1. At a Glance – PSU Monopoly with Private-Sector Cash Flows
CONCOR is that rare PSU which actually makes money, throws dividends like wedding laddoos, and still gets ignored because… PSU. Current market cap sits at ₹38,107 crore with the stock chilling around ₹501, down ~16% over the last year. Sales for TTM are ₹9,104 crore and PAT is ₹1,278 crore, which means this company earns more than many hyped logistics startups without burning investor cash like a bonfire. Operating margins are a steady ~22%, ROCE ~13.9%, ROE ~10.8%, and debt is a laughably low ₹905 crore with debt-to-equity of just 0.07.
But here’s the twist: despite monopoly-like dominance in rail container logistics, CONCOR trades at ~30x earnings while growing sales at low single digits. Too expensive for value investors, too boring for growth chasers. Classic PSU no-man’s land.
Question for you already: If this wasn’t a PSU, what P/E do you think the market would happily pay?
2. Introduction – India’s Logistics Backbone Wearing a PSU Tag
CONCOR is basically Indian Railways’ logistics brain child that grew up, learned discipline, started minting cash, and then got stuck with a government surname.
Founded to move containers inland by rail, CONCOR today is India’s largest rail-based container logistics company. It runs Inland Container Depots (ICDs), Container Freight Stations (CFS), cold chains, port-linked logistics, air cargo complexes, and multimodal solutions. If a container moves from factory to port by rail in India, chances are CONCOR touched it.
The problem is not execution. The problem is perception.
Despite handling millions of TEUs, despite dominating domestic container movement, despite generating consistent cash flows, the stock price behaves like a sleepy babu on a Monday morning. Why? Because growth is steady, not sexy. Because policy risk exists. Because disinvestment overhang keeps resurfacing like an unwanted relative at weddings.
Yet, strip away the PSU noise, and you’re left with a logistics monopoly sitting on strategic land assets, high entry barriers, and pricing power that startups would kill for.
So is CONCOR a boring
dividend cow… or an undervalued logistics king waiting for narrative change?
3. Business Model – WTF Do They Even Do? (Railways, But With Brains)
Let’s simplify CONCOR for your chai-break brain.
🚆 Carrier (Rail is King)
Rail is the backbone. CONCOR uses rail to move containers across India efficiently and cheaply. Rail-linked terminals give it a cost advantage that road-only logistics players simply cannot match at scale.
🏗 Terminal Operator
CONCOR doesn’t just move boxes; it owns and operates terminals. These terminals offer:
- Warehousing
- Container parking
- Repairs
- Office infrastructure
Basically, logistics real estate that earns money every time a container breathes.
📦 Container Freight Station (CFS) Operator
This is where CONCOR quietly prints money:
- Bonded warehousing
- Deferred customs duty
- LCL consolidation
- Air cargo clearance via bonded trucking
Think of it as logistics + finance + compliance rolled into one.
🌍 EXIM vs Domestic
- EXIM contributes ~69% of revenue
- Domestic is ~31% and growing steadily
Domestic logistics is the real long-term play as India’s manufacturing, consumption, and e-commerce scale up.
Now ask yourself: How many companies control rail access, terminals, customs infrastructure, and government relationships at this scale?
4. Financials Overview – Slow, Steady, and Seriously Predictable
Quarterly Performance (Q3 FY26 – Dec 2025)
| Metric | Latest Qtr | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 2,308 | 2,211 | 2,355 | 4.49% | -2.0% |
| EBITDA | 514 | 517 | 576 | -0.6% | -10.8% |
| PAT | 335 | 331 | 380 | 1.2% | -11.8% |
| EPS (₹) | 4.38 | 4.34 | 4.97 | 0.9% | -11.9% |
This is not a collapse. This is margin normalization
