1. At a Glance
India’s cargo whisperer, CONCOR moves containers faster than your Zomato guy on a scooter. With rail-based logistics, cold chains, and CFS operations under its belt, CONCOR is the PSU that wants to become India’s FedEx… minus the stock price enthusiasm.
2. Introduction with Hook
Imagine if the Indian Railways and DHL had a child—it would look a lot like CONCOR. This Mini-Ratna PSU controls the backbone of India’s container logistics system and is now targeting global corridors via Dubai. But… is growth stuck at a red signal?
- Market Cap: ₹47,201 Cr
- Q4FY25 PAT: ₹299 Cr
- ROE: A lukewarm 10.8%
- Dividend Yield: 1.48%
3. Business Model (WTF Do They Even Do?)
CONCOR’s Trinity of Freight Awesomeness:
- Carrier – Rail is king. Most terminals are rail-linked.
- Terminal Operator – Warehousing, repair, parking, office space, chai-wala (maybe).
- CFS (Container Freight Stations) – Offers bonded warehousing, LCL reworking, customs clearance, cold chain, and air cargo integration.
They’ve got the infrastructure. Now the question is—can they scale it up?
4. Financials Overview
| Metric | FY25 |
|---|---|
| Revenue | ₹8,887 Cr |
| EBITDA | ₹1,929 Cr |
| Net Profit | ₹1,292 Cr |
| OPM | 22% |
| EPS | ₹16.92 |
| Dividend Payout | 9% (down due to bonus issue) |
3-Year Sales CAGR: ~5%
3-Year PAT CAGR: ~8%
Margins are stable. Growth? Stuck in traffic.
5. Valuation
- P/E: 35.9x
- P/B: 3.81x
- Book Value: ₹163
Fair Value Range (Blended Val Models):
₹540 – ₹690
Valuation reflects PSU premium + infra asset + poor earnings visibility = a logistics valuation Rubik’s cube.
6. What’s Cooking – News, Triggers, Drama
- Bonus Issue (1:4): Market loves bonuses more than profits
- Dubai MoU Signed: Multimodal connectivity with RHS Group
- Volume Growth: 11.3% YoY in Q1 FY25
- Privatization Chatter: Always around, never happens
- Cold Chain Expansion: Targeting high-margin FMCG/Pharma corridors
7. Balance Sheet
| Metric | FY25 |
|---|---|
| Equity Capital | ₹305 Cr |
| Reserves | ₹12,076 Cr |
| Total Borrowings | ₹861 Cr |
| Total Liabilities | ₹14,476 Cr |
| Fixed Assets + CWIP | ₹7,433 Cr |
| Investments | ₹1,119 Cr |
Key Points:
- Almost debt-free
- Capex tapering off post FY23
- Cash-rich + land bank = hidden value trap or jackpot?
8. Cash Flow – Sab Number Game Hai
| ₹ Cr | FY23 | FY24 | FY25 |
|---|---|---|---|
| Operating | 1,406 | 1,388 | 1,712 |
| Investing | -593 | -699 | -629 |
| Financing | -854 | -840 | -914 |
| Net Flow | -41 | -150 | +169 |
Key Takeaways:
- Solid cash generation
- Investing in infra but at measured pace
- Free cash flow > ₹1,000 Cr annually
9. Ratios – Sexy or Stressy?
| Ratio | FY25 |
|---|---|
| ROE | 10.8% |
| ROCE | 13.7% |
| OPM | 22% |
| D/E | 0.07x |
| Dividend Yield | 1.48% |
| Working Capital Days | +6 |
Verdict? Sexy margins. Boring returns. But hey, it’s a PSU, not Tinder.
10. P&L Breakdown – Show Me the Money
| Metric (₹ Cr) | FY25 |
|---|---|
| Revenue | ₹8,887 |
| EBITDA | ₹1,929 |
| Other Income | ₹414 |
| Interest | ₹73 |
| Depreciation | ₹581 |
| PBT | ₹1,689 |
| PAT | ₹1,292 |
EBITDA margin ~22% with stable other income and negligible debt drag.
11. Peer Comparison
| Company | Sales (₹ Cr) | PAT (₹ Cr) | ROE | P/E | OPM |
|---|---|---|---|---|---|
| CONCOR | 8,887 | 1,292 | 10.8% | 35.9x | 22% |
| Delhivery | 8,931 | 73 | 1.8% | 186x | 4.2% |
| Blue Dart | 5,720 | 252 | 17.2% | 65x | 15.3% |
| VRL Logistics | 3,160 | 177 | 17.4% | 31x | 18.1% |
| TCI | 4,491 | 412 | 19.8% | 23x | 10.3% |
CONCOR has the highest revenue but worst PAT growth delta. Efficiency > size.
12. Miscellaneous – Shareholding, Promoters
- Promoter (Govt): 54.8%
- FII Holding: Down from 24% to 12.7% (ouch)
- DII Holding: Steady rise to 25.9%
- Public Float: 6.47% (low)
- Shareholders: Over 3.49 lakh
Notable: FII exit = concerns on growth. DIIs remain committed like your childhood tuition teacher.
13. EduInvesting Verdict™
CONCOR is a rare PSU that’s cash-positive, infra-rich, and professionally managed. It owns critical rail-linked logistics infra. But its earnings growth is like a freight train running on single track—slow but steady.
The stock is safe, the dividend is okay-ish, and it has room for rerating if capex pays off. But don’t expect startup-level speed here—it’s the Indian Railways, not a bullet train.
Triggers to watch: privatization whispers, land monetization, and cold chain revenues. Until then, it’s a slow-burn story with a solid base.
Metadata
– Written by EduInvesting Team | 15 July 2025
– Tags: CONCOR, PSU Stocks, Logistics India, Rail Freight, Dividend Stocks, Infrastructure, Cold Chain, Indian Railways
