Allcargo Termi Q2 FY27 Results (NSE: ATL)
Signal: Margin expansion
The read
The trajectory remains operationally positive: consolidated revenue rose 21.5% YoY and EBITDA rose 45.8% with margin reaching 23.4%, but standalone margin contracted 412bps to 18.5% and consolidated PAT/EPS are absent from the supplied statement, leaving earnings quality unresolved.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹251.63 Cr | +21.5% | +17.4% |
| EBIT | ₹40.89 Cr | +51.6% | |
| EBIT margin | 23.4% |
P&L walk
Consolidated operating revenue increased to ₹251.63 Cr, +21.5% YoY and +17.4% QoQ, while EBITDA rose to ₹58.85 Cr, +45.8% YoY, as operating expenses grew only 12.8% YoY; depreciation increased 32.0% YoY to ₹20.88 Cr, keeping the capex/depreciation burden elevated.
Segments
The consolidated group materially outperformed the standalone parent: consolidated revenue was ₹251.63 Cr versus standalone ₹164.07 Cr, with the group benefiting from subsidiary and JV/associate contributions including ₹2.27 Cr of share of profit.
Key positives
- Consolidated revenue reached ₹251.63 Cr, +21.5% YoY and +17.4% QoQ, accelerating from the prior results-series growth of +6.3% in Q2FY26.
- Calculated consolidated EBITDA rose 45.8% YoY to ₹58.85 Cr versus revenue growth of 21.5%, with margin expanding to 23.4%.
- Consolidated finance cost increased only 9.4% YoY to ₹15.89 Cr, below revenue growth, while standalone H1 operating cash flow increased to ₹75.38 Cr from ₹50.31 Cr.
- Standalone PAT increased 9.4% YoY to ₹7.77 Cr despite a 412bps YoY contraction in calculated operating EBITDA margin.
Key concerns
- Standalone operating expenses rose 20.3% YoY to ₹100.59 Cr, faster than standalone operating revenue growth of 16.8%, driving calculated operating EBITDA margin down to 18.5%.
- Consolidated depreciation increased 32.0% YoY to ₹20.88 Cr, faster than consolidated revenue growth, indicating a rising depreciation burden as the asset and capacity cycle develops.
- Trade receivables increased to ₹42.44 Cr from ₹28.25 Cr at March 31, 2026, a 50.2% increase that requires monitoring against revenue growth.
- Consolidated PAT and EPS were not present in the supplied consolidated statement text, preventing a full bottom-line quality assessment.
Research and educational content only. Not investment advice.