WCIL

Western Carriers (India) financials

Market cap
₹884 Cr
Sector
Services
Calls analysed
6
Latest concall · Q1 FY27 · call held 17 Aug 2026

Western Carriers (India) Limited Q1 FY27

Revenue ₹465 cr +12%EBITDA ₹19 cr EBITDA Margin 4.1% PAT ₹9 cr

What went well

  • Revenue from operations grew 12% year-on-year to INR 465 crores (Q1 FY27 vs INR 416 crores Q1 FY26).
  • EBITDA for the quarter was INR 19 crores, achieving a healthy 4.1% margin.
  • PAT increased 13% quarter-on-quarter to INR 9 crores (Q1 FY27 vs INR 8 crores Q4 FY26).

What to watch

  • The EXIM market remains under stress due to geopolitical uncertainties, freight escalation, and erratic vessel schedules.
  • Global disruptions, including the Russia-Ukraine conflict and Middle East instability, continue to impact trade flows and transport costs.
Read the full call →

What Western Carriers (India) Limited does

Western Carriers is a multi-modal, rail-focused 4PL (fourth-party logistics) provider that transports EXIM and domestic containerized cargo across rail, road, water and air, and layers on value-added supply-chain services such as customs house agency (CHA) work, stevedoring, warehousing/stock management and project logistics. It runs an asset-light model, operating as the largest platinum business associate and largest railway associate partner of Container Corporation of India (Concor), while holding its own CHA/customs-broker licenses at major Indian ports. The company has recently commissioned its own multimodal cargo terminal (the Gati Shakti Multi Modal Cargo Terminal, or MMCT) at Devaliya near Morbi, Gujarat, to handle container and wagon-rake traffic directly.

Segments

  • Rail transport
  • Road transport
  • 3PL/4PL supply chain & value-added services
  • CHA / Stevedoring
  • Warehousing & stock management
  • Water & air freight
  • Project logistics
Branches & zonal offices
50+ branches, 4 zonal offices across 23 states
Leased warehouses
16, across 12 states
Rake handling points
55+
GPS-enabled owned trucks
500+
Handling equipment (incl. reach stackers)
100+ (incl. 34 reach stackers)
Owned shipping containers
850+
Founded 1972Headquarters Kolkata, West Bengal, India Company website

Guidance record · Q1 FY27

what the last two calls moved 11 tracked 0 delivered 6 missed 5 open
  • Employee Benefit Expenses went quiet said Q2 FY26 Promised: It's more or less going to now stabilize at this level. It shouldn't increase more Q1 FY27: No mention of employee expenses in the Q1 FY27 call or materials.
  • EBITDA Margin at risk said Q4 FY26 Promised: The EBITDA margins which are 4.6%, 4.7%, we hope to bring it back to where we were starting FY25 which is around almost 7% and even higher the year earlier. Q1 FY27: Margin declined further to 4.1% from 5.0% in Q4 FY26, moving in the opposite direction of the target.
  • Metals vs Non-metals Revenue Mix on track said Q3 FY26 Promised: growing towards a 50-50 mix going into the next two or three years Q1 FY27: Domestic business now over 40% of revenue (up from <30%), reflecting a successful pivot that supports diversification away from the traditional mix.

All 11 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 11.8%, net profit down 19.5% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue431 443 429 416 440 +2%478 +8%496 +16%465 +12%
EBITDA36 23 25 21 19 −48%24 +2%21 −14%19 −10%
Net profit19 13 14 11 9 −53%11 −18%8 −41%9 −19%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −37.0% 1Y

₹80₹100₹120₹140Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 17 Nov 2025Q3 FY26 — 16 Feb 2026Q4 FY26 — 18 May 2026Q1 FY27 — 17 Aug 2026

1Y: ₹138.96 on 10 Sept 2025 → ₹87.51. High ₹144.87 (22 Sept 2025), low ₹77.87 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+1.7%
17 Aug
Q4 FY26
−3.6%
18 May
Q3 FY26
+0.5%
16 Feb
Q2 FY26
−1.9%
17 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 4.2% a year over 2 years, FY24 to FY26. Operating margin narrowed to 4.6%.

