Industry Overview

India’s freight and logistics sector serves as a critical enabler of economic activity, facilitating the
movement of goods across a vast and geographically diverse landscape. Yet, the sector faces
structural inefficiencies: transportation costs in India are estimated at 7% of GDP—significantly
higher than the global average of 5%—diminishing export competitiveness and burdening supply
chains.
The modal mix is heavily skewed toward road transport, which accounts for nearly 65% of freight
movement. Railways, by contrast, carry just ~27% of domestic freight, despite offering superior cost-
efficiency, energy intensity, and emissions profile. Unlocking greater rail share is therefore both an
economic and environmental imperative.

Policy Push: National Rail Plan and Infrastructure Modernization

To address this imbalance, the Government of India introduced the National Rail Plan (NRP) in 2021,
aiming to create ahead-of-demand capacity and reposition rail as the backbone of long-haul freight.
The NRP targets a freight modal share of 45% by 2030, up from ~27% currently, along with doubling
average freight train speeds from 22 km/h to 50 km/h and reducing overall logistics costs by 30%.
This is underpinned by investments in Dedicated Freight Corridors (DFCs), terminal capacity
expansion, electrification, and digitization. As of FY2024-25, Indian Railways has surpassed 1.46
billion tonnes in freight movement, with a long-term ambition to reach 3 billion tonnes annually by
2030.

Port Volume Trends and Container Growth

Approximately 80% of container volumes handled by the rail logistics sector are linked to port-origin
or destination cargo i.e. dependent on the EXIM sector. This number is > 99% for GDPL and >80% for
Concor.
India’s total port volumes reached 1,540 million tonnes (MMT) in FY24, growing at a 7% CAGR since
FY21. Container cargo accounted for 352 MMT (~22%), registering 8% CAGR in the same period,
outpacing bulk and liquid categories. Containerization is projected to increase steadily, with volumes
expected to cross 580 MMT by FY2030, translating to a CAGR of 11%.
As of April–December FY2024-25, major ports handled 621.76 MMT, up 2.68% YoY. Of this,
container cargo contributed 142.9 MMT, maintaining its ~23% share—highlighting the segment’s
resilience amid macro uncertainties.

India Port and Container Volume

1,600.00
1,200.00
800.00
400.00
0.00
20 21 22 23 24 )
9- 0- 1- 2- 3- ec
1 2 2 2 2 r-D
20 20 20 20 20 Ap
5(
4-2
2
20

Total Port Vol (MMT) Total Container Vol (MMT)

Strategic Focus: Container Freight as a High-Potential Segment

Within the broader freight ecosystem, containerized cargo has emerged as a high-growth, high-
margin subsegment. It offers better cargo visibility, multimodal flexibility, and is aligned with the
rising formalization of supply chains under GST and Make-in-India.
Container rail logistics—led by companies like CONCOR and Gateway Distriparks—has increasingly
become the preferred mode for EXIM movement due to superior turnaround times and hinterland
connectivity.

Container Share (%)

25%

20%

15%

10%

5%

0%
2019-20 2020-21 2021-22 2022-23 2023-24 2024-
25(Apr-Dec)
Macroeconomic Linkages: GDP Correlation and Demand Sensitivity
Port throughput—particularly container volumes—has exhibited a strong empirical correlation with
macroeconomic activity, serving as a high-frequency proxy for trade and industrial demand.
Historical analysis reveals:
 India’s GDP growth has a 0.70 correlation with total port volume growth and 0.45 with container
volumes.
 Global GDP growth, by contrast, shows a 0.31 correlation with total port volumes and 0.47 with
container volumes.

