Container Corporation of India Limited (NSE: CONCOR) Q3 2026 Earnings Call dated Jan. 30, 2026
Corporate Participants:
Sanjay Swarup — Chairman & Managing Director
Analysts:
Unidentified Participant
Kunal Shah — Analyst
Sumit Kishore — Analyst
Priyankar Biswas — Analyst
Sandesh Shetty — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the Container Corporation of India Limited Q3FY26 earnings conference call hosted by DAM Capital Advisors Limited. 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 touch tone phone. Please note that this conference is being recorded.
I now hand the conference over to Mr. Kunal Shah from Dam Capital. Thank you. And over to you sir.
Kunal Shah — Analyst
Yeah. Hi everyone. Welcome to the 3Qs 26 earnings call of Container Corporation of India. We have the management being represented by Mr. Swanjay Swaroop, Chairman and Managing Director. And at this point I’d like to hand over the call to the management for their opening remarks post which we can take up the Q and A. Thanks. And over to you sir.
Sanjay Swarup — Chairman & Managing Director
Good morning to all of you. I am Sanjay Saroup, CMD of Container Corporation. I am joined by my director Sri Ajith Kumar Panda, Director projects and services. Mr. Vijay Kumar Singh, Director International Marketing and Operations. Mr. Mohammed Azar Shams, Director Domestic and Mr. Harish Chandra, Principal Executive Director, Finance Company Secretary and CFO. So I would like to give some opening remarks. After that we can go for question answer session. At the outset I am glad to announce that board of directors have approved a Dividend of rupees 3.40 on share of five rupees par value that is 68% in its meeting concluded yesterday.
So till now the total dividend for this FY that has been given to shareholders is Rupees 7.60 which is 152%. Second point is the throughput. Throughput. We have achieved throughput of 4.15 million Tus in the period ending December 2025 which is ever highest in company’s history. Throughput growth has been around 11% in which SEM has increased by 10% and domestic has shown a growth of 13%. And it quite aligns with the. In fact it is better than the India’s international trade merchandise growth also in which exports have shown a growth of 2.4% which is US$330.3 billion and imports have shown a growth of 6% at US$578.6 billion for the first nine months of this financial year.
Domestic there has been less growth as we had projected, we had projected 20% growth whereas we have achieved around 13%. The primary reasons for this is that we have not picked up the low margin business in domestics. Second is that the tank containers which we were thinking that in Q3 we will get a good supply but somehow it got delayed during manufacturing. And now in Q4 we are getting supply of tank containers and domestic loading is picking up now. And there has been less demand of gunny bales Also because of the disturbances in Bangladesh. As far as market share is concerned we increased our market share at JNPT by 186 basis points and at the power port by 93 basis points.
And Mundra our market share went down by 232 basis points. And the good thing is that we increase the market share without sacrificing our margins rise. Real fat margin increased by around 200 basis points from 25.7% to 27.7%. And operating margin also increased by around 100 basis points from 30.2% to 31.2%. Operating income has shown a good growth of 3.3%. Profit before depreciation has shown a growth of 1.8% for the period ending. And if we see for the Q3 the profit before deposition has increased by 7.6%. There has been a flattish performance of PAT due to the depreciation which was High by around 68 crore in this quarter.
The reason for that is because in last financial year we had done some correction for life of wagons. Because of that the depreciation was less in last financial year. So that has been now at par. And because of that effect we are seeing a dip in pat. Whereas PAT profit before depreciation is showing a very healthy growth. Reason for less PAT are some other reasons are also there. Like there is subdued demand in domestic streams. And second is the decrease in Exim lead by 2% due to less demand in North India and deposition. I’ve already explained to you LLF also in this quarter LLF is showing increase of around 23% and which is in line with the total LLF that we pay to Railways around 450 crore rupees every year.
