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Earnings miss with higher operating expenses

• Revenue grew 3% YoY to INR21.5b during 1QFY26 (6% below estimates).
• Total volumes rose 11% YoY to 1.3m TEUs, with EXIM/domestic volumes at 0.97m/0.32m TEUs (+12%/+9% YoY).
• Blended realization declined ~8% YoY to INR16,662/TEU. EXIM/domestic realization stood at INR14,384/INR23,676 per TEU (-5%/-12% YoY).
• EBITDA margins came in at 19.8% (vs. our estimate of 21.1%). EBITDA fell ~1% YoY and was 12% below our estimate.
• During the quarter, 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 eight years to 15 years. As a result, depreciation on these assets for the quarter stood at ~INR15m, down by INR15.4m. This change led to a corresponding increase in PBT for the quarter.

Other insights

• Land License fee for 1QFY26 stood at INR1.1b.
• The board has declared a dividend of INR1.6 per equity share

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