Larsen & Toubro Ltd.
NSE: LT
Industrials · Engineering & Construction
₹3,675.00 last close on 13 Oct 2026 +1.31%
Research updated
Container Corporation of India Ltd.
NSE: CONCORIndustrialsRailroads
- Last close
- ₹449.75
- Day change
- +₹9.00 (+2.04%)vs
- Market cap
- ₹34,170 crIndian rupees
- Research updated
- 1 report
About Container Corporation of India
Container Corporation of India Ltd. is a pivotal entity in the logistics and transport sector within India. Specializing in containerized freight logistics, the company plays a crucial role in the country’s supply chain infrastructure. As a subsidiary of the Indian Railways, it was established to manage the transportation of containers, facilitating efficient cargo movement across vast distances seamlessly. The enterprise operates a vast network of container terminals and inland container depots, enhancing the fluidity of domestic and international trade. Container Corporation of India Ltd. is integral to the industries they serve, including automotive, electronics, and FMCGs, providing essential intermodal transfer capabilities and streamlining customs procedures. Its logistical solutions cater to diverse market needs, such as bulk, refrigerated, and hazardous goods. As a government-backed entity, it significantly contributes to India's vision of robust economic growth, supporting trade routes and boosting connectivity. The company remains a cornerstone in enhancing trade efficiency, underlining its vital role in India's booming economy.
- Sector
- Industrials
- Industry
- Railroads
- Listing
- NSE: CONCOR
- Employees
- 1,271
- Headquarters
- New Delhi, India
- ISIN
- INE111A01025
- Website
- concorindia.co.in
Public research · Report of
Business model & financial foundation
CONCOR (NSE: CONCOR), Rail container logistics and multimodal transportation: revenue of ₹9,079 crore in FY26 (+2.2% on FY25), an EBITDA margin of 21.5%, net profit of ₹1,242 crore and net cash of ₹2,523 crore.
- Revenue, FY26 (₹ crore)
- 9,079
- consolidated
- Revenue growth, FY26
- +2.2%
- on FY25
- EBITDA margin, FY26
- 21.5%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 1,242
- to owners
- Return on equity, FY26
- 9.8%
- on average equity
- Net debt, FY26 (₹ crore)
- -2,523
- Net debt negative for net cash
- Market capitalisation (₹ crore)
- 37,228
- at the close of 14 Oct 2026
Company profile
CONCOR transports containers by rail and road and operates inland container depots, freight stations and multimodal terminals. EXIM connects ports to hinterland customers; domestic services compete with road freight and benefit from return-load circuits. DFC connectivity can increase double-stacking and improve transit reliability, but tariff savings, cargo weight and lead distance determine earnings per box.
| Item | Value |
|---|---|
| Legal name | Container Corporation of India Limited |
| Exchange and ticker | NSE: CONCOR; BSE: 531344 |
| ISIN | INE111A01025 |
| CIN | L63011DL1988GOI030915 |
| Sector | Industrials |
| Industry | Rail container logistics and multimodal transportation |
| Headquarters | New Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Hem Sandeep & Co. |
| Market capitalisation | ₹37,228 crore (14 Oct 2026) |
| Shares outstanding | 76.16 crore shares (FY26) |
| Price | ₹449.8 (close, 14 Oct 2026) |
| 52-week range | ₹421.5 - ₹557.0 (to 14 Oct 2026) |
| Website | https://www.concorindia.com |
Corporate structure and shareholding
Parent: Government of India (Ministry of Railways).
| Entity | Holding | Business |
|---|---|---|
| Fresh & Healthy Enterprises | 100% | Cold-chain logistics |
| CONCOR Air | 100% | Air cargo handling |
| SIDCUL CONCOR Infra Company | 74% | Container rail and road terminals |
| Punjab Logistics Infrastructure | 51% | Container logistics |
Material JVs include Gateway Terminals India (26%) and TCI-CONCOR (49%).
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 54.80% | 54.80% | 54.80% | 54.80% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 12.37% | 9.06% | 8.32% | 7.85% |
| Domestic institutions | 25.81% | 28.69% | 29.77% | 29.86% |
| of which mutual funds | 9.28% | 12.58% | 13.91% | 14.65% |
| Retail | 5.29% | 5.57% | 5.37% | 5.59% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Container Corporation of India runs rail container trains between ports and inland terminals (EXIM) and between domestic origins and destinations (Domestic), plus terminal handling, warehousing and first/last-mile road services. It owns rakes, containers and 68 terminals but pays Indian Railways, its promoter's ministry, for haulage (rail freight expenses 5,011.39 cr in FY26) and land licence fee on railway land (395.24 cr consolidated per the results note). It controls service, network and pricing to customers; it does not control haulage tariffs, the land policy or port-side rail coefficients. FY26 revenue 9,078.97 cr: EXIM 6,026.04 cr, Domestic 3,052.93 cr; segment results 1,436.34 cr and 152.85 cr.