Last year there was some reversals because of that. The LLF in this quarter was 89 crores. It is now in this financial year it is corrected to 110.7 crore which is the actual LLF we will be paying to railways Now. There has been growth in double stack rakes. Also growth of 7% in this financial year till now from 4,608 rates to 4,933 rates which is quite a healthy growth. And reduction in empty running of rates is also quite substantial. In axiom it is 21%. Domestic it is 8.5% total 12%. So both these factors growth in double stack reduction in empty rigs have made a positive contribution to the company’s bottom line.
We are continuously upgrading our infrastructure as I have been telling in previous calls. Also in this financial year till now we have commissioned 31 high speed rigs which is also a all time high for the company. And now we are having a robust fleet of 413 rates in our kitty and we are procured. We have procured around 3,800 containers in this financial year till now. So total container fleet stands at around 57,000 containers of our own ownership. Seeing the robust demand in the market which I will be just telling you a short while from now, the board of directors have yesterday enhanced the CAPEX budget for this financial year by 23% from 860 crore rupees to 1,060 crore rupees till now in this financial year we have already spent 717 crore rupees on capex.
So we are on track and we are procuring infrastructure, building up infrastructure. So seeing the robust demand in the market now I would like to tell about the two streams, EXIM and domestic. EXIM is showing excellent growth in this financial year. EXIM alone is likely to cross a turnover of Rupees sixty billion revenue which will be all time high for EXIM stream. It’s a very handsome growth and it is likely to increase in the coming months which I will be explaining a short while from now. Western DFC connectivity is expected by March 2026 to JNPT.
It will give a very big boost to EXIM business export growth. Till now we have experienced around 23% growth in aluminum ingots, 22% growth in meat, 14% growth in auto parts and very good growth in rapeseed meal and rice imports. Also we have experienced a growth of 4 times growth in glass items which are used in solar panels. 69% growth in raw cotton, 29% growth in auto parts, 22% growth in furnitures. We have rolled out a liberalized policy for cabotage movement and DPD and this is, you know likely to make a very big contribution in volumes in the coming months.
Already we are seeing the impact in EXIM. There is a healthy growth of 7.5% on pan India basis in imports out of which GNPT has shown a growth of 17%. Mundra has shown a growth of 8.4% for us Chennai has shown a growth of 14% and Vishakhapatnam has shown a growth of 28% and there is a healthy growth of 7% in exports also for one core in this financial year. Now we come to domestic. In domestic there is a bulk cement in tank containers which is likely to drive growth in the coming months in a big way.
Then talks are in advanced stage with measures Petronet Ltd. For ethane propane loading on long term basis. A long term agreement we are going to sign with this company at the edge loading at the edge and also tops on an advanced stage where Gale Gale’s authority for their PTA business from Mangalore Port so and the end to end logistics train that we are running from Delhi to Calcutta via Agra and Kanpur that has been a huge success and we are getting very good business on this end to end train. Also at this juncture I would like to keep my guidance for 13% that is 10% exempt, 20% domestic unchanged.
We are confident that by the end of financial year we will be able to meet this guidance. Now I would like to give a brief snapshot what are the future of KONPOWER in the next three years going forward. So the EXIM which will be as per our calculations and predictions by FY29 every year EXIM will show growth of more than 15% per annum. So for three years we can see back to back growth of 15% and primary drivers will be Western DFC by March 2026. Second is assured transit time frames that we will be running between JNPA and NCR on our mega terminal at Sadri and at Kadwals and next is the double stacks we will be bringing.
I am glad to announce you that we will be bringing Jodhpur on double stack map very soon in this financial year only we are going to commission a new terminal from where we will be running double stack trains between Jodhpur and ports. Second is Ahmedabad also we are going to bring double stack business very soon. At present our terminal is not able to handle double stack. Because of that we are you know not able to get that much business. And once we develop a new terminal we are developing near Sanam which will be capable of handling double stack rails and it will be also on GFC that will also give big boost to our traffic at Ahmedabad.
