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- Q2 FY26 results
Allcargo Logistics Q2 FY26 results: net loss of ₹14 crore vs ₹37.74 crore profit, revenue down 76.1%
Allcargo Logistics Limited reported consolidated revenue of ₹1,028 crore for Q2 FY26, EBITDA of ₹113 crore and a net loss of ₹14 crore for the July–September 2025 quarter. The results reflect the completion of the composite restructuring scheme, while management said the underlying operating business showed improved performance on the year-ago quarter.
Key points
- Consolidated revenue was ₹1,028 crore, down 76.1% from ₹4,301 crore in Q2 FY25, while EBITDA was ₹113 crore with an 11.0% margin.
- The company reported a net loss of ₹14 crore, against a net profit of ₹37.74 crore in the year-ago quarter, and basic EPS was ₹0.12 compared with ₹0.34.
- EBITDA rose to ₹113 crore from ₹20.42 crore in Q1 FY26, while the EBITDA margin increased to 11.0% from 0.5%.
- Other income was ₹18 crore, total expenses were ₹1,073 crore and the quarter included a ₹9 crore exceptional charge.
- Management maintained guidance for 10% revenue CAGR and 20% EBITDA CAGR through FY28, and reaffirmed its FY28 and FY30 targets.
How did Allcargo Logistics perform in Q2 FY26?
Allcargo Logistics reported consolidated revenue of ₹1,028 crore, EBITDA of ₹113 crore and a net loss of ₹14 crore for Q2 FY26. Revenue fell 76.1% from ₹4,301 crore in Q2 FY25 and 73.1% from ₹3,817 crore in Q1 FY26. EBITDA declined 16.1% year on year from ₹134.67 crore but rose 453.4% from ₹20.42 crore in the previous quarter.
The consolidated EBITDA margin was 11.0%, compared with 3.1% in Q2 FY25 and 0.5% in Q1 FY26. Profit before tax moved from ₹7.37 crore in the year-ago quarter to a loss of ₹36 crore, while net profit moved from ₹37.74 crore to a net loss of ₹14 crore. Basic EPS was ₹0.12, compared with ₹0.34 in Q2 FY25 and ₹1.02 in Q1 FY26. The quarter includes a ₹9 crore exceptional charge.
On the standalone basis, the reported profit before tax was ₹36.99 crore, while revenue was ₹0 crore. Management said the consolidated figures for Q2 FY26 materially reflected the operating business performance, although comparisons with the corresponding quarter were affected by the composite restructuring scheme.
| ₹ crore | Q2 FY26 | Q1 FY26 | Q2 FY25 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,028 | 3,817 | 4,301 | −76.1% | −73.1% |
| Other income | 18 | 8.67 | 16.99 | +5.9% | +107.6% |
| Total expenses | 1,073 | 3,941 | 4,311 | −75.1% | −72.8% |
| EBITDA | 113 | 20.42 | 134.67 | −16.1% | +453.4% |
| EBITDA margin | 11.0% | 0.5% | 3.1% | +7.9 pp | +10.5 pp |
| Profit before tax | −36 | −109.47 | 7.37 | turned to loss | |
| Tax | −21 | −10.59 | −23.09 | ||
| Net profit | −14 | −98.96 | 37.74 | turned to loss | |
| EPS (₹) | −0.12 | −1.02 | 0.34 | turned to loss |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Allcargo Logistics' costs and profit?
Total expenses were ₹1,073 crore, down 75.1% from ₹4,311 crore in the year-ago quarter and 72.8% from ₹3,941 crore in Q1 FY26. Employee cost fell 79.7% to ₹108 crore from ₹532.68 crore, finance costs declined 17.4% to ₹31 crore from ₹37.54 crore, and other expenses fell 97.8% to ₹79 crore from ₹3,633 crore. Cost of materials was ₹728 crore, compared with ₹0 crore in the year-ago quarter.
