Allcargo Global swings to ₹32 Cr consolidated PAT in Q2 FY27, reversing year-ago loss

Allcargo Global, the international-supply-chain/freight-forwarding business carved out in the Allcargo group demerger, reported consolidated revenue from operations of ₹4,320 Cr in Q2 FY27 (quarter ended September 30, 2026), up 27.3% YoY (₹3,393 Cr) and 22.6% QoQ (₹3,522 Cr). The group turned profitable at both PBT (₹62 Cr) and PAT (₹32 Cr group total; ₹26 Cr attributable to owners after ₹6 Cr non-controlling interest, EPS ₹0.27), reversing a ₹30 Cr loss a year ago and a ₹28 Cr loss last quarter. The YoY reversal is the primary read here since it flips a loss to a profit rather than extending an existing profit run. Standalone (secondary, holding-company-only) moved the same way: PAT of ₹6 Cr versus a ₹6 Cr loss a year earlier. The turnaround is EBITDA-led rather than a pure accounting effect: operating margin (EBITDA/revenue) rose to roughly 3.1% from -0.1% YoY and 0.8% QoQ, as employee costs (₹533 Cr) grew far slower than revenue — genuine operating leverage. Net profit margin moved in step, from -0.87% YoY and -0.79% QoQ to +0.74%. One exceptional item is worth isolating: a ₹6 Cr gain this quarter on the partial sale of step-down subsidiary Comptech Solutions' stake (CSPL) to promoter-group entity TransIndia Real Estate, against a ₹4 Cr one-off scheme-related cost a year ago. Even stripping both out, pre-exceptional PBT still swings from a ₹22 Cr loss YoY to a ₹56 Cr profit now, so the core business improvement — not the one-off — drives most of the turnaround. Management gave no formal FY27 guidance on its last call (August 20, 2026), instead targeting 12-15% volume growth off the current base to restore 20%+ ROC while holding dollar costs flat. Against that specific marker, our own operating updates show LCL volumes down 7% YoY in August 2026 and LCL/FCL/Air volumes all down YoY again in September 2026 — so this quarter's revenue growth reads as pricing/mix-led rather than volume-led, missing the metric management itself flagged as the path back to 20%+ ROC. No broker consensus estimate specific to Allcargo Global (BSE: 544602, ticker AGL) could be found; web results returned estimates for the separately-listed Allcargo Logistics (the demerged CFS/rail entity), a different company, so vsStreet is marked unknown rather than inferred from that mismatch. No management press release on this result was available to cross-check the company's own framing. Separately, subsidiary Allcargo Logistics Ltd carries a ₹5.61 Cr income-tax demand for FY18-25 (₹1.21 Cr already provided, ₹4.40 Cr balance under appeal) — a contingent item, not a driver of this quarter's print — and the board appointed two new directors on October 2, 2026, alongside the results.