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1. At a Glance
₹214.41 crore of revenue, 1,76,499 containers moved, one Managing Director handing over the keys, and a ₹49.35 crore tax demand under appeal. Allcargo Terminals had a quarter with a lot of moving parts, most of them literally on wheels.
Revenue rose 14.5% year-on-year from ₹187.25 crore, and Operating Profit rose from ₹34.60 crore to ₹47.47 crore — an operating margin of 22.14%, the highest in the ten quarters on the sheet. Below that line, the arithmetic changes temperature: PAT came in at ₹6.37 crore against ₹9.11 crore a year ago, with tax expense at ₹7.20 crore on a pre-tax profit of ₹13.57 crore. Management attributes the tax charge to tax on dividends from joint venture companies and a previous year’s tax impact.
Elsewhere in the quarter: Suresh Kumar Ramiah stepped down as Managing Director effective August 31, 2026, with Pranav Choudhary appointed from September 1 for a three-year term. The board extended a ₹30 crore inter-corporate deposit taken from its own wholly-owned subsidiary — a company borrowing from itself with paperwork, which is what happens when a group is large enough to have internal weather.
Volumes grew 7.2%. Capacity grew about 20% in FY26. The gap between those two numbers is where the next three sections live.
2. Introduction
Allcargo Terminals was incorporated in 2019 but did not begin life as a standalone business until fiscal 2023 — it was carved out of Allcargo Logistics Ltd through a demerger that the National Company Law Tribunal approved by order dated January 5, 2023, effective April 1, 2023. Per Crisil’s rating rationale, within the old parent it contributed roughly 3% of revenue and about 10% of operating profit, which is the corporate equivalent of the quiet cousin who turns out to own property.
The physical business is much older than the listed entity. The company’s own presentation traces the estate back to 2003, when the first CFS at JNPT opened, followed by Mundra in 2007, Chennai in 2009, the Dadri ICD in 2011, and Kolkata in 2019. Speedy JNPT was acquired in 2020. In fiscal 2022, ATL bought an 85% stake in Speedy Multimodes for ₹102 crore, which took capacity from 5,30,000 TEUs to 8,30,000; it picked up the remaining 15% in fiscal 2025, making Speedy wholly owned.
The recent stretch has been about pointing the business north and onto rails. In October 2024 the company approved the purchase of a 7.6% equity stake in Haryana Orbital Rail Corporation Ltd from Allcargo Logistics Ltd for ₹115 crore, funded via a ₹140 crore term loan facility from Aseem Infrastructure Finance. HORCL is building an electrified double broad-gauge line from Palwal to Sonipat, intended to connect to both the Dedicated Freight Corridor and Indian Railways — and, in ATL’s plan, to its proposed ICD at Farukhnagar.
Then there is the recent history of the register itself. During FY26 the company allotted 3,97,98,999 partly paid-up shares at ₹20 each, aggregating ₹79.90 crore, of which ₹5 per share has been received and the rest is receivable on future calls. Per the concall, ₹120 crore was raised in total, with close to ₹90 crore yet to be called. Paid-up capital moved from ₹50.41 crore to ₹52.40 crore. Very few businesses get to collect their own funding in instalments; container logistics, which invented the instalment, seems fitting.
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3. Business Model: WTF Do They Even Do?
A Container Freight Station is a car park that charges rent, employs customs brokers, and occasionally opens the boxes.
More precisely: cargo arrives at a port in a sealed 20- or 40-foot steel container. Somebody has to take it off the ship’s turf, park it, unpack it if it’s a shared load, get customs to bless it, store it while paperwork happens, then hand it to a truck. That somebody is ATL. Per the company, operations include import and export cargo stuffing and de-stuffing, customs clearance and ancillary services, across containerised, hazardous, reefer, break-bulk and specialised cargo, plus bonded and non-bonded warehousing, first- and last-mile delivery and ISO tanks. Revenue breakup for FY24 was CFS services ~98% and other non-operating income ~2%, which is refreshingly free of the segment charts most companies use to look diversified.
The estate: 7 CFS at JNPT, Chennai, Mundra and Kolkata plus 1 ICD at Dadri, the latter a JV with CONCOR. The presentation lists the individual sites in a table that reads like a real-estate brochure written by a logistics engineer — Mumbai facilities at 43 and 53 acres with 3,60,000 and 1,80,000 TEU throughput capacity, Mundra at 80,000 and 1,40,000, Chennai 1,00,000, Kolkata 75,000, Dadri 65,000. Distance from port is listed for each, in kilometres, to one decimal place. Kolkata is 2.5 km from the port. In this business, proximity is a business model; the subsidiary SML is described as the sole player in ‘Cluster 1’, the ring closest to the JNPA gate.
Total warehouse space stood at 1,15,378 sqm in FY26, unchanged from FY25. Throughput capacity was 10,50,000 TEUs per annum, up from 8,80,000. Employees number 2,350+, of which 355 are on-roll and 2,000+ contracted — a workforce structure that mirrors the asset-right philosophy applied to people.
The financial character of it all: ATL leases its standalone CFS facilities at JNPA and Chennai from group company Transindia Real Estate Ltd, and per Crisil, TREL also made the initial land acquisition investment for the Jhajjar ICD project. Crisil calls this an asset-light model with capital allocation flexibility. The result is a balance sheet where lease accounting does a lot of heavy lifting: Ind AS 116 adjustments in Q1 FY27 alone were ₹18.00 crore of ROU depreciation, ₹15.93 crore of ROU interest and a ₹24.67 crore lease rental reversal. Somewhere in there is a rent cheque, wearing three costumes.
Realisation per TEU was ₹14,965 in FY16 and ₹11,882 in FY24. Per Crisil, this reflects the spread of Direct Port Delivery at JNPA, where port DPD volume went from 30% in August 2017 to 80–85%