This clearly underscores the primacy of domestic economic momentum in driving freight demand,
particularly for containerized and general cargo movements. While global trade cycles do influence
container flows, the Indian economy’s consumption base, infrastructure investment, and import
orientation act as more decisive demand levers.
Forward-looking projections further support this constructive outlook. For FY2025–26, India’s real
GDP is projected to grow at 6.3–7.0%, with upward revisions from Moody’s Analytics and Fitch citing
strong domestic demand and a resilient investment cycle. In contrast, global GDP growth is expected
to remain moderate, at 2.3–3.1%, with downward revisions by OECD and Fitch reflecting persistent
geopolitical and inflationary headwinds.
Given the historical port-GDP correlation coefficients, these projections reinforce expectations of
stable-to-accelerating port volume growth, particularly in the container segment.

WDFC and JNPT Port: Untapped Potential

JNPT remains India's dominant container port, handling 43% of total tonnage and 50.7% of TEUs
among major ports in 2023-24, as per the provided traffic data. However, its rail coefficient of just
16-17% significantly lags behind peers like Mundra (26%) and Pipavav (63%), highlighting substantial
untapped potential for modal shift. The nearing completion of Western Dedicated Freight Corridor
(93% done) with targeted JNPT connectivity by December 2025 has the potential to transform this
dynamic. CONCOR’s management has indicated potential for JNPT's rail coefficient to reach 40-45%
post-DFC completion, which would represent a 2.5x increase from current levels.
Early operational benefits of WDFC are already visible, with transit times from NCR to western ports
reduced from 72 hours to 24-28 hours on DFC stretches. Current DFC operations achieve average
speeds of 54 kmph (double conventional rail) and wagon turnaround times of just 0.8 days versus
5.1 days on Indian Railways' legacy network. For the railway logistics industry and especially
CONCOR, which derives 33% of its volumes from JNPT as per the provided mix data, this
development presents a significant opportunity.
The DFC's full potential depends on seamless integration with existing IR feeder routes, which
currently handle cargo transfers to/from non-DFC locations. While Indian Railways is upgrading
these connections and DFCCIL develops multimodal terminals along the corridor, improved last-mile
connectivity could further accelerate the road-to-rail shift beyond core DFC routes. This network
integration remains crucial for realizing the projected rail coefficient gains at JNPT and other western
ports.

Risks to the Industry

Delayed JNPT Connectivity Limits Realisation of DFC-Linked Upside
Companies faces a risk from the delay in connecting JNPT to the Western DFC, which is currently
expected to be completed by December 2025 according to official sources. However, certain channel
checks indicate that an additional delay of 3–6 months may be likely. While routes to Mundra and
Pipavav are already operational, the full network benefit will only materialize once JNPT is
connected. Current improvements—such as faster turnaround times (72 to 24-28hrs) and an
increase in double-stacking (from 33% in Q1 FY24 to 40% in Q3)—have not translated into higher
revenue per TEU, which remains flat. This suggests that margin gains may be competitively passed
on to customers or eroded by pricing pressure, limiting the net financial upside from DFC integration
until full commissioning. Moreover, while the upcoming DFC linkage to JNPT could improve network
efficiency, its impact on GDPL will be limited as only ~5% of volumes are currently associated with
that port.

Slower Modal Shift from Road to Rail

The modal shift of cargo from road to rail remains slower than anticipated, despite the
commissioning of the Western DFC on routes to Mundra and Pipavav. Rail’s share of port evacuation
has either stagnated or declined, indicating weak adoption. For instance, the rail coefficient at JNPT
has fallen from 18% in Q1FY23 to 16% in Q3FY25, and at Mundra from 26% to 24% over the same
period. At Pipavav, the coefficient has fluctuated but remains below peak levels. These trends
suggest that infrastructure alone is insufficient to drive volume migration from road to rail, which
limits GDPLs’ scale benefits and growth leverage.
Concor and GDPL have both indicated recent weakness in heavy, low-value cargo volumes due to
elevated shipping rates and the gradual rollback of haulage charge discounts. Although there has
been an improvement in the cargo mix towards lighter categories like electronics, such shifts tend to
favour road over rail, further delaying the modal transition.

