Allcargo Terminals Ltd (NSE: ATL) Q3 2026 Earnings Call dated Feb. 11, 2026
Corporate Participants:
Suresh Kumar R — Managing Director
Pritam Vartak — Chief Financial Officer
Analysts:
Mr. Shunya Saman — Analyst
Vikram Suryavanshi — Analyst
Darshan Javeri — Analyst
Kiran Gadget — Analyst
Nilesh Sharma — Analyst
Aryan Bhatia — Analyst
Sankar Raja — Analyst
Deepak Karva — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to all Cargo Terminals Limited Q3 and 9 months 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 the 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. Shunya Saman from Stellar IR Advisors. Thank you. And over to you, sir.
Mr. Shunya Saman — Analyst
Thank you. Good afternoon everyone and thank you for joining us today. We have with us today the senior management team of all Cargo Terminals Ltd. Mr. Suresh Kumar, Managing Director, Mr. Pritam Varta, Chief Financial Officer and Mr. Sandhya Punjabi, Investor Relations who will represent All Cargo Terminals Limited. On the call, the management will be sharing the key operating and financial highlights for the quarter and nine months ended 31 December 2025 followed by a question and answer session. Please note 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 risks and uncertainties. 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. Suresh Kumar. Sir, thank you. And over to you, Sir.
Suresh Kumar R — Managing Director
Thank you. Thank you, Suresh. Good afternoon to everyone. A warm welcome to the Al Cargo Terminals Limited Quarter 3 and 9 Months FY26 Earnings Call. We have uploaded the results, press release and presentation on the stock exchanges and the company’s website. I hope you have had an opportunity to go through the same. To begin with, a brief outlook on global trends. The IMF expects global growth to remain resilient at 3.3% in 2026 and 3.2% in 2027. This is broadly in line with the recent years and reflects a modest upward revision for 2026. Growth is supported by technology led investment including artificial intelligence investments, continued fiscal and monetary support, accommodative financial conditions and private sector resilience which are offsetting some of the headwinds from shifting trade policies.
Global inflation is easing and is projected to decline to about 3.4% by 2027. Coming closer to home India in the recently announced Union Budget it highlights the government’s focus on public investment raising FY27 capital expenditure to rupees 12.2 lakh crores from rupees 11.2 lakh crore in FY26. This targets infrastructure across roads, railways, ports, logistics parks and multimodal connectivity, enabling and supporting manufacturing exports and MSMEs. Large scale spending is expected to enhance freight movement, improve logistics efficiency, reduce supply chain costs and create sustained opportunities for infrastructure linked businesses. Additionally, you would have seen a 10,000 crore scheme to promote domestic container manufacturing which was announced aimed at strengthening India’s logistics ecosystem, reducing import dependence and supporting higher container availability and trade growth coming to all cargo terminals.
Q3 FY26 was a quarter where Alcago terminals witnessed significant growth Volumes for the quarter stood at 1.76 lakh TUs reflecting a growth of 18% year on year. The volume growth is a clear reflection of the early benefits from our three year strategic plan in which we have added capacity at JNPA in Q2FY26 and earlier in the year renewed contract with CWC and in Mundra. Revenue grew by 17% during the same period while profit after tax increased by 28%. Underscoring the operating leverage that we have in our business. Our deep customer equity is enabling us to leverage capacity expansion, grow volumes and strengthen profitability.
Continuing on the three year plan with the capacity augmentation, we have recently been awarded a 10 year extension of our speedy JNPT facility. We plan to upgrade the facility with assistance from JNPA and there is a potential for annual capacity enhancement in this facility by up to 60,000 TUs. We remain confident about the long term growth prospects of CFS and ICD operations in India, especially at a time when global trade dynamics are being reset. Recent trade agreements signed by India with the European Union and the United States are expected to provide a meaningful boost to manufacturing activity and India’s ex IM trade.
On that note, I wish to hand over the call to our CFO Mr. Pritam Vartak.
