Container Corporation Of India Ltd (CONCOR) Q2 FY27 Results Analysis: PAT Slips 7.85%, Domestic Profit Plunges
Container Corporation Of India Ltd's Q2 FY27 numbers came in soft, with revenue of Rs. 2,373.21 Cr (+0.93% YoY) and PAT growth of -7.85% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 02, 2026 |
|---|---|
| Revenue (Q2) | Rs. 2,373.21 Cr (+0.93% YoY) |
| PAT (Q2) | Rs. 347.16 Cr (-7.85% YoY) |
| EBITDA margin | 25.79% (-137 bps YoY) |
| EPS (Q2) | Rs. 4.56 (-7.88% YoY) |
Quarter Snapshot
Q2 FY27 was a cost-driven margin compression quarter: revenue was flat (+0.93% YoY) while PAT fell 7.85% and EBITDA margin slipped ~137 bps to 25.79%, with the Domestic segment result collapsing to Rs.14.57 Cr from Rs.64.42 Cr. Management's FY27 volume guidance (9.5% overall, 25% domestic) is off pace, with H2 requiring +14.31% volume growth versus +0.53% in Q2. Offsets include EXIM margin resilience (27.15%), cash conversion at 1.28x PAT, and the margin/capex guidance remaining on track.
Q2 FY27 Expectations vs Results
| Driver | What happened | Verdict |
|---|---|---|
| Blended volumes in-line-to-behind; domestic +25% guidance "looks stretched" vs +2.43% Q2 print | Q2 +0.53%; domestic margin 1.86% | Played out |
| EXIM ahead on trade tailwind but CONCOR volumes constrained | EXIM volume −0.07%; EXIM result +Rs.8.24 Cr, margin 27.15% — profit held, volume didn't | Partially |
| Margin flat-to-supportive; no fuel shock; LLF true-up the swing factor; 24–25% band hinges on LLF/domestic mix | Q2 margin 25.79% in band but down YoY; domestic mix was the swing, not LLF | Partially |
| 2nd interim dividend possible | Declared Rs.1.90/share, Rs.144.71 Cr | Played out |
| GST appeal/provisioning language; board-independence remediation | No provision; Rs.12.34 Cr under appeal; two IDs appointed but auditor note persists | Played out / Partially |
| Domestic guidance re-base question | Not addressed in the filing — remains open for the call | Not observable |
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Management Guidance vs Delivery
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Overall volume growth 9.5% FY27 | Q4 FY26 earnings call (26.05.2026), retained at Q1 FY27 call | Q2 TEUs +0.53%; H1 +4.48% (provisional) — H2 now needs 32,59,301 TEUs, +14.31% vs H2 FY26 | Off pace |
| EXIM volume growth 8% FY27 | Q4 FY26 earnings call | Q2 −0.07%; H1 +4.57% | Off pace |
| Domestic volume growth 25% FY27 | Upgraded at Q1 FY27 call (27.07.2026) from 15% | Q2 +2.43%; H1 +4.22%; domestic segment margin 1.86% | Effectively unreachable |
| EBITDA margin 24–25% FY27 (company definition, incl. other income) | Q4 FY26 earnings call | Q2: 25.79% standalone / 25.77% consolidated; H1: 24.74% / 24.73% — H1 inside the band | On Track |
| Capex Rs.945 Cr, may rise at midyear | Q4 FY26 earnings call | Rs.452.10 Cr in H1 (standalone) — ~48% of budget | On Track |
| First/last-mile 80%; JNPT rail coefficient 30–35%; bulk cement 1 Mn tons; 100 terminals/500 rakes/70,000 containers by 2028; 10 Mn TEUs/Rs.15,000 Cr by FY29 | Q1 FY27 / Q3 FY26 / Q2 FY26 calls; 38th AGM | Not derivable from this filing | Too Early |
Key Numbers, Quarter by Quarter
| Metric | Q2 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|
| Handling TEUs | ~1.44 Mn | 14,04,821 | 14,48,379 |
| Volume YoY | — | +0.21% (rev) | +0.53% |
| EBITDA margin (mgmt def., standalone) | 27.16% | 23.58% | 25.79% |
Key Investment Insights
Key Positives
- EXIM segment result grew to Rs.432.12 Cr from Rs.423.88 Cr YoY with margin up ~28 bps to 27.15%, recovering from Q1's 21.78%
- EBITDA margin of 25.79% (management definition) landed inside the guided 24-25% FY27 band
- H1 standalone CFO of Rs.799.87 Cr was 1.28x PAT; FCF of Rs.347.77 Cr
- Capex of Rs.452.10 Cr in H1 tracks ~48% of the Rs.945 Cr FY27 budget
- 2nd interim dividend of Rs.1.90/share (Rs.144.71 Cr) declared
- JV/associates line swung to +Rs.15.91 Cr in Q2 from −Rs.3.56 Cr in Q1
- Trade receivables eased to Rs.472.96 Cr from Rs.479.73 Cr on flat revenue
Risk Factors
- Domestic segment result collapsed to Rs.14.57 Cr from Rs.64.42 Cr YoY (margin 1.86% vs 8.32%), worse than Q1's 3.52%
- FY27 volume guidance of 9.5% is off pace: Q2 volumes +0.53%, H2 needs +14.31%; domestic +25% guidance effectively unreachable
- Standalone PAT fell 7.85% and PBT fell 8.40% YoY on revenue up only 0.93%
- EBITDA margin compressed ~137 bps YoY to 25.79% (management basis) with EBITDA down Rs.28.41 Cr in absolute terms
- Finance costs rose 20.29% YoY on lease liabilities building to Rs.1,066.75 Cr
- LLF of Rs.216.65 Cr booked on own assessment is 'not final' with auditor emphasis of matter; true-up direction open
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Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.