Allcargo Terminals Q2 EBITDA rises 46% as margin reaches 23.4%

Allcargo Terminals Limited reported Q2FY27 EBITDA of Rs 59 crore, up 45.9% year on year, while its EBITDA margin calculated from reported revenue increased to 23.4% from 19.3% in Q2FY26. Revenue rose 21.5% to Rs 252 crore and total volumes increased 12.6% to 190,100 twenty-foot equivalent units (TEUs).

How did Allcargo Terminals perform in Q2FY27?

Allcargo Terminals increased EBITDA faster than revenue and volumes in Q2FY27. EBITDA rose by Rs 19 crore from Rs 40 crore in Q2FY26 to Rs 59 crore, while revenue increased by Rs 45 crore from Rs 207 crore to Rs 252 crore. Total volumes rose by 21,345 TEUs from 168,755 TEUs to 190,100 TEUs.

The Q2FY27 result also improved from Q1FY27. Revenue rose 17.4% from Rs 214 crore, EBITDA increased 24.0% from Rs 47 crore, and volumes grew 7.7% from 176,499 TEUs. Profit before tax (PBT) reached Rs 27 crore, compared with Rs 14 crore in both Q2FY26 and Q1FY27; the presentation reports year-on-year growth of 88.6% and quarter-on-quarter growth of 101.0%.

The comparison shows that Q2FY27 revenue growth of 21.5% exceeded volume growth of 12.6%, while EBITDA growth of 45.9% was higher than both. The company reported these figures on a consolidated basis, covering its Q2 and H1FY27 financial highlights.

Why did Allcargo Terminals’ EBITDA margin increase?

Allcargo Terminals’ Q2FY27 EBITDA margin was 23.4%, calculated by dividing Rs 59 crore of EBITDA by Rs 252 crore of reported revenue. That compares with 19.3% in Q2FY26, calculated from Rs 40 crore of EBITDA and Rs 207 crore of revenue. Based on the rounded figures in the presentation, the Q1FY27 margin was approximately 22.0% on EBITDA of Rs 47 crore and revenue of Rs 214 crore.

Management attributed improved profitability to improved realisation and a higher share of transshipment container volumes at Jawaharlal Nehru Port Authority (JNPA). This stated mix and realisation effect is relevant because volumes rose 12.6% in Q2FY27, below the 21.5% increase in revenue and the 45.9% rise in EBITDA.

The same relationship is visible in EBITDA per TEU, which reached Rs 3,366 in Q2FY27. This was Rs 976 higher than Rs 2,390 in Q2FY26 and Rs 468 above Rs 2,898 in Q1FY27. The presentation notes that EBITDA per TEU for Q1FY27 and Q2FY27 was affected by transshipment volume.

What does EBITDA per TEU show about Allcargo Terminals’ profitability?

Allcargo Terminals reported EBITDA per TEU above Rs 2,000 in each of the last eight quarters identified in its presentation. Q2FY27 was the highest point in the nine-quarter series at Rs 3,366 per TEU, compared with Rs 2,053 in Q2FY25 and Rs 2,689 in Q4FY26.

The measure increased through the latest reported periods, rising from Rs 2,290 in Q1FY26 to Rs 2,390 in Q2FY26, Rs 2,413 in Q3FY26 and Rs 2,689 in Q4FY26. It then reached Rs 2,898 in Q1FY27 before rising to Rs 3,366 in Q2FY27. The company specifically flags transshipment volume as an influence on the final two quarters of the series.

The increase from Rs 2,053 in Q2FY25 to Rs 3,366 in Q2FY27 was Rs 1,313 per TEU. The series was not uniform in every period: EBITDA per TEU was Rs 2,179 in Q3FY25 and Rs 2,184 in Q4FY25, before moving to Rs 2,290 in Q1FY26.

How did Allcargo Terminals’ H1FY27 earnings compare?

Allcargo Terminals generated EBITDA of Rs 106 crore in H1FY27, up 41.9% from Rs 75 crore in H1FY26. Revenue rose 18.2% to Rs 466 crore from Rs 394 crore, while total volumes increased 10.0% to 366,599 TEUs from 333,361 TEUs.

PBT in H1FY27 was Rs 41 crore, compared with Rs 28 crore in H1FY26, and the presentation reports growth of 46.0%. As in the second quarter, the half-year comparison shows EBITDA growth above both revenue and volume growth, with EBITDA rising by Rs 31 crore and volumes increasing by 33,238 TEUs.

Q2FY27 accounted for Rs 59 crore of the Rs 106 crore H1FY27 EBITDA total, compared with Rs 47 crore in Q1FY27. Q2FY27 also recorded higher volumes of 190,100 TEUs versus 176,499 TEUs in Q1FY27, and higher revenue of Rs 252 crore versus Rs 214 crore.

What capacity and operating plans has Allcargo Terminals disclosed?

Allcargo Terminals said it expanded capacity by 20% in FY26 to 1 million TEUs. Its stated strategy is to grow volumes while protecting profitability through pricing and operational discipline, alongside technology deployment intended to improve productivity and optimise costs.

The company is rolling out a Smart Yard Management System across all locations to improve operational efficiency, asset utilisation and customer service. It also said Q2FY27 volume grew 12.6% year on year despite disruptions arising from the Middle East conflict.

Construction of the Farukhnagar Private Freight Terminal is on track for completion by March 2027, according to management. The company also said tendering for the Speedy JNPT expansion has been completed and that the project will add 60,000 TEUs of annual handling capacity.

The presentation outlines capacity additions from 830,000 TEUs in FY25 to 1,345,000 TEUs in FY30. The listed additions include 170,000 TEUs for JNPT expansion, 120,000 TEUs for a Chennai new facility, 120,000 TEUs for Farukhnagar, 50,000 TEUs at CWC Mundra and 55,000 TEUs at Mundra after consolidation.

Conclusion

Allcargo Terminals’ Q2FY27 result showed earnings increasing more quickly than reported throughput. EBITDA rose 45.9% to Rs 59 crore, compared with revenue growth of 21.5% and volume growth of 12.6%, while the calculated EBITDA margin increased from 19.3% in Q2FY26 to 23.4%. Management attributed the profitability improvement to better realisation and a higher transshipment-container share at JNPA.

The next disclosed milestones are completion of the Farukhnagar Private Freight Terminal by March 2027 and the addition of 60,000 TEUs of annual capacity through the Speedy JNPT expansion. Management also said it is on track toward its FY30 aspiration of managing 1 million TEUs, supported by container freight station expansion and opportunities in private freight terminal and inland container depot space.