Pritam Vartak — Chief Financial Officer
Thank you Suresh. Good afternoon everyone. Welcome to our Q3 and 9 month FY26 earning calls. I will now present the key highlights of the financial Results for the third quarter and the nine months ended FY26 Total volume handled in Q3FY26 was 1 76,560 TUs, up by 18% over Q3FY25 and 5% over Q2FY26 for nine months. FY26 Total volume stood at 4. 96,296. Up 7% over nine months. FY25 Revenue for Q3FY26 was rupees 218 crores. Up 17% over Q3FY25 and five percent over Q2FY26. For nine months. FY26 Revenue stood at Rs. 613 crores. Up 7% over nine months. FY25 EBITDA excluding other income for Q3FY26 was rupee 43 crore. Up 31% over Q3FY25 and 6% over Q2FY26. Implying an EBITDA per TU of rupees 2,435. For nine months. FY26 EBITDA stood at Rs. 118 crores. Up by 24% over nine months. FY25. Net profit for Q3FY26 was Rupees 15 crores. Up by 28% over Q3FY25 and up by 33% over Q2FY26. For 9 months. FY26 Net profit stood at Rupees 35 crore. Up by 9% over 9 months FY25. I would like to highlight here that we have repaid our borrowings and the company will be debt free in Q4 FY26 as on date. We have repaid that balance loan and we stand debt free as of today. With this I would like to open the floor for the question and answer session.
Questions and Answers:
operator
Thank you very much, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on their touchstone telephone. If you wish to withdraw yourself from the question queue, you may press star and 2. Participants are requested to use handset while asking the question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants, if you wish to ask a question to the management, please press star and 1. Our first question comes from the line of Vikram Suryavanshi with Philip Capital. Please go ahead.
Vikram Suryavanshi
Good afternoon, sir. I hope I am audible.
Suresh Kumar R
Yes, you are Vikram.
Vikram Suryavanshi
Okay, thank you. So you’ve given volume numbers overall. But obviously if you are not comfortable you can give the actual number at the icd. But directionally are we seeing good growth even at ICD also or similar to what we are looking at cfs?
Suresh Kumar R
Hello. Thank you. Thank you, Vikram. For the question in terms of directional growth in the icd, it is Similar growth that we have seen.
Vikram Suryavanshi
Okay. And if you look at JMPT particularly or even at other location customers trying to facilitate the trade with lot of automation and risk management system. So will particularly my question regarding the Speedy CFS opportunity, Will that create more opportunity for importers to take a carbon basically for faster clearance without taking it to the caps and can that impact or how do you see that panning out? What improvement in the processes will it impact this particularly opportunities for spdy?
Suresh Kumar R
So that’s a good question and I think we have spoken about this in earlier calls. Any improvement in technology which makes life simpler for the customer is obviously very welcome because it only makes brings down logistics costs for everybody concerned, makes the whole trade exim cycle move faster. CFSs and ICD exist because there is a need for customers to store the containers at strategic locations for a certain amount of time. And we are seeing that there is an even when there is an overall increase in volume and when DPD volumes pick up. There are a set of customers, there are a group of customers, there are a set of commodities which definitely end up coming to the cfss for the reasons that are value adding for the customer.
So that trend continues. And for Speedy once we have the renewal and once we are able to do the necessary infrastructure upgrade. As you would know, it’s a 20 year old facility now we have got another 10 year extension. The facility will be enhanced with regard to some of the technology that we have in the other AL cargo facilities. It will only make the whole process better for customers. Speedy also has the unique advantage of being the CFS which is closest to the port and therefore the most attractive location for over dimension cargo and the amount of reefer work that we do.
So we believe that the extension is a very good one for us and will help us in the plans that we have chalked ahead.
Vikram Suryavanshi
And how much would be spending on speedy upgradation and capacity increase.
Suresh Kumar R
So in terms of the CAPEX requirement we are in discussion with JNPA to finalize the work. The work which needs to be done there involves some technology deployment. There is also yard and warehouse repair work which needs to be done. We received the extension in the last week of December. We are in the process of working out the estimated investment along with jnpa. Maybe in the next investor call I think we will have clarity about this. But the work is expected to start maybe in another three to four weeks. We are in the final stages of getting the estimates done and we are in discussion with jnp.
Vikram Suryavanshi
Got it. And I think just Last question. What would be broadly proportion of DPD DPD at JNP port currently and are we seeing that is like almost at the mature now.