We have already commissioned a few terminals at Mandalgadh, Jajpur, Kadakola from which we are expecting good traffic in the coming three years. And then next is the Nepal traffic that we are catering from our facility at Visakhapatnam and Calcutta also. So Nepal traffic we are running at present to Birganj. And now very soon we will be starting at Raksal and Biratnagar also. So this will give further boost to our EXIM business as well as domestic business. Till FY 29th we are having a tie up 5 year contract with major all major shipping lines like Maersk, MSC, CMS, EGM, Hepagloid etc.
These are also going to positively contribute. And next big thing is the shipping sector in which already we are. We have made our presence felt in Middle east and we have finalized a contract with another agency for Far East. So Far east also we will be starting the services. Already one container we have sent. So Middle east plus Far east the short voyages we will see for few years and then we will go for longer voyages. So these will be the major contributors for more than 15% growth in Exim. Now let me come to domestic.
Domestic there is a huge potential untapped market is there and we are expecting more than 20% growth every year for the next three years in which bulk cement in tank containers will be a primary contributor. We have already signed agreement with Ultratech, with Adani, with my home Cement, with JK and with other parties. And they are expected to give very good business to us in bulk cement. And we have also tied up with big corporate customers like Vedanta Jindal, Tata, Gale, Petronet already I have told you. So all these factors will give very good growth in domestic of more than 20% for next three years.
So by FY29 I am projecting a top line of rupees 15,000 crore rupees for the company which is Quite achievable and 10 million to use handling throughput and 75 million tons of cargo, containerized cargo. These three projections I am making or FY29 and board of directors has appreciated these projections and that was the reason for enhancing the capital budget so that we are having equipment with us to meet these targets. And let me assure you Capex will be around the same lines for next three years. Also we are in expansion mode because there is lot of demand in the market and we are going to tap all the demand and bring more and more business to our company.
So these were my opening remarks. Now we can start the question.
Questions and Answers:
operator
Thank you very much. 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 remove yourself from the question queue, you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of from Goldman Sachs. Please go ahead.
Unidentified Participant
Sir. My question is you’ve been giving guidance on volumes and as you rightly highlighted you’re not too far from that. But on the revenue front we are significantly lower. We barely do mid single digit revenue this year based on how we are tracking. So just wanted to understand what’s really happening on realization because it’s not only domestic but even on the EXIM side our realizations have been fairly muted this year. And in your expectation because you are guiding for a pretty robust number even for the next three years, what is the assumption of realization increase that you have taken?
Sanjay Swarup
See exim there is a realization is not commensurate with the physical. The reason is you are seeing the this throughput growth and you are correlating it with the revenue growth. Actually you should see originating numbers for that purpose. And second thing is tonnage is not the correct parameter for correlating with revenue. Actually it is NTKM net ton kilometers that is the basic parameter you should be focusing because the revenue is a function of two things, tonnage and distance lead. So if you see tonnage increases but lead comes down so that has an effect on ntkm.
So correct parameter to correlate loading with the revenue will be NTKM in my opinion. So as I already told in my opening remarks, the lead of EXIM has gone down by 2% due to less demand in North India. That is a primary contributor for less realization as you call. But as far as we are concerned we got a good realization in EXIM as compared to last year. Okay, it is not commensurate with the physical volume that reason already I told you now for the next three years top line of 15,000 crore that I have told is quite achievable because when DFT comes we are quite optimistic that we will be able to run a short transit train on that which will be bringing long lead traffic because it is 1,500 km from NCR to JNPA and it will give a good revenue also and light cargo which is at present moving by road, it will come on rail because there will be transit assurance, there will be cost benefits.
So the growth that we will be getting will be excellent in terms of physical volumes as well as Revenue.
Unidentified Participant
Sir, can I take the liberty of asking one more question?
Sanjay Swarup
Yeah, sure.
Unidentified Participant
Yeah. Sir, if I look at the last three years, while I understand the full connection of DFC to JNPT has been completed and the impact will come through. But few ports in Gujarat Mundrapav have been connected to DFC for a while now and the impact of that have not really reflected. If you could just help us sort of solve this a little bit. What is the reason that just JNPT connection would be such a big game changer for Concorde in terms of volume.
