Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Allcargo Logistics Ltd (NSE: ALLCARGO) Q4 2026 Earnings Call dated May. 15, 2026
Corporate Participants:
Ketan Kulkarni — Managing Director & Chief Executive Officer
Deepak Pareek — Chief Financial Officer
Sanjay Punjabi — Investor Relations
Analysts:
Suyash Samant — Analyst
Unidentified Participant
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the all Cargo Logistics Limited Q4 and FY26 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr.
Suyansh Samanth from Stella IR Advisors. Thank you. And over to you sir.
Suyash Samant — Analyst
Thank you. Good afternoon everyone and thank you for joining us. Today we have with us the senior management team of all Cargo Logistics Ltd. Mr. Ketan Kulkarni, Managing Director and Chief Executive Officer, Mr. Deepak Pare, Chief Financial Officer and Mr. Sanjay Punjabi from Investor Relations. The management will be sharing operating and financial highlight for the quarter and the financial year ended 31st March 2026 followed by a question and answer session. Please note that this call may contain some of the forward looking statements which are completely based upon the company’s beliefs, opinions and expectations as of today.
These statements are not a guarantee of the company’s future performance and involve unforeseen risk and uncertainty. The company also undertakes no obligation to update any forward looking statements to reflect developments that occur after the statement is made. I now hand over the conference to Mr. Ketan Kulkarni. Thank you. And over to you sir.
Ketan Kulkarni — Managing Director & Chief Executive Officer
Good afternoon everyone and a very warm welcome to our Q4 and FY26 earnings conference call. Thank you for joining us today and for your continued interest in all cargo logistics. Our financial results and earnings presentation for the quarter and the financial year ended March 2026 have been uploaded onto the stock exchanges and at Trust. You have had the opportunity to review the numbers. I will share a brief overview of the macroeconomic environment. While global growth has moderated, India still continues to demonstrate resilience.
According to the IMF, domestic economy is expected to grow at about 6.5% in FY27 supported by strong consumption, sustained public capex and improving private investment. The continued policy focus on infrastructure development is improving logistics efficiency and supporting higher freight movement creating a favorable environment for organized players. Like all cargo logistics and others. High frequency indicators remain encouraging. EWAY bill generation reached 140.6 million in March 2026 reflecting a 13% year on year growth.
While GST collections stood at INR 1.78 lakh crore up 8.2% year on year. These indicators, along with strong private consumption trends, point to a sustained momentum in domestic trade and supply chain activity. In line with evolving consumption trends, especially the rapid expansion of E commerce and trip commerce, we have strengthened our network and operational capabilities. We currently handle over 10 million packages per month in this segment supported by integrated capabilities across fulfillment, sorting, transportation along with technology led influential such as warehouse management system and route optimization.
We are also focusing on strengthening our presence in clusters In Bharat, the tier 2 tier 3 India. Various clusters have been identified and industrial areas have been identified for further intervention and stronger go to market programs. We are working with several active customers and are looking to further somit defi our position. Our strength lies in our understanding of the logistics complexities for large industrial clusters as well as small businesses. Through innovative solutions we are empowering these businesses to expand their reach and enhance operational efficiency.
The businesses we work with and support and partner are across industry verticals. Technology and digitization continues to play an important and central role in our operations, driving better visibility, coordination, production execution and resilience across the value chain. To further strengthen our execution and growth strategies, we have recently onboarded Mr. Amit Chari as Chief of Operations Express Division. He’s a transformative leader with deep expertise in B2B express logistics with the market leader in network strategy and large scale operations simultaneously.
We have also onboarded Mr. Sameer Ahuja as Chief of Sales Express Division. A seasoned professional with over three decades of experience in driving business growth and and managing key customer relationships across telecom, retail and logistics. Their extensive experience will be instrumental in scaling our business, enhancing operational excellence and driving customer acquisition and retention. Looking Ahead While we are cautious on the near term outlook due to the current geopolitical scenario, we remain focused on efficiency led profitable growth with continued emphasis on strengthening our core network and expanding transportation and also full truckload capabilities.
With integration now largely behind us, we expect our EBITDA and PVT to go ahead of revenue in the coming quarters. With that, I would like to hand over the call to our Chief Financial Officer Deepak Pari who will take you through the financial performance in greater detail. Once again, thank you very much for sparing your valuable time coming on the call. Over to you.
