NSE: ALLCARGO · BSE: 532749
ALLCARGO LOGISTICS LTD
Operates integrated logistics services across three segments: International Supply Chain (multimodal transport operations), Express Distribution (surface express parcel delivery), and Contract Logistics (warehousing and 3PL). In the quarter ended 30 June 2025, International Supply Chain made up 87.1% of segment revenue at ₹3,329.92 cr, Express Distribution 9.3% at ₹357.23 cr, and Contract Logistics 3.5% at ₹135.13 cr. For FY26, consolidated revenue was ₹2,058 cr and EBITDA was ₹233 cr, with EBITDA margin progressing from ~10% to ~11% year-on-year. The Contract Logistics business runs on 8 million sq ft of warehouse space, serves the top three players in both e-commerce and quick commerce, and handles over 10 million e-commerce packages a month. The Express division moved 3 lakh metric tons in Q4 FY26 at ₹12,037 per ton, with the company pruning customers and raising yields through metro surcharges, AER charges and weight rounding. Other operating expenses dominate the cost base at 78.3% of revenue, followed by employee cost at 10.3% and depreciation at 9.9%. The international supply chain business is being demerged into a separate listed entity, with SEBI and exchange approvals received and listing expected within a month. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. International Supply Chain (formerly Multimodal Transport Operations) (87%), Express Distribution (9%), Contract Logistics (4%). Asset-heavy but increasingly asset-light logistics across freight forwarding, surface express and contract logistics
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 20,072 | 18,051 | 13,188 | 16,022 | 2,058 |
| EBITDA (ex other income) | 1,580 | 1,167 | 623 | 524 | 236 |
| margin % | 7.9 | 6.5 | 4.7 | 3.3 | 11.5 |
| Owners' profit | 926 | 630 | 150 | 36 | 0 |
| EPS, as reported (₹) | 37.68 | 25.62 | 1.52 | 0.37 | 0.04 |
| ROE % · ROCE % | 27.2 · 25.0 | 21.0 · 23.9 | 5.3 · 7.9 | 1.9 · 4.7 | 1.4 · 6.0 |
| Debt / equity (x) | 0.52 | 0.23 | 0.37 | 0.44 | 0.18 |
| Cash from operations | 850 | 1,583 | (146) | 261 | 313 |
| Capex | (223) | (71) | (121) | (78) | (19) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,106 | 3,952 | 3,817 | 1,028 | 516 | 514 | 546 | 555 |
| Profit before tax | 3 | 1 | (109) | (36) | (3) | 16 | 19 | 25 |
| Net profit | 10 | (3) | (99) | (14) | 0 | 21 | 14 | 18 |
| EPS (₹) | 0.10 | (0.12) | (1.02) | (0.12) | 0.00 | 0.14 | 0.09 | 0.11 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| a. International Supply Chain (previously known as Multimodal Transport Operations) | 3,330 | 87.1 |
| b. Express Distribution | 357 | 9.3 |
| c. Contract Logistics | 135 | 3.5 |
| Total, before eliminations | 3,822 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CONTAINER CORP OF IND LTD | 33,496 | 27.4 | 2.48 | 16.9 | 4.6 | 5.6 | 7.2 | 23.1 |
| DELHIVERY LIMITED | 32,070 | 173.3 | 3.27 | 49.7 | 0.7 | 0.7 | — | 6.7 |
| SHADOWFAX TECHNOLOGIES L | 17,051 | 74.3 | 9.03 | 79.2 | 7.1 | 6.1 | — | 6.7 |
| BLUE DART EXPRESS LTD | 10,714 | 37.3 | 6.03 | 11.2 | 13.9 | 13.4 | 13.3 | 15.8 |
| TRANSPORT CORPN OF INDIA | 6,630 | 14.4 | 2.34 | 13.1 | 7.9 | 6.6 | 11.9 | 10.4 |
| VRL LOGISTICS LIMITED | 5,909 | 14.7 | 4.46 | — | — | — | — | 22.1 |
| TVS SUPPLY CHAIN SOL L | 5,173 | 80.3 | 2.51 | 7.3 | 5.7 | 4.8 | — | 6.7 |
| MAHINDRA LOGISTIC LIMITED | 4,180 | 55.6 | 3.39 | 10.9 | 4.6 | 4.5 | 16.5 | 5.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 29.0 | 15.5 | 41 of 51 | 20% |
| P/B | 2.5 | 1.4 | 29 of 41 | 30% |
| ROCE | 4.0 | 5.6 | 31 of 50 | 39% |
| ROE | 5.3 | 5.0 | 19 of 40 | 54% |
| Debt / Equity | 0.2 | 0.3 | 17 of 41 | 60% |
| EBITDA margin | 14.1 | 6.7 | 14 of 56 | 76% |
| Revenue growth | (46.0) | 12.6 | 43 of 43 | 0% |
| Profit growth | 228.6 | 78.2 | 8 of 36 | 80% |
| Market cap | 1479 | 126 | 12 of 56 | 80% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 5 Nov 2026 · Newspaper ads published for September 2026 quarterly results | compliance | minimal | — | — |
| 4 Nov 2026 · Earnings call audio for September 2026 quarter published | investor communications | low | — | — |
| 4 Nov 2026 · ICRA reports full use of Rs 161.12 crore placement proceeds | fund raising | low | — | — |
| 3 Nov 2026 · H1FY27 revenue up 7%, EBITDA rises 31% amid margin gains | compliance | minimal | — | — |
| 3 Nov 2026 · Allcargo shares Q2 and H1 FY27 investor presentation | investor communications | medium | — | — |
| 3 Nov 2026 · Consolidated Q2 FY27: revenue up 3.4%; profit after tax turns positive at Rs 18 crore | results | high | — | — |
| 3 Nov 2026 · Q2 Sep 2026: consolidated revenue Rs 555 crore vs Rs 537 crore year ago; profit Rs 18 crore vs loss | results | high | — | — |
| 3 Nov 2026 · Consolidated Sep 2026 quarter: revenue ₹555 crore vs ₹537 crore a year ago; profit ₹18 crore vs ₹4 crore loss | results | high | — | — |
| 29 Oct 2026 · Allcargo Logistics schedules Q2 FY27 earnings call for November 4 | board shareholder meetings | low | — | — |
| 28 Oct 2026 · Allcargo Logistics schedules Q2 and H1 FY27 earnings call | board shareholder meetings | low | — | — |
How to read this document
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|---|---|---|
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.