Western Carriers (India) Ltd(WCIL)

NSE: WCILBSE: 544258

₹ 91.98+0.86%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 938 crWebsite: www.western-carriers.comUpdated: 24 Oct 2026

About

Western Carriers (India) Ltd is a multimodal, rail-focused container logistics provider. It handles both EXIM (export-import) and domestic cargo using an owned fleet of specialised containers and its own multimodal terminal at Devaliya near Morbi. It moved 2,26,578 TEUs in FY26, and its revenue for FY26 was 1829.24 crore rupees. Management describes its owned fleet of over 1,000 specialised containers as one of the largest in India's private sector.^[1][2]

Business mix

Domestic vs EXIM share of TEU volume was about 40:60 as of Q1 FY27, compared with 30:70 about six quarters earlier.^[3]
The domestic business made up almost 40% of revenue in Q1 FY27, compared with under 25% two to three years earlier.^[3]
About 45%-50% of cargo came from non-metals (tiles, industrial chemicals, food-grade) as of Q3 FY26. The company is aiming for a 50-50 metals/non-metals mix over the next two to three years.^[4]

Volumes

Total volume was 58,261 TEUs in Q1 FY27, against 57,754 TEUs in Q4 FY26. Management says this is the first time a Q1 has exceeded the preceding Q4.^[3]
Domestic volume was 23,909 TEUs in Q1 FY27, up 37% from 17,498 TEUs in Q1 FY26.^[3]
EXIM volume was 34,352 TEUs in Q1 FY27, up 3.2% from 33,286 TEUs in Q1 FY26.^[3]
Total volume was 2,26,578 TEUs in FY26, up 6.14% from 2,13,475 in FY25. That comprised 1,40,225 EXIM TEUs and 86,353 domestic TEUs; domestic volume grew 8.16%.^[1]
In Q4 FY26, EXIM volume fell less than 11% while the industry fell an estimated 40% during the Strait of Hormuz disruption. Domestic volume was 23,350 TEUs, against 23,565 in Q3 FY26.^[1]
Gross profit margin was 11.2% in Q1 FY27, down 100 bps from the same quarter a year earlier.^[3]

Assets and terminal

The Devaliya MMCT is a 42-acre multimodal container terminal (as described in Q1 FY27). It offers first and last mile, containerisation, storage, handling and rail services to the east, northeast, south and north of India.^[3]
The Devaliya Gati Shakti multimodal cargo terminal near Morbi was completed in Q2 FY26. It serves the salt, ceramics, chemicals, agri and MSME sectors, with rail services to Bangalore, Jaipur and Indore.^[5]
The company procured 161 specialised containers in FY26, taking its owned specialised container fleet to over 1,000. Capex deployed in FY26 was over INR70 crores.^[1]
In Q4 FY26, tiles throughput at Devaliya fell sharply as Morbi ceramic units faced propane shortages. The terminal shifted towards industrial chemicals, FMCG and salt.^[1]

Customers and markets

Much of the domestic growth in Q1 FY27 came from existing EXIM customers that were also sold domestic services, alongside new customers.^[3]
As of Q4 FY26, management described the East Coast EXIM pipeline as robust, helping to offset weakness on the West Coast.^[1]
Over the four to five quarters to Q2 FY26, the company focused on western India, with growth from NCR (CMLK Kathuwas), Indore, Paradip imports and Gujarat/Maharashtra.^[5]

Expansion and capex

Capex of about ₹100 Cr is planned for FY27, covering specialised containers, vehicles, multimodal infrastructure and technology. Timing depends on customer commitments.^[3]
A further 150 specialised 40-ft containers were ordered in FY27. The first 50 have been delivered and the remaining 100 are scheduled for Q2 FY27.^[3]
Two large projects beyond the Devaliya MMCT are under development, with details to be shared on the Q2 FY27 call.^[3]
About ₹110 Cr of IPO capex proceeds was still to be deployed as of Q2 FY26, within three years of the IPO.^[5]

Recent developments

Total debt fell from ₹217 Cr at the end of March 2026 to about ₹197 Cr in Q1 FY27. Working capital days fell from 120 to 111 and debtor days from 139 to 135.^[3]
On 31 March 2026, DFCCIL commissioned the full Western Dedicated Freight Corridor to JNPT, including the final 102 km.^[1]
In Q1 FY27, freight rates to the US and Europe rose 3-4x, with some routes at USD 9,000 per TEU against USD 3,000. Congestion at JNPT created a backlog of about 30,000 TEUs.^[3]
₹163 Cr of IPO proceeds were used to repay debt, cutting net debt to ₹8.4 Cr in H1 FY26 from ₹228.55 Cr a year earlier.^[5]

Market Cap

₹938 Cr

High / Low

₹137 / 77

Stock P/E

25.6

Price / Book

1.1

Book Value

₹85

EPS

₹3.8

No. of Shares

10.2 Cr

ROCE

6.8%

ROE

4.6%

OPM

3.9%

Debt / Equity

0.25

Sales

₹1,829 Cr

Net Profit

₹39 Cr

Promoter holding

73.3%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials