9% growth met, profits fell; margin pressure persists

Revenue grew 9.6% YoY to ₹1248.5 Cr; QoQ fell 5.7%

Delivered ~10-11% growth, margins stated as 'slight improvement' but not quantified

Supply chain underperforming guidance of 12-15%; EBITDA improved but EBIT 'almost same'

Management cited bunker prices ₹86k/ton impacting Q2 margins; stated 25-30% EBITDA as achievable range

PAT fell 0.6% YoY and 14.4% QoQ; significant deterioration masked by tone

One dry dock already completed; next scheduled end-March FY27. No change to trajectory. Maintenance cadence 26 months apart.

Reiterated ₹550–600 Cr FY26 budget; now ₹500–600 Cr for FY27 (slightly lower). Ships dominant; also adding trucks, rakes, warehouses, equipment. No cut to ambition.

Standalone supply chain grew slower this quarter; consolidated better due to cold chain (+48%) and chemical logistics. 12–15% FY27 guidance reaffirmed but requires H2 acceleration.

"Slow process" to margin improvement via 30 new branches (10 already opened Q1), mix change, volume. No numbers upgraded; timeline extended.

Margins fell to ~9% from 14–15%; guidance shifted to 10% range as 'more reasonable.' Profit similar to FY26; dividend not expected to grow 1–2 years due to capex (new plant Aurangabad, new trucks).

Pipeline contracts, new truck investments, diesel price pass-through supplementary bills, and inventory replenishment in H2 should drive acceleration. Most of Q1 growth was volume, not fuel price.

Mixed bag. Hard to predict because bunker is dynamic. Rate increases agreed with customers but two months left in quarter. Bunker again up; margins compressed. No directional clarity given.

Volume increase, mix improvement (LTL shift), 10 new branches opened Q1 (30 planned). Leadership change in place. Slow process, big ship to turn. No numbers provided.

We don't compete with Delhivery in most areas. Not a direct comparison. No market share loss.

Some customers fired, others didn't. Inventory was held in yards Q4, last-mile delivery happened Q1. Now replenishment starting again; longer distance revenues will come H2. Don't work with Mahindra (60% of Mahindra Logistics); other auto customers growing.

Diesel price hike ~6–7%; impact ~1–2% on costs. Spot rates pass-through immediately; contract customers lag. Expecting maybe 1–2% increase to see play out. Numbers 'come out much later.'

Export shipping not directly impacting; mostly domestic shipping. Deep congestion could delay ship berth, but not an issue yet. Some minuscule impact on domestic export leg.

Two are brand new. Exploring possibility of a third new ship; also monitoring second-hand options.

Working capital days 55–56. Some pressure expected from rate hikes. Credit policies in place to control. Not a real challenge so far.

FY27: ₹237 Cr ships (final payments for two, advance for possible third), ₹100 Cr warehouses, ₹120 Cr trucks/rakes, ₹100 Cr equipment/IT. Total ~₹600 Cr budget; expecting ₹500–600 Cr actual.

Capacity not increasing; revenue growth via voyage increase or price. Monsoon impacts voyages. Limited room to grow revenue. Margins 40%+ currently, likely come down to 30–40% as reasonable range given fuel volatility.

LTL has ~20% gross margin vs 10% FTL. Gradual transition; few basis point improvement per 1% LTL share gain. Slower than linear.

Concor moderated vs last quarter; cold chain grew faster (but smaller). Overall slightly lower but not substantial.

Heavy investment phase; Japanese client expansion. Pricing pressure from fragmentation. Some production cuts; some low-price business not renewed. Growth ongoing; margins should catch up. 10% more reasonable than 11–12%.

Mitsui is JV partner, not Toyota. Toyota doesn't own the business. No correlation to Toyota pricing. If Toyota was customer, would be cost center like competitors.

Standalone is just supply chain; consolidated includes chemical logistics and cold chain. Demand outlook good; quick commerce, large warehouses acquired Q2–Q3 playing out now. Margin structure should improve. Manpower challenge being addressed with automation.

