Allcargo Logistics Limited (ALLCARGO) share price

₹12.16 on NSE as of 2026-09-11. -0.82% on the day. market cap ₹1,821 Cr. P/E 93.5. 52-week range ₹7.18 to ₹35.59. Services.

What the company does

Services Services Transport services Logistics solution provider ALL is an integrated logistics service provider and is the flagship company of the Allcargo Group. Incorporated in 1993 as a freight- forwarding agent, ALL became a multimodal transport operator in 1998 by offering logistic services, such as consolidation of LCL and full-container load cargo for exporters and importers. In 2006, the company acquired ECU Worldwide, which is one of the world’s largest players in the LCL segment. ALL is also present in last-mile delivery. ALL’s international operations mainly include the global MTO (LCL consolidation) business (carried out by ECU Worldwide and its su bsidiaries). This segment is the largest contributor to the gross revenue for ALL. ALL is among the leading players in the global LCL consolidation market, with a str ong network across more than 180 countries and over 300 offices covering over 4,000 port pairs across the world.

Filed by CARE Ratings, page 4.

Allcargo Logistics Q1 FY27: PAT of ₹14 Cr, Express Volumes Up 6.7%, and a Balance Sheet That Shrank by ₹5,733 Cr

At a glance

Allcargo Logistics reported revenue from operations of ₹546 crore for the quarter ended June 2026, up 11.2% from ₹491 crore a year earlier. Operating Profit was ₹71 crore against ₹51 crore, an OPM of 13%. Net Profit was ₹14 crore against a loss of ₹9 crore in the year-ago quarter. EPS came in at ₹0.09.

The scale of the company on paper is nothing like it was two years ago, and the reason is on record: the International Supply Chain business was demerged into Allcargo Global Limited under an NCLT-approved composite scheme, effective on filing with the Registrar of Companies on November 1, 2025, with the appointed date backdated to October 1, 2023. Annual sales that read ₹16,022 crore in FY25 read ₹2,058 crore in FY26. Same ticker, different animal.

Also on record from the quarter: Shashi Kiran Shetty resigned as Director and Chairman with effect from August 5, 2026, citing other commitments, and Dinesh Kumar Lal was appointed Chairman the same day. Board committees were reconstituted accordingly. The Income-tax department passed an assessment order dated June 30, 2026 raising a demand of ₹5.61 crore for the block period April 2018–April 2025.

Express volumes moved 312,000 tonnes, up 6.7% year on year, with realisation per tonne up 6.4%. Consultative Logistics held 7.5 million sq ft under management. Two segments, two very different margin profiles — which management put on the table with unusual specificity this time.

Introduction

Allcargo Logistics was incorporated in 1993. The company describes itself as providing integrated logistics solutions across multimodal transport operations, inland container depots, container freight station operations, contract logistics and project and engineering solutions.

What it actually is today is narrower and cleaner than that description implies, because the corporate structure was taken apart and put back together. On December 21, 2023, boards approved a Composite Scheme of Arrangement: the International Supply Chain business demerged into Allcargo Global Limited; Allcargo Supply Chain Private Limited and Gati Express and Supply Chain Private Limited merged into Allcargo Gati Limited; and Allcargo Gati then merged into the company with effect from November 1, 2025. The NCLT approved it. Comparatives for the June 2025 quarter were restated — reported consolidated revenue of ₹3,817 crore for that quarter became ₹491 crore after the demerger and restructuring impact of ₹3,326 crore.

The residual business is domestic. CARE Ratings, in its March 24, 2026 release, describes a company focused on domestic express distribution and consultative logistics for MSMEs, retailers and large enterprises, running an asset-light, technology-enabled hub-and-spoke model. CARE assigned CARE A-; Stable to ₹33 crore of long-term bank facilities and reaffirmed CARE A-; Stable / CARE A2 on ₹260 crore of long-term/short-term facilities, enhanced from ₹255 crore.

Other recorded events of the past year: CRISIL downgraded the company to CRISIL A/Negative and A2+ on January 22, 2026. The CCI imposed a ₹50 lakh penalty by order dated January 9, 2026 relating to an alleged violation in the Gati acquisition. Ketan Kulkarni became MD and CEO and Deepak Pareek CFO around the November 2025 amalgamation. On July 1, 2026, the company signed an SPA to acquire 25% of Allcargo Group Services Private Limited.

Also discontinued: the fuel stations business, classified as a discontinued operation under Ind AS 105. The Bangalore fuel station was sold for ₹2.52 crore after year-end, with a loss of ₹0.1 crore recognised in the quarter. A logistics company quietly getting out of the business of selling diesel to other people, while buying rather a lot of it itself.

Business model

They move boxes. Very specifically, they move other people's boxes between towns you have heard of and towns you have not, and then they store some of those boxes for a fee.

**Surface Express** — 67% of revenue in FY26, against 69% in FY25 — is the core. Over 9,000 trucks, multi-modal delivery to 99% of Government-approved PIN codes, 24/7 tracking. Assured delivery within 24 hours at 64 cities and 48 hours at 576 cities. Surface Express volumes were 1,222 thousand tonnes in FY26 against 1,218 thousand tonnes in FY25, which is the kind of growth you need a magnifying glass and a good attitude to appreciate.

**Consultative Logistics** — 30% of FY26 revenue, up from 27% — is warehousing and contract logistics: long-haul transportation, distribution centre management, in-plant logistics, milk-run services, and Just-in-Time and Just-in-Sequence delivery. Space under management was 8 million sq ft in FY26 against 7.7 million in FY25. Within CL, revenue splits E-Commerce & Others 55%, Auto & Engineering 23%, Chemical 22%.

**Air Express** — 3% of FY26 revenue, down from 4% — runs on alliances with airlines offering more than 1,500 daily departures, with presence at 24 airports. Air Express volumes: 10.5 thousand tonnes in FY26. Also 10.5 thousand tonnes in FY25. The line is so flat it could be used as a spirit level.

Then there is the long tail of branded niche services, which is where the naming department clearly had a good week. **Student Express** does doorstep pickup with digital payment and branded packaging. **Bike Express** transports motorcycles door-to-door in weatherproof containers. **Laabh** handles surface cargo up to 20 kg. **Surface Lite** handles packages up to 5 kg. Somewhere between 5 kg and one entire motorcycle, there is a product for you.

The network behind it: 700+ facilities, 90+ hubs, 80+ logistics parks, 8 air logistics centres, 12 million sq ft of warehousing, around 2,800 employees per CARE. Express revenue skews heavily toward key enterprise accounts — 79% KEA in FY26, 19% retail, 2% MSME. On the Q1 call, management updated that classification to roughly 60–63% KEA and about 20% retail, with the balance strategic, cautioning that the basis had changed. Mode mix runs about 95% road and 5% air, and management stated the company does not do last-mile deliveries for e-commerce or quick commerce within Express. Contract Logistics does run sort centres and fulfilment centres for that vertical.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Allcargo Logistics Limited.

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