Company Overview

Western Carriers (India) Limited reported mixed financial results for FY26 with revenue growth but significant profit decline. Revenue from operations increased 6% to ₹1,829 crore (₹18,292.38 million) while net profit declined 40% to ₹38.8 crore (₹388.16 million) due to geopolitical disruptions and supply chain challenges.

Financial Performance

Key Metrics (FY26):

  • Revenue: ₹1,829 crore (6% YoY growth)
  • PAT: ₹38.8 crore (40% decline from ₹65.1 crore in FY25)
  • EBITDA: ₹85 crore (4.7% margin)
  • EPS: ₹3.81 (down from ₹7.16 in FY25)
  • Total Throughput: 226,578 TEUs (6.14% volume growth)
  • Domestic Volumes: 86,353 TEUs (8.16% growth)
  • EXIM Volumes: 140,225 TEUs (5% growth)

Capital Structure & IPO

The company completed its Initial Public Offer in September 2024, raising ₹4,000 million through fresh issue of 23.26 million shares at ₹172 per share. Total offer expenses were ₹456.52 million with net proceeds of ₹3,629.38 million. Utilization included prepayment of borrowings (₹1,635 million), capital expenditure (₹1,517.10 million), and general corporate purposes (₹477.28 million).

Operational Highlights

The Devaliya multimodal cargo terminal became fully operational, diversifying beyond tiles to chemicals and FMCG. The company handled 226,578 TEUs with 6.1% volume growth despite global supply chain disruptions. The company serves 1,600+ customers through 50+ branches across 23 states with owned assets including 500+ mini rakes, 850+ shipping containers, and GPS-enabled trucks.

Corporate Governance & Related Party Transactions

Outstanding loans to related parties totaled ₹287.63 million, with significant exposure to entities controlled by key management personnel including Gipsy Management Private Limited (₹101.20 million) and Western Conglomerate Limited (₹38.60 million). Contingent liabilities include ₹46.18 million in tax demands and a ₹5.31 million railway penalty dispute under litigation.

Credit Rating & Financial Position

Total bank facilities: ₹276 crore with CRISIL maintaining Long Term Rating of A-/Stable (revised from 'Positive') and Short Term Rating of A2+. Debt-to-Equity Ratio stood at 0.3 times with total borrowings of ₹2,171.70 million.

Corporate Calendar

The 15th Annual General Meeting is scheduled for September 30, 2026 at 12:30 PM IST via video conference. E-voting will be available from September 27-29, 2026 with register of members closed from September 24-30, 2026. No dividend was recommended for FY26.

Board Composition & Management

Board of Directors: Rajendra Sethia (Chairman and MD), Kanishka Sethia (Whole-time Director, CEO & CFO), Sushila Sethia (Whole-time Director), Sunil Munshi (Independent Director), Rajni Mishra (Independent Director), and Sunil Duggal (Independent Director appointed February 13, 2026).