Year endingFY24FY25FY26
Revenue₹1.7k Cr₹1.7k Cr₹1.8k Cr
Operating profit₹146 Cr₹120 Cr₹85 Cr
Operating margin8.7%7.0%4.6%
Interest₹22 Cr₹22 Cr₹18 Cr
Depreciation₹21 Cr₹24 Cr₹28 Cr
Net profit₹80 Cr₹65 Cr₹39 Cr
Net margin4.8%3.8%2.1%
Cash from operations₹1 Cr₹-3 Cr₹-22 Cr
Free cash flow₹-35 Cr₹-90 Cr₹-102 Cr
ROCE22.0%13.0%7.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹39 Cr₹39 Cr₹39 Cr₹39 Cr₹51 Cr₹51 Cr
Reserves₹157 Cr₹218 Cr₹279 Cr₹359 Cr₹796 Cr₹816 Cr
Borrowings₹141 Cr₹150 Cr₹215 Cr₹269 Cr₹193 Cr₹226 Cr
Other liabilities₹88 Cr₹83 Cr₹70 Cr₹86 Cr₹113 Cr₹113 Cr
Total liabilities₹425 Cr₹490 Cr₹604 Cr₹754 Cr₹1.2k Cr₹1.2k Cr
Fixed assets₹73 Cr₹74 Cr₹91 Cr₹105 Cr₹178 Cr₹206 Cr
Capital work in progress₹1 Cr₹9 Cr₹17 Cr₹0 Cr₹21 Cr₹31 Cr
Investments₹3 Cr₹1 Cr₹4 Cr₹3 Cr₹3 Cr₹3 Cr
Other assets₹349 Cr₹406 Cr₹492 Cr₹646 Cr₹950 Cr₹965 Cr
Total assets₹425 Cr₹490 Cr₹604 Cr₹754 Cr₹1.2k Cr₹1.2k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs trimmed −2.64 pp while the public added +1.81 pp. The shareholder count shrank 22% to 80,532.

Promoters
73.0%
DIIs
4.8%
Public
22.2%

Since Jun 2025

  • DIIs −2.64 pp
  • Public +1.81 pp
  • Promoters +1.14 pp

How it drifted, 8 quarters

Over this window the public went from 14.8% to 22.2% — +7.5 pp.

Sep '24Jun '25Jun '26

Ownership split by quarter, oldest first. Sep '24: Promoters 71.9%, FIIs 4.2%, DIIs 9.1%, Public 14.8%.Dec '24: Promoters 71.9%, FIIs 1.4%, DIIs 9.4%, Public 17.3%.Mar '25: Promoters 71.9%, FIIs 0.3%, DIIs 8.5%, Public 19.3%.Jun '25: Promoters 71.9%, FIIs 0.3%, DIIs 7.4%, Public 20.4%.Sep '25: Promoters 72.6%, FIIs 0.6%, DIIs 5.8%, Public 21.0%.Dec '25: Promoters 72.9%, FIIs 0.3%, DIIs 4.8%, Public 22.1%.Mar '26: Promoters 73.0%, FIIs 0.0%, DIIs 4.8%, Public 22.2%.Jun '26: Promoters 73.0%, DIIs 4.8%, Public 22.2%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Western Carriers (India) Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Rajendra Sethia 72.82%unchanged
Aditya Birla Sun Life Insurance Company Limited Insurer3.77%unchanged
Kanishka Sethia 0.20%unchanged
MNSV Corporation 0.00%unchanged
Western Sparefoot Private Limited 0.00%unchanged
Western Skyvilla Private Limited 0.00%unchanged
Western Pest Solutions Private Limited 0.00%unchanged
Western Logistics Private Limited 0.00%unchanged
Western Kraft and Paper Private Limited 0.00%unchanged
Western Herbicides Private Limited 0.00%unchanged
Western Group Limited 0.00%unchanged
Western Dry Ports Private Limited 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Growth trap

To justify its price of ₹88, this stock must grow earnings at 20% every year for 7 years. Our analysis caps realistic growth at ~-30%. At that growth it is worth ₹6 — downside of 93%.

Growth the price implies
19.7% a year
for 7 years, fading to 4%
It has actually compounded at
-30.5% a year
net profit, FY24–FY26
The gap
0.5 pp
-93% downside if it only repeats history
Price today ₹87.51 Value at the reference growth ₹5.96

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Western Carriers (India) Limited

Guides on how to read this kind of business and the numbers that matter.