Depreciation was ₹127 crore, up 19.0% from ₹106.75 crore in Q2 FY25, while other income rose 5.9% to ₹18 crore from ₹16.99 crore. The company recorded a ₹9 crore exceptional charge in the quarter, compared with no exceptional item in the year-ago quarter. Tax was ₹21 crore, compared with ₹23.09 crore in Q2 FY25.
The filing did not state that any specific cost reduction caused the year-on-year change in reported profit. Management said that, after excluding exceptional items, operating performance improved, with revenue increasing, gross profit expanding and operating leverage leading to a change in PBT from a loss in the previous quarter to a positive number in the quarter.
| ₹ crore | Q2 FY26 | Q2 FY25 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 728 | 0 | +728 | |
| Employee cost | 108 | 532.68 | −424.68 | −79.7% |
| Finance costs | 31 | 37.54 | −6.54 | −17.4% |
| Depreciation | 127 | 106.75 | +20.25 | +19.0% |
| Other expenses | 79 | 3,633 | −3,554 | −97.8% |
| Total expenses | 1,073 | 4,311 | −3,238 | −75.1% |
| Other income | 18 | 16.99 | +1.01 | +5.9% |
| Tax | −21 | −23.09 | +2.09 | |
| Exceptional items | −9 (charge) | none |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2025, total assets were ₹2,410 crore, compared with ₹7,598.99 crore at 31 March 2025. Total equity was ₹1,153 crore against ₹2,640.34 crore, borrowings were ₹116 crore against ₹1,168.89 crore, and cash was ₹59 crore against ₹575.3 crore. Trade receivables were ₹427 crore compared with ₹2,338.35 crore, while trade payables were ₹222 crore against ₹1,574.07 crore.
For H1 FY26, operating cash flow was ₹197 crore, compared with an outflow of ₹117.99 crore in H1 FY25. Investing cash flow was ₹6 crore against an outflow of ₹107.47 crore, while financing cash flow was an outflow of ₹221 crore against an inflow of ₹381.1 crore. Capital expenditure was ₹13 crore, compared with ₹37.6 crore in the year-earlier period; the prior-period closing cash balance was ₹587.49 crore.
| ₹ crore | As of 30 September 2025 | As of 31 March 2025 |
|---|---|---|
| Total assets | 2,410 | 7,599 |
| Total equity | 1,153 | 2,640 |
| Borrowings | 116 | 1,169 |
| Cash and equivalents | 59 | 575.30 |
| Inventories | 0 | 0 |
| Trade receivables | 427 | 2,338 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY26 | H1 FY25 |
|---|---|---|
| Cash from operations | 197 | −117.99 |
| Cash from investing | 6 | −107.47 |
| Cash from financing | −221 | 381.10 |
| Capital expenditure | 13 | 37.60 |
Source: Company's results filing (XBRL).
How has Allcargo Logistics done over the last 8 quarters?
The reported quarterly series shows revenue peaking at ₹4,301.09 crore in Q2 FY25 before declining to ₹3,952.44 crore in Q4 FY25, ₹3,816.7 crore in Q1 FY26 and ₹1,028 crore in Q2 FY26. Q2 FY26 was the lowest revenue quarter in the series, although management said the restructuring affected the comparability of the reported numbers.
Profit before tax and net profit also varied across the quarters. Net profit was ₹37.74 crore in Q2 FY25, turned to a net loss of ₹3.16 crore in Q4 FY25 and a net loss of ₹98.96 crore in Q1 FY26, before a net loss of ₹14 crore in Q2 FY26. The EBITDA margin reached 11.0% in Q2 FY26, compared with 3.1% in Q2 FY25 and 0.5% in Q1 FY26. Management said the underlying operating business had improved.
What else did the company announce?
The filings around the result included management changes. Ketan Nishikant Kulkarni was appointed Managing Director and CEO effective 1 November 2025, while Adarsh Sudhakar Hegde ceased as Managing Director effective 1 November 2025. The filings also covered the cessation of Ravi Jakhar as Chief Financial Officer and Swati Singh as Company Secretary and Compliance Officer, a change in auditors, a change in the Company Secretary and Compliance Officer, and the appointment of a Chief Financial Officer.
