News Earnings Western Carriers Reports Strong Q3FY26 Performance with 14.5% Container Volume GrowthWestern Carriers Reports Strong Q3FY26 Performance with 14.5% Container Volume Growth
Western Carriers (India) Limited reported strong Q3FY26 results with 14.5% container volume growth, handling 62,203 TEUs versus 54,303 TEUs in Q3FY25. Revenue reached INR478 crores with EBITDA of INR24 crores and PAT of INR11 crores. The company completed over INR30 crores capex in specialized containers and equipment, while benefiting from recent India-EU and India-US trade agreements and infrastructure developments including the Western Dedicated Freight Corridor completion.
*this image is generated using AI for illustrative purposes only.
Western carriers (India) Limited demonstrated strong operational momentum in Q3FY26, with CEO Kanishka Sethia highlighting significant container volume growth and improved financial metrics during the company's earnings conference call held on February 16, 2026.
Operational Performance Shows Strong Growth
The company achieved impressive container volume growth across both business segments during Q3FY26:
| Segment | Q3FY26 (TEUs) | Q3FY25 (TEUs) | Growth (TEUs) | Growth (%) |
|---|---|---|---|---|
| Domestic | 23,565 | 20,516 | 3,049 | 14.86% |
| EXIM | 38,638 | 33,787 | 4,851 | 14.36% |
| Total | 62,203 | 54,303 | 7,900 | 14.5% |
The EXIM business showed sustained recovery with over 14% growth, supported by improving geopolitical conditions and strong order books. The domestic segment maintained robust momentum with nearly 15% growth, driven by demand for both general and specialized containers.
Financial Performance Reflects Operational Strength
Western Carriers delivered resilient financial results for Q3FY26, showing sequential improvement across key metrics:
| Financial Metric | Q3FY26 | Q2FY26 | QoQ Growth (%) |
|---|---|---|---|
| Revenue from Operations | INR478 crores | INR440 crores | 9% |
| EBITDA | INR24 crores | INR19 crores | 27% |
| EBITDA Margin | 5.00% | 4.30% | - |
| PAT | INR11 crores | INR9 crores | 22% |
| PAT Margin | 2.30% | 2.00% | - |
The sequential improvement in margins demonstrates the company's operational efficiency and the benefits of its asset-light multimodal model.
Strategic Infrastructure Investments and Developments
The company completed significant capital expenditure of over INR30 crores during the year, focusing on:
- Specialized containers: Fleet of over 1,000 TEUs to meet client requirements
- Heavy equipment: Including reach stackers and handling equipment
- Commercial vehicles: Supporting expanded service offerings
The Devaliya MMCT near Morbi, spread over 32 acres, continues to expand operations with fixed services connecting North (CMLK), South (Bangalore), and East (Calcutta and Guwahati). This facility serves diverse industries including tiles, chemicals, and agricultural products.
Market Tailwinds from Trade Agreements
Management highlighted significant opportunities from recent trade developments:
India-EU Free Trade Agreement
- Eliminates duties on 97% of EU goods exports to India and 99% of Indian goods to EU
- Expected to double EU exports to India by 2032
- Benefits key Indian sectors: textiles, chemicals, engineering goods, pharmaceuticals, leather, gems and jewelry
India-US Interim Trade Deal
- Reduces US tariffs on Indian goods to 18% from 50%
- India committed to purchasing over USD500 billion in US products over five years
- Strengthens EXIM cargo movement in both directions
Infrastructure and Policy Support
Several infrastructure developments are expected to boost the company's operations:
- Western Dedicated Freight Corridor: Expected completion to JNPT by March 2026
- East-West Dedicated Freight Corridor: New 2,000+ kilometer corridor from Dankuni to Surat
- Union Budget 2026-27: INR12.2 lakh crores public capex with INR5.98 lakh crores for transport and logistics
The company benefits from AEO (Authorized Economic Operator) certification, providing preferential treatment in cargo clearance and extended duty deferral payments from 15 to 30 days.
Future Outlook and Strategic Focus
Western Carriers is well-positioned to capitalize on the growing 4PL market, estimated at USD75-82 billion globally with 7-8% CAGR projected over the next decade. The Indian logistics sector is expected to reach USD380-450 billion by FY27, growing at 8-10% CAGR.
Management emphasized the company's focus on consistent execution, technology-driven operational efficiencies, and enhanced capabilities to deliver customer satisfaction while generating sustainable long-term value for stakeholders.
Historical Stock Returns for Western Carriers
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.81% | +0.62% | +3.29% | +0.13% | +28.73% | -25.31% |
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