Gateway Distriparks Q2 FY27 results: net profit down 11.7% to ₹58.53 crore, revenue up 2.3%

How did Gateway Distriparks perform in Q2 FY27?

Gateway Distriparks reported consolidated Q2 FY27 revenue of ₹580.13 crore, up ₹12.81 crore or 2.3% from Q2 FY26 and ₹30.83 crore or 5.6% from Q1 FY27. EBITDA was ₹126.07 crore, up ₹5.74 crore or 4.8% year on year and ₹9 crore or 7.7% sequentially. The EBITDA margin was 21.7%, compared with 21.2% in Q2 FY26 and 21.3% in Q1 FY27.

Consolidated PAT was ₹58.53 crore, down ₹7.77 crore or 11.7% from Q2 FY26 but up ₹7.26 crore or 14.2% from Q1 FY27. Basic EPS was ₹1.16, down ₹0.18 year on year and up ₹0.18 from the previous quarter. On the standalone basis, revenue was ₹409.7 crore and PAT was ₹56.56 crore, compared with PAT before exceptional items of ₹68.99 crore.

What changed in Gateway Distriparks' costs and profit?

Total expenses increased by ₹4.80 crore or 1.0% from Q2 FY26 to ₹506.55 crore. Employee cost rose ₹3.20 crore or 9.5%, other expenses rose ₹4.65 crore or 1.3% and depreciation rose ₹0.36 crore or 0.9%, while finance costs fell ₹2.63 crore or 16.6%. There was no exceptional item in either quarter.

Other income increased ₹2.36 crore or 76.4% to ₹5.45 crore from ₹3.09 crore, while PBT rose ₹10.35 crore or 15.1% to ₹79.02 crore. Tax expense increased ₹18.14 crore or 768.6% to ₹20.50 crore from ₹2.36 crore, and PAT consequently fell ₹7.77 crore or 11.7% to ₹58.53 crore.

The company’s press release said it had moved to the concessional tax regime under Section 115BAA from 1 April 2026. It stated that the current-year tax rate was 25.17%, compared with an effective rate of 9.57% in the previous year because of MAT credit, while cash tax payment was 18.88% against 17.47%.

How did the first half of FY27 go?

In the first half of FY27, consolidated revenue was ₹1,129.42 crore, up ₹11.67 crore or 1.0% from H1 FY26, while total income rose ₹14.73 crore or 1.3% to ₹1,139.27 crore. PBT increased ₹9.52 crore or 6.8% to ₹149.94 crore.

H1 FY27 PAT was ₹109.8 crore, down ₹18.69 crore or 14.5% from ₹128.49 crore in H1 FY26. Basic EPS declined ₹0.40 to ₹2.14 from ₹2.54.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹3,531.1 crore, compared with ₹3,521.94 crore on 31 March 2026. Total equity rose to ₹2,594.07 crore from ₹2,546.25 crore, while borrowings fell to ₹270.03 crore from ₹292.06 crore and cash declined to ₹9.44 crore from ₹18.92 crore.

Trade receivables were ₹316.12 crore, compared with ₹265.61 crore at the previous balance-sheet date. Trade payables were ₹214.41 crore against ₹195.58 crore, and inventories were ₹15.91 crore against ₹13.21 crore.

H1 FY27 operating cash flow was ₹174.92 crore, compared with ₹200.56 crore in H1 FY26. Investing cash flow was negative ₹52.19 crore against negative ₹80.17 crore, financing cash flow was negative ₹132.21 crore against negative ₹128.13 crore, and capital expenditure was ₹58.43 crore compared with ₹24.28 crore.

How has Gateway Distriparks done over the last 8 quarters?

Revenue rose to ₹580.13 crore in Q2 FY27 from ₹549.3 crore in Q1 FY27 and was above the ₹567.32 crore reported in Q2 FY26. It was below the ₹567.32 crore peak in the latest annual series, when Q1 FY26 revenue reached ₹550.43 crore, while the series low was ₹402.52 crore in Q3 FY25.

