CONCOR
Mid CapContainer Corporation of India Limited
Services
Container Corporation of India (CONCOR) is a Navratna PSU providing multi-modal logistics solutions, including rail transportation, warehousing, and first/last mile services. It operates a vast network of 67 terminals and 411 rakes across India, with a significant government holding of 54.80%.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 2/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100Rev -1% YoY · PAT -12% YoY · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,263 Cr | -1.1% | -1.9% |
| EBITDA | ₹427 Cr | -3.2% | -16.9% |
| Operating margin | 19.0% | +0 bps | -300 bps |
| PAT | ₹264 Cr | -12.0% | -21.2% |
| PAT margin | 11.7% | -144 bps | -284 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
CONCOR reported highest-ever Q3 throughput of 1.42 mn TEUs, up 10.78% YoY, and highest-ever Q3 operating income of ₹2396.97 crore. Total income also reached a Q3 record of ₹2,301.72 crore, but PAT declined 4.17% YoY to ₹329.12 crore.
While operational metrics like throughput and operating income showed strong YoY growth, the decline in Profit After Tax (PAT) for Q3 FY2025-26 despite revenue growth is concerning. This suggests potential margin compression or increased costs that warrant further investigation.
Physical Throughput (TEUs) by Segment (FY2024-25)
Latest issuer-disclosed distribution across 2 reported categories.
First Mile Last Mile (FMLM) Services Expansion
FMLM income increased 15.51% YoY in FY2024-25 to ₹350 crores. Management targets increasing FMLM share to 50% by end of 2025-26 from current 28%.
Specialized Cargo Movement
Introduced specialized tank containers for bulk cement and liquid cargo movement via rail, strengthening India’s logistics supply chain.
Passive Cooling Technology (Ice Battery)
Acquired exclusive license for 'Ice Battery' technology in India, enabling temperature-controlled logistics for 50+ hours without external power, supporting green logistics.
International North-South Transport Corridor (INSTC)
Signed service agreement with RZD Logistics for container movement via INSTC, offering shorter, faster, and greener routes to Russia and CIS countries.
New Rakes Commissioned
10 new High Speed Heavy Capacity Rakes were commissioned in Q3 FY2025-26.
New Containers Procured
925 new indigenously manufactured containers were procured in Q3 FY2025-26, boosting the total fleet.
LNG Station Commissioned
Commissioned an in-house LNG station at MMLP Khatuwas, in collaboration with IOCL, for uninterrupted supply to LNG-powered road trailers.
Green & Sustainable Logistics Focus
Deployment of 230 LNG trucks and 2 EV trucks, MoU with TERI for a Centre of Excellence, and MoU with GAIL for LNG adoption as alternative fuel.
Digitalization and IT Solutions
Implementation of AI-based Terminal Management System, Rake Monitoring Portal, e-Logistics Mobile App, and e-filing systems to enhance efficiency and transparency.
Government Support for Infrastructure
The INSTC initiative, a 7200km multi-modal network, is supported by India, Russia, and Iran, aiming to increase trade volume and connectivity.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Q3 results are best understood with YoY comparisons due to potential seasonality in logistics operations. QoQ comparison is also relevant to assess sequential momentum, especially for PAT which saw a decline from Q2 to Q3.
Q3 Throughput
1.42 mn TEUs, representing 10.78% growth over Q3 FY2024-25 (1.28 mn TEUs).
Q3 Containerized Cargo Movement
13.27 Million Tonnes moved during Q3, compared to 12.70 Million Tonnes in the corresponding period of the previous year, registering 4.49% growth.
Total Rake Holding
411 Rakes as of Q3 FY2025-26.
Total Container Fleet
56,810 Containers as of Q3 FY2025-26.
Targeted FMLM Share Increase
Management aims to increase the share of First Mile Last Mile transportation at its terminals to 50% by the end of FY2025-26.
Strategic Collaborations
MoUs signed with PSA MESA for supply chain efficiency, GSV for innovative logistics solutions, and Shipping Corporation of India (SCI) for overseas footprint and coastal/inland waterways trade.
Commitment to Green Logistics
Exploring LNG as an alternative fuel and promoting sustainable warehousing and freight transportation through various initiatives and partnerships.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| FMLM Share | 28% (FY2024-25) | Progress towards the 50% target by end of FY2025-26. |
| PAT Margin Trend | Q3 FY2025-26 PAT declined 4.17% YoY despite revenue growth. | Reversal of the declining PAT trend and improvement in profitability margins in subsequent quarters. |
| Utilization of New Initiatives | Bulk cement/liquid cargo movement and Ice Battery technology recently introduced. | Volume growth and revenue contribution from specialized cargo and cold chain logistics services. |
| INSTC Route Development | Service agreement signed with RZD Logistics. | Actual container movements and revenue generation from the INSTC route, subject to geopolitical factors. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
CONCOR targets to have 100 terminals, over 500 rakes, and 70,000 containers by 2028.
"Target for infrastructure for 2028 remains the same, 100 terminals, 500-plus rakes and 70,000 containers"
CONCOR will very soon start Far East shipping services, expecting over 30% margin per container and exponential expansion in the future, contributing to top-line and bottom-line growth.
"we will very soon starting our Far East services also. This is also a very high-margin business."
Outcome check: OPM moved from 24.0% to average 20.5% (-3.5 pp).
CONCOR expects to achieve an overall volume growth of 13% for FY26, with EXIM growing by 10% and domestic by 20%.
"guidance, I would like to keep them unchanged at 13%, EXIM 10%, domestic, 20%"
Outcome check: Revenue YoY averaged 1.7% across 2 later quarter(s).
Connectivity of the Western Dedicated Freight Corridor (WDFC) to JNPT is likely by March 2026.
"WDFC, connectivity to JNPT is likely by March 2026"
Trend score and candlestick chart
47NeutralSMA20 -1.4% / mo · near 52W low
Technical chart
CONCORweekly · 3Y-45.3%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 38.
- SMA20 falling (~1.5% over last month) — short-term momentum negative.
- RSI(14) at 38 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 41% off 52W high · 7% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 22.8%.
- Balance sheet contributes 13/15 to the score.
Main drags
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 6/30; verify the latest quarterly trend.
- Growth is weaker at 10/25; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Management has 50% delivered/partly-delivered outcomes on 2 checked claims, with 1 adverse claim outcome. It ranks around the 82nd percentile of the scored universe and 90th percentile within Services. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Services: 90th pctile, median 66 · Mid: 56th pctile, median 76
92 documents indexed, but claim history is not strong enough yet.
2/4 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.5%.
- ▸8 years of positive FCF.
- ▸Debt/equity is 0.07.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 27.30
- P/B
- 2.62
- EV/EBITDA
- 14.03
- Market Cap
- 33896.00Cr
Profitability
- ROE
- 9.81%
- ROCE
- 12.40%
- ROA
- 8.21%
- Dividend Y
- 2.07%
Growth (CAGR)
- Revenue 5Y
- 7.00%
- EPS 5Y
- 17.00%
- Revenue 3Y
- 4.00%
- EPS 3Y
- 2.00%
Balance Sheet
- Debt/Equity
- 0.07
- Interest Coverage
- 23.95×
- Altman Z
- 8.47
- Book Value
- 170.00
Cash Flow
- FCF Yield
- 2.52%
- FCF Positive Y
- 8/5
- OCF
- 1482.00 Cr
- EPS TTM
- 16.30
Shareholding
- Promoter Hold
- 54.80%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 10%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.