1. Opening Hook
Remember when “logistics” was just about moving boxes? Now it’s about moving stock prices. Allcargo Terminals just turned those dull steel containers into profit containers. As global trade plays hopscotch between tariffs and tensions, ATL seems to have found its own rhythm—more TEUs, fewer excuses.
The management dropped a bunch of numbers this quarter—some sharp, some shaped like government paperwork—but all wrapped in optimism. The expansion story is real, the rights issue is coming, and EBITDA per TEU is the new brag line. Buckle up, because the second half looks like a high-speed cargo chase with no customs delay.
Read on—things get “container-ly” exciting ahead.
2. At a Glance
- Revenue up 11% QoQ / 6% YoY:CFO swears it’s not freight inflation, just good old operational mojo.
- EBITDA grew 17% QoQ / 24% YoY:Finally, margins joined the party.
- EBITDA/TEU at ₹2,390:The “yield per container” now sounds like fine wine metrics.
- Net Profit at ₹11 Cr (flat YoY):Profits stayed loyal, didn’t move much.
- Loan prepayment ₹70 Cr:Because nothing says “we’re chill” like paying debt early.
- Rights Issue ₹80 Cr coming soon:Equity dilution disguised as “growth fuel.”
3. Management’s Key Commentary
“We received permissions and LOI for 2 upcoming projects and commenced expansion at JNPA.”(Translation:Bureaucracy finally blinked first. Expansion mode = ON 😏*)
“EBITDA per TEU at ₹2,390, up 17% YoY, reflecting scale efficiencies and yield management.”(Translation:We finally figured out how to make each box sweat harder.*)
“Rights issue of ₹80 Cr will largely fund expansion at Farukhnagar and Mundra.”(Translation:Investors, please pay now so we can grow later.*)
“We prepaid ₹70 Cr debt by October.”(Translation:CFO had a rare surplus and couldn’t resist showing off.*)
“Capacity utilization at 76-77%, targeting 85% by H2.”(Translation:There’s still some parking space left for containers.*)
“Four expansion projects – JNPA, Mundra, Chennai, Farukhnagar – to lift capacity from 8.3 lakh to 13 lakh TEUs.”(Translation:Expansion is the new religion; TEUs are the prayer beads.*)
“Market share stands around 12.5%-13%.”(Translation:We own a decent slice of the cargo
pie, and we’re still hungry.*)
4. Numbers Decoded
| Metric | Q2 FY26 | Q1 FY26 | YoY Change | Commentary |
|---|---|---|---|---|
| Volume (TEUs) | 1,68,000 | 1,50,000 | +7% | Growth spurred by JNPA & Mundra expansion. |
| Revenue (₹ Cr) | 207 | 186 | +6% | Slight tailwind from import surge. |
| EBITDA (₹ Cr) | 40 | 34 | +24% | Scale + tech = margins that smile. |
| EBITDA/TEU (₹) | 2,390 | 2,290 | +4% | Container yoga at its best. |
| Net Profit (₹ Cr) | 11 | 9 | Flat YoY | Profit plateau but steady base. |
| H1 Revenue (₹ Cr) | 394 | 385 (YoY) | +2% | Slow but steady cargo crawl. |
| Debt Prepaid | ₹70 Cr | – | – | CFO on a financial detox mission. |
Analysis:Volume, revenue, and margins all ticked up, showing ATL is hauling more and earning better. The flat net profit? Just the price of expansion appetite.
5. Analyst Questions
Q:Why a small ₹80 Cr rights issue?A:Because ₹120 Cr (including warrants) plus internal cash will fund phase-wise dreams. (Translation:Why borrow when you can politely ask shareholders?*)
Q:Is EBITDA/TEU sustainable?A:Around ₹2,200–₹2,300 going forward. (Translation:We’ve found our “sweet spot”—and we’re milking it.*)
Q:What’s driving the 13% volume growth?A:Imports and capacity unlock at JNPA & Mundra. (Translation:More boxes, same hustle.*)
Q:Market share?A:12.5%-13%. (Translation:We’re