Sanjay Swarup
Now the thing is that Gujarat ports like Mundra and Pipava which have been connected, they are actually strictly speaking not on dfc. They are connected till Palanpur. There is a station, DFC is there. After that there is a feeder route for Mundra and Tipawa. So feeder route actually is not a dfc, the Indian Railways route. So while the connection with JNPA is different, jnpa, DFC will be going up to jnpa. So only freight trains, fast moving container trains will be moving on this circuit. Whereas on that route, goods train, passenger train, everything moves on feeder route because it is Indian Railways route.
So that is the difference. And second thing is that which is very important for you to understand is that 25 ton axle load wagon, that is high capacity wagons that we are procuring BLCs and BLSs. These are the two wagons type of wagons which are having a 25 ton axial load. That means they can carry a payload of 80 tons. So that cannot move on Indian Railways route and it cannot have a payload of 80 tons. So that restriction is there. Whereas on DFC 80 ton payload can move. So it will improve the double stacking if I can carry more load on that wagon on dfc because GNPA is pure dfc there is no feeder rule.
So that advantage will be the second advantage. So these two advantages will see a distinct shift of traffic from road to rail.
Unidentified Participant
Okay, so lastly, which quarter should we see the impact of DFC come through for us?
Sanjay Swarup
It will be starting from next financial year. So I’m not an astrologer, I cannot predict that which quarter you will see the impact. But definitely from Q1 of next FY we should start seeing some difference.
Unidentified Participant
Fair point. Thank you so much for taking those questions.
Sanjay Swarup
Thank you.
operator
Thank you. The next question is from the line of J Man Shah from Equer Securities. Please go ahead.
Unidentified Participant
Yeah, thanks for. Just wanted one clarification. The volume growth guidance that we have given for the five years timeline, four year Timeline. Is it on the part or is it on the originating part?
Sanjay Swarup
I have given only for three years time and I given. Yeah. If you have listened carefully. First is 10 million to use which is on handling throughput. Second is 75 million tons which is on cargo movement, containerized cargo. Third is on rupees 15,000 crores which is on top line of revenue.
Unidentified Participant
Got it. Sir, if you can just provide me the visionary volume for this particular quarter.
Sanjay Swarup
For this particular quarter. Q3.
Unidentified Participant
Yeah. For EXIM domestic.
Sanjay Swarup
Okay. Orienting volume for this quarter is EXIM. It is 564324 TUS. Domestic 120817 TUS. And total is 685141 TUS.
Unidentified Participant
So I just wanted to understand one thing as you are highlighting clearly that we should be looking at the originating volume and net 10 km for revenue part and all those things. Why we are not publishing the originating kilometers in the press release after the quarter ends. And why we are only focusing on the handling volumes. Because whenever we are asking the question on the realization the first point is always on the that we should be looking at the original table. Then why we are shying away in giving the originating volume growth. And of course on the originating volume growth.
What could be the market share that we have witnessed over nine months and for this particular quarter.
Sanjay Swarup
Okay, we will. I have noted your request. We will see.
Unidentified Participant
What could be the market share for this particular quarter and for the nine months. At the all India level.
Sanjay Swarup
I don’t have the market share with me right now. For this particular quarter. For nine month period I can give you the market share. For exim it is 53.8%. And domestic it is 55.88%. Total is 54.35%.
Unidentified Participant
And what could be the comparison for last nine months? Nine months of FY25. Yeah. Nine months.
Sanjay Swarup
Yes. Exhibit is 55.28%. Domestic 58.03%. Total is 56.05%.
Unidentified Participant
Yeah. So sir, my question would be on this that of course we are near to our target in terms of exiting volume guidance. We are a little bit away from our domestic volume guidance. And there has been reasons but why we are not taking any major steps to make sure that our market share doesn’t fall. We were at 75% a few years 10, 15 years back. Now we are at 53, 54%. So what kind of things which has happened over last decade which has resulted in this kind of market share dip for us and what kind of market share we are expecting with this 15.
