Allcargo Terminals: Q1 FY27 EBITDA +37% YoY, but consol. PAT dips 30% on high base

Allcargo Terminals' consolidated Q1 FY27 (quarter ended June 30, 2026) revenue rose 14.5% YoY and 3.1% QoQ to ₹214.41 Cr, matching management's own headline. EBITDA (computed) grew 37.2% YoY to ₹47.47 Cr, also matching the company's press release, with OPM expanding to 22.14% from 18.48% a year ago and 21.16% last quarter. But reported consolidated PAT fell 30.1% YoY and 27.4% QoQ to ₹6.37 Cr, and NPM compressed to 2.97% from 4.69% YoY — a headline the company's own release does not mention. There is no formal analyst consensus tracked for this small-cap CFS operator, so vsStreet is unknown; against the qualitative FY27 outlook management gave last quarter (capacity ramp toward 1 million TEU by FY28, EBITDA/TEU of ₹2,300-2,400, Farrukhnagar ICD progress), the quarter reads as on-track — volumes rose 7% YoY despite Middle East conflict disruption, per management, and both the JNPT Speedy and Farrukhnagar capex programs are proceeding as flagged.

The PAT decline is a below-the-EBITDA-line story, not an operating one. Depreciation jumped 36.6% YoY to ₹20.78 Cr and finance cost rose 11.4% to ₹15.93 Cr as new capacity assets came online, while total tax expense rose 63% YoY to ₹7.20 Cr, including a ₹1.95 Cr prior-year tax charge tied to the ongoing ₹49.13 Cr income-tax assessment appeal. The year-ago base was also inflated by a ₹3.71 Cr one-off provision-for-doubtful-debts write-back inside other income, which had lifted Q1 FY26 PAT. Stripping both one-offs — the prior-year write-back and this quarter's prior-year tax charge — adjusted YoY PAT growth works out to roughly +26%, a materially different read from the -30% reported figure, and broadly consistent with the EBITDA trajectory.

The stock went into the print at ₹24.58, up 3.3% over the past month of trading.

Consolidated basic EPS ₹0.24 vs ₹0.34 YoY, ₹0.33 QoQ

Standalone PAT told a different story: ₹13.50 Cr, up 183% YoY from ₹4.77 Cr, driven mainly by a ₹7.74 Cr dividend from a joint venture booked at the standalone level. The gap versus consolidated is explained by subsidiary Speedy Multimodes, which contributed only ₹0.22 Cr net profit on ₹67.72 Cr revenue this quarter — a weak quarter at the CFS subsidiary that dragged the group number below standalone. Separately, the board approved Pranav Choudhary, previously CEO (Ports) at Adani Ports & SEZ, as Additional Director and incoming Managing Director effective September 1, 2026, succeeding Suresh Kumar Ramiah, who is set to retire — a leadership transition landing right as the company executes its multi-year capacity expansion (₹400 Cr capex over three years, including the Farrukhnagar PFT-ICD project).