Allcargo Logistics FY25: revenue rises, profit down 76%

What the latest numbers show

Allcargo Logistics has reported a mixed set of financial results for the quarter and year ended March 31, 2025. Consolidated revenue for Q4 FY25 was ₹3,952 crore, up 18% year-on-year, while consolidated EBITDA rose 17% to ₹115 crore. Even with higher revenue, profitability stayed under pressure across the full year. FY25 consolidated net profit fell 76.21% to ₹35.60 crore despite a 23.32% rise in total income to ₹16,090.89 crore.

The quarter also reflected a tight cost environment. Total expenses in Q4 FY25 increased 17.72% year-on-year to ₹3,986.02 crore, slightly above total income of ₹3,983.35 crore. The company reported loss before exceptional items and tax of ₹0.94 crore in Q4 FY25, compared with a loss of ₹19.46 crore in Q4 FY24. An exceptional item of ₹3.47 crore was reported for Q4 FY25.

Q4 FY25 performance: revenue growth, expenses close behind

A segment-wise view shows International Supply Chain as the biggest contributor in Q4 FY25. Revenue from International Supply Chain stood at ₹3,442.93 crore (up 17.95% YoY). Express Distribution revenue was ₹385.35 crore (up 8.53% YoY), and contract logistics revenue was ₹129.42 crore (up 61.59% YoY).

Cost lines moved higher as well. Operating expenses were ₹3,129.05 crore (up 20.24% YoY) and employee expenses were ₹517.95 crore (up 7.88% YoY). Finance costs came in at ₹37.52 crore (up 22.49% YoY). These numbers help explain why the quarter’s revenue growth did not translate into a materially stronger profit outcome.

FY25 volumes: mixed trends across freight categories

Operational volume data for FY25 points to a combination of steady and strong growth pockets. The company’s LCL (Less than Container Load) volume for FY25 was 8.90 million CBM, showing 1% growth over FY24. FCL (Full Container Load) volume rose 7% year-on-year to 648,000 TEUs.

Within Q4 FY25, LCL volumes declined 3% compared with Q4 FY24, while FCL volumes grew 2% over the same period. Air freight volumes rose sharply, with FY25 air volumes reaching 33.63 million kilos, up 30% year-on-year. Q4 FY25 air freight volume growth was reported at 51% over Q4 FY24.

Contract logistics and express: growth with margin qualifiers

Allcargo said its Contract Logistics division reported 48% revenue growth over the previous financial year. However, the company indicated EBITDA growth was limited to 2% due to underutilised operational capacity, with expectations of optimisation in upcoming quarters.

In its Express business operated through Gati Express Supply Chain (GESCPL), FY25 revenue was ₹1,510 crore, up 2% from the previous year. Segment EBITDA jumped 34%, and gross profit grew 5%. Gross profit margin for the year was 25.4%, up by 80 basis points, while EBITDA margin improved by 110 basis points to 4.8%.

Quarterly updates in FY26: losses, reversals, and volatility

Later quarterly disclosures highlighted volatility in profitability. In the quarter ended September 2025, Allcargo reported a net loss of ₹4.00 crore versus a net profit of ₹17.00 crore in the quarter ended September 2024, while sales rose 11.18% to ₹537.00 crore from ₹483.00 crore. For that comparison, operating margin (OPM) was 11.55% in September 2025 versus 10.14% in September 2024, PBDT was ₹60.00 crore versus ₹37.00 crore, and PBT was -₹3.00 crore versus -₹19.00 crore.

For the December 2025 quarter, the company reported consolidated nil net profit or loss, compared with a net loss of ₹6.00 crore in the previous quarter ended December 2024. Sales declined 0.58% to ₹516.00 crore from ₹519.00 crore in the immediately preceding comparable quarter.

Restructuring and exceptional items: what is disclosed

The company disclosed a composite scheme impact with major restructuring effective November 1, 2025, involving demerger and mergers with restatement of prior periods. It also reported a ₹1,663 crore debit to retained earnings on a consolidated basis. For Q2 FY26 consolidated numbers, exceptional items were reported at ₹(15) crore related to composite scheme costs.

It also disclosed asset-related items during FY26. A subsidiary’s sale of land generated a gain of ₹7 crore in Q1 FY26, and proceeds from sale of non-core assets were ₹16 crore in H1 FY26. In Q2 FY26, the company reported a ₹1 crore impairment on PPE and a ₹1 crore loss on write-off of PPE.

Cash flows and balance sheet signals

Cash flow disclosures in H1 FY26 showed improvement in operating cash generation. Operating cash flow improved to ₹197 crore (H1 FY26 consolidated) from ₹76 crore (H1 FY25). Investing cash flow was positive at ₹6 crore for H1 FY26. Financing cash flow was negative at ₹221 crore in H1 FY26, attributed to repayment of borrowings and lease payments.

Separately, the company indicated its balance sheet remained stable with a slight increase in PPE and reduced borrowings. It also disclosed an ongoing income tax search and a CCI show cause notice, while stating no material impact was expected.

Market performance and key risk flags cited

The stock’s recent return profile presented a weak longer-term trend in the provided data: 1-year return of -75.27%, 3-year return of -91.51%, and 5-year return of -77.45%. Shorter-period returns also showed pressure, including -16.54% over one month and -32.76% over three months. A separate market update noted Allcargo Logistics falling 5.78% to ₹10.44 intraday.

Risk flags listed in the data include: interest payments not well covered by earnings, earnings decline of 34.8% per year over the past five years, market capitalisation described as not meaningful at about ₹900 crore (₹9B), and profit margins at 0.1% compared with 0.3% last year.

Key reported figures at a glance

Why the update matters for investors

The FY25 outcome shows a clear divergence between revenue growth and bottom-line performance. Q4 FY25 delivered an 18% year-on-year rise in revenue and a 17% rise in EBITDA, but total expenses tracked closely with income in the quarter. On the full-year view, total income rose while net profit fell sharply, indicating that cost, mix, or non-operating impacts weighed on profitability.

The additional disclosures around restructuring and exceptional items, including the retained earnings debit and scheme-related costs, add another layer for investors to track alongside quarterly operating trends. Cash flow improvement in H1 FY26 and financing outflows due to debt repayment provide useful context on how the company is funding operations and adjusting leverage.

What to track next

Key near-term monitorables from the disclosed data include the pace of contract logistics capacity utilisation, the trajectory of finance costs, and whether operating cash flow remains elevated after H1 FY26. The company has also flagged volatility in the international trade outlook due to geopolitical uncertainty, while pointing to potential recovery as negotiations progress. Any further updates tied to the composite scheme restatement effects, and ongoing tax and regulatory matters, are likely to remain in focus in subsequent results announcements.