Nature of the Disclosure

This document is a regulatory filing submitted to BSE Ltd. and the National Stock Exchange of India Ltd. It contains the full transcript of the Q2 FY27 Earnings Conference Call for Container Corporation of India Ltd (CONCOR), held on November 3, 2026. The call was hosted by DAM CAPITAL ADVISORS LIMITED.

Key Quantitative Figures and Performance Highlights

  • Physical Performance: CONCOR achieved its highest-ever quarterly handling volume of 1,448,379 TEUs.
  • Financial Performance:
  • Highest-ever operating turnover of INR 2,373 crores.
  • Highest-ever total income of INR 2,466 crores for the quarter.
  • Revenue growth of 0.93%.
  • Standalone Profit Before Tax (PBT) of INR 462 crores.
  • An EBITDA margin of 25.79% was maintained.
  • A dividend of INR 1.9 per share was announced for the quarter, bringing the total dividend for the first half (H1) to INR 3.5 per share.
  • Volume Growth (H1 FY27):
  • EXIM segment growth: 4.57%.
  • Domestic segment growth: 4.22%.
  • Total volume growth: 4.48%.
  • Operational Metrics (Q2 FY27):
  • Average lead distance increased to 817 km from 779 km in Q2 last year, a 4.9% increase.
  • EXIM lead: 722 km (vs. 686 km last year).
  • Domestic lead: 1,315 km (vs. 1,298 km last year).
  • Nepal business volume increased by 138%, from 45 rakes to 107 rakes.
  • Bulk cement in tank containers: Volume was ~12,000 TEUs (vs. 14,000 TEUs for the entire last year); 195 new tank containers were added, taking the total fleet to ~1,100.
  • 13 new rakes were added in the quarter, taking the total to 456 rakes.
  • 414 new containers and 7 reach stackers were added to the fleet.
  • The company moved 1,661 double stack trains.
  • Capital Expenditure: Capex for the quarter was INR 299.75 crores. Total H1 FY27 capex stood at INR 418.05 crores. The internal capex target for FY27 is INR 945 crores (MOU target is INR 800 crores).
  • Port Market Share (Q2 FY27):
  • JNPT: 63.75% (a 3.5% increase).
  • Mundra: 34.65%.
  • Pipavav: 47.81%.
  • Aggregate EXIM market share across ports: ~50%.
  • Rail Freight & Operating Margin: Rail freight margin for the quarter was 28.3% and the overall operating margin was 31.5%.
  • Empty Running Cost: Total empty running cost was INR 98.82 crores (EXIM: INR 21.73 cr; Domestic: INR 77.09 cr).
  • Shipping Business Revenue: Turnover from shipping activities in H1 was INR 12 crores, with a full-year target of INR 50 crores.

Strategic and Operational Updates

  • New Services Launched:
  • A new Assured Transit train from Whitefield to Tughlakabad via Tondiarpet started on August 14, 2026.
  • New Direct Port Delivery (DPD) service for long-lead traffic from JNPT to CTKR (2,374 volumes in Q2).
  • New LCL (Less than Container Load) exports started from Dadri to Dronagiri and JNPT.
  • New EXIM long-lead service from GCTK to IDBR.
  • New reefer services from Hyderabad to JNPT for pharma products, contributing to an 18.48% growth in reefer exports.
  • Cabotage service started from JNPT to Dadri leveraging the Dedicated Freight Corridor (DFC).
  • Tariff Revisions:
  • Upper deck rates for EXIM traffic from Dadri to JNPT and other terminals were reduced by 10-20% to incentivize double-stack traffic.
  • EXIM handling rates at Tughlakabad (TKD) were reduced by 10-20% to attract cargo back to the terminal and reduce road congestion in Delhi.
  • Contract Signed: A new contract was signed with GAIL, with traffic expected to start by end-November 2026.
  • Challenges Addressed: Management discussed headwinds including the closure of the Strait of Hormuz for container traffic, which disrupted trade routes and shifted transshipment to ports like Khor Fakkan and Fujairah. Domestic volumes were affected by a tile cluster shutdown in Morbi, disruption in gunny bale traffic, and a busy season surcharge on railways that created a rate disadvantage for containers vs. wagons in food grains transport.
  • DFC & Modal Shift: The full operation of the Western DFC is expected to facilitate a modal shift from road to rail. Current double-stacking at JNPT is at ~30% due to shipping schedule disruptions but is expected to improve. The company aims to increase JNPT's rail coefficient from ~13% to 18-19% in the medium term.
  • New Terminals: Capex is directed towards developing new terminals at Salawas (Jodhpur), Pathri (Haridwar), Amritsar, and Chharodi (Ahmedabad). The Salawas terminal is expected to be commissioned in November 2026.
  • Bharat Container Shipping Line: The proposal for a new shipping line, in which CONCOR will hold a 30% stake, is under government approval. Coastal shipping plans are on hold due to market turbulence and high ship lease rates.

Management Participants

The conference call was led by CONCOR's Chairman & Managing Director, Mr. Ajit Kumar Panda. Other management participants included:

  • Mr. Vijoy Kumar Singh, Director (International Marketing & Operations)
  • Mr. Vivek Gupta, Director (Finance)
  • Mr. Harish Chandra, Principal Executive Director (Finance) and Company Secretary
  • Mr. Paresh Agarwal, Group General Manager (International Marketing)

The call was moderated by Mr. Kunal Shah from DAM CAPITAL ADVISORS LIMITED.