Deepak Pareek — Chief Financial Officer
Thank you Ketan for the comprehensive overview on the performance for financial year FY26. Good afternoon everyone and a warm welcome to all our participants on the Q4 and FY26 earnings call. I will now take you through the financial performance for the quarter ended 31st March 2026 during Q4FY26 all cargo logistics handled a total volume of 3 lakh metric tonnes under the express business unit realization per metric ton stood at INR 12,037 reflecting an increase of 3% on year on year and 4% sequentially.
Moving to the consolidated financials, revenue for the quarter stood at INR 514 crores as compared to INR 513 crores in the corresponding period last year and 516 crores in the previous quarter. Gross profit for the quarter stood at INR 154 crores compared to INR 149 crores in the corresponding period last year which is broadly in line on a sequential basis. EBITDA for the quarter was reported at INR 60 crores strong 41% growth from last year and broadly in line sequentially. On a full year basis.
Revenue stood at INR 2,058 crores registering a growth of 5% over the previous year. EBITDA for the year came in at INR 233 crores reflecting a healthy growth of 16% year on year. Turning to the express division, revenue for the quarter stood at INR 362 crores as compared to INR 343 crores in the same period last year and INR 364 crores in the previous quarter. For the full year, express business revenue stood at INR14.42 crores as against INR14 16 crores in the previous year. Moving on to the consultative logistics business, the total warehouse space under management stood at 8 million square feet as on March 2026.
Revenue for Q4 FYI 26 was INR 151 crores reflecting a growth of 3% year on. On a full year basis. Revenue for the consultative logistics business stood at INR 615 crores registering a healthy growth of 17% year on year. With that we conclude our opening remarks. We would now be happy to answer your questions. Thank you for your continued participation and support. Thank you. Over to you.
Questions and Answers:
Operator
Thank you, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star N1 on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star N2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Our first question comes from Avidat Javkar with Equipoise Capital Management. Please go ahead.
Unidentified Participant
Yeah. Hello. Am I audible?
Operator
Yes.
Unidentified Participant
Thank you. Thank you for the opportunity. Yeah. I would like to know the expected listing date of all Cargo global. Since you mentioned in the previous con call that the listing would be completed by quarter 4 of 26 but there has been no update so far. So could you please provide an update on the status? Are there any issues or challenges causing the delay?
Deepak Pareek
Yeah. Thank you. I would request Sanjay Punjabi who handles investor relationship. Investor relationship from. From both the entities and the group of all cargo to hand to respond please since it is related to all cargo global.
Operator
Yes, sir. So the line for Sanjay has dropped. I’m just reconnecting him. He stay connected time.
Deepak Pareek
Yeah. So we’ll hold the question. Please hold the question. Let him reconnect and then we can.
Unidentified Participant
Yeah. Yeah. Okay. Okay. I will come back. I will come back. Yeah.
Operator
Thank you. The next question comes from the line of Vikram Suryavanshi with Philip Capital India. Please go ahead.
Unidentified Participant
Yeah. Good afternoon sir. So how is the opportunity for increasing the wallet here for our businesses and margin levers for margin expansion? If you can highlight. I think that will be interesting.
Deepak Pareek
Sorry Vikram, we’ll have. You’ll have to again repeat the question. Your voice was breaking.
Unidentified Participant
Yeah. Is it audible or should I.
Deepak Pareek
Yeah, it’s better audible. Now tell me.
Unidentified Participant
Okay. So when I was asking about the opportunity to increase our wallet share in the businesses, how much scope is there and how we are targeting that and then levers for margin expansion, particularly for B2B.
Ketan Kulkarni
Thank you. Very good question. To begin the call you said how are we increasing our market share and also our market expansion. So if I understand you correctly, market expansion will be a key lever to improving the market share. There are two ways to look at market share. One is the revenue market share and the other is the volume market share. So we are very focused on both and whatever market share expansion or market expansion strategies that we have, whether it is focusing on large kea key enterprise accounts, whether it is focusing on MSME or on retail, we are very clear that all new customer onboarding and all organic growth in all the three segments in surface and air will all be very, very positive on the margins and the bottom line.
So it’s going to be a calibrated call. The focus, while it will always be on gaining market share, growing faster than market, a lot of weightage will be on improving the profitability of this expansion and this share. Does that answer your question or would you like me to detail this a little more for you?
