Western Carriers (India) LimitedLogistics & TransportationWCIL
Q1 FY27 earnings callWestern Carriers (India) Limited
The company delivered robust revenue and profit growth driven by a strong 37% surge in domestic container volumes, helping offset ongoing challenges in the EXIM market.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue | INR465 crores | 12% | |
| EBITDA | INR19 crores | — | |
| PAT | INR9 crores | 13% | |
| Total Container Throughput | 58,261 TEUs | 15% |
Financials
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹443.00 Cr— YoY+2.7% QoQ | ₹13.20 Cr— YoY-30.4% QoQ | ₹1.11— YoY-52.4% QoQ |
| Q2 FY25 | ₹431.43 Cr— YoY+2.1% QoQ | ₹18.96 Cr— YoY+0.3% QoQ | ₹2.33— YoY-2.9% QoQ |
| Q1 FY25 | ₹422.71 Cr— YoY— QoQ | ₹18.90 Cr— YoY— QoQ | ₹2.40— YoY— QoQ |
TL;DR
- Revenue grew 12% YoY to INR465 crores and PAT increased 13% QoQ to INR9 crores.
- Total container volume grew nearly 15% YoY, with domestic TEUs up 37% while EXIM grew 3.2%.
- Q1 container volume of 58,261 TEUs exceeded the typically stronger Q4 volume for the first time.
- Domestic business mix improved to about 40% of revenue, up from 30% about six quarters ago.
- EBITDA margin was 4.1%; PAT margin improved 20 bps QoQ to 1.9%.
- Working capital days improved from 120 to 111 days, and debt reduced from INR217 crores to INR197 crores.
Said on the call
“We've pivoted very strongly on our domestic side of the business which is being held by our large MMCT project at Devaliya in Saurashtra, and that is a large, big ticket container terminal that we run.”
From the Q&A
| Topic | What management said |
|---|---|
| Pricing Power and Margins | Analysts questioned the inability to raise prices for EXIM customers amid surging freight costs, suggesting the company subsidizes clients. Management clarified contracts are long-term with some flexibility, and margin pressure stems from supply chain disruptions (e.g., port congestion, erratic vessel schedules) rather than a lack of price hikes. They emphasized focusing on operational efficiencies and pivoting to grow the domestic business, which is less exposed to these issues. |
| Working Capital and Cash Flow | Analysts expressed concern over high debtor days (135 days) and stretched working capital, fearing debt could balloon if conditions persist. Management countered that working capital days improved from 120 to 111 and debtor days fell from 139 to 135 in the quarter, while debt reduced from INR217 crores to INR197 crores. They stated cash flow was net positive at ~INR13 crores for Q1 and that they are actively working with customers to improve cycles. |
| Capex and Returns | Asked about return thresholds for capex, management stated the primary driver is ensuring robust supply chains for customers, with returns expected to be a 'healthy double-digit.' Investments are made in specialized assets not readily available in the market, and the planned FY27 capex of ~INR100 crores is tied to customer commitments and volume visibility. |
Guidance
- Envisages a capex program of approximately INR100 crores during FY27, subject to customer commitments and market conditions.
- Expects strong growth in both top line and bottom line for the rest of the year, ceteris paribus.
- Anticipates a significant jump in EXIM volumes once geopolitical tensions ease, which would compound on top of domestic growth.
Source
Summary written from the transcript filed by Western Carriers (India) Limited for the call held on 17 Aug 2026; published 22 Aug 2026, 15:26 IST.