Allcargo Terminals Q2 EBITDA rises 46% as margin expands

Allcargo Terminals Limited reported consolidated Q2FY27 EBITDA of Rs 59 crore, up 45.9% year on year, as revenue rose 21.5% to Rs 252 crore and volumes increased 12.6% to 1,90,100 twenty-foot equivalent units (TEUs). EBITDA per TEU reached Rs 3,366, with management citing improved realisation and a higher transshipment share at JNPA.

What did Allcargo Terminals report in Q2FY27?

Allcargo Terminals reported Q2FY27 revenue of Rs 252 crore, EBITDA of Rs 59 crore and profit before tax (PBT) of Rs 27 crore. Against Q2FY26, revenue increased from Rs 207 crore, EBITDA rose from Rs 40 crore and PBT increased from Rs 14 crore. The reported year-on-year increases were 21.5% for revenue, 45.9% for EBITDA and 88.6% for PBT.

The Q2FY27 result also exceeded the preceding quarter. Revenue rose 17.4% from Rs 214 crore in Q1FY27, EBITDA increased 24.0% from Rs 47 crore and PBT increased 101.0% from Rs 14 crore. EBITDA therefore grew faster than revenue both year on year and quarter on quarter.

How did Allcargo Terminals' revenue and volume growth compare?

Allcargo Terminals handled 1,90,100 TEUs in Q2FY27, up 12.6% from 1,68,755 TEUs in Q2FY26 and 7.7% from 1,76,499 TEUs in Q1FY27. Revenue grew 21.5% year on year, faster than the 12.6% rise in volumes. The source attributes the improvement in profitability to improved realisation and a higher share of transshipment container volumes at Jawaharlal Nehru Port Authority, or JNPA.

For H1FY27, volume reached 3,66,599 TEUs, compared with 3,33,361 TEUs in H1FY26, an increase of 10.0%. Revenue rose 18.2% to Rs 466 crore from Rs 394 crore, while EBITDA increased 41.9% to Rs 106 crore from Rs 75 crore. PBT for the half year rose 46.0% to Rs 41 crore from Rs 28 crore.

The reported comparison shows profit growth outpacing both revenue and volume growth in the first half as well as the second quarter. Allcargo Terminals described Q2FY27 volume growth as resilient despite disruptions arising from the Middle East conflict. The presentation does not provide a quantified split between pricing, realisation and volume effects on revenue.

How much did Allcargo Terminals' EBITDA margin expand?

Allcargo Terminals' calculated EBITDA margin was about 23.4% in Q2FY27, compared with about 19.3% in Q2FY26. This calculation uses EBITDA of Rs 59 crore on revenue of Rs 252 crore for Q2FY27 and Rs 40 crore on revenue of Rs 207 crore a year earlier. The resulting increase was about 4.1 percentage points.

The calculated margin was also higher than about 22.0% in Q1FY27, when Allcargo Terminals reported Rs 47 crore of EBITDA on Rs 214 crore of revenue. For H1FY27, the calculated EBITDA margin was about 22.7%, versus about 19.0% in H1FY26. These calculations reflect the reported financial figures; the company did not disclose an EBITDA-margin percentage in the update.

Management said profitability improved through better realisation and a higher transshipment-container share at JNPA. Its strategy also calls for growing volumes while protecting profitability through pricing and operational discipline. The company is rolling out a Smart Yard Management System across locations to improve operational efficiency, asset utilisation and customer service.

Why did Allcargo Terminals' EBITDA per TEU reach Rs 3,366?

Allcargo Terminals reported EBITDA per TEU of Rs 3,366 in Q2FY27, up from Rs 2,898 in Q1FY27 and Rs 2,390 in Q2FY26. The latest reading was Rs 468 above the preceding quarter and Rs 976 above the year-earlier quarter. Management linked profitability improvement to realisation and transshipment volumes at JNPA.

The company cautioned that EBITDA per TEU for Q1FY27 and Q2FY27 was affected by transshipment volume. That disclosure is relevant when comparing the latest two periods with earlier quarters. The presentation also stated that EBITDA per TEU had remained above Rs 2,000 across the last eight quarters.

The quarterly series shown in the update rose from Rs 2,053 in Q2FY25 to Rs 2,689 in Q4FY26, then to Rs 2,898 in Q1FY27 and Rs 3,366 in Q2FY27. Q2FY27 volume of 1,90,100 TEUs was the highest quarterly volume shown in the presentation. The source does not quantify the precise effect of transshipment on the per-TEU measure.

What capacity plans and targets has Allcargo Terminals disclosed?

Allcargo Terminals said it expanded capacity by 20% in FY26 to 1 million TEUs, creating headroom for higher volumes. Its capacity chart sets out capacity of 8,30,000 TEUs in FY25 and 13,45,000 TEUs in FY30. Listed additions include 50,000 TEUs at CWC Mundra, 1,70,000 TEUs from the JNPT expansion, 1,20,000 TEUs at a new Chennai facility, 1,20,000 TEUs at Farukhnagar and 55,000 TEUs at Mundra after consolidation.

Construction of the Farukhnagar Private Freight Terminal, or PFT, remained on track for completion by March 2027, according to the update. Separately, tendering for the Speedy JNPT expansion was completed, and the company said this project would add 60,000 TEUs of annual handling capacity. The presentation does not state when the Speedy JNPT project will begin operations.

Management said Allcargo Terminals was on track to pursue an FY30 aspiration of managing 1 million TEUs, supported by container freight station capacity expansion and opportunities in the PFT and inland container depot, or ICD, space. This is a management aspiration rather than a reported volume outcome. H1FY27 actual volume was 3,66,599 TEUs.

Conclusion

Allcargo Terminals' Q2FY27 figures showed EBITDA increasing faster than revenue and container volumes. EBITDA rose 45.9% to Rs 59 crore, compared with revenue growth of 21.5% and volume growth of 12.6%, while calculated EBITDA margin increased to about 23.4% and EBITDA per TEU reached Rs 3,366.

The next disclosed milestones are the planned March 2027 completion of the Farukhnagar PFT and progress on the 60,000-TEU annual Speedy JNPT expansion. Results will also show whether management advances toward its FY30 aspiration of managing 1 million TEUs, while the disclosed effect of transshipment volumes on recent EBITDA per TEU remains relevant to future comparisons.