Unidentified Participant
Little detail on the margin expansion in terms of particularly for say are we still seeing the levers for gross margin improvement with say pricing or customer reorientation of contracts. Is there any further scope significantly or have we seen the pricing discipline in a system? Oral system has come back with helping us so info margin or at operating level. So how is that basically setting up for us in terms of gross margin improvement possibility, market pricing stability type or any other operating leverage we have?
Ketan Kulkarni
So I think your question is more towards the express division. So I will answer, I will answer for that division because I need to be clear there. So a lot of work has happened in the last six months and in fact we started off the year with a GPI activity to improve the rupee per kilo that we were getting from the customers. We introduced a lot of measures. We introduced the metro congestion charge which is a charge for value when we do urban logistics. Urban logistics in large metros is becoming more and more difficult to do because of infrastructure etc.
We introduced the next round zero where we are rounding off the weight of the customer shipment to the next zero. We introduced AER charges which is all cargo extended reach charges for about 1100 difficult to do PIN codes and we did this simultaneously when we subdivided our 19,000 pin codes into 32,000 pin codes to have granular operational capabilities and also granular pricing to the customer. So all these have had a positive impact on the yield and the RPKG over the last six months and it has improved to a level that we are very, very comfortable now where we are with the rpkg.
And while doing that we are also cognizant with the huge cost pressures that we are seeing on various aspects of the business due to the West Asia crisis and also the morning announcement today. We are fairly well covered on that and there is a plan to cover that much more as we get ahead into this financial year in Q1 and Q2. So our margin expansion plan is on track on the express side of business and we are very comfortable the way we have kind of executed it.
Unidentified Participant
Business side, how would the CAPEX in terms of adding the capacities or will it also have mix up like a satellite model in terms of growth expiration there and how would the CAPEX will look like on that side of the business?
Ketan Kulkarni
Yeah, I will request Deepak our CFO to come in. Over to you Deepak.
Deepak Pareek
Yeah, thanks Ketan. So Consultative Logistics has seen a remarkable revenue growth in the current year. 17% growth from this year is phenomenal. That growth has happened on the back of mix approach of asset light and some component of asset heavy component because we have expanded the transportation vertical last year quarter as we mentioned on the call under this segment we have started doing full truckload business. So that has given a melt up of revenue on the. So that’s the asset light piece which is there.
There are component of implant services which we do. That’s also an asset light piece on the way on the warehouse piece. Pure Play 3 Play 3 PL we have moved to an asset operating lease strategy from April 25th and that has been helpful in terms of capex outlay. We have conserved cash due to that. But in the current year next year if you see on the expansion bit we have a plan to add half a million square feet additional on the warehouse space. And that would be done largely on an asset light approach that will add to a significant capacity.
But nevertheless I think the focus on the consultative logistics is to enhance the gross margin share. So the growth which is already achieved last year we good. I think we are very comfortable with that. And now we want to deepen up the margin realization on that business further.
Unidentified Participant
Got it. So just last question to clarify. Is there any white space or under replacement of existing capacity within that where we can still see further good possible or it’s almost like a running at a full kind of.
Deepak Pareek
So it’s. You know this industry, you know white space is a requirement as per the running stock. We are well below the industry norms. We track that metrics very closely and we are comfortable on that count.
Unidentified Participant
Got it. Thank you.
Sanjay Punjabi
Hello. Hi everybody. Hi Elric. Am I audible?
Ketan Kulkarni
Yes sir, you are audible.
Sanjay Punjabi
Yeah. Hi. My line had dropped earlier. I’m sorry. I’ll just address the question on on Cargo Global listing. So the. We’ve received the necessary approvals from both exchanges and SEBI as well day before yesterday. And all we need to do now is file the revised information memorandum with authorities with audited annual financials and we can expect the listing to happen in about a month’s time from now on. Thank you.
Operator
Thank you sir. A reminder to all participants, please press star and one to ask a question. The next question comes from the line of Advait Javkar with Equipoise Capital Management. Please go ahead.
Unidentified Participant
Thank you. Thank you. Thank you. Once again the same question related to All Cargo Global. Is there any financial information available for us to understand about the All Cargo Global business right now? For the. For the quarter end. For this quarter end.
Sanjay Punjabi
Yeah. Hi. So Advait what up? We’ll go. We have coming two weeks and these. The information memorandum will carry all the information on the financials as well. So in the next couple of weeks, once the IM is filed, information on the financials will be available to all.