PAT recovered to ₹58.53 crore in Q2 FY27 from ₹51.27 crore in Q1 FY27, but remained below ₹66.3 crore in Q2 FY26. The series low was a net loss of ₹190.97 crore in Q4 FY25, while the peak was ₹455.52 crore in Q3 FY25. The EBITDA margin increased to 21.7% from 21.3% in Q1 FY27.

Which businesses drove the quarter?

Inter-modal container logistics reported revenue of ₹417.88 crore in Q2 FY27, up 1.2% from ₹413.11 crore in the year-ago quarter. EBIT was ₹81.58 crore against ₹78.83 crore, with an EBIT margin of 19.5%.

Cold-chain logistics and distribution reported revenue of ₹162.25 crore, up 5.2% from ₹154.21 crore in Q2 FY26. EBIT was ₹0.81 crore, compared with a loss of ₹2.19 crore in the year-ago quarter, and the EBIT margin was 0.5%. Other Income, Exceptional Item and Share of Profit reported EBIT of ₹5.39 crore.

What else did the company announce?

The board approved the reappointment of Samvid Gupta as Joint Managing Director for five years from 7 February 2027 to 6 February 2032, based on the recommendation of the Nomination and Remuneration Committee. The appointment remains subject to shareholder approval, and the board approved a postal ballot notice to seek that approval.

The company also filed an investor presentation for Q2 and H1 FY27 on 28 October 2026. The filing stated that FY26 dividends were ₹3.25 per share, including a special dividend, but the same-day filings did not announce a dividend for Q2 FY27 or a fund raise.

What did the auditors point out?

The auditors included an emphasis of matter concerning SEIS benefits. They drew attention to demand orders and notices of Rs. 18,409.94 lakhs received by the holding company from the Commissioner of Customs and Additional Director General of Foreign Trade, challenging SEIS benefits availed for financial years 2015-16 to 2018-19 under the Foreign Trade (Development and Regulation) Act, 1992.

The auditors stated: “Our conclusion is not modified in respect of this matter.” The filing also indicated a qualified opinion, while the auditor’s report separately stated that the unaudited interim financial results had not disclosed information required under the Listing Regulations or contained any material misstatement.

What did Gateway Distriparks' management say?

Management maintained a Q3 FY27 rail-volume target of at least 100,000 TEUs, described by Samvid Gupta as “the bare minimum that we're targeting for the quarter.” The company maintained double-digit rail-volume growth guidance for FY28, citing a full year of Ankleshwar EXIM operations. Management said Western DFC could shift 10,000-15,000 TEU monthly from road, but JNPT gains would remain dependent on shipping-line adoption.

Management said Snowman was on track to exceed ₹100 crore of FY27 EBITDA, while PAT remained constrained by interest, depreciation and reinvestment. About 23,000 pallets of cold-storage capacity were expected to come online in the next few months, and new projects target at least 15% IRR and seven-year payback. Indore ICD was targeted for operation by December 2027, while Jaipur awaited a reserved court order.

Management identified conversion of DFC and JNPT volumes as dependent on shipping-line calls, port growth and potential rail-tariff rationalisation. It also noted that Ankleshwar’s shorter lead distance may reduce revenue per TEU, Snowman’s warehouse margins face wage, power, gratuity and PF-cost pressure, and Jaipur ICD timing depends on a favourable court order.

How did Gateway Distriparks shares react?

The stock was up 0.1% from its pre-results close on the reaction day. It fell 0.3% after 15 minutes, 0.8% after 30 minutes, and by the next day’s close it was down 4.8% from the pre-results close. By the fifth session, it was up 0.8% from the same close.

The Logistics Solution Provider industry median was up 0.9% on the reaction day, 0.8% by the next day’s close and 3.5% by the fifth session. Gateway Distriparks therefore underperformed the industry median by 0.8 percentage points on the reaction day and 5.6 percentage points by the next day’s close. Earlier reaction-day moves included -6.4% on 5 August 2026, 0.6% on 7 May 2026 and 1.9% on 6 February 2026.

How did other Logistics Solution Provider companies do?

Fifteen other Logistics Solution Provider companies filed for the quarter, with a median revenue growth of 15.2%. Of the other companies, 3 grew slower than Gateway Distriparks and 12 grew faster than Gateway Distriparks, while 11 reported higher profit out of 13 companies compared for profit.