Western Carriers (India) Limited has informed the Exchange about Transcript
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Western Carriers reported Q3 FY26 revenue of INR 478 crores, up 9% sequentially from INR 440 crores in Q2. EBITDA grew 27% quarter-on-quarter to INR 24 crores with margins improving from 4.3% to 5%, while PAT rose 22% to INR 11 crores. Container volumes grew strongly — domestic up 14.86% to 23,565 TEUs and EXIM up 14.36% to 38,638 TEUs. Management highlighted the India-EU FTA and India-US trade deal (tariffs cut to 18% from 50%) as major tailwinds, with INR 30+ crores of capex already deployed into specialized containers and equipment. Key contracts include a INR 1,089 crore work order from Vedanta and large orders from Jindal Stainless. The Western Dedicated Freight Corridor is expected to be commissioned by March 2026, supporting EXIM business recovery.
Positive for shareholders — improving sequential margins, strong volume growth, and major trade deals point to better days ahead. However, gross margins are still below year-ago levels and operating cash flow remains weak due to higher working capital, so margin recovery and cash conversion will be the key things to watch in the coming quarters.