Suresh Kumar R
This number has been in the high 70s for the past many quarters and it is in that range. It remains at that. So it’s a stable kind of a number. Some months it gets to about 78, 79. Some months it comes down a little. If my memory is right, in the month of December, the DPD volumes marginally dip, but it is, as you rightly mentioned, matured and it’s in the range of above 75 to around 80%.
Vikram Suryavanshi
Thank you very much.
operator
Thank you. The next question comes from the line of Darshan Javeri with Crown Capital. Please go ahead. Hello, good evening team.
Darshan Javeri
Thank you so much for taking my question. Firstly, congratulations on a good set of numbers, sir. I’m a bit new to the company, so pardon my ignorance. So just we, I just saw that we’ve done an expansion in JNPT, right. So for FY20 we can expect the full kick in of that. Right.
Suresh Kumar R
So yeah, I. So thank you. Thank you Darshan for asking the questions and thank you for covering this sector. And then your question about JNP is about the capacity that we added there. So the capacity addition that we did was in the month of August. We added about 1,70,000 additional TU handling capacity in JNPA. So for the first four, five months of the year we didn’t have that capacity. And when you build the capacity, it takes a little time to fill in that capacity. So this whole capacity, as you rightly mentioned, will come into play for us in the next financial year.
Darshan Javeri
So with that additional capacity, which I think is nearly, you know, a quarter’s volume. So what can the growth be in FY27, sir?
Suresh Kumar R
Yeah, so I’ll just take a couple of data points here. So in the first quarter of this year, including our DADRI facility, we used to do an average of about 56,000 TUs. That is what we were doing in Q1 of this financial year. Q3, the quarter which just ended, our average monthly volumes grew to about 64,000 TEUs. So there’s about 7,500 to 8,000 increase in TU’s, out of which about 3,500 came in from the JNPA facility. We had also got an extension in Mundra in the beginning of the calendar year there. Also compared to Q1, we have been able to grow our volumes.
That also has contributed to another three to 3,500. So both the locations where we have added capacity. We have seen growth in volume. So out of the 8,000, about 80% of that volume growth has come in from JNPA and Mundra. And if you were to look at what’s happened in the industry and the overall growth, JNPA has been one of the faster growing ports in the country. Overall volumes have increased somewhere in the range of about 6 to 7%. We have outpaced that marginally and we expect this to strengthen with the trajectory that we are having now.
So we currently this year growing at about 7%. We expect to add at least another 1 or 2 percentage points to this growth next year.
Darshan Javeri
Okay, so we can be around 8 to 9% volume growth in FY27.
Suresh Kumar R
Yeah, yeah.
Darshan Javeri
So I also just wanted to know. Like once the additional volumes, you know, kick in, what kind of operating leverage, you know, we can get. Because as the volumes have increased, our, you know, you know, EBITDA margin has also been increasing. Right. So that, so that journey will keep on continuing. Right. How do we see the EBITDA margin? Because I think it’s around the highest in the last few, you know, few years also maybe like right now in Q3. So how do we see that, sir, going ahead?
Suresh Kumar R
Yeah, I’ll request Pritam to answer this. So you’re right.
Pritam Vartak
I think last few quarters, as we have been able to push the volumes up, the operating leverage is coming into play here. In few quarters back we were very close to 2000 or looking to break. The 2000 per tu is the KPI which we basically track every month on month EBITDA per tu. It used to be around 1800, 1900, then we crossed 2000 and now we are very close to 2500. So there has been a substantial operating leverage which has come into picture. Initially when we added capacity, we were started paying the rent. However, the volume impact has kicked in in last couple of quarters as there are still some capacity which is available, especially in JNPT and also in Speedy.
The capacity would get added once the upgradation is done. We expect that this upward trend which is there in EBITDA 40 or would continue because the operational leverage would be there and could come into picture. So just to answer your question, yes, the operation leverage has come into play here. We have been able to push our EBITDA per TU upwards and as we do the better utilization of our capacity which has been added, this upward trend, we expect it to continue.
Darshan Javeri
Oh, okay, that’s great. So. So even if it’s not a very. Significant uptick, but at Least the new normal of, you know, around 2500 that you’re saying, or 2400. That is something that we can sustain for sure. Right. Because that’s enough to do. Right. So that’s a fair way to look at it, sir.
Pritam Vartak
Yes. Yes.
