ALLCARGOBSEQ4 FY26May 20, 2026

ALLCARGO LOGISTICS LTD.

4,308words
79turns
13analyst exchanges
4executives
Management on call
Ketan Kulkarni
MANAGING DIRECTOR AND
Deepak Pareek
CHIEF FINANCIAL OFFICER – ALLCARGO LOGISTICS LIMITED
Sanjay Punjabi
INVESTOR RELATIONS – ALLCARGO LOGISTICS LIMITED
Suyash Samant
STELLAR IR ADVISORS
Key numbers — 37 extracted
6.5%
es to demonstrate resilience. According to the IMF, domestic economy is expected to grow at about 6.5% in FY '27, supported by strong consumption, sustained public capex and improving private investme
140.6 million
Logistics and others. High-frequency indicators remain encouraging. E-way bill generation reached 140.6 million in March 2026, reflecting a 13% year-on-year growth. While GST collections stood at INR1.78 lakh
13%
ators remain encouraging. E-way bill generation reached 140.6 million in March 2026, reflecting a 13% year-on-year growth. While GST collections stood at INR1.78 lakh crores, up 8.2% year-on-year. Th
INR1.78 lakh crore
140.6 million in March 2026, reflecting a 13% year-on-year growth. While GST collections stood at INR1.78 lakh crores, up 8.2% year-on-year. These indicators, along with strong private consumption trends, point to
8.2%
026, reflecting a 13% year-on-year growth. While GST collections stood at INR1.78 lakh crores, up 8.2% year-on-year. These indicators, along with strong private consumption trends, point to a sustaine
rs,
r growth. While GST collections stood at INR1.78 lakh crores, up 8.2% year-on-year. These indicators, along with strong private consumption trends, point to a sustained momentum in domestic trade and
10 million
mmerce, we have strengthened our network and operational capabilities. We currently handle over 10 million packages per month in this segment, supported by integrated capabilities across fulfilment, sorti
3 lakh
e quarter ended 31st March 2026. During Q4 FY '26, Allcargo Logistics handled a total volume of 3 lakh metric tons under the Express business unit. Realization per metric ton stood at INR12,037, refle
INR12,037,
volume of 3 lakh metric tons under the Express business unit. Realization per metric ton stood at INR12,037, reflecting an increase of 3% on year-on-year and 4% sequentially. Moving to the consolidated finan
3%
Express business unit. Realization per metric ton stood at INR12,037, reflecting an increase of 3% on year-on-year and 4% sequentially. Moving to the consolidated financials. Revenue for the quart
4%
. Realization per metric ton stood at INR12,037, reflecting an increase of 3% on year-on-year and 4% sequentially. Moving to the consolidated financials. Revenue for the quarter stood at INR514 cror
INR514 crore
year and 4% sequentially. Moving to the consolidated financials. Revenue for the quarter stood at INR514 crores as compared to INR513 crores in the corresponding period last year, and INR516 crores in the pre
Guidance — 20 items
Suyash Samant
opening
“The management will be sharing operating and financial highlights for the quarter and the financial year ended 31st March 2026, followed by a question-and-answer session.”
Ketan Kulkarni
opening
“Their extensive experience will be instrumental in scaling our business, enhancing operational excellence and driving customer acquisition and retention.”
Ketan Kulkarni
opening
“With integration now largely behind us, we expect our EBITDA and PBT to grow ahead of revenue in the coming quarters.”
Ketan Kulkarni
qa
“So if I understand you correctly, market expansion will be a key lever to improving the market share.”
Ketan Kulkarni
qa
“So it's going to be a calibrated call, the focus whilst it will always be on gaining market share, growing faster than market, a lot of weightage will be on improving the profitability of this expansion and the share.”
Ketan Kulkarni
qa
“And there is a plan to cover that much more as we get ahead into this financial year in Q1 and Q2.”
Deepak Pareek
qa
“But in the next year, if you see on the expansion bit, we have a plan to add 0.5 million square feet additional on the warehouse space and that would be done largely on an asset-light approach.”
Sanjay Punjabi
qa
“And all we need to do now is file the revised information memorandum with authorities with the audited annual financials and we can expect the listing to happen in about a month's time from now on.”
