”
Samvid Gupta, page 9 of the filed PDF · View the filing
Double stacking percentage: 40% (FY26)
p. 5
“40% for the full FY.”
Samvid Gupta, page 5 of the filed PDF · View the filing
Double stacking percentage: 42% (Q4 FY26)
p. 6
“Double stacking, we're at 40% for the year. Q4 was at 42%.”
Samvid Gupta, page 6 of the filed PDF · View the filing
Container business capex: INR90 crores (FY26)
p. 5
“The capex figure that we have for the container business is about INR90 crores.”
Samvid Gupta, page 5 of the filed PDF · View the filing
Snowman capex: INR30 crores (FY26)
p. 5
“It's about INR30 crores for Snowman.”
Samvid Gupta, page 5 of the filed PDF · View the filing
Snowman warehouse capacity utilization: 86%, 87% (FY26)
p. 7
“We were at around 86%, 87% for the last financial year.”
Padamdeep Singh Handa, page 7 of the filed PDF · View the filing
Snowman dry warehouse share: 9% to 10%
p. 8
“So currently, our dry utilization will be around 9% to 10% of the total capacity, and we are further reducing that.”
Padamdeep Singh Handa, page 8 of the filed PDF · View the filing
Snowman debt repayment: INR30 crores (FY27)
p. 8
“Yes, yes. So, we have repayments of around INR30 crores in next financial year.”
Raghav Garg, page 8 of the filed PDF · View the filing
Snowman rent payment: INR40 crores (FY26)
p. 8
“Yes, so rent payment would be around INR40 crores for the entire year.”
Raghav Garg, page 8 of the filed PDF · View the filing
Gateway Distriparks standalone gross debt: INR170 crores
p. 11
“As we see that our debt was at INR550 crores. Now it's at around INR170 crores at the gross level at the Gateway Distriparks standalone.”
Jainam Shah, page 11 of the filed PDF · View the filing
LCL/time-sensitive cargo volume opportunity: 6,000 to 10,000 TEUs per month
p. 8
“Yes. It's hard to put a concrete number to it, but within NCR itself, there's about 6,000 to 10,00 TEUs of this kind of volume.”
Samvid Gupta, page 8 of the filed PDF · View the filing
Snowman pallet capacity: 160,000 pallets
p. 6
“If you look at our capacity, we're at about 160,000 pallets.”
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.
Rail segment growth — 15% growth · medium term
stated as an aspiration by Samvid Gupta
p. 4
“we would be trying to target a 15% growth for the rail segment.”
Samvid Gupta, page 4 of the filed PDF · View the filing
CFS segment growth — around 5%
stated as an aspiration by Samvid Gupta
p. 4
“CFS is probably around 5%.”
Samvid Gupta, page 4 of the filed PDF · View the filing
Snowman revenue growth — 15% growth
stated as an aspiration by Samvid Gupta
p. 4
“Snowman also, we're targeting about a 15% growth.”
Samvid Gupta, page 4 of the filed PDF · View the filing
Indore ICD commencement — 2028 · 2028
stated firmly by Samvid Gupta
p. 3
“We've given a target of 2028 for commencement of operations.”
Samvid Gupta, page 3 of the filed PDF · View the filing
Snowman revenue target — INR1,000 crores · FY29
stated conditionally by Samvid Gupta
p. 7
“It's a bit optimistic, but we'll have to wait and watch and see. But maybe more realistic is FY '29.”
Samvid Gupta, page 7 of the filed PDF · View the filing
Snowman EBITDA margin at INR1,000 crores revenue — 15% EBITDA margin, INR150 crores EBITDA
stated as an aspiration by Samvid Gupta
p. 6
“Our target would be that something like at INR1,000 crores. It's a 15% EBITDA margin on a blended basis, and we have a INR150 crores EBITDA.”
Samvid Gupta, page 6 of the filed PDF · View the filing
Snowman capex for FY27 — around INR50 crores · FY27
stated conditionally by Samvid Gupta
p. 12
“Maybe around INR50 crores capex is the guideline for FY '27.”
Samvid Gupta, page 12 of the filed PDF · View the filing
Ankleshwar ICD commencement — 3 to 6 months
stated conditionally by Samvid Gupta
p. 4
“The ICD will probably take anywhere from 3 months to 6 months. The construction is going on, it's on track. But by the time all the permissions come in place, it can be anywhere from 3 to 6 months.”
Samvid Gupta, page 4 of the filed PDF · View the filing
Jaipur ICD capex — INR70 crores · 1 to 1.5 years
stated conditionally by Samvid Gupta
p. 5
“Jaipur, if it comes in, then that will be another INR70 crores to be spread across 1 year, 1.5 years over there.”
Samvid Gupta, page 5 of the filed PDF · View the filing
Cash tax payment — MAT credit utilization, no cash tax · 3 to 4 years
stated firmly by Samvid Gupta
p. 12
“we're going to have enough MAT credit, that we're not going to pay cash tax for the next, say, 3 years, at least, maybe even 4.”
Samvid Gupta, page 12 of the filed PDF · View the filing
Warehousing price hikes
stated firmly by Padamdeep Singh Handa
p. 14
“For every contract renewal, we are making sure that we ask and pass on the costs, which have increased during the last financial year and expected to increase in the current financial year.”
Padamdeep Singh Handa, page 14 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.
Volumes remain subdued with no clarity on recovery timing.