Darshan Javeri
Yeah. Okay. Okay. As I just wanted to know, like, you know, we’ve been very turbulent times, especially the last 12 months and you know, we’ve navigated it decently well. So now when you know, all this, you know, macro risks has kind of reduced. How do we see like the next two years? Because if everything is, you know, working on a normal, what do we, you know, look at it? What are our internal estimates of the macro environment as well as like how will our company also, you know, look to accelerate in terms of growth? Could you just, you know, help us with that, sir?
Suresh Kumar R
Again, if you were to look at what’s happened in the macro environment and what’s happened in the Indian economy, Indian economy has managed to be a strong contributor to what’s happening in the world in terms of GDP growth and various other macro environment dices. This could only further strengthen as we go ahead, port volumes in the country have grown at about 7% as of now. Couple of ports have done better. But overall that’s been the kind of volume growth and if you were to look at for the coming years and even as the three year plan discussions that we are having, we have estimated market to grow at about anywhere between 6 to 8%.
So that’s a range that we are talking about for market. And our ambition and aspiration is to grow faster than the market. And the capacity additions that we have planned and the capacity additions that we have already completed. When we began this financial year, we began with a capacity of about 8.3 lakh tus annually during the course of the year with the expansions, we are now at about 10 lakh tues annually. And there are further steps which are planned. So our primary focus is to ensure that the capacity utilization that we have gets to about 85, 86%.
So that’s a good level of capacity utilization. With laden containers, when we talk about capacity utilization, normally we use the laden containers. On top of that there is empty containers which move in and out of the CFSs. So 85% laden capacity utilization would mean that the CFSs are virtually full, including the laden, including the empty container. So our estimate is market should grow anywhere between 6 to 8%. We will do all that we can and with the support of our customers and the equity of the brand we expect to grow a shade better than how much the market grows.
And that’s what we spoke about a little earlier this year. We grew at about 7. We expect at least 1 to 2 basis point improvement in that growth going into next year.
Darshan Javeri
Okay, fair enough. Yeah, that’s it from my side. So thank you so much.
operator
All the best. Thank you. The next question comes from the line of Kiran Gadget with Nightstone Capital Management. Please go ahead.
Kiran Gadget
Hello. Hi, good evening. So has dedicated thread corridor network been connected to JNDT port?
Suresh Kumar R
Not yet. Yeah, it’s not yet. Yeah.
Kiran Gadget
Okay. And what sort of volume uptick can we see once it is connected?
Suresh Kumar R
So we have not really done a estimate around it. And the point which I made in response to Darshan’s earlier question is our intention is that the market grows at a certain pace. We would like to grow faster than the market. We have built capacity and we believe an 85% capacity utilization is the growth that we need to get into. And I think there is enough containers in the market for us to achieve that.
Kiran Gadget
Okay, thank you.
operator
Thank you ladies and gentlemen. If you wish to ask a question, please press star and 1. The next question comes from the line of Nilesh Sharma with another Skycon private limited. Please go ahead.
Nilesh Sharma
Hello. Thank you so much sir. So last year, last year we handled 6.8 lakhs TU and in this quarter we have handled 1.76. So we will reach around 7 to 7 lakhs. So may I know the capacity utilization percentage that we can expect for the this year?
Suresh Kumar R
Yeah, thank you. Thank you Nilesh for that question. This year, most of the part, most part of the year we were having a capacity of around 8.3 lakh tues till about September. Post the expansion that we have had in JNPA our capacity has increased to about 10. So you can weighted average for the year you could consider our capacity to be in the range of about 9 to 9.2 lakh TU’s for the year. And then that if you were to do around seven, that’s the capacity utilization that we have of laden containers. And just as I was answering the earlier question from Kiran and Darshan, when we talk about capacity utilization we also need to factor in laden plus mt.
And if you were to look at it on a monthly basis, we handle close to 30, 35,000 empty containers also in the facilities that we handle.
Nilesh Sharma
Okay.
Suresh Kumar R
Which we don’t add in the latent container volume that we report.
Nilesh Sharma
Okay. And sir, how much EBITDA that we can expect in coming? 2, 3 years per container which was around 2,300 last year.