Sanjay Punjabi
qa
“So, Adwait we will be filing the information memorandum in the coming 2 weeks and the information memorandum will carry all the information on the financials as well.”
Sanjay Punjabi
qa
“So in the next couple of weeks, once the IM is filed, information on the financials will be available to all.”
Risks & concerns — 4 flagged
Looking ahead, while we are cautious on the near-term outlook due to the current geopolitical scenario, we remain focused on efficiency-led profitable growth with continued emphasis on strengthening our core network and expanding transportation and also full truckload capabilities.
— Ketan Kulkarni
Urban logistics in large metros is becoming more and more difficult to do because of infrastructure, etcetera.
— Ketan Kulkarni
We introduced AER charges, which is Allcargo Extended Reach charges for about 1,100 difficult-to-do pin codes and we did this simultaneously when we subdivided our 19,000 pin codes into 32,000 pin codes to have granular operational capabilities and also granular pricing to the customer.
— Ketan Kulkarni
So we don't see a challenge on that count.
— Deepak Pareek
Q&A — 13 exchanges
Q
Yes. Hello, am I audible?
Management
Q
Yes, I would like to know the expected listing date of Allcargo Global? Since you mentioned in the previous con call that the listing would be completed by quarter 4 of FY '26, but there has been no update so far. So could you please provide an update on the status? Are there any issues or challenges causing the delay?
Deepak Pareek
Yes, thank you. I would request Sanjay Punjabi, who handles Investor relationship from both the entities and the group of Allcargo to respond, please, since it is related to Allcargo Global.
Q
Yes. So we'll hold the question. Please hold the question, let him reconnect and then we can.
Adwait Javkar
Yes, Okay. I will come back to the queue.
Q
So how is the opportunity for increasing wallet share for our logistics and levers for margin expansion if you can highlight, I think that would be helpful?
Deepak Pareek
Sorry, Vikram, you'll have to, again, repeat the question. Your voice was breaking. Is it audible or should I. Yes. It is better, audible now. Tell me. Okay. So one I was talking about the opportunity to increase our wallet share in businesses, how much scope is there and how we are targeting that? And then the levers for margin expansion, particularly for B2B, Express side of business? Thank you. Very good question to begin the call. You said how are we increasing our market share and also our market expansion. So if I understand you correctly, market expansion will be a key lever to improvin
Q
You are audible.
Sanjay Punjabi
This is Sanjay Punjabi. My line had dropped earlier, I'm sorry. I will just address the question on Allcargo Global's listing. So, we've received the necessary approvals from both exchanges and SEBI as well day before yesterday. And all we need to do now is file the revised information memorandum with authorities with the audited annual financials and we can expect the listing to happen in about a month's time from now on.
Q
The same question related to Allcargo Global. Is there any financial information available for us to understand about the Allcargo Global business right now for the quarter end -- for this quarter end?
Sanjay Punjabi
So, Adwait we will be filing the information memorandum in the coming 2 weeks and the information memorandum will carry all the information on the financials as well. So in the next couple of weeks, once the IM is filed, information on the financials will be available to all. Yes. Okay. And one more question for Allcargo Logistics, that the recent increase in the petrol and diesel prices announced today, how do you expect this impact to the Allcargo Logistics business? Should we expect any slower growth or subdued margin in H1 FY '27 as a result of higher fuel cost? Look, this is an element of
Q
I hope you are able to hear me.
Management
Q
When I see the balance sheet, EBITDA is improving to INR233 crores, but PAT remains INR6 crores. When we expect meaningful bottom line improvement?
Deepak Pareek
Yes. Anil, if you see the improvement at the PBT level pre exceptional items, you can very well see, there is a 96% improvement, which has already happened in this year. So, the buildup of growth is already in place. And if you see going next quarter, that will be visible in terms of the entire contribution. Okay. Another question, what concrete milestones should investors track over next 4 to 6 quarters which is Allcargo's growth turnaround and the integration strategy succeeding well or not? Only metrics for investors to track is the EBITDA improvement. Our EBITDA has shown an improvement fr
Q
I wanted to know the split between Express and Contract Logistics, post IndAS EBITDA?
