NSE: ATL · BSE: 543954
ALLCARGO TERMINALS LTD
Operates container terminals and an inland container depot (ICD), handling laden containers at major Indian ports. In FY26, throughput reached a record 723,035 TEUs, up 6% year-on-year, with Q4 alone at 179,631 TEUs. Revenue comes from container handling, storage and related logistics services at facilities covering ports that account for an estimated 80–85% of India's EXIM trade, giving the company an estimated 10–12% share of the CFS market. A new private freight terminal and ICD at Farrukhnagar is under construction with completion targeted for April 2027, intended to lift volume capacity toward 1 million laden TEUs by FY28 and 12.5–13 lakh TEUs by FY30. Realisation per TEU is guided at INR2,200–2,400 currently, with management targeting INR2,800 by FY30. The largest cost line is other operating expenses at 71.4% of revenue (which includes terminal lease payments of INR95–100 crore annually), followed by depreciation at 8.3% and employee costs at 8.9%. The company states it is debt-free on a cash basis and plans INR400 crore of capex over three years across Farrukhnagar, JNPT, Mundra and Chennai. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Container terminal operations, Container Freight Station (CFS) operations, Inland Container Depot (ICD). Asset-heavy container terminal and CFS operator with long-dated port leases
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 733 | 758 | 821 |
| EBITDA (ex other income) | 117 | 121 | 161 |
| margin % | 16.0 | 16.0 | 19.6 |
| Owners' profit | 44 | 30 | 44 |
| EPS, as reported (₹) | 1.81 | 1.24 | 1.61 |
| ROE % · ROCE % | 17.9 · 11.7 | 10.9 · 9.5 | 12.5 · 9.6 |
| Debt / equity (x) | 0.15 | 0.41 | 0.00 |
| Cash from operations | 99 | 108 | 157 |
| Capex | (25) | (7) | (12) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 195 | 187 | 186 | 187 | 207 | 218 | 208 | 214 |
| Profit before tax | 12 | 11 | 7 | 12 | 12 | 14 | 8 | 13 |
| Net profit | 11 | 12 | (2) | 9 | 11 | 15 | 9 | 6 |
| EPS (₹) | 0.46 | 0.48 | (0.07) | 0.36 | 0.45 | 0.55 | 0.30 | 0.24 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADANI PORT & SEZ LTD | 4,04,228 | 29.9 | 4.08 | 18.3 | 12.9 | 8.6 | 25.3 | 68.3 |
| JSW INFRASTRUCTURE LTD | 73,690 | 44.5 | 6.30 | 27.6 | 13.2 | 10.2 | — | 50.6 |
| GUJARAT PIPAVAV PORT LTD | 7,742 | 13.8 | 3.24 | 9.7 | 21.6 | 25.6 | 9.6 | 69.2 |
| ALLCARGO TERMINALS LTD ◆ | 634 | 15.7 | 1.80 | 3.6 | 12.5 | 4.3 | — | 23.1 |
| Starlog Enterprises Limited | 55 | — | 0.82 | — | (19.9) | (13.0) | (43.5) | 18.8 |
| VMS INDUSTRIES LTD. | 43 | 10.8 | 0.77 | — | 1.8 | 2.2 | — | 2.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 15.7 | 15.6 | 6 of 10 | 44% |
| P/B | 1.8 | 1.4 | 8 of 11 | 30% |
| ROCE | 4.3 | 6.7 | 9 of 14 | 39% |
| ROE | 12.5 | 12.4 | 5 of 11 | 60% |
| Debt / Equity | 0.0 | 0.4 | 1 of 11 | 80% |
| EBITDA margin | 23.1 | 39.5 | 9 of 15 | 43% |
| Revenue growth | 14.5 | 13.2 | 6 of 12 | 55% |
| Profit growth | (30.0) | 10.2 | 9 of 13 | 33% |
| Market cap | 634 | 312 | 6 of 15 | 64% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · Postal Ballot Notice - Related Party Transactions Ratification | compliance | minimal | — | — |
| 15 Oct 2026 · Postal ballot to ratify related party transactions with Allcargo Logistics | board shareholder meetings | medium | — | — |
| 15 Oct 2026 · Postal Ballot to ratify related party deal with Allcargo Logistics for FY24-25 | board shareholder meetings | low | — | — |
| 14 Oct 2026 · Board ratifies related party deals with Allcargo Logistics for FY25 | general | high | — | — |
| 7 Oct 2026 · Allcargo Terminals Sept 2026 volumes decline 7% YoY | business updates | medium | — | — |
| 7 Oct 2026 · Allcargo Terminals files Reg 74(5) certificate for Sep 2026 quarter | compliance | minimal | — | — |
| 24 Sept 2026 · Allcargo Terminals to invest about Rs 1.06 cr in associate AGSPL via rights issue | strategic transactions | high | — | — |
| 24 Sept 2026 · Board approves subscribing to associate AGSPL rights issue | strategic transactions | high | — | — |
| 23 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 22 Sept 2026 · 7th AGM concluded; all 4 resolutions passed with over 99% majority | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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.