Suresh Kumar R
So I think Pritam answered this in terms of the earlier question. We have seen a steady uptick in our EBITDA per TU over the last six to seven quarters which is a reflection of operational efficiency. The kind of work that we have done on the cost side holding revenue where it is in a market in which there is always a lot of pressure and with the capacity addition we are now starting to get operational leverage and we have now come to an ebitda per tu in the range of around 2,400. We expect our EBITDA to be around this region because we also need to remain competitive in terms of pricing.
So we expect our EBITDA to remain at this level and whatever operation leverage which can happen that can add a few percentage to the current level of EBITDA that we are having. So we would be happy if we are able to hold our EBITDA at the current levels and if there are opportunities in terms of operation leverage, more capacity as we build in further that will flow in into ebitda.
Nilesh Sharma
Okay, and sir, what percentage of revenue that we can expect from dedicated freight corridor expansion?
Suresh Kumar R
So again I was trying to answer this in the earlier question. We have not separately looked at dedicated freight corridor. The way in which we approach the market is there is a certain capacity that we have built in. There is a rate in which the markets will grow when the cargo gets into DPD cargo and non DPD cargo and DPD CFS cargo. From that a certain share of cargo is what we target and that that that will deliver us the revenue and EBITDA goals that we have planned ahead.
Nilesh Sharma
Okay, the last question. Any planning to raise the debt for capacity expansion? Because in your capacity expansion in today’s presentation target is 13 lakhs TU till 2030. So any planning to raise the fund?
Suresh Kumar R
So I will, I will answer the initial portion and then I’ll hand it over to pritam. So the 13 lakh to you that we are talking about is a combination of the present capacity that we are at up at about 10 lakh. We started the year at 8.3. The expansion till now has taken us to 10. There are a couple of projects that are lined up in which there is the most important project for us in the future years. In the coming years is the Farooq Nagar ICD project which is supposed which is estimated to go live in 2027 April May timeframe that will add another lakh and a half capacity.
Plus there is the search for Adding another facility in Chennai. So these are the key projects that we have in terms of adding capacity for this funding. What is required? Pritam will take you through.
Pritam Vartak
In our investors presentations. Also in our investor meeting that for all these expansions which we are looking at by 2030 we would be investing capex upwards of in the range of 400 crores. The primary sources of funds identified for these investments, number one is equity. Recently we issued a made right issue which was fully subscribed 80 year old was the quantum of right issue that we also made allotment of warrants to the promoters and promoters group that gave us Access to 40 crores of equity Overall 120 crore by way of equity. We do have existing cash reserves in the tune of 30 crores.
So that would also be used for the future expansion. Also the existing business generate very strong or continue to generate very strong cash flow in the range of 100 crores every year. And that would also be deployed for the for expansion projects. Because of these identified sources with the dependency on borrowings, external borrowings would be minimal. So we expect that we would be borrowing somewhere in the range of 100, 150 crores based on the present estimate. So we will try and limit our borrowings to that extent. So the primary source of funding for this project would be equity and internal accruals and the gap would be breached by way of external borrowing.
Nilesh Sharma
Okay, great. Thank you so much and wishing you all the very best for the future.
Suresh Kumar R
Thank you. Thank you very much.
operator
Thank you. Before we take the next question we would like to remind participants that you May Press Star N1 to ask a question. The next question comes from the line of Aryan Bhatia with Invad research. Please go ahead.
Aryan Bhatia
Thank you. Thank you for the opportunity. So my first question, I’m new to the company. I have a basic question. My first question is like what is the incremental benefit to like terminals get having a CTO license as compared to us because we don’t have CTO license. Right. So I just wanted to know the EBITDA but you like we get 2400. What is the you know, incremental TU they get due to having the ETO license that is a container train license.
Suresh Kumar R
Thank you. Thank you Mr. Bhatia for the question. So you’re talking about the rail connectivity and what is likely additional EBITDA that can happen out of that? So is that your question? If I understand you correctly?
Aryan Bhatia
Yes, yes, yes.
Suresh Kumar R
Okay. So as of now if you were to look at the operations that we have we have seven facilities in the country. Out of it six are CFSs and one is ICD. The ICD is in Dadri where we have a tie up with Concorde and the rail operations are completely handled by Concord. Our first rail connected ICD facility which is a Farooq Kangaroo facility is estimated to go live in the month of April. So we are. We have a certain estimate as to what the economics would be for that facility. I think it is a little too early for us to talk about it at this stage but at the right time in a future right time I think we will be able to respond to with an estimate for what are we planning at Farupnagar.
