New Risk • 19h
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 53% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 44% per year over the past 5 years. Shareholders have been substantially diluted in the past year (53% increase in shares outstanding). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • May 19
Full year 2026 earnings: EPS and revenues miss analyst expectations Full year 2026 results: EPS: ₹0.038 (down from ₹0.35 in FY 2025). Revenue: ₹20.9b (down 87% from FY 2025). Net income: ₹60.0m (down 82% from FY 2025). Profit margin: 0.3% (up from 0.2% in FY 2025). Revenue missed analyst estimates by 87%. Earnings per share (EPS) also missed analyst estimates by 97%. Revenue is forecast to grow 64% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Logistics industry in India. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Announcement • May 15
Allcargo Logistics Limited, Annual General Meeting, Sep 16, 2026 Allcargo Logistics Limited, Annual General Meeting, Sep 16, 2026. New Risk • May 04
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₹9.49b (US$99.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.9x net interest cover). Earnings have declined by 35% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.1% net profit margin). Market cap is less than US$100m (₹9.49b market cap, or US$99.8m). New Risk • Apr 26
New major risk - Revenue and earnings growth Earnings have declined by 35% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.9x net interest cover). Earnings have declined by 35% per year over the past 5 years. Shareholders have been substantially diluted in the past year (52% increase in shares outstanding). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.1% net profit margin). Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹9.65, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 25x in the Logistics industry in India. Total loss to shareholders of 85% over the past three years. Announcement • Mar 26
ECU Worldwide Unveils XLERATE 2.0 Expansion ECU Worldwide, Allcargo Globals’ wholly-owned global subsidiary, has announced a strategic expansion of its transformative logistics solution, XLERATE 2.0, to provide a high-speed and resilient alternative to Asia-to-Europe trade lanes facing transit disruptions. Under this alternative routing, cargo is transported across the Pacific to the US West Coast, using Los Angeles (LAX) as a temporary hub. The solution leverages XLERATE 2.0’s premium, time-definite ocean services, ensuring greater transit agility and continuity. XLERATE 2.0 offers two distinct shipping solutions from China and Vietnam, providing shippers with flexibility as traditional trade arteries remain impacted by shifts in global logistics. These changes have led to reduced overall capacity and the disruption of standard sea–air services via conventional transit points. For clients with established trans-Atlantic air freight agreements, the LAX Hand-off model ensures that cargo from major ports such as Shanghai (11 days), Ningbo (13 days), Shenzhen (13 days), Haiphong (17 days), and Ho Chi Minh City (20 days) is rapidly deconsolidated and released at the LAX Empire Warehouse within 48 hours of vessel arrival, enabling seamless onward air forwarding to Europe. For those seeking a fully integrated solution, the Seamless End-to-End Express service offers an ECU-managed corridor that combines premium LCL ocean consolidation with priority air freight injection. Following a rapid, managed transfer at the LAX Gateway, cargo is delivered to major European airports within 5 to 6 days of vessel arrival in LAX—delivering near-air transit performance without the standard premium air freight costs. This service expansion leverages ECU Worldwide’s extensive US network, spanning 30 strategic locations. With XLERATE 2.0, shippers now have a resilient, multi-modal alternative that ensures time-sensitive cargo reach Europe with speed and predictability. New Risk • Feb 11
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.9x net interest cover). Share price has been highly volatile over the past 3 months (20% average weekly change). Shareholders have been substantially diluted in the past year (52% increase in shares outstanding). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.1% net profit margin). Reported Earnings • Feb 07
Third quarter 2026 earnings released: ₹0.01 loss per share (vs ₹0.099 profit in 3Q 2025) Third quarter 2026 results: ₹0.01 loss per share (down from ₹0.099 profit in 3Q 2025). Revenue: ₹5.19b (down 87% from 3Q 2025). Net loss: ₹10.0m (down 110% from profit in 3Q 2025). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Logistics industry in India. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Announcement • Jan 24