This kind of 15,000 revenue that we are expecting, our market share is constant. In that case we are increasing it or we are thinking that it might reduce further. From here on
Sanjay Swarup
see fall in market share in every conference I am giving you the details reasons are pretty obvious. We are not picking up the low margin business because we believe in giving good service to our customers while retaining our margins. That is the primary reason. To arrest this decline in market share and to increase our market share our company has taken lot of steps like we are focusing on multimodal logistic parks. We are focusing on first mile last mile transportation. So the projection that I have given for FY29 definitely it is going to increase our market share and take it between 65 to 70%.
Unidentified Participant
If the comment of us is that we are not taking low margin contraction this time but if you see a margin pre Covid it used to be 25 26% excluding you can say other income parts but as of now it is ranging in between 20 and 22%. Of course there has been an impact of. But apart from that despite having western DLC getting operational to a larger extent we are doing double checking on all this part. So we are doing so much of capex our margin is really not improved. Of course our revenue growth has been slow.
But on the margin part also if you are not taking more margin contract there is to be some. You can say compensatory impact on the margin but which has not been reflective over last so many quarters.
Sanjay Swarup
If you. If you compare pre Covid and because the there was a change in LLF payment to railways excluding the yes four times it increased from 100 crores to 400 crores. And as far as the EBITDA margins are concerned I have the numbers with me for Q3 of this financial year we have achieved ebitda margin of rupees 601 crore. If you take other income also which is 25.1% and last Q3 last financial year it was 24.2% so there has been improvement of around 100 basis points in I don’t know from where you are getting the numbers.
It is there is an improvement of margin. Similarly for the period ending this financial year this December we are having a margin of 1785.8 crore rupees which is 25.2% and last financial year it was rupees 1753.7 crores which is 25.4%. So it is percent wise. It is exactly the same wherein Money wise it increases. So in fact we have improved our margins. You feel correct.
Unidentified Participant
From the English point of view, we don’t take other income into the margin part. If we exclude the other income, our margin was 22.2%. But as it’s time, it’s 22%. If we are not.
Sanjay Swarup
I will request you to. I will request you to discuss it separately.
Unidentified Participant
Sure.
Sanjay Swarup
Thank you.
operator
Thank you. The next question is from the line of Sumit Kishore from Access Securities. Please go ahead.
Sumit Kishore
Thanks for the opportunity. Sir, we have been talking about bulk cement in tank containers for quite some time now. So what is the total number of tank containers that we have presently? And what do you expect by the end of the financial year? And if you were to utilize those tank containers, you know reasonably well what kind of volumes would you be able to handle in a quarter? That’s my first question.
Sanjay Swarup
See now we have as of now 300 tank containers of our own ownership. Apart from that, one of our customer has also procured 200 tank containers for which we have signed an agreement and he is using our services. So if we add these two numbers, 500 tank containers are already there in our circuit of bulk cement by tank containers. Now we are getting 100 containers around one rake every month. So we expect that by the end of financial year, one rake in February, one rake in March, 200 more containers we will get. And after that every month we will be getting 100 containers.
So it depends on the actually lead like the lead is between 700 to 1,000 kilometers from Origini Point to destination point and turnaround. We are now improving with every movement because it’s a new product. So in de stuffing at some places some time is being taken. We are in touch with our customers, we are improving that and we hope that very good impact will be visible in Q1 of Next Financial year.
Sumit Kishore
What I’m trying to. If you quantify this, let us say you have four rakes also and those rakes make, let us say for argument’s sake, 10 trips. I mean we are still talking about what, you know, four into 10, into some two, 300 containers. So. That would be how much as a percentage of your existing quarterly volumes in domestic. Is it going to make a meaningful difference when you are doing already something like, you know, 350,000 plus to use. In a, in a, in a quarter in domestic.
Sanjay Swarup
So at this moment of time I don’t have the numbers with me. I will provide you later on.