But it suffices to say that if you have rail connectivity obviously it’s another service that you you’re giving the customers and therefore the EBITDA that you get for handling the cargo including the CFS plus the rail will be significantly better than what you do by only handling cfs. Some of our peers in the industry listed peers if you were to look at their numbers it clearly shows the EBITDA per TU would be at a different level than the EBITDA per to you of a CFS heavy business like ours.
Pritam Vartak
I will just like to add here. So currently in our CFS our operations which are CFS dominated we handle transportation from port to CSS which is like certain portion of our overall revenue of 12,000 rupees per du. However when you have CTO license you have access to the rail revenue as well wherein the cargo is transported transported by way of of rail from from port to the hinterland icd. Just to give you an idea in terms of revenue on or say Mundra to say North ICD transportation could be in the range of 40 to 45,000 per tu.
So currently as our business is CFS dominated we are handling only port to CFS transportation. Whenever we operate an ICD where we have rail license this revenue will also become part of our portfolio with a significantly higher revenue per team. Got it?
Aryan Bhatia
Got it sir. Thanks. And my second question is like are we looking to bid for some new terminals specifically the Gati Shakti terminals and just wanted to understand what is the difference between the business model of the 30 substitute terminals and.
Suresh Kumar R
In terms of Gatishappi terminals. This is a program announced by the government and these are on. On the Indian Railway facility you have identified areas where a certain amount of railway land is allocated for on a PPP basis to develop passenger freight terminals. We have identified a few stations across the country Whenever There are opportunities which come up there that follows a bidding process. We will participate in them. But ahead of that we have identified our own PFT terminal to come up in Farooq Nagar. And that is a Farooqnagar project that we spoke about which we are estimating to go live by April.
April 27.
Aryan Bhatia
Got it. Thank you. And best of all, thank you.
operator
Thank you. Ladies and gentlemen. If you wish to ask a question to the management, please press star and 1. The next question comes from the line of Sanskar Raja, an individual investor. Please go ahead.
Sankar Raja
Hello. Thank you for this opportunity. Am I audible?
Suresh Kumar R
Yes, you’re audible. Please go ahead.
Sankar Raja
Yes, sir. My first question would be. Sir, as we can see, the financial performance this quarter has been very strong. Can you elaborate more on the key drivers of operating leverage that has led to this higher profitability?
Suresh Kumar R
Okay. Any other follow up questions or would you want me to answer this first?
Sankar Raja
Please, you can go ahead and answer this first.
Suresh Kumar R
Okay. So earlier in the conversation, what we talked about as the prime driver for this growth is as part of a three year plan, we have been adding capacity. The first capacity enhancement, large capacity enhancement that we did was by adding about 25 acres of yard capacity in JNPA in the flagship ATL facility. And this, the necessary approvals and everything had come in the beginning of the financial year. And we operated, started operating that facility from mid August. So that’s a capacity addition of about 1 70,000 TUs that we have done there. That is something which has helped us add volumes.
The second is we had renewed our CWC Mundra license. This is an extension of the contract that we had. So last year there was a point in time in which heading towards the renewal, there was a bit of slowness in volumes once the renewal happened. And an additional 10 acres of facility has been granted to us in the renewal, we have been able to add capacity there too, these two locations. And I have taken you through the numbers. The incremental numbers between Q1 and Q3 that we have had on a monthly average basis is about 8,000 tus out of which around 75 to 80% has come in from these two locations.
Otherwise the market has grown organically. There has been market growth even in the other markets that we operate like Chennai and Dadri and Calcutta. The rest of the volumes have come in from there. In terms of operational leverage, wherever we have had volume growth in the existing facilities like in jnpa where we have extended the yard, operational leverage starts to kick in. Because in terms of people, in terms of Equipment in terms of all the other support facilities which are required to keep the CFS running, you start to get the operational leverage. And that is what is starting to reflect in the EBITDA per TU that we have been having.
But this EBITDA per TU strengthening is not only a phenomena based on the capacity addition. And over the last six, seven quarters, through a combination of measures that we have taken both on the revenue and the cost side, we have been able to slowly inch this EBITDA per TU number up. And now the latest increases in the last couple of quarters or in Q3 specifically can be attributed to the operational leverage from the additional capacity that we have put up in jnpa. So whenever we add capacity, I think there is scope for operational leverage. And this comes from better utilization of the equipment that we have, better utilization of the people that we have at the facility, better utilization of the warehousing that we have in the facility.
