Snowman Logistics Limited has informed the Exchange about Transcript
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Snowman Logistics held its Q3 FY26 earnings call jointly with parent Gateway Distriparks. The warehousing segment saw margins fall sharply to under 3% (from historical 15-20%+) as the mix shifted toward lower-margin dry storage for QSR and quick-commerce clients, though dry pallet pricing has improved to INR850-1,000 from INR600-700 earlier. Management reported 19% YoY and 5% QoQ growth in warehousing revenue. The company is expanding pallet capacity from 155,000 to 200,000 over 2-3 years, with capex of INR100-150 crores annually, 75-80% debt-funded, and is pursuing build-to-suit leases. Three new high-capacity rakes have been ordered, taking the fleet to 37 by May-June. A new Indore ICD project (120,000 TEUs/year) is underway, expected operational in 2 years. Pricing hikes have been successfully passed in recent renewals. Gateway Distriparks became net debt-free in January and declared a one-time special dividend, holding INR140 crores in cash. Management expects a U.S. trade deal to lift export volumes, and the DFC corridor to JNPT is expected by March-end.
Near-term warehousing margins remain under pressure from the dry-storage mix shift, but improving pallet pricing and contract escalations signal gradual margin recovery. Capacity expansion and the Indore project provide multi-year volume growth visibility, while GDL's debt-free status and special dividend reinforce shareholder returns. No specific FY27 margin guidance was offered, and segment-level EBITDA per TEU disclosure has been discontinued, which may limit investor visibility.