Allcargo Logistics Limited Q2 FY26 Concall Decoded:Demerger drama done, EBITDA wakes up, and management finally sounds relaxed
1. Opening Hook
Just when investors were still trying to understand which Allcargo they actually own, management calmly announced: “Relax, profits are back.” After months of restructuring jargon, composite schemes, and Excel-induced migraines, Allcargo Logistics finally showed what the business looks like without accounting fog.
The international business has been spun off, Gati has been swallowed whole, and what remains is a clean domestic logistics beast—Express on one side, Contract Logistics on the other, both suddenly behaving better. EBITDA jumped, PBT turned positive (after adjustments, of course), and management sounded suspiciously confident.
Is this the real turnaround or just post-demerger honeymoon energy? Read on—because once amortization ghosts vanish, things start looking… interesting.
2. At a Glance
Revenue ₹537 cr (↑11%) – No restructuring excuses left, growth showed up anyway.
EBITDA ₹62 cr (↑27%) – Operating leverage finally clocked in.
PBT +₹9 cr (adjusted) – From losses to profits, courtesy accounting exorcism.
Volumes ↑11% QoQ – Trucks didn’t wait for demerger clarity.
Net Cash ₹22 cr – Not rich, but at least breathing comfortably.
3. Management’s Key Commentary
“This is our first call after the composite scheme concluded.” (Translation: Please forget last year’s numbers 😏)
“Operating performance has improved with revenue up 10%.” (Translation: Business works when structure stops fighting it.)
“Express business delivered the highest-ever quarter.” (Translation: Gati finally behaving like an asset.)
“Consultative logistics also delivered its best-ever quarter.” (Translation: Warehouses quietly printing cash.)
“Amortization of Gati intangibles will no longer continue.” (Translation: One big profit drag officially dead 💀)
“SG&A costs actually shrunk while revenue grew.” (Translation: This is what operating leverage looks like 😏)
4. Numbers Decoded
Source table
Metric
Q2 FY26
YoY Change
Reality Check
Revenue
₹537 cr
+11%
Steady domestic demand
EBITDA
₹62 cr
+27%
Leverage finally kicked in
Gross Profit
₹154 cr
+3%
Mix still stabilizing
Express EBITDA
₹17 cr
↑
Volumes + yield helping
Contract Logistics EBITDA
₹46 cr
↑
Margin engine intact
Reported PBT shows loss, but strip out ₹27 cr of one-offs and amortization—core business is profitable again.
