Western Carriers (India) Ltd

- Domestic volumes showed strong growth (25%-26% quarter-on-quarter), driving overall growth despite muted EXIM growth due to geopolitical issues. - EXIM volumes are expected to recover significantly in H2 FY26 as geopolitical tensions ease and trade agreements, especially with the US, come into effect. - Q2 FY26 saw a marginal 2% increase in EXIM containers, with robust outlook backed by a strong order book and improving export orders. - The company anticipates steady volume growth from expanded western India operations and its Gujarat multimodal terminal. - Capex towards specialized containers and rail-dominated multimodal supply chains supports future capacity and service expansion. - Overall revenue growth is expected to strengthen in H2 FY26 on the back of improved EXIM performance and continued domestic momentum. - Management expresses confidence in long-term growth driven by trade deals, domestic demand, and operational improvements.

- The company expects EBITDA margins to improve in H2 FY26 as operational costs stabilize, signaling better profitability ahead. - EXIM business is anticipated to show robust growth due to easing geopolitical issues and potential trade agreements, especially with the US. - Domestic business is growing strongly, with quarter-on-quarter domestic volume growth over 25%, supporting overall revenue growth. - Management is confident that H2 FY26 will have better EXIM numbers and overall growth due to a strong order book and improved trade conditions. - Capex plans focusing on specialized assets and infrastructure aim to support long-term growth and efficiency. - Working capital cycles are expected to improve in H2 FY26, aiding cash flow and profitability. - The company remains optimistic about sustainable earnings growth driven by multimodal logistics, operational efficiencies, and expanding market opportunities.

- Western Carriers has a very strong order book as of Q2 FY26. - Management expressed confidence that H2 FY26 will perform even better based on the current order book. - The EXIM segment shows a robust growth outlook with a strong recovery expected this financial year. - Export orders have increased, contributing to higher confidence in future quarters. - Positive signs observed include an 8% growth in EXIM volume quarter-on-quarter in Q2 FY26. - The company expects realizations to improve as the EXIM business grows back. - Several large contracts and customer engagements are in the pipeline, especially in western India and MSME sectors, which are anticipated to bolster future order inflows.

- No definitive plans for new fundraising through debt or equity at present. - Future fundraising depends on the size and nature of the capex or business opportunity. - General capex needs are expected to be funded through internal cash flows. - IPO proceeds of about INR 495 crores raised earlier are partially utilized, with some funds still available for capex. - Management remains open to raising debt or equity if significant new opportunities arise. - Debt has already been reduced by more than INR 100 crores recently, improving the balance sheet. - Any decision on future fundraising will be opportunistic and based on business requirements.

- Western Carriers has already completed over INR 30 crores of capex in H1 FY26. - Planned strong capex for the rest of FY26 and next financial year as well. - Capex focused on specialized containers, specialized vehicles, and industrial heavy assets for supply chain operations. - Over 200 specialized assets acquired this year, with plans to continue purchasing more. - Capex aligned to create rail-dominated multimodal supply chains using road for first and last mile. - IPO proceeds of about INR 151 crores allocated for capex; approximately INR 41-42 crores utilized so far with INR 110 crores remaining. - Future capex may be funded from cash flows for general business needs; decisions on equity or debt depend on specific opportunity size. - Capex also includes investment in infrastructure like the 30-acre Gujarat multimodal cargo terminal at Devaliya Station near Morbi.