Investor Presentation on the audited financial results of the Company for the quarter and financial year ended March 31, 2026
WCIL · price
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Western Carriers (India) Limited, a 4PL asset-light logistics provider, reported FY26 revenue of ₹1,829 Cr, up 6% YoY, but profitability collapsed sharply. EBITDA fell 29% to ₹85 Cr (4.6% margin vs 6.9% in FY25), and PAT dropped 40% to ₹38.8 Cr (2.1% margin vs 3.8% in FY25). Q4FY26 was particularly weak with EBITDA margin at 4.3% and PAT margin at 1.7%, both down significantly on a YoY basis. Revenue growth of 4.4% CAGR over FY22–FY26 has not translated into margin preservation, with EBITDA margin compressing from 7.1% in FY22 to 4.6% in FY26. Working capital days improved to 8 (from 15 in FY25), and debt-to-equity reduced to 0.25x. The company operates 50+ branches, serves 1,600+ clients (52% from metals sector), and holds Concor platinum associate partner status.
Sustained margin compression over multiple years despite revenue growth signals structural cost pressures. Weak Q4 and full-year profitability miss likely concerns investors, though reduced leverage and improved working capital provide some balance sheet support.