WESTERN CARRIERS (IND) L

Operates as an asset-light, rail-focused 4PL multimodal logistics provider, moving containerised cargo for export-import (EXIM) and domestic trade. Container movement is the core activity: FY26 volumes reached 2,26,578 TEUs, up 6.14% year-over-year, with 57,754 containers handled in Q4 alone. Revenue from operations was ₹1,829 crore in FY26. The model spans road and rail, with the company holding Concor platinum associate partner status and operating from 50+ branches for over 1,600 clients. The Devaliya Multimodal Cargo Terminal (MMCT), spread across 32 acres near Morbi, is fully operational and pivoting from tiles to industrial chemicals, FMCG and salt as the tiles trade has been disrupted by a propane shortage. The dedicated container fleet has crossed 1,000 TEUs, and a further 161 built-to-suit containers are entering service over Q1-Q2 FY27. Other operating expenses dominate the cost structure at 92% of revenue, with employee costs at 3.4% and depreciation at 1.5%, reflecting the asset-light model where freight, handling and rail slot costs flow through opex.