Sumit Kishore
Sure. The second question is you mentioned in response to the first question that A net ton kilometer would be the right parameter. Could you provide us some sense of what have you done in the 9 month FY26 period in net and kilometer. Kilometer terms in exam and domestic. And please provide this on a recording basis so that we can analyze your company properly.
Sanjay Swarup
So I have noted your request. We will definitely act on that.
Sumit Kishore
The last question is that of the 15 and you’ve given a guidance of 20% on three years for domestic the first nine months is 13%. What is so extraordinary that is going to happen in the fourth quarter that you will get to 20% growth which will imply a very high growth for the fourth quarter. And finally on volumes on the 15% guidance for EXIM and 20% for domestic over the next three years for EXIM in particular, how much is the dividend you are expecting because of DFC commissioning if you were to segregate the benefit of DDFC in that 15% CAGR? We like to understand how much is going to be just DFC commissioning up to jmpt.
Thank you.
Sanjay Swarup
As far as the first question is concerned in domestic we are going to. We are getting good loading now in all the factors like cement is there and tiles are there and other merchandise is there. So based on that we are quite optimistic of achieving the target that we gave at the start of financial year. Now as far as the Exim 15, more than 15% growth is there. We have the numbers with us for different, you know, parameters that I told you. But at this stage we cannot disclose those numbers to you.
Sumit Kishore
Sure. Thank you Vishwan.
operator
Thank you. A reminder to all participants. You may press star N1 to ask a question. The next question is from the line of Priyankar Biswas from JM Financial.
Priyankar Biswas
Thanks sir for the opportunity. Am I audible?
Sanjay Swarup
Yes. Yes, you are audible.
Priyankar Biswas
Yes. Thank you sir. What I. I would like to ask more about the long term guidance. So you said 10 million tus on handling this. What we should expect in, let’s say FY29. Now can we get a similar assessment like in that should we assume that the originating also grows at the same level or should we assume like the originating goes at a lower level? Like what is your underlying assumption for it?
Sanjay Swarup
The originating definitely will grow. Then only we will get more handling volumes.
Priyankar Biswas
Same levels or would it be. Somewhere lower or higher? Try to assess that
Sanjay Swarup
it will be. On the similar lines. Of course.
Priyankar Biswas
Okay. Similarly like I like the leads because as you rightly said NTKM should be the parameter we should watch at. So in that what you are building is there A lead improvement because let’s say we are connecting to JNPT and consequently the leads improve or are we saying this 150 billion rupees revenue based on a lease which is similar to today’s level. So trying to assess that as well.
Sanjay Swarup
See definitely there will be improvement in lease. Because JNPT as I mentioned in my earlier answer is 1500 kilometers from NCR to JNPT. So and EXIM. The average lead in this financial year till now has been 693 kilometers. So if we get lot of business of 1500 kilometers definitely it will have a positive impact on lead. So lead will definitely improve.
Priyankar Biswas
So can the lead be something like a 800 km odd or something like. Based on like let’s say the increased jpt that is how. Let’s say the mix improves. Would it be a right assessment?
Sanjay Swarup
I will not be making any speculation at this moment. We all are will be present so we can see what is the lead that we achieve. It will gradually increase.
Priyankar Biswas
If I can just squeeze one more question in. While you gave the movement of market shares in the in the key ports that is there would you kindly share the real coefficient in each of these ports and what it was let’s say for the nine month period last year that will help.
Sanjay Swarup
Yes, I can tell you for three ports JNPT it is 15.57%. In this FY last year it was 15.7%. In Mundra port last year it was 23.9%. This year it is 24.5%. In Pipava port last year it was 57.7%. This year it is 57%.
Priyankar Biswas
Would you be able to provide like since you gave the market share movements what it would be in absolute terms like let’s say JNPT people that’s My last question.
Sanjay Swarup
NPT last year it was 58% market share of Concord. This year it is 60%. Mundra last year it was 38%. This year it is 36%. Sipava last year it was 48%. This year it is 49%.
Priyankar Biswas
Thank you so much sir and I wish you all the best.