Rising Pricing Pressure and Policy-Driven Headwinds

Companies are facing mounting pricing pressure from competitor discounting for securing long term
contracts—particularly in markets like Ludhiana, where 5–15% rate cuts persist despite a degrowing
market. This is further compounded by Indian Railways' reintroduction of a 10% busy season
surcharge since Oct’24 and the phased withdrawal of haulage charge discounts on both empty and
laden containers. These developments are constraining pricing power and dampening the road-to-
rail shift, putting additional pressure on margins.

Rising Competition from Port-Led Integrated Logistics Conglomerates

Companies like GDPL and CONCOR also face a mounting structural threat in the medium-to-long
term from aggressive expansions by port-integrated logistics players—primarily Adani Ports and
Special Economic Zone (APSEZ) and JSW Infrastructure (JSWI)—who are leveraging their deep
hinterland connectivity and multimodal capabilities to disrupt the EXIM container value chain.
APSEZ reported a 39% YoY increase in logistics revenue in FY25, reaching ₹2,881 crore, underscoring
the scaling of its container transport operations, which now span 68 container rakes across 132 total
rakes, 12 MMLPs, and 3.1 million sq. ft of warehousing. Container volumes handled through its
logistics arm grew to 0.64 million TEUs (+8% YoY), with the container market share rising to 45.5%
nationally, compared to 44% in FY24.
Significantly, APSEZ is executing a ₹11,000–₹12,000 crore FY26 capex plan, with a substantial portion
earmarked for logistics expansion—both organically via rake and warehouse additions, and
inorganically through strategic land banks (900 acres in Gujarat, 390 acres in NCR). Its Mundra port,
now India's largest, crossed 200 MMT annual cargo, becoming the logistical anchor for bundling
port-rail-road offerings to inland destinations such as Ludhiana, Patli, and Loni—key corridors for
GDPL’s ICD operations. APSEZ is explicitly targeting a 45% FY24–29E EBITDA CAGR in logistics,
positioning itself as an end-to-end transport utility and potentially eroding the entry moat for
standalone ICD operators like GDPL.
Further, JSWI's FY25 acquisition of Navkar Corporation (70.37% stake) marked its strategic foray into
container logistics. Navkar’s ICD and CFS facilities in Somathane, Ajivali, and Morbi handled 66,000
TEUs in FY25 (+86% YoY), complemented by 602 trailers, 6 RTGs, and 111 container rakes, creating
an extensive last-mile rail-road offering in Maharashtra and Gujarat. With its EXIM mix nearly
balanced (Export 52%, Import 48%), JSWI is now directly overlapping with GDPL in West/North-West
corridors.
JSWI has committed ₹90 billion in logistics capex through FY30E, targeting ₹20 billion EBITDA, with a
focus on container connectivity via Gati Shakti-linked rail terminals and greenfield ICDs in industrial
clusters. This transition from bulk port operations to value-added container logistics narrows the
differentiation GDPL historically relied on.

EXIM Imbalance and Global uncertainty

The industry faces a growing risk from the EXIM volume imbalance, which currently stands at 55:45
in favour of imports. A sustained imbalance increases the need to run rakes empty on the return leg,
which raises operating costs, lowers utilization efficiency, and puts pressure on pricing. This issue
could be further worsened by tariff uncertainties and delays in the normalization of container flows
through the Suez Canal.

