Key Financial Performance - Consolidated Q2 FY27

  • Revenue from Operations: INR 4,486 million (2.0% YoY growth from INR 4,396 million in Q2 FY26)
  • EBITDA: INR 219 million (16.5% YoY growth from INR 188 million)
  • EBITDA Margins: 4.88% (60 basis points improvement YoY from 4.28%)
  • PAT: INR 91 million (2.2% YoY growth from INR 89 million)
  • PAT Margins: 2.03% (1 basis point improvement YoY from 2.02%)
  • Diluted EPS: INR 0.89 (1.1% YoY growth from INR 0.88)
  • Other Income: INR 28 million (36.4% decline YoY from INR 44 million)
  • Depreciation: INR 75 million (15.4% YoY increase from INR 65 million)
  • Finance Cost: INR 50 million (11.1% YoY increase from INR 45 million)
  • Tax: INR 31 million (6.1% decline YoY from INR 33 million)

Key Financial Performance - Consolidated H1 FY27

  • Revenue from Operations: INR 9,135 million (6.8% YoY growth from INR 8,554 million in H1 FY26)
  • EBITDA: INR 406 million (2.5% YoY growth from INR 396 million)
  • EBITDA Margins: 4.44% (19 basis points decline YoY from 4.63%)
  • PAT: INR 178 million (9.6% decline YoY from INR 197 million)
  • PAT Margins: 1.95% (35 basis points decline YoY from 2.30%)
  • Diluted EPS: INR 1.74 (10.3% decline YoY from INR 1.94)
  • Other Income: INR 62 million (27.1% decline YoY from INR 85 million)
  • Depreciation: INR 141 million (15.6% YoY increase from INR 122 million)
  • Finance Cost: INR 87 million (4.4% decline YoY from INR 91 million)
  • Tax: INR 63 million (12.5% decline YoY from INR 72 million)

Operational and Business Updates

  • Total container volumes increased by 6.3% YoY in Q2 FY27 to 59,343 TEUs
  • H1 FY27 volumes grew 10.3% YoY to 117,604 TEUs
  • Domestic container throughput grew by 31.9% YoY in Q2 FY27 and 34.0% in H1 FY27
  • Domestic volumes accounted for 45% of total throughput in H1 FY27 compared with 37% in H1 FY26
  • Company operates across EXIM and domestic segments

Strategic Infrastructure Expansion

  • Kolkata Terminal: Inaugurated General Cargo Terminal at Kolkata Dock System under 15-year agreement with SMPA [Syama Prasad Mookerjee Port Authority], marking entry into East Coast port infrastructure with Phase I fully operational
  • Devaliya Terminal: Achieved full commercial activation of 42-acre Gati Shakti Cargo Terminal at Morbi with first Bulk Tiles Train flagged off by Railway Minister
  • Network Expansion: Plans to develop ICD and warehousing facility at Devaliya alongside Phase II expansion at Kolkata

Company Background

  • Founded in 1972 by Mr. Rajendra Sethia
  • Multi-modal, rail-focused, 4PL asset-light logistics company
  • 50+ branches as of March 31, 2026
  • 4.4% Revenue CAGR (FY22-FY26)
  • 1.12% TEU Volume CAGR (FY22-FY26)
  • Largest platinum business associate of Concor
  • Largest associate partner in railway for Concor
  • Only Concor associate partner providing substantial EXIM business volume
  • Holds custom house agency licenses with most major ports in India

Business Model and Capabilities

  • Comprehensive 3PL & 4PL services across rail, road, coastal, inland water, and air transportation
  • Additional services: warehousing, customs clearance, stevedoring, project logistics
  • Asset-light model leveraging leased infrastructure, third-party network, and strategic owned assets
  • Pan-India reach with 50+ branches and 4 zonal offices across 23 states
  • 16 leased warehouses across 12 states
  • 55+ major railway rake handling points
  • Owns and operates 650+ GPS-enabled trucks, 1,050+ shipping containers, and 120+ equipment
  • Mini-rake and jumbo-rake capabilities for bulk cargo movement
  • Serves 1,600+ customers across metals, FMCG, pharmaceuticals, chemicals, oil & gas, utilities
  • 80% of FY26 revenue from customers with relationships exceeding three years
  • 100% retention among top 10 customers

Management Team

  • Rajendra Sethia: Chairman & Managing Director, founder with over 50 years experience
  • Kanishka Sethia: Whole Time Director, CEO & CFO, ~20 years experience, MBA from Bentley University
  • Sushila Sethia: Whole Time Director, associated since inception
  • Sunil Munshi: Independent Director, former Chairman & MD of Andrew Yule & Co.
  • Sunil Duggal: Independent Director, 30+ years experience, former CEO of Hindustan Zinc
  • Rajni Mishra: Independent Director, MBA and ICSI Associate Member
  • Sapna Kochar: Company Secretary & Compliance Officer, ICSI Associate Member
  • Operational leadership team includes Kanhaiya Lal Baid, Ravi Kumar Bhaskar Menon, Selvam Sankaralingam, Rajiv Ranjan Kumar

Regulatory Compliance and Certifications

  • Licensed Custom House Agent across major Indian ports (Kolkata, JNPT, Vizag, Chennai, Gangavaram)
  • Authorized Economic Operator (AEO) certification for expedited cargo processing
  • ISO 9001:2015 certified
  • Licensed for stevedoring operations in several major ports
  • Full team of professionals including CMD and CEO are certified Rule 8 CHA license holders

Financial Position (Balance Sheet Highlights)

  • Total Assets: INR 12,682 million (H1-FY27) vs INR 12,054 million (FY26)
  • Non-current Assets: INR 3,509 million (H1-FY27)
  • Property, Plant and Equipment: INR 1,840 million (H1-FY27)
  • Current Assets: INR 9,173 million (H1-FY27)
  • Trade Receivables: INR 7,011 million (H1-FY27)
  • Cash and Cash Equivalents: INR 29 million (H1-FY27)
  • Total Equity: INR 8,848 million (H1-FY27)
  • Equity Share Capital: INR 510 million
  • Borrowings: INR 2,409 million (current) + INR 187 million (non-current) = INR 2,596 million total

Cash Flow Summary

  • Net Cash from Operating Activities: INR 176 million (H1-FY27)
  • Cash Flow from Investing Activities: INR (565) million (H1-FY27)
  • Cash Flow from Financing Activities: INR 326 million (H1-FY27)
  • Net decrease in Cash & Cash equivalents: INR (63) million (H1-FY27)

Capital Market Information (as of September 2026)

  • Face Value: INR 5
  • Market Price: INR 93.15
  • 52-Week High/Low: INR 138.10/76.95
  • Market Capitalization: INR 9,497.1 million
  • Equity Shares Outstanding: 101,955,213
  • 1-Year Average Trading Volume: 157,620 shares

Forward-Looking Statements Disclaimer

The presentation contains forward-looking statements based on management's current beliefs and assumptions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. The company disclaims any obligation to update these statements.

Website and Contact Information

  • Company website: www.western-carriers.com
  • Investor contact email: investors@westcong.com
  • Investor relations managed by Valorem Advisors