Deepak Pareek
We have given our disclosure on Slide number 22. That would give you some help. And split on that account, we can ask the Sanjay to touch base with you. I think, Sanjay, if that would help. Sure. I'll get back to you after the call. Ok, sure, I will take it offline then.
Q
Am I audible?
Management
Q
Hello, is this better now?
Management
Q
Yes. My first question is regarding the EBITDA. As we can see the EBITDA for the full year, FY '26, has grown by 16% Y-o-Y, and EBITDA margins are improving to 11% despite largely flat quarterly revenue performances. So what were the major drivers behind this sharp profitability? And how sustainable are those margins going forward?
Deepak Pareek
Yes. Chinmay, thanks. Deepak here. If you can see the breakup on year-on-year basis, the gross profit has increased by 2% from last year. That is one lever adding to the EBITDA improvement. That comes on the back of the operating efficiency, which we had mentioned in the last call, with the integration of Express and CL that there would be -- there is an opportunity to do that. Also, if you can see the employee expense and other expenses, there has been a significant rationalization, which has really helped the company to get into the EBITDA trajectory, which we were aspiring that has given th
Q
Thank you. Thank you very much, and it was great interacting with everybody on the conference, and we look forward to your continued support and participation on our next earnings call. Thank you, everybody.
Deepak Pareek
Thank you, Deepak here, to everybody for participation. Thank you, thank you, everybody.
Speaking time
Ketan Kulkarni
16
Moderator
15
Deepak Pareek
14
Chinmay Parab
11
Vikram Suryavanshi
6
Adwait Javkar
5
Sanjay Punjabi
5
Anil Raju
4
Parag Vatsal
2
Suyash Samant
1
Opening remarks
Suyash Samant
Thank you. Good afternoon, everyone and thank you for joining us today. We have with us the senior management team of Allcargo Logistics Limited, Mr. Ketan Kulkarni, Managing Director and Chief Executive Officer; Mr. Deepak Pareek, Chief Financial Officer and Mr. Sanjay Punjabi from Investor Relations. The management will be sharing operating and financial highlights for the quarter and the financial year ended 31st March 2026, followed by a question-and-answer session. Please note that this call may contain some of the forward-looking statements, which are completely based upon the company's beliefs, opinion and expectations as of today. These statements are not a guarantee of the company's future performance and involve unforeseen risks and uncertainties. The company also undertakes no obligation to update any forward-looking statements to reflect the developments that occur after the statement is made. I now hand over the conference to Mr. Ketan Kulkarni. Thank you, and over to you,
Ketan Kulkarni
Good afternoon, everyone, and a very warm welcome to our Q4 and FY '26 earnings conference call. Thank you for joining us today and for your continued interest in Allcargo Logistics. Our financial results and earnings presentation for the quarter and the financial year ended March 2026, have been uploaded onto the stock exchanges, and I trust you have had the opportunity to review the numbers. I will share a brief overview of the macroeconomic environment, while global growth has moderated, India still continues to demonstrate resilience. According to the IMF, domestic economy is expected to grow at about 6.5% in FY '27, supported by strong consumption, sustained public capex and improving private investments. The continued policy focus on infrastructure development is improving logistics efficiency and supporting higher freight movement, creating a favourable environment for organized players like Allcargo Logistics and others. High-frequency indicators remain encouraging. E-way bill
Deepak Pareek
Thank you, Ketan, for the comprehensive overview on the performance for financial year FY '26. Good afternoon, everyone, and a warm welcome to all our participants on the Q4 and FY '26 earnings call. I will now take you through the financial performance for the quarter ended 31st March 2026. During Q4 FY '26, Allcargo Logistics handled a total volume of 3 lakh metric tons under the Express business unit. Realization per metric ton stood at INR12,037, reflecting an increase of 3% on year-on-year and 4% sequentially. Moving to the consolidated financials. Revenue for the quarter stood at INR514 crores as compared to INR513 crores in the corresponding period last year, and INR516 crores in the previous quarter. Gross profit for the quarter stood at INR154 crores compared to INR149 crores in the corresponding period last year, which is broadly in line on a sequential basis. EBITDA for the quarter was reported at INR60 crores, a strong 41% growth from last year and broadly in line sequentia
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