Gateway Distriparks Ltd(GATEWAY)

NSE: GATEWAYBSE: 543489

₹ 46.9-0.28%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 2,343 crNext results: 28 Oct 2026Website: www.gatewayrail.inUpdated: 24 Oct 2026

About

Gateway Distriparks Ltd is an Indian intermodal container logistics and cold-chain company operating rail-linked ICDs, container freight stations, and cold storage through its subsidiary Snowman Logistics. In FY26 the company reported consolidated revenue of ₹2,211.8 crore, a 32% increase year-on-year. The intermodal segment contributes 72.9% of revenue and the cold-chain segment 27.1%.^[1][2][3]

Business segments

Inter-modal container logistics: 72.9% of FY26 consolidated revenue (₹1,612.95 cr); operates rail-linked ICDs and container freight stations moving EXIM containers.^[3]
Cold-chain logistics and distribution (Snowman Logistics): 27.1% of FY26 consolidated revenue (₹598.87 cr); operates refrigerated warehousing and temperature-controlled transport.^[3]
Snowman became a subsidiary from December 2024, moving from associate status; this consolidation drove 39% YoY total income growth in Q3 FY26.^[4]

Key operating numbers

Total TEU throughput (ex-Snowman): 7,64,065 TEUs in FY26; Q1 FY27 throughput was 1,83,867 TEUs, flat YoY as the market de-grew due to the West Asia conflict.^[5]
Revenue per TEU (ex-Snowman): ₹20,281 in Q1 FY27 vs ₹20,794 in Q4 FY26; EBITDA per TEU (ex-Snowman): ₹5,012 in Q1 FY27 vs ₹5,208 in Q4 FY26.^[5][2]
Ex-Snowman EBITDA margin: 25% in Q1 FY27; consolidated EBITDA margin: 21.9% in Q1 FY27 (-26 bps YoY) and 22.3% for full-year FY26 (-205 bps YoY).^[5][2]
Double-stack penetration: 39% in Q1 FY27, down from 40% for FY26 and 42% in Q4 FY26; ranged 39 - 42% throughout FY26.^[5][2]
Snowman cold storage capacity: 1,55,000 pallets as of Q3 FY26; warehousing utilisation averaged 86 - 87% in FY26.^[4][2]
Snowman revenue: ₹177 cr in Q1 FY27; EBITDA: ₹29 cr in Q1 FY27.^[5]

Rail network and fleet

Operational rake fleet: 35 rakes as of Q1 FY27 (previously 34 in Q3 FY26 comprising 21 owned and 13 leased); 2 additional high-capacity rakes on order for delivery in Q2 FY27 to reach 37.^[5][4]
ICD installed capacity (ex-Ankleshwar): 8,30,000 TEUs per annum as of Q3 FY26; existing land bank can support 4x current volume.^[4][2]
Western DFC's final JNPT stretch became operational in Q1 FY27; Gateway ran the first double-stack train from JNPT toward NCR on the completed corridor.^[5]
JNPT share of Gateway rail volumes is ~5% in Q1 FY27; expected to grow as Ankleshwar and Indore ICDs (both JNPT-focused) come online.^[5]

Market position

NCR ICD market share: 16 - 17% in Q2 FY26; Punjab market share: 27% in Q2 FY26; Uttarakhand market share: 38% in Q2 FY26.^[6]
Management confirmed market share is intact in Q1 FY27 despite flat volumes; decline in throughput reflects market de-growth, not share loss.^[5]
US-bound exports represent ~25% of total export volumes; EU-bound ~10%, as of Q3 FY26.^[4]

Snowman cold-chain operations

Snowman warehousing revenue grew 19% YoY and 5% QoQ in Q3 FY26; new facilities added in Krishnapatnam and Kolkata; Pune and Patna coming online in FY27.^[4][5]
Snowman secured 5 - 7% average price increases at contract renewals in Q1 FY27; dry storage is being reduced from 9 - 10% of total capacity to improve average selling prices.^[5][2]
Snowman targets ₹1,000 cr revenue and 15% EBITDA margin by FY29; capex guided at ~₹50 cr for FY27 targeting build-to-suit facilities and one owned warehouse.^[2]
Snowman targets 2,00,000 pallets cold storage capacity within 2 - 3 years from Q3 FY26; ~24,000 pallets to be added in FY27 from Pune and Patna facilities.^[4][5]

Expansion and capex

Ankleshwar MMLP: domestic container operations commenced October 2025 under a 15-year exclusive agreement; EXIM ICD received initial Customs permission and targets operations by end-September 2026.^[4][5]
Ankleshwar EXIM ICD targeted to reach ~5,000 TEUs per month within 3 - 4 years of launch; ArcelorMittal steel coil rake handling won as an additional revenue stream.^[5][2]
Indore ICD: site at 26.4 acres (2.5 acres added in Q1 FY27) near Pithampur; planned capacity ~1,20,000 TEUs p.a.; total capex ₹150 cr (₹50 cr spent on land, ₹100 cr balance over 2 years); operational target 2028.^[5][2]
Jaipur ICD: capex of ~₹70 cr planned if regulatory clearance is received; no confirmed date.^[2]
GDL standalone gross debt reduced from ~₹550 cr to ~₹170 cr as of Q4 FY26; the company crossed net debt-zero on a standalone (ex-Snowman) basis in Q3 FY26.^[2][4]

Recent developments

Q1 FY27: GDL transitioned to Section 115BAA tax regime (statutory rate 25.17%); accumulated MAT credits keep effective cash tax outgo at 18.88% for at least 7 - 8 years.^[5]
Q1 FY27: A 35% Haryana minimum wage hike contributed to cost pressure on rail operations alongside higher empty running and port imbalance at Mundra and Pipavav.^[5]
Q4 FY26: Western DFC JNPT last-mile connection completed; domestic operations at MMLP Ankleshwar producing month-on-month volume additions since October 2025.^[2]
Domestic container volumes at ~500 boxes per month as of Q1 FY27; management targets eventual domestic share of 10 - 15% of total business.^[5]

Market Cap

₹2,343 Cr

High / Low

₹66 / 46

Stock P/E

9.7

Price / Book

1.0

Book Value

₹46

EPS

₹5.1

No. of Shares

49.96 Cr

ROCE

11.0%

ROE

11.4%

OPM

15.5%

Debt / Equity

0.13

Sales

₹2,212 Cr

Net Profit

₹259 Cr

Promoter holding

33.9%

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Gateway Distriparks Ltd(GATEWAY)

About

Business segments

Key operating numbers

Rail network and fleet

Market position

Snowman cold-chain operations

Expansion and capex

Recent developments

Signal history

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