Allcargo Global Limited Announces Appointment of Vaishnav Shetty as Deputy Managing Director and Induction into Board of Directors, Effective January 21, 2026 Allcargo Global Limited announced the appointment of Vaishnav Shetty as Deputy Managing Director, with immediate effect 21 January 2026. He has also been inducted as a member of the Board of Directors of Allcargo Global Limited. Vaishnav Shetty, son of Allcargo Group Founder and Chairman Shashi Kiran Shetty, will work with Adarsh Hegde, Managing Director, Allcargo Global Limited. The appointment has been approved by the Board of Directors and comes during the Group's ongoing restructuring, under which its businesses are being reorganised into four independent entities. As part of this process, the International Supply Chain business has been demerged into Allcargo Global Limited, which is proposed to be listed. New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 52% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (20% average weekly change). Shareholders have been substantially diluted in the past year (52% increase in shares outstanding). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.1% net profit margin). Board Change • Dec 07
High number of new directors There are 5 new directors who have joined the board in the last 3 years. MD & CEO Ketan Kulkarni was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 26
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₹12.86, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 26x in the Logistics industry in India. Total loss to shareholders of 84% over the past three years. Reported Earnings • Nov 18
Second quarter 2026 earnings released: ₹0.04 loss per share (vs ₹0.34 profit in 2Q 2025) Second quarter 2026 results: ₹0.04 loss per share (down from ₹0.34 profit in 2Q 2025). Revenue: ₹5.50b (down 87% from 2Q 2025). Net loss: ₹50.0m (down 115% from profit in 2Q 2025). Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Logistics industry in India. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. New Risk • Nov 12
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 19% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.3x net interest cover). Share price has been highly volatile over the past 3 months (19% average weekly change). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Buy Or Sell Opportunity • Nov 11
Now 22% undervalued The stock has been flat over the last 90 days, currently trading at ₹33.88. The fair value is estimated to be ₹43.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Meanwhile, the company became loss making. Announcement • Nov 11
ECU Worldwide Expands Digital Capabilities with Neutral FCL Services in the U.S. Via ECU360 ECU Worldwide, Allcargo Logistics' wholly owned global subsidiary, a leader in LCL consolidation, has launched its Digital neutral Full Container Load (FCL) product for the U.S. market, on ECU360, an indigenous digital booking platform. Available on ECU360, ECU Worldwide's advanced proprietary digital booking platform, the one-of-its-kind service enables customers to access instant quotes, real-time shipment tracking, streamlined documentation with automated paperwork and eco-friendly shipping options. The company had earlier introduced a digital export neutral FCL product for the U.S., and with the latest enhancement, it now offers both export and import neutral FCL services digitally. ECU Worldwide now excels in offering an integrated, multimodal global supply chain solution with a robust digital technology backbone. The company has plans to roll out the neutral FCL digital product in other countries by 2026. ECU360 now empowers customers to search and compare both import and export FCL rates across a wide range of carriers, prices, and sailings. The platform provides comprehensive rate visibility, including local carrier charges, surcharges, and door-to-door pricing wherever applicable. Announcement • Oct 23
Allcargo Group Appoints Punit Misra as President - Chairman Office & Chief Business Officer Allcargo Group has appointed Punit Misra as President - Chairman Office & Chief Business Officer, Allcargo Group. In this crucial role, Misra will work closely with Shashi Kiran Shetty, Founder and Chairman, Allcargo Group to strengthen institution-building efforts and driving the long-term sustainability of businesses for the benefit of all stakeholders. Misra will report to Shetty and will be based out of Mumbai. Misra brings in three decades of leadership experience across the media, entertainment, and FMCG sectors. Before joining Allcargo Group, he held leadership positions at Zee Entertainment Enterprises Ltd. (ZEEL) including CEO of India Broadcast Business, President of Content (Broadcast & Zee5 Digital), and President of International Business. Prior to that, he was with Hindustan Unilever Limited (HUL), where he worked across leadership roles in Brand and Category management, and served in HUL's management committee as Executive Director & Vice President - Customer Development for India and South Asia. Buy Or Sell Opportunity • Oct 17
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.9% to ₹34.15. The fair value is estimated to be ₹44.31, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Meanwhile, the company became loss making. Announcement • Sep 01
Allcargo Logistics Limited to Report Q2, 2026 Results on Nov 14, 2025 Allcargo Logistics Limited announced that they will report Q2, 2026 results on Nov 14, 2025 New Risk • Aug 16
