Transcript of Earnings Conference Call held on Monday, May 18, 2026 at 01:00 P.M. (IST)
WCIL · price
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Western Carriers held its Q4 FY26 earnings call amid significant geopolitical headwinds. The Middle East crisis since late February has severely disrupted EXIM trade through the Strait of Hormuz, causing industry EXIM volumes to drop ~40% in March. Despite this, the company delivered 6.14% YoY container volume growth for FY26 (2,26,578 boxes). Q4 revenue grew to INR 496 crores (+4% QoQ), but profitability declined due to cost pressures — EBITDA fell to INR 25 crores (5% margin) and PAT to INR 8.3 crores (1.7% margin). Full-year FY26 EBITDA margin was ~4.6%, down from 8.7% in FY24. The company pivoted to domestic cargo, added new customers in its Devaliya MMCT, and deployed INR 70+ crores in capex, growing its specialized container fleet to over 1,000. Management expressed confidence of sequential improvement as geopolitical situation normalizes, with plans for INR 100 crores capex in FY27.
The stock faces near-term margin pressure due to EXIM disruptions and rising working capital needs, but management's focus on operational efficiency and domestic expansion signals a path to recovery. The strong order book and planned capex suggest the company is positioning for growth when trade normalizes.