Western Carriers (India) Limited, a key player in the logistics sector, has announced its financial results for the second quarter of fiscal year 2026, showcasing revenue growth and significant debt reduction.

Financial Highlights

• Revenue: INR 440.00 crores, representing a 6% quarter-on-quarter growth
• EBITDA: INR 19.00 crores, remaining stable
• EBITDA Margin: 4.30%
• Net Debt: Reduced to INR 8.40 crores from INR 228.55 crores last year

Key Takeaways

Revenue Growth

Western Carriers reported a 6% quarter-on-quarter increase in revenue, reaching INR 440.00 crores.

Stable EBITDA

The company maintained its EBITDA at INR 19.00 crores, with a margin of 4.30%.

Significant Debt Reduction

Western Carriers substantially reduced its net debt to INR 8.40 crores, down from INR 228.55 crores in the previous year, demonstrating improved financial health.

Capital Expenditure

The company completed INR 30.00 crores of capex in H1 FY26, focusing on specialized containers and heavy equipment.

Business Focus

Western Carriers' capital expenditure strategy indicates a focus on enhancing its capabilities in specialized logistics services. The investment in specialized containers and heavy equipment suggests the company is positioning itself to cater to specific industry needs and potentially higher-value logistics segments.

Financial Position

The significant reduction in net debt from INR 228.55 crores to INR 8.40 crores represents a major improvement in the company's financial position. This debt reduction may lead to lower interest expenses and improved financial flexibility for future growth initiatives.

Conclusion

Western Carriers (India) Limited's Q2 FY26 results demonstrate the company's ability to grow revenue while significantly strengthening its balance sheet. The stable EBITDA and focused capital expenditure indicate a strategic approach to maintaining operational efficiency while investing in future growth. The substantial debt reduction positions the company well for potential expansion and improved profitability in the coming quarters.

Investors and industry observers will likely be watching how Western Carriers leverages its improved financial position and specialized investments to drive growth and market share in the competitive logistics sector.

Western Carriers (India) Limited , a prominent logistics solution provider, has released its monitoring agency report on IPO proceeds utilization for the quarter ended September 30, 2025, along with an announcement of its upcoming earnings conference call.

IPO Fund Utilization

The company raised Rs 4,928.80 million through its Initial Public Offering (IPO), comprising Rs 4,000.00 million from a fresh issue and Rs 928.80 million from an offer for sale. As of September 30, 2025, Western Carriers has utilized a portion of these funds for various purposes:

The monitoring agency, CRISIL Ratings Limited, reported no deviations from the stated objectives and confirmed that the utilization is in line with the prospectus disclosures.

Fund Deployment

As of the end of the quarter, Western Carriers has deployed Rs 1,455.74 million in fixed deposits with HDFC Bank, earning a 7.50% return. The company's financial management ensures that unutilized funds are generating returns while awaiting deployment for stated objectives.

Strategic Adjustments

The company has made an adjustment in its capital expenditure. During the reported quarter, Western Carriers purchased commercial vehicles that differed from the models initially specified in the prospectus. This decision was made in response to current market conditions and evolving business requirements. The company states that this deployment of funds remains consistent with its stated objectives and aligns with the disclosures made in the offer document.

Earnings Conference Call

Western Carriers has scheduled its Q2 & H1 FY26 earnings conference call for Monday, November 17, 2025, at 11:00 AM (IST). The call will discuss the company's operational and financial performance for the quarter and half-year ended September 30, 2025.

Key participants in the call will include:

• Mr. Kanishka Sethia (Chief Executive Officer, Chief Financial Officer, and Whole Time Director)
• Ms. Sapna Kochar (Company Secretary & Compliance Officer)

Investors and analysts can access the call through various international toll-free numbers provided by the company.

This earnings call presents an opportunity for stakeholders to gain insights into Western Carriers' recent performance and future strategies, particularly in light of its recent IPO fund utilization.

Western Carriers' reporting on its IPO fund utilization and its approach to investor communication reflect the company's commitment to corporate governance practices. As the logistics sector continues to evolve, investors may be interested in understanding how Western Carriers plans to use its newly acquired resources to drive growth and maintain its competitive position in the market.