Exhibits-
 EXIM Volume Comparison ('000 TEUs)
CAGR (FY18-
Metric FY18 FY19 FY20 FY21 FY22 FY23 FY24 9MFY25
FY24)
CONCOR 2,000 2,100 2,000 2,000 2,100 1,900 2,100 1,600 0.30%
YoY Growth % 10% 4% -7% 0% 8% -10% 8% 2% -
Gateway
229.8 236.8 257 248.5 333.3 348 368.1 267.2 8.20%
Distriparks
YoY Growth % 5% 3% 9% -3% 34% 4% 6% -5% -
India Industry 43,300 48,500 49,900 50,800 57,000 60,000 64,400 NA 6.80%
YoY Growth % 15.00% 11.90% 2.90% 1.90% 12.10% 5.20% 7.40% NA -
EXIM Revenue Comparison (Rs MN)
CONCOR 45,598 50,297 49,153 46,936 52,887 52,129 55,535 42,426 3.30%
Gateway
7,574 7,981 8,687 8,159 10,606 11,213 12,490 9,507 8.70%
Distriparks
Realization per Teu (Rs)
CONCOR 22,516 23,855 24,962 23,733 24,808 27,178 26,911 27,104
Gateway
32,954 33,703 33,796 32,832 31,825 32,218 33,934 35,576
Distriparks
EBITDA Margins
CONCOR 30.8 34 32.4 20.9 28 30 28.4 29.4
Gateway
17.2 16.9 20.3 26.9 29.8 29.1 27.7 27
Distriparks
EBITDA per Teu
CONCOR 6,945 8,119 8,098 4,954 6,957 8,146 7,650 7,961
Gateway
5,659 5,702 6,867 8,837 9,485 9,388 9,397 9,608
Distriparks

Gateway Distriparks Ltd.

Recommendation

Target prices-
Base Case Bull Case Bear Case
2025E 66.8 72.5 60.9
2026E 80.4 83.0 77.6
2027E 82.6 87.5 77.8

Company Overview

Established in 1994, Gateway Distriparks Ltd. is an integrated multimodal logistics company. GDL’s
business model is based on providing integrated intermodal logistics services through rail and road
transportation, container handling, warehousing, and value-added services. It operates a network of
10 container terminals, consisting of 5 rail-linked Inland Container Depots (ICDs) and 5 Container
Freight Stations (CFSs), strategically located to serve major industrial and manufacturing zones.
Further, the company holds a license to operate on the pan-India Railways network and benefits
from alignment with the Western Dedicated Freight Corridor (WDFC).
As of 3rd Feb’25, the company has an installed ICD capacity of 8,30,000 TEUs per annum, CFS capacity
of 5,25,000 TEUs per annum, and warehousing capacity of approximately 1,62,000 square meters.
Furthermore, a new ICD at Jaipur is under construction with a planned capacity of 1,25,000 TEUs.

The company is also the majority owner of Snowman Logistics Limited (50.01%), India’s largest
integrated temperature-controlled logistics company. As of 3 rd Feb’25, Snowman operates 41
temperature-controlled warehouses across 20 cities, offering cold chain management services for
various industries.

Revenue Breakup - Consolidated

Segment FY22 FY23 FY24
Rail (%) 74.95 77.68 80.42
CFS (%) 24.95 22.31 19.57
EXIM(%) 95% + 95% + ~99%
Domestic(%) ~5% ~5% ~1%

KPIs Unit FY22 FY23 FY24

Financial
Income from Operations (Rs in mn) 13,736 14,209 15,361
EBITDA (Rs in mn) 3,686 3,676 3,796
Adjusted PAT (Rs in mn) 2,229 2,419 2,603
EPS Rs 4.48 4.8 5.2
Shareholders' Funds (Rs in mn) 16,368 17,766 19,326
Loan Funds (Rs in mn) 6,194 5,302 5,101
Net Debt to Equity - 0.3 0.3 0.26
Return on Equity (RoE) % 14.20% 14.10% 13.80%
Return on Capital Employed (RoCE) % 13.10% 12.50% 12.70%
EBITDA Margin % 26.80% 25.90% 24.70%
PAT Margin % 16.20% 16.70% 16.40%
Net Debt to EBITDA - 1.16 1.15 1.17
Free Cash Flow (Rs in mn) 3,184 1,094 2,475
Operational
Rail Volumes mn TEU 0.3 0.31 0.33
Rail Realisation Rs/TEU 30,893 32,248 33,934
Rail Revenue (Rs in mn) 10,296 11,223 12,490
CFS Volumes mn TEU 0.41 0.37 0.37
CFS Realisation Rs/TEU 8,375 8,822 8,382
CFS Revenue (Rs in mn) 3,428 3,218 3,042
Consolidated Volumes mn TEU 0.71 0.68 0.7
Consolidated Revenue (Rs in mn) 13,736 14,209 15,361
Rail EBITDA per TEU Rs/TEU 9,485 9,318 9,397
CFS EBITDA per TEU Rs/TEU 1,985 1,505 1,624
Rail EBITDA Margin % 30.70% 28.90% 27.70%
CFS EBITDA Margin % 23.70% 17.10% 19.40%
Consolidated EBITDA Margin % 26.80% 25.90% 24.70%