New major risk - Revenue and earnings growth Earnings have declined by 19% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.3x net interest cover). Dividend is not well covered by earnings and cash flows. Dividend per share is over 5x earnings per share. Cash payout ratio: 111% Earnings have declined by 19% per year over the past 5 years. New Risk • Aug 14
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.3x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.3x net interest cover). Dividend is not well covered by earnings and cash flows. Dividend per share is over 5x earnings per share. Cash payout ratio: 111% Earnings have declined by 19% per year over the past 5 years. Announcement • Aug 13
Allcargo Logistics Limited, Annual General Meeting, Sep 24, 2025 Allcargo Logistics Limited, Annual General Meeting, Sep 24, 2025, at 15:00 Indian Standard Time. Buy Or Sell Opportunity • Aug 13
Now 24% undervalued Over the last 90 days, the stock has risen 9.6% to ₹34.06. The fair value is estimated to be ₹44.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 14% over the last 3 years. Meanwhile, the company became loss making. Announcement • Aug 06
Allcargo Logistics Limited to Report Q1, 2026 Results on Aug 12, 2025 Allcargo Logistics Limited announced that they will report Q1, 2026 results on Aug 12, 2025 Buy Or Sell Opportunity • Jul 25
Now 20% undervalued Over the last 90 days, the stock has risen 16% to ₹34.41. The fair value is estimated to be ₹43.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 15% over the last 3 years. Earnings per share has declined by 86%. For the next 3 years, revenue is forecast to grow by 2.3% per annum. Earnings are also forecast to grow by 29% per annum over the same time period. Board Change • Jul 22
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Independent Director Dinesh Lal was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Jul 03
Now 20% undervalued Over the last 90 days, the stock has risen 18% to ₹34.13. The fair value is estimated to be ₹42.75, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 15% over the last 3 years. Earnings per share has declined by 86%. For the next 3 years, revenue is forecast to grow by 2.3% per annum. Earnings are also forecast to grow by 29% per annum over the same time period. Price Target Changed • Jun 23
Price target decreased by 27% to ₹43.33 Down from ₹59.00, the current price target is an average from 3 analysts. New target price is 30% above last closing price of ₹33.31. Stock is down 45% over the past year. The company is forecast to post earnings per share of ₹1.90 for next year compared to ₹0.36 last year. New Risk • Jun 07
New major risk - Revenue and earnings growth Earnings have declined by 9.7% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Dividend per share is over 5x earnings per share. Cash payout ratio: 111% Earnings have declined by 9.7% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.2% net profit margin). New Risk • Jun 04
New major risk - Revenue and earnings growth Earnings have declined by 9.7% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Dividend per share is over 5x earnings per share. Cash payout ratio: 111% Earnings have declined by 9.7% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.2% net profit margin). Reported Earnings • May 28
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: ₹0.36 (down from ₹1.52 in FY 2024). Revenue: ₹160.2b (up 22% from FY 2024). Net income: ₹340.2m (down 77% from FY 2024). Profit margin: 0.2% (down from 1.1% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 26%. Revenue is forecast to grow 5.8% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Logistics industry in India. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. Announcement • Mar 29
Allcargo Logistics Limited Announces Appointment of Swati Singh Company Secretary and Compliance Officer Allcargo Logistics Limited announced that the Board of Directors of the Company has at its meeting held on March 29, 2025, inter alia, approved Appointment of Mrs. Swati Singh as Company Secretary and Compliance Officer (Key Managerial Personnel) of the Company effective March 29, 2025. Brief profile: Mrs. Swati Singh has a rich experience of around nineteen years working in secretarial, compliance and corporate governance practices. She has worked in different industries in Indian as well as multinational companies. She is a Company Secretary, and a law graduate from Mumbai University. She has also done Masters in Business Administration (MBA) from NMIMS Global Access School for Continuing Education. She has honed her management skills by working with conglomerates like InterGlobe Aviation, Aditya Birla Group, VFS Global and WNS. Announcement • Feb 18
Allcargo Logistics Limited Announces Resignation of Devanand Mojidra as Company Secretary and Compliance Officer Allcargo Logistics Limited announced that Mr. Devanand Mojidra, Company Secretary and Compliance Officer (Key Managerial Personnel) of the Company, has submitted his resignation to pursue an alternate career opportunity outside the Organization with effect from close of business hours on February 17, 2025. New Risk • Feb 17
