1. Opening Hook
When railroads meet refrigerated trucks, you don’t get romance — you getGateway Distriparks. India’s multi-modal maestro just delivered a quarter full of mixed freight: rail volumes humming, cold storage sweating, and tariffs freezing some exports harder than Snowman’s ice cream. While everyone’s still arguing about trade deals and monsoon-driven diesel bills, the Guptas are calmly expanding, stacking containers like Lego and warehouses like chess moves. The DFC is finally flexing, domestic cargo is thawing, and Snowman’s margins are being put on a low-calorie diet. Buckle up — this call was part logistics lecture, part family board meeting, and part therapy session for freight nerds.
2. At a Glance
- Rail EBITDA/TEU ₹9,300:Inflation and congestion took a small slice — still rolling profitably.
- CFS EBITDA/TEU ₹1,000:Legal fees melted the ice; management swears it’ll warm back to ₹1,400.
- Double Stack Ratio 41% (vs 39% QoQ):Two-tiered containers, double bragging rights.
- Market Share:NCR 17%, Punjab 27%, Uttarakhand 38% — still India’s container royalty.
- Domestic Services Launched:Finally boarding the home train — target 1,000 TEUs/month.
- Snowman Transportation Margins Flat:Trucks chilled, profits frostbitten.
- Capex ₹100–150 cr/year (Snowman):Warehouses multiplying faster than ice cream brands.
- Guidance:10–15% volume growth in medium term — assuming DFC gods behave.
3. Management’s Key Commentary
“Rail EBITDA/TEU is ₹9,300 and CFS ₹1,000.”(Translation: Yes, we counted every rupee while the lawyers billed us more.)
“Expect 10–15% volume growth as trade deals kick in.”(Translation: The Free Trade Agreement is our new fantasy league.)
“Domestic services from Ankleshwar launched successfully.”(Or as CFO calls it —India’s answer to return cargo syndrome😏.)
“Domestic will be 10–15% of business in a few years.”(Read: Small but loud enough to mention in every concall.)
“CFS margins dipped due to US tariffs, should normalize.”(Blame America. Always a safe bet.)
“Snowman transportation segment margins vanished temporarily.”(Truck profits took a holiday; CFO promises they’ll thaw by Q4.)
“Warehousing margins dipped to 3% due to weather and diesel.”(Who knew rain could melt profits faster than ice cream?)
“Capex of ₹100–150 cr annually — 2–3 owned warehouses a year.”(And hopefully, fewer power cuts per site.)
4. Numbers Decoded
| Metric | Q2 FY26 | Q1 FY26 | YoY / QoQ Trend | Commentary |
|---|---|---|---|---|
| Rail EBITDA/TEU (₹) | 9,300 | 9,500 | ↓ | Port congestion + competition = mild squeeze. |
| CFS EBITDA/TEU (₹) | 1,000 | 1,300 | ↓ | Legal costs, export dip blamed. |
| Double Stack Ratio (%) | 41 | 39 | ↑ | Slowly inching toward peak efficiency. |
| Rail Market Share (NCR) (%) | 17 | 16 | ↑ | Stable hold; Punjab & Uttarakhand stronger. |
| Domestic Volume Target (TEU/mth) | 1,000+ | Pilot | ↑↑ | Finally, the local train has left the station. |
| Snowman Transportation PBT (%) | 0 | 7–8 | ↓ big | Cold trucks, colder margins. |
| Warehousing PBT (%) | 3 | 12 | ↓ sharply | Diesel, downtime, seafood spoilage. |
| Capex (Snowman) (₹ cr/year) | 100–150 | NA | New guidance | Focus on owned land & full control. |
Short take: rails steady, warehouses sweating, trucks refueling — yet optimism unshaken.
5. Analyst Questions
Yash (Investec):“EBITDA/TEU guidance?”Samvid:“We’ll stop using that metric — too many short routes now.” (Translation: It looks bad on paper.)
Vikram (PhillipCapital):“CFS margins low — new normal?”Samvid:“No, just a legal hangover.”
Kunal (Fair Value):“Capex plans?”Ishaan:“₹100–150 crore a year. Some owned, some leased. Two warehouses a year — just enough to look busy.”
Ashish (Family Office):“How are you mitigating tariff risks?”Samvid:“We can’t control geopolitics — we just move boxes wherever trade flows.” (True logistics Zen.)
Slade (Artha):“Snowman’s transportation margins crashed — why?”Padamdeep:“Old trucks retired, GST hit restaurant clients, now we’re all-in on ice cream.”