Investment Arguments
Strong Structural Tailwinds and Strategic Positioning Support Long-Term Growth
The structural inefficiency in the logistics industry presents a long-term opportunity for modal shift
from road to rail, especially in EXIM container freight, where rail offers cost, time, and
environmental advantages. Gateway Distriparks Limited (GDPL), with all its ICDs strategically located
in the western region of India—close to key ports like Mundra, Pipavav, and JNPT—is optimally
positioned to benefit from this transition.
The company has consistently outperformed the industry in EXIM container volume growth. While
India’s rail container cargo grew at a CAGR of 6.8% over FY18–FY24, GDPL grew volumes at a robust
8.2% CAGR, indicating clear market share gains. EBITDA per TEU has steadily improved, reaching
₹9,610 in 9MFY24 (vs. ₹9,260 in 9MFY23). Management expects this to rise to ₹10,000 over the
medium term, aided by the operationalization of the Jaipur ICD, eventual DFC connectivity to JNPT,
and greater double-stacking efficiency (already improved from 33% in Q1FY24 to 40% in Q3FY24).
Additionally, the company's balance sheet remains strong. Net debt has declined sharply from ₹6.2
billion in June 2020 to ₹2.5 billion in September 2024, supported by healthy cash flow generation
and group-level restructuring. Further improvement is likely if the planned divestment of its CFS
business materializes. This financial strength allows GDPL to continue investing in ICD expansion to
support future growth.
With long-term drivers like the full commissioning of the DFC, resolution of Red Sea-related
disruptions, rising containerization, and continued policy thrust on rail logistics, GDPL is structurally
positioned to benefit from sustained industry tailwinds.

Favourable Trade Dynamics

Gateway Distriparks stands to benefit from the ongoing recovery in EXIM trade volumes, supported
by strong commodity export momentum. CONCOR management, in its recent quarterly call,
highlighted double-digit growth in both EXIM and domestic demand—driven by outbound shipments
of commodities such as rice—and expects this trend to sustain at least through Mar’25. This
confidence is reflected in their 40% upward revision in planned CAPEX, signalling sector-wide
optimism.
Macro indicators also align with this outlook. India’s merchandise imports rose 24.6% month-over-
month in March, while exports increased 13.7%, pointing to improving trade activity. Additionally,
easing geopolitical disruptions in the Red Sea—with more vessels now rerouting through the Suez
Canal following a ceasefire—has alleviated supply chain pressures. This is reflected in global freight
indices, which have dropped below historical averages, indicating normalizing container availability
and reduced logistics costs. These tailwinds, combined with GDPL’s existing ICD network and
growing rail connectivity, position the company well to capture incremental trade-led volume
growth.

Sustained Market Share Gains with Operational Discipline

Gateway Distriparks continues to execute a disciplined operational strategy, consistently gaining
market share across key regions without compromising on overall margins. In a softening external
environment, the company has increased its share quarter-over-quarter in high-potential markets:
NCR (16% → 17%), Uttarakhand (27% → 30%), and Ludhiana (22% → peak of 28% in Q2, moderating
to 26.5% in Q3 due to commodity-specific headwinds such as scrap). This performance is particularly
notable as it comes in a broader market that has faced degrowth and pricing pressure.
The company’s strategy is focused not only on volume growth, but on the quality of that growth.
Management has consistently highlighted a positive shift in cargo mix—favouring higher-yield EXIM
cargo while reducing dependence on margin-dilutive empties and low-value commodities like waste
paper and scrap.