New major risk - Revenue and earnings growth Earnings have declined by 2.6% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.2x net interest cover). Earnings have declined by 2.6% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.3% net profit margin). New Risk • Feb 15
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.2x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.2x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.3% net profit margin). Buy Or Sell Opportunity • Feb 14
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 37% to ₹34.21. The fair value is estimated to be ₹43.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 15% over the last 3 years. Earnings per share has declined by 72%. Revenue is forecast to grow by 14% in 2 years. Earnings are forecast to grow by 473% in the next 2 years. Price Target Changed • Nov 25
Price target decreased by 9.3% to ₹78.33 Down from ₹86.33, the current price target is an average from 3 analysts. New target price is 50% above last closing price of ₹52.15. Stock is down 21% over the past year. The company is forecast to post earnings per share of ₹1.30 for next year compared to ₹1.52 last year. Reported Earnings • Nov 14
Second quarter 2025 earnings released: EPS: ₹0.34 (vs ₹0.22 in 2Q 2024) Second quarter 2025 results: EPS: ₹0.34 (up from ₹0.22 in 2Q 2024). Revenue: ₹43.2b (up 31% from 2Q 2024). Net income: ₹331.1m (up 52% from 2Q 2024). Profit margin: 0.8% (up from 0.7% in 2Q 2024). Revenue is forecast to grow 4.5% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Logistics industry in India. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Announcement • Oct 18
Allcargo Logistics Limited Approves an Interim Dividend for the Financial Year 2024-2025 Allcargo Logistics Limited announced that at its board meeting held on October 18, 2024 have approved payment of an interim dividend of INR 1.10 that is (55%) per equity share of INR 2 each for financial year 2024-2025. As intimated earlier, the company has fixed October 26, 2024 as record date to ascertain the eligibility of shareholders who are entitled for the interim dividend. Announcement • Sep 27
Allcargo Logistics Limited Approves Final Dividend for the Financial Year Ended March 31, 2024 Allcargo Logistics Limited announced that at the AGM held on September 26, 2024, approved final dividend of INR 1/- (i.e. 50%) per equity share of INR 2/- each recommended by the Board of Directors of the Company at its meeting held on May 25, 2024, for the Financial Year ended March 31, 2024. Upcoming Dividend • Sep 11
Upcoming dividend of ₹1.00 per share Eligible shareholders must have bought the stock before 18 September 2024. Payment date: 25 September 2024. Trailing yield: 1.5%. Within top quartile of Indian dividend payers (1.0%). Higher than average of industry peers (0.8%). Buy Or Sell Opportunity • Sep 10
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 9.5% to ₹71.09. The fair value is estimated to be ₹58.07, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 6.0% over the last 3 years. Earnings per share has declined by 30%. Revenue is forecast to grow by 5.7% in a year. Earnings are forecast to grow by 570% in the next year. Announcement • Sep 02
Allcargo Logistics Limited, Annual General Meeting, Sep 26, 2024 Allcargo Logistics Limited, Annual General Meeting, Sep 26, 2024, at 14:00 Indian Standard Time. Buy Or Sell Opportunity • Aug 20
Now 29% overvalued Over the last 90 days, the stock has fallen 4.6% to ₹67.30. The fair value is estimated to be ₹52.29, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 6.0% over the last 3 years. Earnings per share has declined by 30%. Revenue is forecast to grow by 0.2% in a year. Earnings are forecast to grow by 617% in the next year. New Risk • Aug 15
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.3x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.3x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.2% net profit margin). Reported Earnings • Aug 14
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: EPS: ₹0.05 (down from ₹1.25 in 1Q 2024). Revenue: ₹38.3b (up 17% from 1Q 2024). Net income: ₹53.7m (down 96% from 1Q 2024). Profit margin: 0.1% (down from 3.7% in 1Q 2024). Revenue exceeded analyst estimates by 4.0%. Earnings per share (EPS) missed analyst estimates by 83%. Revenue is forecast to grow 7.3% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Logistics industry in India. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Aug 07
Allcargo Logistics Limited to Report Q1, 2025 Results on Aug 13, 2024 Allcargo Logistics Limited announced that they will report Q1, 2025 results on Aug 13, 2024 Reported Earnings • May 26
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: ₹1.52 (down from ₹6.41 in FY 2023). Revenue: ₹132.7b (down 27% from FY 2023). Net income: ₹1.50b (down 76% from FY 2023). Profit margin: 1.1% (down from 3.5% in FY 2023). Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) also missed analyst estimates by 34%. Revenue is forecast to grow 9.1% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Logistics industry in India. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. Announcement • May 26