Answered by Samvid Gupta
Asked by Jainam Shah: How has the volume trend been given West Asia conflict impact?
p. 3
“The trend is continuing right now. So, volumes remain a bit subdued, and there's no clarity also on when things will pick up exactly.”
Samvid Gupta, page 3 of the filed PDF · View the filing
Imports from US, Europe, Middle East and exports of food, beverage, rice and frozen foods are impacted.
Answered by Rajguru Behgal
Asked by Jainam Shah: Which commodities/regions are impacted by the West Asia crisis?
p. 3
“Yes. Basically, if we look at on the import side, all the cargo, which is coming from U.S., Europe and Middle East is impacted.”
Rajguru Behgal, page 3 of the filed PDF · View the filing
Next hearing is in July with hope for a positive order.
Answered by Samvid Gupta
Asked by Jainam Shah: What is the status of the Jaipur ICD legal case?
p. 3
“So Jaipur, we have our next hearing in July, which is listed for final argument.”
Samvid Gupta, page 3 of the filed PDF · View the filing
Guidance deferred, target may be pushed by a year, with EBITDA margin declining as percentage but overall EBITDA rising.
Answered by Samvid Gupta
Asked by Vivek Turaga: When will Snowman reach the INR1,000 crores revenue target and what margins will accompany it?
p. 6
“INR1,000 crores is still our plan. Maybe it gets deferred by a year or so.”
Samvid Gupta, page 6 of the filed PDF · View the filing
New warehouses in Kolkata and Krishnapatnam had high initial power costs during ramp-up, depleting margins temporarily.
Answered by Padamdeep Singh Handa
Asked by Kunal Tokas: Why did EBIT margins decline in warehousing and 5PL segments?
p. 7
“Typically, in the warehousing, we have had a few R&Ms and there were certain start-up warehouses wherein the power cost was high initially, that has resulted into a little depleted margin.”
Padamdeep Singh Handa, page 7 of the filed PDF · View the filing
Only debt principal repayment of about INR30 crores is due; lease liability is an accounting entry with rent as opex.
Answered by Raghav Garg
Asked by Kunal Tokas: What repayments are due in FY27 including lease and debt?
p. 8
“There is no repayment of lease, its basically accounting entry only, the lease liability...”
Raghav Garg, page 8 of the filed PDF · View the filing
COGS increase is tied to a 23% growth in the trading and distribution segment specifically.
Answered by Raghav Garg
Asked by Vedant Punjabi: Why did COGS increase 20% despite 10% revenue growth?
p. 9
“So only the trading part, which is trading and distribution. So, there is a growth of 23% and all COGS is related to trading only.”
Raghav Garg, page 9 of the filed PDF · View the filing
More empty containers, underframe haulage, domestic business upfront costs, and stabling costs due to disruptions.
Answered by Samvid Gupta
Asked by Koundinya Nimmagadda: What drove the decline in per-TEU realizations and margins?
p. 11
“No. So, there's more empties, more underframe. So, you might see the number of TEUs not dip as much, but the number of laden TEUs or the number of laden TEUs towards our more profitable segments like 40 feet that can get easily double stacked, that was impacted a bit.”
Samvid Gupta, page 11 of the filed PDF · View the filing
Full outsourcing increases risk of losing fleet control and disrupting operations, so a mixed owned-and-leased model continues.
Answered by Padamdeep Singh Handa
Asked by Kunal Tokas: Why not outsource the transportation segment entirely?
p. 13
“That dilutes my risk of overall operations. I mean the partners may walk off with the entire fleet, it becomes difficult to revamp that at the pace we want it and then the entire setup has to be redone.”
Padamdeep Singh Handa, page 13 of the filed PDF · View the filing
Positive, with price increases passed through to customers including due to Haryana wage law changes.
Answered by Padamdeep Singh Handa
Asked by Kunal Tokas: How is the warehousing pricing scenario looking?
p. 14
“It's quite positive. I mean the industry is moving and responding to the price increases.”
Padamdeep Singh Handa, page 14 of the filed PDF · View the filing
Risks flagged
West Asia conflict causing subdued and unpredictable cargo volumes
p. 3
“The trend is continuing right now. So, volumes remain a bit subdued, and there's no clarity also on when things will pick up exactly.”
Samvid Gupta, page 3 of the filed PDF · View the filing
Disruption to shipping cycle affecting cargo from Europe and US, not just Middle East
p. 10
“So, it's not just the volumes to and from Middle East. It's the entire Europe, U.S., like Rajguru was explaining earlier, that everything has gotten disrupted.”
Samvid Gupta, page 10 of the filed PDF · View the filing
Uncertainty over when Iran-US resolution will occur to end trade impact
p. 10
“It really depends on when Iran and U.S. come to a resolution.”
Samvid Gupta, page 10 of the filed PDF · View the filing
Delays for EXIM customers due to container availability constraints
p. 9
“For our EXIM customers, yes, there has been certain delays because of the availability of containers and the cargo has little overstayed with us.”
Padamdeep Singh Handa, page 9 of the filed PDF · View the filing
Train stabling costs increasing due to disruptions
p. 11
“So those stabling costs come in.”
Samvid Gupta, page 11 of the filed PDF · View the filing
Transportation segment under constant operational stress
p. 13
“To start with the transportation segment is under constant stress.”
Padamdeep Singh Handa, page 13 of the filed PDF · View the filing
Loss of ATI tax benefit for one year under new tax regime
p. 12
“So, we're missing out 1 year of ATI tax benefit, which would have been FY '27 for some of our facilities.”
Samvid Gupta, page 12 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.