NSE: GATEWAY · BSE: 543489
GATEWAY DISTRIPARKS LTD
Operates inter-modal container logistics, connecting ports to inland container depots (ICDs), as the larger segment, generating ₹1,612.95 crore in FY26 (72.9% of segment revenue) with EBIT of ₹304.56 crore. The container operations posted Q4 FY26 throughput of 1,88,179 TEUs, with double stacking at 40% for the full year. The cold-chain logistics and distribution business, run through subsidiary Snowman, contributed ₹598.87 crore (27.1% of segment revenue) with EBIT of ₹5.93 crore, providing temperature-controlled warehousing and transport. Growth initiatives include the upcoming DFC connection to JNPT, expected to unlock 6,000-10,000 TEUs/month of LCL cargo from NCR, and new ICDs at Indore (targeting 2028 commencement) and Jaipur (pending court approval). Snowman is targeting INR1,000 crore revenue (deferred to FY29) with 15% EBITDA margin at scale. The largest cost line is other operating expenses at 62.9% of revenue, followed by depreciation at 6.9% and employee costs at 6.1%. West Asia conflict is currently suppressing EXIM volumes with no clear recovery timeline. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Inter-modal container logistics (73%), Cold-chain logistics and distribution (27%). Asset-heavy logistics with rail-led inter-modal container business and capital-intensive cold-chain warehousing
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,374 | 1,421 | 1,536 | 1,681 | 2,212 |
| EBITDA (ex other income) | 369 | 368 | 380 | 518 | 477 |
| margin % | 26.8 | 25.9 | 24.7 | 30.8 | 21.6 |
| Owners' profit | 224 | 240 | 256 | 371 | 256 |
| EPS, as reported (₹) | 4.48 | 4.84 | 5.12 | 7.42 | 5.12 |
| ROE % · ROCE % | 13.6 · 13.0 | 13.5 · 13.2 | 13.3 · 12.9 | 15.2 · 14.1 | 10.2 · 11.0 |
| Debt / equity (x) | 0.31 | 0.24 | 0.17 | 0.15 | 0.11 |
| Cash from operations | 363 | 324 | 321 | 385 | 469 |
| Capex | (59) | (216) | (76) | (16) | (116) |
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 | 390 | 403 | 535 | 550 | 567 | 560 | 534 | 549 |
| Profit before tax | 65 | 455 | (186) | 72 | 69 | 72 | 70 | 71 |
| Net profit | 60 | 456 | (191) | 62 | 66 | 67 | 64 | 51 |
| EPS (₹) | 1.20 | 9.11 | (3.87) | 1.20 | 1.34 | 1.36 | 1.22 | 0.98 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Inter-modal container logistics | 1,200 | 54.2 |
| Cold-chain logistics and distribution | 445 | 20.1 |
| Inter-Modal Container Logistics | 413 | 18.7 |
| Cold-chain Logistics and Distribution | 154 | 7.0 |
| Total, before eliminations | 2,212 | 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 | 31,836 | 25.5 | 2.44 | 13.5 | 9.5 | 11.6 | 7.2 | 24.5 |
| DELHIVERY LIMITED | 28,831 | 308.0 | 2.98 | 29.4 | 1.6 | 1.2 | — | 8.7 |
| SHADOWFAX TECHNOLOGIES L | 17,055 | 106.0 | 9.77 | 67.6 | 6.4 | 5.7 | — | 8.3 |
| BLUE DART EXPRESS LTD | 10,159 | 35.4 | 5.72 | 10.7 | 13.9 | 13.4 | 13.3 | 16.7 |
| TRANSPORT CORPN OF INDIA | 6,668 | 14.5 | 2.56 | 12.0 | 17.7 | 14.4 | 11.9 | 11.3 |
| TVS SUPPLY CHAIN SOL L | 4,919 | 76.3 | 2.39 | 6.0 | 5.7 | 4.8 | — | 7.2 |
| VRL LOGISTICS LIMITED | 4,707 | 17.6 | 4.12 | — | 20.7 | 14.5 | — | 21.9 |
| MAHINDRA LOGISTIC LIMITED | 4,257 | 115.0 | 3.55 | 10.9 | 0.9 | 2.0 | 16.5 | 6.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 9.4 | 15.6 | 13 of 51 | 76% |
| P/B | 0.9 | 1.6 | 11 of 40 | 74% |
| ROCE | 9.1 | 7.7 | 25 of 55 | 56% |
| ROE | 10.2 | 6.0 | 10 of 40 | 77% |
| Debt / Equity | 0.1 | 0.3 | 14 of 40 | 67% |
| EBITDA margin | 22.4 | 8.7 | 7 of 43 | 86% |
| Revenue growth | (0.2) | 9.5 | 31 of 42 | 27% |
| Profit growth | (17.6) | 22.5 | 29 of 35 | 18% |
| Market cap | 2301 | 121 | 10 of 56 | 84% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Q2 FY2026-27 earnings call highlights income, EBITDA and profit | investor communications | low | — | — |
| 28 Oct 2026 · Board revises fair disclosure policy for price-sensitive information | compliance | minimal | — | — |
| 28 Oct 2026 · Q2 FY27 revenue rises 2.66%, but higher tax cuts net profit | compliance | low | — | — |
| 28 Oct 2026 · Q2 revenue and EBITDA rise, but PAT falls due to a higher tax rate | results | high | — | — |
| 28 Oct 2026 · Q2 FY27 margin rises as capacity expansion advances | investor communications | medium | — | — |
| 28 Oct 2026 · Samvid Gupta re-appointed Joint Managing Director for five years | management changes | medium | — | — |
| 28 Oct 2026 · Samvid Gupta proposed for five-year reappointment as Joint Managing Director | management changes | high | — | — |
| 28 Oct 2026 · Q2 revenue up 2.3%, PAT down 11.7%; consolidated review qualified | results | medium | — | — |
| 28 Oct 2026 · Q2 FY27 results: revenue up 2.3%, profit down 11.7%; promoter re-appointment proposed | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Gateway Distriparks earnings call on Oct 28 for Q2 FY27 results | board shareholder meetings | low | — | — |
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.