The earnings-call transcript said the composite scheme was complete: the international business of Allcargo Logistics was demerged into Allcargo Global effective 1 November, and the Express and Consultative Logistics businesses were merged into Allcargo Logistics from the same date, eliminating the holding structure. The transcript also said Allcargo Global was expected to be listed and begin trading after the audit, information memorandum and exchange approvals.
What did Allcargo Logistics' management say?
Management maintained guidance for 10% revenue CAGR and 20% EBITDA CAGR from current levels through FY28. It also maintained gross-margin guidance of a 10% increase in proportionate progression from the H1 FY26 base of 29%, reaffirmed its FY28 and FY30 targets, and said no specific full-year FY26 revenue or margin number was provided.
Ketan Kulkarni said: "Our Express business has delivered the highest ever quarter in the company's history, both in terms of revenue and volume and is also the only Express company in the top 5 to grow market share in Q2 over Q1." He also said Consultative Logistics had delivered its highest-ever quarter and monthly revenue. Management identified customer concentration as a risk: the top 10 customers contribute about 50% of Consultative Logistics revenue and about 20% of Express revenue.
How did Allcargo Logistics shares react?
Earlier results-day reactions were negative: the stock fell 4.1% on 12 August 2025, 4.2% on 25 May 2025, 5.0% on 13 February 2025, 3.0% on 12 November 2024, 0.8% on 13 August 2024 and 2.4% on 25 May 2024. The market reaction figures describe historical price movements and do not indicate a future price movement.
| After the filing | Stock | Logistics Solution Provider median |
|---|---|---|
| 5 minutes | +0.0% | |
| 15 minutes | +0.0% | |
| 30 minutes | +0.0% | |
| Reaction day | +5.0% | +0.0% |
| Next day | +10.2% | −1.6% |
| 5 days | +6.7% | −4.2% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 12 August 2025 | −4.1% |
| 25 May 2025 | −4.2% |
| 13 February 2025 | −5.0% |
| 12 November 2024 | −3.0% |
| 13 August 2024 | −0.8% |
| 25 May 2024 | −2.4% |
Source: MarketPing price-reaction measurement.
How did other Logistics Solution Provider companies do?
Forty other Logistics Solution Provider companies were compared for the quarter. Their median revenue growth was 7.2%; none grew more slowly than Allcargo Logistics, and all 40 grew faster. Eighteen peers reported higher profit, based on 33 peers for which profit was compared.
| Allcargo Logistics revenue growth (YoY) | −76.1% |
|---|---|
| Median of 40 other Logistics Solution Provider companies | +7.2% |
| Companies with slower revenue growth than Allcargo Logistics | 0 of 40 |
| Companies with faster revenue growth than Allcargo Logistics | 40 of 40 |
| Companies whose net profit rose | 18 of 33 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Allcargo Logistics' revenue in Q2 FY26?
Revenue from operations was ₹1,028 crore, down 76.1% from ₹4,301 crore in Q2 FY25 (consolidated).
Did Allcargo Logistics make a profit in Q2 FY26?
No. It reported a net loss of ₹14 crore, against a net profit of ₹37.74 crore in Q2 FY25.
What was Allcargo Logistics' EPS in Q2 FY26?
Basic loss per share was ₹0.12, against ₹0.34 in Q2 FY25.
How did Allcargo Logistics shares react to the Q2 FY26 results?
On the reaction day the stock moved +5.0% from the previous close; the median Logistics Solution Provider stock moved +0.0%.
When did Allcargo Logistics announce its Q2 FY26 results?
On 14 November 2025, in a filing to the NSE.
Sources
- Outcome of Board Meeting (NSE, 14 November 2025) · PDF
- The earnings call (21 November 2025)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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