Very unpredictable due to bunker (₹72k–₹105k range, even ₹1.05L seen). Aim for 25–30% EBITDA. New ships should achieve full utilization in 4–6 months from Q3 start; Q3 onwards should see improvement.

Capex plan ongoing for facilities, trucks, and new Toyota plant (Aurangabad) in next fiscal. Free cash flows determine dividend. Similar profitability and dividend payout as last year expected; won't increase 1–2 years due to capex. Debt-free company can take debt if needed.

Lot of discussion, need to see action first. PSU moves slower. Closely aligned; work on projects regularly. First-mile/last-mile is integrated solution we offer—we do first/last mile, Concor does middle. Customer stays with us. Leadership change at Concor; may take months to settle.

Lower dividend received from JVs. Consolidated profit numbers also lower than last quarter.

Volume growth, mix improvement (LTL), 30 new branches, diesel pass-through. Q1 delivered ~10–11% in line.

New contracts ramp H2, inventory replenishment, pipeline expansion. Q1 growth lagged; acceleration required H2 to hit target.

Two new ships Q3 add capacity; 4–6 month utilization ramp. Bunker pricing remains key variable.

Volume, mix, and branch expansion are gradual drivers. No timeline or margin %. Described as 'slow process.'

Bunker volatility is the main risk. Management says will 'absorb some costs, revenue increases might happen.' Range indicates uncertainty.

Investment phase; pricing pressure from market fragmentation. Guidance reset lower due to capex (new plant, trucks).

Ships ₹237 Cr (two final payments + possible third advance); warehouses ₹100 Cr; trucks/rakes ₹120 Cr; equipment/IT ₹100 Cr. 3-year plan ₹1,000–1,200 Cr outlined.

Bunker prices swung ₹72k–₹105k/ton in recent weeks. Direct pass-through to seaways P&L. Management cites 'very unpredictable' Q2 outlook. Hedging not mentioned. Seaways margins could drop below 25% if prices stay elevated.

Q1 supply chain growth moderated; analyst Krupa Shankar and Deepak both pressed. Management reaffirmed 12–15% FY27 but acknowledged 'pipeline contracts' and 'latter half acceleration.' Risk: H2 doesn't materialize, FY27 target misses. Inventory normalization nearly complete; replenishment is one-off boost.

Multiple analysts noted auto sector (4W, 2W, CV) reported strong Q1 vehicle sales, yet TCI supply chain not firing. Management blamed inventory carry-over from Q4, last-mile delivery shift, and some customers not growing. Risk: if customers delay restocking or shift to competitors, supply chain target will miss. Analyst Divyansh flagged this directly.

Mitsui-TCI margins fell from 14–15% to 9%; profit run rate ₹30 Cr (from ₹40–42 Cr). Management explicitly acknowledged 'pricing pressure' and 'production cuts' in Japanese customer segments. New plant investment (Aurangabad, next fiscal) will further delay profit recovery. Risk: dividend income to TCI flattens 1–2 years; analyst Deepak noted earnings not percolating.

Management claims freight margin improvement underway, but offered no quantified targets. Described as 'slow process,' 'big ship to turn.' New branches (10 opened, 30 planned) and mix shift (FTL/LTL) are gradual. Risk: freight margin improvement is too slow to offset inflation and capex, denting FY27 profitability target (which has profit growth implicit in 10–12% revenue guidance).

Two new ships (paid in full Q3–Q4 FY27) will add ~₹237 Cr capex. Management explicitly stated: 'higher depreciation…profitability might subdue a little bit because of the new ships for one or two quarters.' Risk: Seaways EBITDA growth offset by depreciation; net profit impact slightly negative Q3–Q4 FY27 and possibly into Q1 FY28.

CFO acknowledged potential working capital pressure from rate hikes (diesel, fuel, bunker). Receivable days stable at 55–56, but payables could tighten. Management stated credit policies in place and 'not seeing it as a real challenge so far,' but monitoring.