Allcargo Logistics Limited Recommends Final Dividend for the Financial Year Ended March 31, 2024 The board of directors of Allcargo Logistics Limited at its Meeting held on May 25, 2024 recommended a final Dividend of INR 1 i.e. (50%) per equity share of INR 2/- each on 98,27,82,096 Equity Shares for the financial year ended March 31, 2024, which is subject to the approval of the shareholders. Announcement • May 22
Allcargo Logistics Limited to Report Q4, 2024 Results on May 25, 2024 Allcargo Logistics Limited announced that they will report Q4, 2024 results at 4:00 PM, Indian Standard Time on May 25, 2024 Announcement • Apr 05
Allcargo Appoints Ketan Kulkarni as Chief Growth Officer Allcargo Group has appointed Ketan Kulkarni as its new Chief Growth Officer. Kulkarni will lead the Marketing and Enterprise Account strategy of the Group. He will report to Shashi Kiran Shetty, Founder and Chairman, Allcargo Group. In his new role the logistics and supply chain industry veteran will closely work with the Chairman's office to strengthen the overall growth and operational efficiency at Allcargo Group. He will lead the process of stakeholder value creation across multiple businesses through periodic engagement with the respective leadership teams of Allcargo ECU (as per proposed scheme of arrangement, the international supply chain business will be demerged into Allcargo ECU, subject approvals), Allcargo Gati, Allcargo Supply Chain and Allcargo Terminals. In addition, Kulkarni will also be responsible for managing investor relations on behalf of Allcargo Group's key management professionals such as MDs, CFOs and Group CFO with a focus on shareholder value creation. In addition, he will drive Group wide global and domestic partnerships in addition to the existing engagements, nurturing existing customer relationships and cultivating new ones. He will lead the Marketing and Enterprise Account strategy of the Group. He will report to Shashi Kiran Shetty, Founder and Chairman, Allcargo Group. The company says Kulkarni comes to Allcargo Group with over three decades of diversified experiences and a track record spanning multiple sectors such as logistics, consumer durables, FMCG and beverages. Before joining Allcargo Group, he worked with Blue Dart Express (DHL Group) as Chief Commercial Officer. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₹69.15, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 29x in the Logistics industry in India. Total returns to shareholders of 195% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹72.89 per share. Announcement • Mar 01
Capt. Sandeep Anand Ceased to Be Chief Executive Officer (Designated as Chief Marketing Officer) of Allcargo Logistics Limited Allcargo Logistics Limited announced that Capt. Sandeep Anand ceased to be the Chief Executive Officer (Designated as Chief Marketing Officer) pursuant to his retirement with effect from close of business hours of February 29, 2024. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹85.20, the stock trades at a forward P/E ratio of 38x. Average forward P/E is 32x in the Logistics industry in India. Total returns to shareholders of 266% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹72.40 per share. Reported Earnings • Feb 14
Third quarter 2024 earnings released: EPS: ₹0.11 (vs ₹1.26 in 3Q 2023) Third quarter 2024 results: EPS: ₹0.11 (down from ₹1.26 in 3Q 2023). Revenue: ₹32.1b (down 22% from 3Q 2023). Net income: ₹109.5m (down 91% from 3Q 2023). Profit margin: 0.3% (down from 3.0% in 3Q 2023). Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Logistics industry in India. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 13
Allcargo Logistics Limited Announces Cessation of Mr. Mahendra Kumar Chouhan as Non-Executive Independent Director Allcargo Logistics Limited announced that the term of office of Mr. Mahendra Kumar Chouhan as a Non-Executive Independent Director came to an end on February 10, 2024 and consequently, he ceased to be a Non-Executive Independent Director of the Company with effect from close of business hours of February 10, 2024. Announcement • Feb 09
Allcargo Logistics Limited Approves Appointment of Hetal Gandhi as an Additional Non-Executive Independent Director Allcargo Logistics Limited announced that the board of directors have approved the appointment of Mr. Hetal Gandhi as an additional non-executive independent director with effect from February 8, 2024, for a term of 3 (Three) consecutive years, based on the recommendation of the Governance and Nomination & Remuneration Committee. This is to affirm that Mr. Hetal Gandhi has not been debarred from holding the office of director by virtue of any SEBI order or any other such authority. Mr. Hetal Gandhi has experience spanning over 3 decades across the entire spectrum of financial services encompassing private equity, infrastructure development /financing and investing, corporate lending, financial and business re-structuring, mergers and acquisitions, and capital markets. In 2006, Mr. Gandhi co-founded the India Advisory firm for Tano Capital, a mid-market Private Equity Fund manager that successfully invested, across sectors, in companies with growth potential. Mr. Gandhi continues to serve as an Independent Director on the Board of well-known companies, both listed and private. Leveraging on his Private Equity experience, Mr. Gandhi actively contributes in the key areas of strategy, organisation building and execution, thereby helping the companies to scale up significantly. Mr. Gandhi is a certified member of the Institute of Chartered Accountants of India. Buying Opportunity • Jan 01
