As per the letter attached

Allcargo Gati held its Q1 FY26 earnings call on August 6, 2025, with the transcript filed on August 21. Express business volume was largely flat at 2,99,000 metric tonnes (vs 3,04,000 tonnes YoY), but realization per tonne rose 2% YoY to INR11,961. Revenue stood at INR357 crores, with gross margin improving 170 basis points to 25% and EBITDA margin improving 100 basis points to 4% (EBITDA at INR14 crores). Employee expenses fell 10% YoY. Management reaffirmed its full-year EBITDA margin guidance of 6.5%-7% for the Express business and said it aims to grow 1 percentage point above the market. New business addition was up 120% YoY. The NCLT hearing for the Supply Chain demerger/merger is scheduled in August, with orders expected in September and effective merger from October 2025.