And that’s how margins show upward trend.
Sankar Raja
Thank you. Thank you so much for such a detailed answer. As we are talking about capacity expansion, can you put some more light on the timeline of Speedy JNPT facility that 6000 TE capacity that how. What is the timeline that you are seeing?
Suresh Kumar R
Yeah, so thank you. So Speedy JNPT is an existing facility. It’s a 20 year facility which has been operated by the Al Cargo Group over the last five, six years. At the time of renewal, we have taken stock along with the experts in JNPA and we have recommended that upgrade has to be facilitated for the yard and some of the warehouses. So once the upgrade of the yard is completed, which we expect to take about three to four months, we will be able to handle more containers in the yard. And that is expected to give us an additional capacity improvement of about 60,000 annually.
And this is because portions of the yard are not in great shape now for us to stack multiple containers. We’ll be able to do that post this upgrade and that is how it’s not as if we are getting additional area or something. It’s because the quality of the yard becomes better and then the warehouses that we operate in also needs a bit of refurbishment. Both this will enable the additional capacity. The timeline for this I said we expect the finalization of the scope of work, everything to happen by March and maybe another three, four months for completing the necessary work.
So H2 definitely we will have the benefits of this upgradation.
Sankar Raja
Yeah, I guess that was good enough for me. One last question from my side would be on the current scenario as we are Seeing there are agreements, paid agreements with EU and the us so how do you think this is expected to increase our volumes moving forward? Would you like to share some point on this?
Suresh Kumar R
Yeah, I would like to share this thing that during the course of this year we have had a bit of turbulence around different changes which have been happening. They have impacted volumes for the industry and obviously that impact cascades down to an operator like us. In spite of all the things current year volume, the Indian exim trade volume which comes into CFSs, have grown at about 6, 7%. With stability and clarity about some of these trade agreements and tariffs coming in, we expect sentiment to improve more export to happen. And which is why in terms of growth of the industry, we have always said that it is in the range of 6 to 8%.
So sometimes you fall a little down and get to around 5.56%, everything becoming better and no other instability on account of global shipping or any of those things, then it gets to about 8, 9%. So we are optimistic that with all the changes which have happened, we should see an uptick in growth. That is one second is the contribution from US and EU to the container volumes which come in into the country and that is estimated at about close to about 30, 32% is the estimate that we have, at least to the facilities that we operate.
So in that portion of the volume, one could see uptake. But you also know, and I’m sure that everybody in the public domain, it’s clear that the EU agreement in terms of becoming operational could take X number of months. So we are also waiting for all these procedural things to get done. And finally, I would like to say that the way in which we plan our businesses, there is a certain capacity that we have built for our business. There is a certain amount of cargo which is available. Customers need great quality service. We need to be operationally excellent and operationally efficient.
By this, we attract cargo to us and we try to keep ourselves a little away from some of these larger macro things which happen, even though there will be an impact of that on our business. So we are sharply focused on ensuring that we meet customer requirements with the capacity that we have and then with that we have planned the growth for the coming years.
Sankar Raja
Thank you. Thank you so much for such a detailed answer, sir. I’m really happy with the numbers. As you know, I can see that the quarterly and nine months figure are the best ever. So just all the best for the coming quarters and we’ll be.
Suresh Kumar R
Thank you. Thank you very much.
operator
Thank you, ladies and gentlemen. If you wish to ask a question, you may press star and 1. The next question comes from the line of Deepak Karva, an individual investor. Please go ahead.
Deepak Karva
Hello, I’m audible.
Suresh Kumar R
Yes, you’re audible, Deepak. Please carry on.
Deepak Karva
Congratulations for a good set of numbers, sir. So sir, can you quantify the contribution from the JNP capacity addition and the CWC Mumbra contract renewable in Q3 volumes?
Suresh Kumar R
Yeah, I had shared this earlier in response to one of the questions that I got. I’m happy to share that again. So in Q1 our average monthly volumes including Dadri was about 56,000 tus per month. In Q3 we have grown that to around 64,000 tus a month including our Dadri joint venture. So it’s an increase of about 8,000 TUs per month on an average out of which about 80%, 75 to 80% has come in equally divided between JNPA and Mundra.