Now 33% undervalued after recent price drop Over the last 90 days, the stock is down 69%. The fair value is estimated to be ₹123, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 32%. Revenue is forecast to grow by 7.3% in 2 years. Earnings is forecast to grow by 49% in the next 2 years. Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹319, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 31x in the Logistics industry in India. Total returns to shareholders of 235% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹478 per share. Reported Earnings • Nov 14
Second quarter 2024 earnings released: EPS: ₹0.89 (vs ₹8.61 in 2Q 2023) Second quarter 2024 results: EPS: ₹0.89 (down from ₹8.61 in 2Q 2023). Revenue: ₹33.4b (down 37% from 2Q 2023). Net income: ₹218.4m (down 90% from 2Q 2023). Profit margin: 0.7% (down from 4.0% in 2Q 2023). Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Logistics industry in India. Over the last 3 years on average, earnings per share has increased by 32% per year whereas the company’s share price has increased by 30% per year. Announcement • Oct 14
Allcargo Logistics Limited Announces Resignation of Martin Müller as Non-Executive Independent Director Allcargo Logistics Limited announced that Mr. Martin Müller has tendered his resignation from the position of Non-Executive Independent Director of the Company from the closing of business hours on October 13, 2023, due to personal reason and his pre-occupation. Consequently, he will also be stepping down from the position of member from Audit Committee and Risk Management, Finance, Strategy & Legal Committee of the company. Announcement • Sep 23
Allcargo Logistics Limited Approves Interim Dividend Allcargo Logistics Limited confirmed the Interim Dividend of INR 3.25/- (i.e.162.50%) per equity share of INR 2/- each declared by the Board of Directors of the Company at its meeting held on March 06, 2023 as final dividend for the Financial Year ended March 31, 2023. Board Change • Sep 14
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Head of Innovations & Non-Executive Director Shloka Shetty was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Aug 04
Allcargo Logistics Limited to Report Q1, 2024 Results on Aug 10, 2023 Allcargo Logistics Limited announced that they will report Q1, 2024 results on Aug 10, 2023 Announcement • Jul 14
Allcargo Logistics Limited Approves Appointment of Shloka Shetty as Non-Executive Director Allcargo Logistics Limited approved Appointment of Ms. Shloka Shetty as a Non-Executive Director of the Company. Announcement • Jul 01
Allcargo Logistics Limited Announces Resignation of Parthasarathy Vankipuram Srinivasa as Vice Chairman & Non-Executive Non- Independent Director Allcargo Logistics Limited announced that Mr. Parthasarathy Vankipuram Srinivasa (DIN:00125299) ("Mr Parthasarathy") vide letter dated June 30, 2023, has submitted his resignation as Vice Chairman & Non-Executive Non- Independent Director of the Company with effect from the closing of business hours on June 30, 2023. Announcement • May 23
Allcargo Logistics Limited to Report Q4, 2023 Results on May 29, 2023 Allcargo Logistics Limited announced that they will report Q4, 2023 results on May 29, 2023 Announcement • May 06
Allcargo Logistics Limited Approves Appointment of Sivaraman Narayanaswami as Additional Non-Executive Independent Director Allcargo Logistics Limited on May 04, 2023 approved the appointment of Mr. Sivaraman Narayanaswami as an Additional Non-Executive Independent Director with effect from May 04, 2023 for a term of 3 years, based on the recommendation of the Governance and Nomination & Remuneration Committee. For period of 3 years with effect from May 04, 2023 i.e. upto May 03, 2026, not liable to retire by rotation in terms of the provisions of the Companies Act, 2013 as amended and the Articles of Association of the Company. Mr. Sivaraman is a Chartered Accountant and a Commerce graduate from St. Joseph's College, Tiruchi. Mr. Sivaraman is a seasoned business leader with close to 40 years of experience as a finance professional and organizational/business leader. During the course of his 40-years journey, he has proved his expertise in strategy, business planning, organization building, capital raising, mergers and acquisitions, and investor relations. His last assignment as Managing Director and Group CEO at ICRA Limited. He promoted 5E Finance Holdings Private Limited (5EF) to set up infrastructure project finance platforms. He held senior positions including as President & Wholetime Director of L&T Finance Holdings Ltd. ("LTFH") and at IL&FS as a COO. He counts as his major achievements in the transformation and growth of LTFH from 2006 to 2016 and the demerger of L&T's cement business. At IL&FS, his responsibilities included asset monetization, creditor engagement and loan restructuring. He initiated a breakthrough solution of setting up an InfrastructureInvestment Trust comprising of all the road assets of the IL&FS Group, which is expected to enhance the overall value realisation by the creditors. His range of accomplishments centre on leading a small company or platforms through transformational growth into admirable organizations and providing exceptional leadership to produce differentiated outcomes. He has a vision of the workplace as a place where employees are partners in the transformation of the company. Announcement • Feb 07