Sanjay Swarup
Thank you.
operator
Thank you. The next question is from the line of Mukesh Sara from Avenders Park. Please go ahead.
Unidentified Participant
So thank you for the opportunity. My first question is on the JNPT connectivity of VFC currently. Could you give us some sense on the opportunity size say either in tonnage or a number of containers or number of container equivalents. Basically on the shipment that’s happening by road this light Cargo that you mentioned between say the northern hinterland and JLPT which eventually can shift to rail.
Priyankar Biswas
See that is a market intelligence information that I cannot share on this platform.
Unidentified Participant
Just the opportunity size. I mean the reason I’m asking this question is there was an understanding that a lot of the cargo is already moved to the ports in Gujarat and secondly a lot of JNPT what is catering to now is more central India and maybe Andhra Pradesh, that kind of a market. So just trying to assess is there a large market from the northern hinterland to JPT which is moving by road because all these years this is what we have been understanding that cargo has already shifted to other ports.
Sanjay Swarup
See whatever you have mentioned is partially correct. It has shifted, it has shifted but now it can come back also if there is efficiency in movement and shipping is a ever changing process. And if you see suppose a ship calls at JNPT first and five days, three days it goes to Mundra and in those three days the cargo already comes to ncr. So as a consignee what will you prefer? What will be your preference once you prefer that before the ship goes to Mundra my container comes to my factory. If those efficiencies are available a lot of cargo can shift back to jnpt.
I am telling you a situation which can happen.
Unidentified Participant
Sure, sure, got it. And also we have Varnama as a, as a large transshipment hub where we are taking a lot of the double stacking cargo as close as possible to jp. So in some form aren’t we already catering to that possible demand that will come up because of the DFC connectivity.
Sanjay Swarup
See Vannama we started giving facility to double stack to our NCR customers but now we cannot run assured transit time train, a short transit time train we can run only to JNPT because double stacking and then you know changing it to single stack Assured transit we cannot give to our customers that we can give only if we have direct connectivity to jmpt.
Unidentified Participant
Got it, got it. And just lastly because you had kind of outlined the capex plan going up would you be able to give some breakup of how much on roading stock and how much on land for MMLPs?
Sanjay Swarup
Why do you want that? You don’t give such information.
Unidentified Participant
It just help us understand the gestation period sir. I mean if you’re, if there’s a lot of investment on land probably the benefits of that would be slightly back ended. So just want to understand that the.
Sanjay Swarup
Infrastructure projects are long gestation period projects. You cannot expect. Suppose I Created MMLP today. From tomorrow I will start getting profits. So it takes some time, right? Normally we share such information.
Unidentified Participant
Got it. Got it. Thank you. Thanks a lot for this. I’ll get back.
operator
Thank you. A reminder to all participants you may press star and one to ask a question. The next question is from the line of Sandesh Shetty from hsbc. Please go ahead.
Sandesh Shetty
Hello. Am I audible?
operator
Yes.
Sanjay Swarup
Yes please.
Sandesh Shetty
Hello. Good afternoon sir. So my first question is on the. Growth guidance that you have given. Can you outline like the key factors. Driving both EXIM and domestic? That would be first question.
Sanjay Swarup
See Mr. Shetty already I told in detail the growth drivers when I was mentioning the guidance. But for your benefit I will again I will repeat it.
Sandesh Shetty
Thank you sir.
Sanjay Swarup
For Exim growth driving factors will be the commissioning of Western DFC up to JNPT by March 2026 and a short transit time train services between JNPA and NCR that we will be running. Third is the double stack trains to Jodhpur. We will bringing Jospur on double stack map by this in this financial year only. Fourth is double stack trains to Ahmedabad area where we are commissioning a terminal which will be able to handle double stack trains. Next is the very good traffic we are hoping from our new terminals Jajpur, Kadakola and Mandalgarh and Paradeep also which we have commissioned recently we have got customs notification for few of them.
