NSE: WCIL · BSE: 544258
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. EXIM container logistics, Domestic container logistics, Devaliya MMCT terminal operations, Specialised container fleet services. Asset-light, rail-focused 4PL multimodal logistics provider — cyclical to EXIM trade volumes but capital-light relative to fleet operators.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 1,726 | 1,829 |
| EBITDA (ex other income) | 120 | 85 |
| margin % | 6.9 | 4.6 |
| Owners' profit | 0 | 39 |
| EPS, as reported (₹) | 7.16 | 3.81 |
| ROE % · ROCE % | 7.9 · 12.8 | 4.5 · 8.0 |
| Debt / equity (x) | 0.21 | 0.25 |
| Cash from operations | (3) | (22) |
| Capex | (87) | (81) |
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 | 431 | 443 | 429 | 416 | 440 | 478 | 496 | 465 |
| Profit before tax | 26 | 18 | 19 | 15 | 12 | 15 | 11 | 12 |
| Net profit | 19 | 13 | 14 | 11 | 9 | 11 | 8 | 9 |
| EPS (₹) | 2.33 | 1.11 | 1.32 | 1.06 | 0.88 | 1.06 | 0.81 | 0.85 |
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. % |
|---|---|---|---|---|---|---|---|---|
| CONTAINER CORP OF IND LTD | 32,380 | 26.0 | 2.48 | 13.7 | 9.5 | 11.6 | 7.2 | 24.5 |
| DELHIVERY LIMITED | 28,606 | 305.6 | 2.95 | 29.2 | 1.6 | 1.2 | — | 8.7 |
| SHADOWFAX TECHNOLOGIES L | 17,061 | 106.0 | 9.78 | 67.7 | 6.4 | 5.7 | — | 8.3 |
| BLUE DART EXPRESS LTD | 10,021 | 34.9 | 5.64 | 10.5 | 13.9 | 13.4 | 13.3 | 16.7 |
| TRANSPORT CORPN OF INDIA | 6,519 | 14.2 | 2.50 | 11.8 | 17.7 | 14.4 | 11.9 | 11.3 |
| TVS SUPPLY CHAIN SOL L | 4,874 | 75.6 | 2.36 | 6.0 | 5.7 | 4.8 | — | 7.2 |
| VRL LOGISTICS LIMITED | 4,688 | 17.6 | 4.10 | — | 20.7 | 14.5 | — | 21.9 |
| MAHINDRA LOGISTIC LIMITED | 4,309 | 116.4 | 3.59 | 11.0 | 0.9 | 2.0 | 16.5 | 6.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 26.0 | 15.6 | 38 of 51 | 26% |
| P/B | 1.1 | 1.5 | 13 of 40 | 69% |
| ROCE | 5.9 | 7.7 | 29 of 55 | 48% |
| ROE | 4.5 | 6.0 | 23 of 40 | 44% |
| Debt / Equity | 0.3 | 0.3 | 21 of 40 | 49% |
| EBITDA margin | 4.8 | 8.7 | 37 of 43 | 14% |
| Revenue growth | 11.8 | 9.5 | 20 of 42 | 54% |
| Profit growth | (19.4) | 22.5 | 30 of 35 | 15% |
| Market cap | 955 | 119 | 15 of 56 | 75% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 9 Oct 2026 · RTA Certificate on Dematerialisation of Securities for Q2 FY26 | compliance | minimal | — | — |
| 30 Sept 2026 · 15th AGM held; all 3 resolutions passed with over 99.99 percent approval | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 15th AGM held; all 3 resolutions passed including director re-appointment | board shareholder meetings | medium | — | — |
| 30 Sept 2026 · Promoter Rajendra Sethia buys 66,000 shares via open market | ownership changes | high | — | — |
| 29 Sept 2026 · Promoter Rajendra Sethia buys 66,000 shares via open market | ownership changes | medium | — | — |
| 28 Sept 2026 · Trading window closure from Oct 1, 2026 ahead of Q2 results | compliance | minimal | — | — |
| 23 Sept 2026 · Analyst and Investor Meet Scheduled for September 28, 2026 | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Promoter Rajendra Sethia buys 0.103% stake in Western Carriers via open market | ownership changes | medium | — | — |
| 22 Sept 2026 · Promoter Rajendra Sethia buys 0.103% stake in Western Carriers | ownership changes | low | — | — |
| 21 Sept 2026 · Promoter Rajendra Sethia buys 1 lakh shares via open market | ownership changes | 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.