Allcargo Logistics Limited to Report Q3, 2023 Results on Feb 13, 2023 Allcargo Logistics Limited announced that they will report Q3, 2023 results at 9:08 AM, Indian Standard Time on Feb 13, 2023 Announcement • Jan 04
Allcargo Logistics Limited (NSEI:ALLCARGO) entered into a Share Purchase Agreement to acquire Asiapac Equity Investment Ltd from Atlas Global Trading F.Z.C. for HKD 5 million. Allcargo Logistics Limited (NSEI:ALLCARGO) entered into a Share Purchase Agreement to acquire Asiapac Equity Investment Ltd from Atlas Global Trading F.Z.C. for HKD 5 million on January 4, 2023. The deal is expected to be completed in March 2023. Announcement • Nov 03
Allcargo Logistics Limited to Report Q2, 2023 Results on Nov 09, 2022 Allcargo Logistics Limited announced that they will report Q2, 2023 results on Nov 09, 2022 Announcement • Sep 22
Allcargo Logistics Limited Approves Interim Dividend Allcargo Logistics Limited at its AGM held on September 20, 2022, approved Interim Dividend of INR 3 (i.e.150%) per equity share of INR 2 each declared by the Board of Directors of the Company at its meeting held on March 16, 2022 as final dividend for the Financial Year ended March 31, 2022. Announcement • Aug 27
Allcargo Logistics Limited, Annual General Meeting, Sep 20, 2022 Allcargo Logistics Limited, Annual General Meeting, Sep 20, 2022, at 14:30 Indian Standard Time. Announcement • Aug 06
Allcargo Logistics Limited to Report Q1, 2023 Results on Aug 10, 2022 Allcargo Logistics Limited announced that they will report Q1, 2023 results on Aug 10, 2022 Announcement • Jul 02
Allcargo Logistics Limited Announces Appointment of Mr. Nilesh Vikamsey, Effect from June 30, 2022 Allcargo Logistics Limited informed that the Board of Directors on June 30, 2022 have approved the appointment of Mr. Nilesh Vikamsey (DIN: 00031213) as an Additional Non-Executive Independent Director with effect from June 30, 2022 for a term of 2 years, based on the recommendation of the Governance and Nomination & Remuneration Committee. Reason for change Appointment of Mr. Nilesh Shivji Vikamsey as an Additional Director of the Company in the category of Non-Executive, Independent Director. Mr. Vikamsey is member of the Institute of Chartered Accountants of India (ICAI) since 1985, and holds a diploma in Information System Audit (DISA) of the ICAI. Further, Mr. Vikamsey holds a Certificate course on Forensic Accounting and Fraud Detection from ICAI and Business Consultancy Studies Course of Bombay Chartered Accountants Society jointly with Jamnalal Bajaj Institute of Management Studies (JBIMS). Mr. Vikamsey is a senior partner at KKC & Associates LLP (Formerly - Khimji Kunverji & Co LLP) - an 85-year-old Chartered Accountants firm. Mr. Vikamsey is an Independent Director in other Listed & Unlisted Companies & a Committee member of organizations like lndo American Chamber of Commerce, Bombay Chartered Accountants' Society (BCAS), The Chamber of Tax Consultants (CTC). He is a trustee in 'Sayagyi U Ba Khin' Memorial Trust (Vipassana International Academy, lgatpuri) & few educational trusts in Mumbai. He is presently a member of the Advisory Committee on Mutual Funds & also Working Group to review the Role and Eligibility of a Sponsor of a Mutual Fund of Securities and Exchange Board of India (SEBI), and Expert Advisory Committee of Institute of Chartered Accountants of India (ICAI). He is member of Advisory Boards of Blacksoil Group, IC3 Institute & MentorMyBoard. He was the President of ICAI in the past. He was an observer on the Board of International Federation of Accountants and Member of IFAC's Technology Advisory Group. He was the Past Chairman of Federal Bank Limited and member of IRDA. He was the Chairman of SEBl's Qualified Audit Report Committee and member of Corporate Governance Committee chaired by Uday Kotak, Primary Market Advisory Committee and Committee on Disclosures and Accounting Standards (SCODA). He was member of International Auditing and Assurance Standards Board (IAASB) Reference Group for Audits of Less Complex Entities. He is a Speaker/Chairman at various seminars, meetings, lectures held by ICAI & other organizations. Announcement • Jul 01
Allcargo Logistics Limited Announces Cessation of Cynthia Dsouza as Non-Executive Independent Director Allcargo Logistics Limited announced that the term of office of Ms Cynthia Dsouza as a Non-Executive Independent Director came to an end on June 29, 2022 and consequently, she ceased to be an Non-Executive Independent Director of the Company with effect from close of business hours of June 29, 2022. Reason for change is Completion of tenure of Ms Cynthia Dsouza, Non-Executive Independent Director of the Company. Announcement • May 28