So we will get good exim business at these terminals. Then there is a very good potential for Nepal traffic that we will be getting that Already we are getting a good business for Nepal from Vishakhapatnam and some from Kolkata. So we are going to start facility at Rapsal very soon and Biratnagar also customs has issued a notification and we are going to generate good business for Nepal at the all the three places. Then we I told that we are having a tie up with all major shipping lines like MSC, MERS, CMA, Hepaglide etc. Then shipping sector we are already we have started sending our containers to Middle east and Far east also.
Very soon we are going to start we will consolidate these two sectors which are going to give us good business, good volumes and good profit also. These are the main factors which will drive the growth in Agvim. As far as domestic is concerned the primary will be the bulk cement in tank containers for which we have already signed agreement with big players like Ultratech Cement, Adani Cement, My Home Cement and JK apart from few others. Then we have tied up with big corporate customers like Vedanta Jindal Tata and Gas Authority and Petronet we are going to sign agreements.
So these will be the additional growth drivers and normal businesses continue. So all these factors will give a growth of more than 20% in domestic. I hope you are satisfied.
Sandesh Shetty
Yes, yes. Thank you sir for the detail answer. And sir, my second and last question. Is sir, even though there is improvement. In EBITDA margin if we see the segmental margins there has been decline both. In EXIM and domestic. Is it just attributed to depreciation or is there some other factor as well? That would be my last question. Thank you.
Sanjay Swarup
Yeah, actually primary reason is depreciation only. And one more thing is the land license fees that I mentioned in my opening remarks. In previous years we had done some reversals and some adjustments and whatever land license fee we have shown this year is actual. Normally you may be observing that we pay around 450 crore rupees to railways. So up to Q3 already we have paid 327 crores which is in line with those calculations.
Sandesh Shetty
Thank you sir.
Sanjay Swarup
Thank you.
operator
Thank you. The next question is from the line of Ankita Shah from Elara Capital. Please go ahead.
Unidentified Participant
Hi. Thank you for the opportunity sir. This is on the guidance. So assume a risk of you know DFC getting delayed further then in, in that scenario how much the growth guidance of 15% growth on the EXIM side and you know similarly on growth on the domestic side how much would that get lower in case if there is further delay in DFC that could have. That’s the contingency risk that I was looking at.
Sanjay Swarup
Actually I have spoken to very senior officers of DFP myself now and they have assured Me maybe before the 31st of March, maybe by February they will be able to commission connection to jnpa. So I have no reasons to disbelieve that it will be extended beyond the 31st of March. I am very very confident and it will be a pleasant surprise to us also and to the trade also that DFC is commissioned before the 31st of March.
Unidentified Participant
Okay. And the increase in CAPEX number that you mentioned from 860 to 1000 crores, this is for FY26 or from 27 onwards?
Sanjay Swarup
It is for FY26. That BoD has yesterday revised the by 23% increase they have approved for FY27. I will be telling about CAPEX in my conference call at the end of Q4 results.
Unidentified Participant
And what is this incremental amount for going?
Sanjay Swarup
This is primarily. Yeah primarily for containers and rolling stock.
Unidentified Participant
Okay. And we were also planning increase in terminals, I think 10 new terminals we were planning to add this year. So are we on track for that?
Sanjay Swarup
Yes, yes, we are on track already we have commissioned two terminals in this financial year and more terminals we are going to commission and they are in advanced stage so we are quite on track.
Unidentified Participant
Okay, so this 10 will come over a period of time, not in FY26 itself.
Sanjay Swarup
Yes, yes, they will come over a period of time, not. Not all in FY26. Okay, thank you.
operator
Thank you. A reminder to all participants, you may press star N1 to ask a question. As there are no further questions from the participants, I now hand the conference over to the management for closing comments. Over to you, sir.
Sanjay Swarup
I don’t have much to tell. Already I have told you the company is standing on very strong fundamentals and we are increasing our capex spend creating more and more infrastructure. So we are quite confident that we are going to be on a very high growth path from now onwards and we can see the results in a positive manner very soon. Thank you.
operator
Thank you on behalf of Dam Capital Advisors Ltd. That concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.