Unidentified Participant
Yeah. Okay, thank you. And one more question for all Kargo Logistics that the recent increase in the petrol and diesel prices announced today, how do you expect this impact to the oil cargo logistics business? Should we expect any slower growth or subdued margin in H1FY27 as a result of higher fuel costs?
Deepak Pareek
You know this is a element of cost which is already built in in our contracts with the customer. As you know we are strong B2B players and we have tight contracting with all our customers. And this element of cost is a pass through along with other costs which are built in as a part of contract. So we don’t see a challenge on that count.
Ketan Kulkarni
Yeah. And further to Deepak’s answer, we have a very transparent diesel price hike pass through mechanism which is already up on our website. Customers can refer to it anytime and that kind of allows them to predictively calculate what the pass through will be. Also and also monthly we announce what is going to be the DPH percentage applicable on their billing. So it’s a very transparent customer friendly mechanism that we have. So we are very well covered on the morning announcement. Thank you.
Unidentified Participant
Yeah, thank you. Thank you. Thank you so much.
Operator
Thank you. A reminder to all participants, you may press Star and one to ask a question. Our next question comes from Anil Raju, an individual investor. Please go ahead.
Unidentified Participant
Hi, hope you are able to hear me.
Operator
Yes Anil, go ahead please.
Unidentified Participant
When I see the balance sheet EBITDA is improving, improving to 233 crores. But ought remains 6 crores when we expect meaningful bottom line improvement.
Deepak Pareek
Yeah Anil, if you see the improvement at PBT level 3 exceptional items you can see clear very well. See There is a 96% improvement which has already happened in this year. So the buildup of growth is already in place. And if you see the going next quarter that will be visible in terms of the entire contribution.
Unidentified Participant
Oh okay. Another question. What concrete milestones should investor track over next four to six quarter? It is Allegro Alcaro turnaround and integration strategy is succeeding well or not.
Deepak Pareek
Only metrics for investors to track is the EBITDA improvement. Our EBITDA has shown an improvement from 10% to 11%. We have achieved in this year and progressively we are committed towards that value creation and enhancement of shareholders value.
Unidentified Participant
And another last question. Any comments on the dividends?
Deepak Pareek
Dividend is a function decision of board and the shareholders. And at the right point of time we would recommend that to the. To the shareholders.
Unidentified Participant
Okay, thank you.
Operator
Thank you. The next question comes from the line of Parag Watsal from Kingstone Capital Management. Please go ahead.
Unidentified Participant
Yeah, hi. Thanks for the opportunity. I wanted to know the split between Express and contract logistics Post index.
Deepak Pareek
We have given a disclosure on slide number 22 that would give you some help and split on that account. We can ask Sanjay to touch base with you I think. Sanjay, if that would help.
Unidentified Participant
Okay, sure. I’ll take it offline then.
Operator
Thank you. Participants, you may press Star and one to ask a question. The next question comes from the line of Chinmay Parab, an individual investor. Please go ahead.
Unidentified Participant
Hello. Thank you for the opportunity. Am I audible?
Operator
Yes, Chinmay. Please be a little louder though. Thank you.
Unidentified Participant
Hello. Is this better now?
Operator
Yes,
Unidentified Participant
Yes, thank you sir. My first question is regarding the ebitda. As we can see the EBITDA for the full year FY26 has grown by 16%. YOY and EBITDA margins are improving to you know, 11% despite largely flat quarterly revenue performances. So what were the major drivers behind the sharp profitability and how sustainable are those margins going forward?
Deepak Pareek
Yeah Chinmay, thanks Deepak. Here. If you can see the breakup on year, on year basis, the gross margin, gross profit has increased by 2% from last year. That is one lever at adding to the EBITDA improvement. That comes on a back of the operating efficiency which we had mentioned in the last call. With the integration of Express and CL there would be an opportunity to do that. Also if you can see the employee expense and other expenses, there has been a significant rationalization which has really helped the company to get into the EBITDA trajectory which we were aspiring.
That has given the 16% growth. So it’s a combination of both. On the cost though we understand the revenue has been a 5% growth. On a combination, if you see CL had grown exceptionally well and Express has remained flat. But on overall the EBITDA value creation has happened at 16% growth.
Unidentified Participant
Correct. But as we see the quarter four performance on the top line basis it’s largely flat. So just getting to know from your side, like how are we seeing this going forward? Like do you see this margins to be maintained? Like what kind of trend can we expect?