Allcargo Logistics Limited (BSE:532749) entered into an agreement to acquire 7.6% stake in Haryana Orbital Rail Corporation Limited. Allcargo Logistics Limited (BSE:532749) entered into an agreement to acquire 7.6% stake in Haryana Orbital Rail Corporation Limited on May 26, 2022. Announcement • May 21
Allcargo Logistics Limited to Report Q4, 2022 Results on May 26, 2022 Allcargo Logistics Limited announced that they will report Q4, 2022 results on May 26, 2022 Announcement • Feb 12
Allcargo Logistics Limited Approves Board Appointments Allcargo Logistics Limited informed that the Board of Directors of the Company at its Meeting held on February 11, 2022, considered and approved the appointment of Mr. Mahendra Kumar Chouhan as an Additional Non-Executive Independent Director of the Company with effect from February 11, 2022 for a tenure of 2 years, based on the recommendation of the Nomination and Remuneration Committee. Appointment of Mrs. Radha Ahluwalia as an Additional Non-ExecutiveIndependent Director of the Company with effect from February 11, 2022 for a tenure of 2 years, based on the recommendation of the Nomination and Remuneration Committee. Announcement • Feb 04
Allcargo Logistics Limited to Report Q3, 2022 Results on Feb 11, 2022 Allcargo Logistics Limited announced that they will report Q3, 2022 results on Feb 11, 2022 Announcement • Sep 15
Allcargo Logistics Abandons Delisting Plan as Shareholders Reject Proposal Allcargo Logistics has dropped plans to delist the company after pubic shareholders voted against the offer to take the company private. The firm led by Shashi Kiran Shetty said it will continue to drive its ambitious growth plans as a listed entity, multiple sources briefed on the plan said. This comes against the backdrop of a strong economic revival and significant growth in the logistics sector over the last one year. “We respect the decision by the shareholders. A lot has changed in the last 12 months, since we launched the delisting offer. The primary purpose of delisting was to facilitate growth of various businesses. It would have been challenging to raise funds for growth one year ago, without restructuring and going private. However, in the current environment, we are confident of driving the company's growth as a listed entity," company sources said. “Allcargo will explore the right steps forward to pursue its growth ambitions so that all stakeholders will benefit from it. We don't have any plans to reinitiate the process for delisting any of our listed entities," the source said, asking not to be named. The process for delisting was announced in August 2020 after the pandemic hit the entire economy and the promoters felt the need to restructure and infuse funds for its growth and investment plans. After changes in regulations, shareholder approval had to be re-initiated and the promoters sought the approval post getting the nod from the board. “All businesses in the group are now undergoing a holistic transformation, with focus on asset-light model and increased stress on digitalisation. The improved performance, driven by strong management across the board, has helped the company efficiently manage its working capital challenges during the crisis period, as well as the funds for acquisitions. The company continues to demonstrate strong performance," he added. Allcargo informed the BSE on Monday that the special resolution for delisting its shares was not passed by public shareholders with the requisite majority till September 10, the last date set for remote e-voting. Announcement • Mar 16
Allcargo Eyes Concor Stake Allcargo Logistics Limited (BSE:532749) is planning to bid for stakes in Container Corporation of India Limited (NSEI:CONCOR) and is in advanced discussions with a foreign investor to partner in the planned purchase. “Of course, we are very interested,” Allcargo Chairman Shashi Kiran Shetty said in an interview. “Concor's business is a natural fit for us. We are looking to tie up with a strategic partner for the bid and are currently in the final stages of selecting the bid partner.” Allcargo is believed to be in advanced stages of talks with a few global private equity firms and is expected to finalise an agreement within the next 10-15 days. Shetty refused to divulge any names. The government is looking to sell 30% of Concor and is expected to shortly invite expressions of interest for the public sector enterprise, the first stage of the bidding process. The pending introduction of a new policy on land leasing by the railway ministry has been delaying the bidding process for Concor. The new policy will slash land leasing rates by half and extend lease periods. Allcargo's rivals such as Gateway Distriparks are also open to bidding for Concor, chairman Prem Kishan Dass Gupta had said recently. If Allcargo's bid is successful, it will be the 13th major investment for the company, which has interests in global freight forwarding, container freight stations, third-party logistics and warehouses.