Company Update : Container Corporation of India Ltd by Motilal Oswal Financial Services Ltd
Slightly better than estimates
Earnings snapshot: 2QFY26
* Revenue grew 3% YoY to INR23.5b during 2QFY26 (in line). Total volumes grew 11% YoY to 1.4m TEUs, with EXIM/Domestic volumes at 0.109m/0.34m TEUs, respectively (+9%/+17% YoY). Blended realization declined ~7% YoY to INR16,321/TEU. EXIM/Domestic realization stood at INR14,426/INR22,286 per TEU, respectively (-5%/- 12% YoY).
* EBITDA margins came in at 24.2% (vs our estimate of 21.6%). EBITDA declined ~1% YoY and was 12% above our estimate.
* Land license fee for 1HFY26 stood at INR2.16b.
* During the quarter ended Jun’25 , the company reviewed and revised the estimated useful life of its LNG Trucks and Trailers. Consequently, the useful life of these assets has been extended from 8 years to 15 years. As a result, depreciation on LNG trucks & Trailers for the quarter stood at ~INR15.2m, a reduction of INR30.9m in 1HFY26. This change led to a corresponding increase in PBT by INR30.9m for 1HFY26.
* The Board has declared a dividend of INR2.6 per equity share, amounting to INR1.98b.
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