Continued Capacity Expansion Plans

Gateway Distriparks is pursuing a disciplined yet scalable ICD expansion strategy, supported by
robust internal accruals and a lean balance sheet. With land being the only bottleneck, the company
remains selective, focusing on strategically located assets with long-term potential. Its current ICD
network still has unutilized capacity, offering embedded operating leverage. Jaipur, with a planned
capacity of 125,000 TEUs, is expected to add meaningful throughput once land acquisition is
resolved. Additionally, management has identified 2–3 new rail-linked locations under advanced
evaluation, with a capex envelope of ₹250–300 crore over the next two years.
Further, Gateway continues to avoid government-led, common-user models like those under Gati
Shakti, preferring full ownership and operational control over both terminals and rail movement to
safeguard service quality, pricing power, and long-term margin integrity.

Management
Promoter and Director’s Profile
Mr. Prem Kishan Dass Gupta is the Chairman and Managing Director of Gateway Distriparks
Limited. He is responsible for the overall strategic direction, financial management, and supervision
of the Company’s Inland Container Depots and Container Freight Stations. He holds a Bachelor's
degree in Science from the University of Delhi and has over 46 years of experience in strategic
planning and business development. He is involved in board-level decision-making, particularly in the
financial and operational matters.

Mr. Ishaan Gupta is the Joint Managing Director of Gateway Distriparks Limited. He is the son of
Mr. Prem Kishan Dass Gupta. He oversees strategic planning, information technology, legal affairs,
and project execution. He holds a Bachelor of Science degree in Business Administration from
Boston University and has more than 13 years of experience. His role includes driving innovation,
supporting technology upgrades, and contributing to corporate strategy through legal and IT
initiatives.

Mr. Samvid Gupta is the Joint Managing Director of Gateway Distriparks Limited. He is the son of
Mr. Prem Kishan Dass Gupta. He is responsible for managing sales operations, finance, human
resources, and corporate governance. A graduate of Boston University, he has over 9 years of
experience in business expansion, project oversight, and compliance. He contributes to strategic
planning and daily management, with particular focus on restructuring and governance.

Mr. Anil Aggarwal serves as an Independent Director of the company. He is a Chartered Accountant
and holds an MBA from the Faculty of Management Studies (FMS), University of Delhi. He is also a
certified mediator and has undertaken courses on ESG and digital governance. His experience spans
accounting, risk management, treasury, private equity fund management, and M&A. He advises the
board on matters related to finance, banking, and strategic expansion.

Mr. Arun Kumar Gupta is an Independent Director of the company. He holds a degree in
mechanical engineering from Delhi College of Engineering and an MBA from FMS, Delhi University.
He is also a certified Project Management Professional (PMP) by PMI, USA. He has expertise in
process engineering and technology management and contributes to board-level decisions related
to research, technical implementation, and operations.

Mrs. Vanita Yadav is an Independent Director of the company. She holds Bachelor’s and Master’s
degrees in Electronics and Communication Engineering and has served as a Scientific Officer in a
Public Sector Undertaking. Her technical background supports the board in assessing and
implementing new technologies, with a focus on research and IT.

Valuations
At the expected market capitalization of ₹41,28.9 crore by FY27, the stock would trade at a P/E
multiple of 9.9x and an EV/EBITDA multiple of 5.5x. These valuation levels are broadly in line with
the historical discount the stock has traded at relative to CONCOR’s multiples, reflecting consistency
with past market positioning and relative valuation trends.