Deepak Pareek
Yeah. So the trend, you won’t take it, the trend continues to be favorable. We are seeing from the month of March onwards the bent up volume which is happening even March, April. Last quarter if you see Jan and Feb, we had a flattish kind of month. But the volume trend is at par with the Month with the industry level coupled with that, we had done what Ketan mentioned in the opening remarks about the price action that has that is giving us revenue bumper. So mix of that the reaction will be feasible in this Q1 of this year.
Anything Ketan, you want to add? No, I
Ketan Kulkarni
Think you kind of covered it. We are very optimistic about Q1 FY27 numbers. And as I said earlier on the call, growth is the only elixir of the business going ahead and to qualify profitable growth. So you’ll only see improvement in margins.
Unidentified Participant
Thank you. Thank you. I would like to point out with respect to express volumes, they remain largely flat during FY26 with surface excess volume, you know, witnessing moderation sequentially. So what were the key demand challenges that during the year that we have faced and what does the management expect with respect to volume acceleration?
Ketan Kulkarni
Yeah, express volumes if you see were about. Yeah, about 12 lakh 23 thousand. Q1Q there is a growth here was flat. But if you see the Q1Q they’re up about 2% and that’s. And at the same time if you compare that to the revenue, you’ll see a better uptick on revenue. And that kind of reflects the focus we have on bringing quality revenue, quality customers that impact the margins. So those are the calls we took. We went more after profitable customers. We even weeded out a few non profitable customers.
So we did that calibration and as we start Q1 we are in a very comfortable place that all customers that we do business with are going to add to our profit margins going ahead. So we had to recalibrate a few segments and customers and that’s what we have done. You’ll see that revenue growth is higher than the target growth.
Unidentified Participant
Got it. So but as we are coming to consultative logistics revenue, it has grown by, you know, 17% Y in FY26, significantly outperforming the overall business. So which sectors and service offerings are driving this momentum? And does the management expect similar growth trends in FY27
Ketan Kulkarni
By similar. I don’t want to qualify the word but we will definitely see much better growth than you’re seeing in the year gone by and in the quarter on quarter of last year to this year on the express side of the business.
Unidentified Participant
And which sectors and service offerings are driving this momentum?
Ketan Kulkarni
Sorry?
Unidentified Participant
Which sectors and service offerings are driving this momentum?
Ketan Kulkarni
Okay, so the momentum being driven largely by our surface business, but air will also be a continuing focus. And yeah, this is on the express side. You asked me right. Or the CL side.
Unidentified Participant
Express Side.
Ketan Kulkarni
Sorry, Express.
Unidentified Participant
Yes.
Ketan Kulkarni
Yeah. So Surface will be the growth driver on the product side with tonnage as a focus area and the sectors that are essentially driving this is auto and engineering, pharma and also diversified industries. These are the three sectors the growth.
Unidentified Participant
Okay, and one last question from my side. The company has highlighted strong traction E Commerce and quick commerce and clustered focus expansion strategy during FY26. How are these initiatives contributing to customer acquisitions, wallet share expansion and maybe market share gains as well? Can you share some light on that?
Ketan Kulkarni
Sure, definitely. The E commerce and quick commerce business that you are referring to happens on the consultative logistics site. So we run sort centers, fulfillment centers, cross dock centers for all the large E commerce and quick commerce businesses. So if you draw a list of the top three E commerce players in the country, we do the business with them. If you draw the list of the top three quick commerce companies in the country, we do business with them. So this is essentially on the sales side.
On the express side, we don’t do any B2C deliveries for quick commerce or E commerce.
Unidentified Participant
That’s it from my perspective. Thank you so much for your time and all the best going ahead.
Ketan Kulkarni
Thank you so much for your wishes and your time.
Operator
Thank you. A reminder to all participants, please press star and one to ask a question. Ladies and gentlemen, as there are no further questions for today, I would now like to hand the conference over to Mr. Ketan Kulkarni for the closing remarks.
Ketan Kulkarni
Thank you. Thank you very much and it was great interacting with everybody on the conference and we look forward to your continued support and participation on our next earnings call. Thank you everybody.
Deepak Pareek
Thank you. Deepak here everybody for participation.
Operator
Thank you. Thank
Sanjay Punjabi
You everybody.
Operator
Ladies and gentlemen, on behalf of All Cargo Logistics Ltd. That concludes this conference call. Thank you for joining joining us and you may now disconnect your lines.