Deepak Karva
Okay, understood sir. And sir, like how should we think about the margins going forward in the new capacity ramp ups and what will be the EBITDA per TEU during the quarter?
Suresh Kumar R
Yeah, so in terms of margins, we have paid a lot of attention to growing margins over the last two, three financial years and we are starting to see the benefits of that. Some of this takes a little time to actually put in. But over the last six quarters, if you were to see the trajectory for EBITDA per TU has constantly been on an upward trajectory. We have reached close to 2,400 levels and we believe this is the right level to operate what we have because we also need to be competitive in terms of pricing and then there is competition and there are other operators also in the market that we operate.
And therefore we will be happy if we can maintain the current EBITDA levels in terms of EBITDA growth in the coming quarters and months whenever there is capacity addition which could be in the form of additional capacity, whenever we get into the Mundra project which is is some quarters away or when we have Farooq Nagar, those are the times in which you will see step jumps in margins. And like we were answering in a response to an earlier question, the Farooq Nagar facility is a rail linked facility and therefore there is a portion of rail margins which will come into the ATL operations.
So we expect a significant jump around that time. But that clearly falls into April 27th onwards. So it’s a good one financial year away. So we can talk about it closer to the launch of Aratnagar. As of now the current levels we’ll be happy to maintain continuing to give best services to our customers and remaining competitive and increasing market shares wherever possible.
Deepak Karva
Understood sir, My last question, like, what will be the like EBITDA per TEU during the quarter?
Pritam Vartak
So you are talking about this current quarter?
Deepak Karva
Yeah, current quarter.
Pritam Vartak
Current quarter EBITDA per tu, which we have reported is 2412.
Deepak Karva
Okay. Understood sir. Okay sir, thank you so much and all the best for next quarter.
Suresh Kumar R
Thank you. Thank you very much.
operator
Thank you. We have a follow up question. It’s from the nine of Darshan with Crown Capital. Please go ahead.
Darshan Javeri
Hello? Yeah, hi. Thank you again sir. So just wanted to clarify kind of. So in terms of our. When we are adding, you know, the capacity of JMPT right now, which is a significant, you know, addition, then why are we saying only 6 to 7% growth? Right? Because for half of the year we. Didn’T have JNPT with us. So ideally we should at least be. Able to grow around, you know, 10. 13, 12, 13% at least. Right. Because that itself will be available for the full year. Right. So just wanted to get your two thoughts, your thoughts about that.
Suresh Kumar R
So in terms of announcements and what we share in our earnings call, we do not want to kind of give a long term guidance on the volumes. We would just like our track record to speak for itself. And that’s the approach that we have been maintaining in all these calls over the past many quarters. So if you were to look at how volumes have picked up, I think that gives a very clear indication of the trajectory that we have and basis our track record. I would kind of allow us to kind of keeping, give us the opportunity to update these numbers as we meet you in the, in the coming quarters.
As of now, we, I hold on to what I say, what we had said earlier. There is a certain market growth that we anticipate which is in the range of 6 to 8%. Our goal aspiration and our track record has been to grow slightly faster than the market wherever possible, keeping an eye on volumes, keeping an eye on ebitda. And that approach is what we will continue to adopt because that we believe will deliver a healthy business for all stakeholders.
operator
Thank you. As there are no further questions from the participants, I now hand the conference over to Mr. Suresh Kumar for closing comments.
Suresh Kumar R
Thank you. Thank you. And thank you to everyone for all your questions. Some of your questions make us also reflect and think a little more about the business that we are doing and it helped us in terms of planning ahead. I wish to assure you that me and my team are completely committed to driving the trajectory of our business results in a positive direction in the coming quarters. The expansion that we have done in the past quarters is starting to bear fruit and with the customer confidence which is there for AL Cargo Terminals as a brand and for AL Cargo Group overall, we expect to continue to maintain the momentum in the coming quarters.
So thank you very much for your interest in Alcargo Terminals and looking forward to talking to you during other interactions and the next quarter results. Thank you very much.
operator
Thank you on behalf of all Cargo Terminals Ltd. That concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.