Valuations at target price FY23A FY24A FY25E FY26E FY27E

P/E 13.1 12.3 14.0 11.1 9.9
EV/EBITDA 7.4 7.4 7.2 6.1 5.5
P/BV 1.6 1.6 1.3 1.3 1.2
ROE % 12.0 13.1 9.2 11.9 12.4

Shareholding Pattern
Jun Dec
Quarter 2024 Sep 2024 2024 Mar 2025
Promoters (%) 32.32 32.32 32.32 32.32
Change (pp) – 0.00 0.00 0.00
FIIs (%) 11.82 10.51 9.64 8.43
Change (pp) – -1.31 -0.87 -1.21
DIIs (%) 43.60 42.88 39.73 39.34
Change (pp) – -0.72 -3.15 -0.39
Public (%) 12.26 14.28 18.31 19.93
Change (pp) – +2.02 +4.03 +1.62
No. of Shareholders 93,227 1,05,146 1,18,158 1,22,166
QoQ Change – +11,919 +13,012 +4,008
Container Corporation of India Ltd.

Recommendation

Target prices-
Base Case Bull Case Bear Case
2026E 821.9 896.0 728.4
2027E 879.1 938.4 805.4

Company Overview
Container Corporation of India Limited (CONCOR) is a Navratna PSU under the Ministry of Railways
and the largest container rail operator in India. The company operates an extensive pan-India
multimodal logistics network that includes over 60 Inland Container Depots (ICDs), Container Freight
Stations (CFSs), and terminals.

The company operates in two major segments — EXIM and Domestic. In the EXIM segment,
CONCOR serves all major ports including JNPT, Mundra, Pipavav, Chennai, and Visakhapatnam,
providing end-to-end containerized rail logistics solutions to shipping lines, exporters, and importers.
The company has long-standing relationships with key port operators and customers, and offers
services such as port-to-ICD movement, last-mile connectivity, and integrated documentation.

In the domestic segment, CONCOR offers containerized logistics for cargo movement within India,
targeting key industries such as FMCG, automobiles, cement, textiles, agri-products, and chemicals.
The company has developed dedicated container handling capabilities for temperature-sensitive and
high-value cargo, including the deployment of reefer containers and bulk cement tank containers.

Revenue Breakup
Segment FY23 FY24 FY25
Domestic 64% 64% 65%
EXIM 36% 36% 35%

Investment Arguments
National Policy Push and Strategic Infrastructure to Support Long-Term Growth
The structural shift from road to rail in freight logistics, strongly supported by national policy
initiatives, presents a significant long-term growth opportunity for Container Corporation of India
(CONCOR). With its extensive network of strategically located 66 ICDs and freight terminals across
India, CONCOR is optimally positioned to benefit from this modal shift and the increasing demand
for efficient, sustainable rail freight.

CONCOR recently crossed the 5 million TEU mark. The company is driving towards 100% first-mile
and last-mile connectivity (up from 35% currently) and will commission four new terminals this year.
This aggressive expansion targets 100 terminals, over 500 rakes, and 70,000 containers by 2028.
Operational efficiency gains, including improved double-stacking, and the full commissioning of the
Dedicated Freight Corridors (DFCs) are expected to further boost volumes and growth.

To secure future volumes, CONCOR has signed long-term contracts with over 20 shipping lines and is
in ongoing talks with multiple corporate partners. Its robust balance sheet (approx. 0% debt)
supports continued investment in capacity expansion and technological upgrades, aligning with
national infrastructure development goals and ensuring CONCOR is structurally positioned to benefit
from sustained industry tailwinds.

Favorable Trade Dynamics & Diversified Growth Avenues

Like its industry peers, CONCOR stands to benefit significantly from the ongoing recovery in EXIM
trade volumes, supported by strong commodity export momentum. As highlighted by CONCOR
management in recent quarterly calls, double-digit growth in both EXIM and domestic demand is
expected to sustain in spite of tariff uncertainties. This confidence is reflected in their 40% upward
revision in planned CAPEX, signaling robust sector-wide optimism.

CONCOR's growth strategy is further bolstered by its strong focus on green and sustainable logistics.
Future growth is significantly underpinned by the bulk cement and tank container segments, along
with other commodities like ceramic tiles and food grains, which are expected to drive substantial
domestic volumes. The company is, as already mentioned, actively pursuing long-term agreements
with corporate customers and shipping lines to ensure consistent volume inflows.

During FY24-25, domestic volume growth faced headwinds from a management decision to decline
low-margin traffic, rail network congestion in Eastern India impacting Western-to-Eastern freight
movement, and teething issues with the new tank container product. With these challenges now
largely addressed or dissipating, CONCOR is well-positioned to capitalize on the robust domestic
demand and its diversified growth initiatives.

Sustained Market Share Gains with Operational Discipline

Container Corporation of India (CONCOR) has been able to gain market share across key regions
without compromising on profitability. On a Pan-India basis, EXIM market share increased by 40
basis points. Notably, CONCOR saw significant gains at critical western ports: JNPT (9 basis points),
Mundra (127 basis points), and Pipavav (232 basis points). This market share expansion is
particularly noteworthy as it has been achieved without sacrificing margins. CONCOR's rail freight
margin improved by 55 basis points, rising from 25.10% to 25.65%.

Management
Promoter and Director’s Profile
Mr. Sanjay Swarup is the Chairman and Managing Director of the company. An IIT Roorkee and IIM
Bangalore alumnus from the 1990 batch of IRTS, he has over three decades of experience in CPSE
and Government roles. He is responsible for the overall strategic direction, business operations, and
infrastructure development of CONCOR, leveraging his expertise in dry ports, MMLPs, railway
operations, and IT.

Mr. Ajit Kumar Panda is the Director (Projects & Services) of the company. With degrees from NIT
Rourkela and IIT Delhi, and over three decades in the Indian Railway Service of Mechanical Engineers
(1990 batch), he is responsible for CONCOR's infrastructure, including the setting up of Multi Modal
Logistics Parks, acquisition of new rolling stock, containers, and handling machines, and the
development of CONCOR’s MIS and IT platforms.

Mr. Mohammad Azhar Shams is a Director of the company. A [Link] (Computer Science) and MBA
graduate, and an ex-IRTS Officer (1992 batch), he manages sales operations, finance, human
resources, and corporate governance. He has introduced numerous business-friendly schemes and
spearheaded organizational restructuring within the company.

Mr. Priya Ranjan Parhi serves as a Director of the company. An Indian Railways Traffic Service
officer (1996) and currently the Executive Director (Infrastructure) in the Railway Board, he plays a
key role in policy formulation and execution of special projects of national importance for the
company, as well as in infrastructure development and international rail cooperation.

Mr. Sandeep Jain serves as a Director of the company An Indian Railway Service of Engineers (IRSE)
officer since 1993, he brings extensive experience in railway engineering and planning to the
strategic initiatives and projects undertaken by the company.

Mr. Prabhas Dansana serves as a Director of the company. An Officer of the Indian Railway Traffic
Service and currently the Principal Executive Director, Traffic Transportation (M), Railway Board,
Ministry of Railways, he is responsible for looking after freight operations and related policies
concerning the company's business.

Valuations
At the expected market capitalization of ₹53,562.6 crore by FY27, the stock would trade at a P/E
multiple of 33.6x and an EV/EBITDA multiple of 19.5x. These valuation levels are broadly in line with
the historical discount the stock has traded at relative to CONCOR’s multiples, reflecting consistency
with past market positioning and relative valuation trends.

Multiples FY23A FY24A FY25A FY26E FY27E

P/E 40.7 38.5 36.8 34.9 33.6
EV/EBITDA 23.9 22.8 22.5 20.4 19.5
P/BV 4.2 4.0 3.9 3.8 3.9
ROE % 10.4 10.5 10.5 11.6 11.7

Shareholding Pattern
 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25

Promoters + 54.80% 54.80% 54.80% 54.80% 54.80%

FIIs + 16.63% 16.15% 13.65% 13.47% 13.10%
DIIs + 24.88% 24.71% 25.73% 25.70% 26.19%
Government + 0.12% 0.12% 0.08% 0.08% 0.08%
Public + 3.57% 4.23% 5.73% 5.94% 5.83%
No. of
1,36,322 1,92,067 3,01,984 3,18,196 3,25,984
Shareholders