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| EXIM | 6,026 | 66.4% | 1,436 | 90.4% |
| Domestic | 3,053 | 33.6% | 152.9 | 9.6% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Gateway Distriparks (GATEWAY) | Closest listed rail container and ICD operator. |
| Transport Corporation of India (TCI) | Domestic multimodal freight; joint venture partner. |
| Adani Ports and SEZ (ADANIPORTS) | Port-linked integrated logistics competitor, but ports dominate earnings. |
| Allcargo Logistics (ALLCARGO) | Container freight stations; restructuring limits comparability. |
| Navkar Corporation (NAVKARCORP) | Container freight stations/ICDs; low-return capacity ramp differs. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 7,636 | 7,449 | 8,653 | 8,887 | 9,079 |
| Vendor cost of revenue * | 6,313 | 6,652 | 7,098 | 7,287 | 7,437 |
| Vendor other operating costs * | 144.2 | 167.5 | 160.2 | 187.7 | 207.8 |
| Vendor EBITDA * | 1,990 | 2,202 | 2,359 | 2,397 | 2,343 |
| EBIT excluding other income | 1,458 | 1,630 | 1,339 | 1,792 | 1,727 |
| Finance cost | 62.1 | 66.9 | 71.2 | 72.9 | 77.7 |
| PBT after exceptional before JV share | 1,396 | 1,563 | 1,638 | 1,689 | 1,621 |
| Tax expense | 342.2 | 389.7 | 406.5 | 429.0 | 405.0 |
| Total profit for period including JV | 1,054 | 1,174 | 1,262 | 1,293 | 1,246 |
| Diluted EPS as reported (₹) | 17.29 | 19.26 | 20.71 | 16.98 | 16.36 |
| Rail freight expenses | 4,910 | 5,022 | 5,011 | ||
| Other operating expenses | 1,056 | 1,135 | 1,231 | ||
| Rail freight plus other operating expenses | 5,966 | 6,157 | 6,242 | ||
| Employee benefits expense | 463.1 | 489.3 | 519.6 | ||
| Other expenses | 266.1 | 311.4 | 367.0 | ||
| Operating EBITDA excluding other income | 1,958 | 1,929 | 1,950 | ||
| Other income excluding post-tax JV share | 370.3 | 446.9 | 364.2 | ||
| Depreciation and amortisation | 618.6 | 581.2 | 615.5 | ||
| Exceptional expense | 0.00 | 33.3 | 0.00 | ||
| Share of post-tax JV profit or loss | 30.1 | 33.4 | 29.9 | ||
| Profit attributable to non-controlling interests | 1.50 | 3.09 | 3.94 | ||
| Profit attributable to owners | 1,261 | 1,290 | 1,242 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 10,856 | 11,328 | 11,927 | 12,381 | 12,942 |
| Borrowings plus lease liabilities | 730.5 | 773.6 | 936.7 | 861.5 | 964.6 |
| Cash and cash equivalents | 384.9 | 343.7 | 193.5 | 362.3 | 654.4 |
| Trade receivables | 181.6 | 215.9 | 333.6 | 400.0 | 485.0 |
| Inventories * | 30.7 | 37.2 | 50.2 | 49.9 | 52.2 |
| Trade payables * | 422.3 | 382.1 | 281.0 | 224.3 | 234.7 |
| Property plant and equipment | 371.2 | 464.8 | 500.1 | 6,574 | 7,163 |
| Capital work in progress | 1,753 | 1,930 | 1,935 | 846.0 | 901.3 |
| Total assets * | 13,001 | 13,465 | 14,038 | 14,476 | 15,176 |
| Net debt negative for net cash | -2,359 | -2,912 | -2,523 | ||
| Other bank balances | 3,103 | ||||
| Non-current investments | 1,107 | ||||
| Current investments | 0.00 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 1,082 | 1,296 | n.r. | 1,712 | 1,482 |
| Vendor free cash flow * | 553.7 | 751.4 | 590.6 | 795.2 | 333.2 |
| Dividends paid sign as reported | -487.4 | -731.1 | n.r. | -731.1 | -697.4 |
| Cash payment for PPE sign as reported | -587.0 | -567.3 | n.r. | -892.1 | -1,083 |
| CFO less cash PPE payment | n.r. |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding bonus-adjusted comparable basis | 60.93 | 60.93 | 60.93 | 76.16 | 76.16 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,288 | 2,208 | 2,288 | 2,154 | 2,355 | 2,308 | 2,263 | 2,160 |
| Cost of revenue (vendor classification) * | 1,534 | 1,471 | 2,785 | 1,509 | 1,523 | 1,543 | 1,572 | 1,465 |
| Other operating costs (vendor classification) * | 338.4 | 357.3 | -867.8 | 373.5 | 402.9 | 404.4 | 417.3 | 399.9 |
| EBITDA (vendor classification) * | 544.6 | 475.2 | 430.2 | 366.3 | 516.1 | 453.0 | 363.2 | 380.1 |
| EBIT * | 511.3 | 475.2 | 440.0 | 366.3 | 516.1 | 453.0 | 363.2 | 380.1 |
| Finance costs | 18.5 | 18.0 | 17.5 | 17.3 | 18.6 | 20.4 | 21.5 | 19.9 |
| PBT after exceptional, before post-tax JV share | 492.8 | 457.2 | 391.6 | 349.0 | 497.6 | 432.6 | 341.7 | 360.1 |
| Current + deferred + prior-year tax | 121.5 | 116.7 | 103.9 | 89.9 | 128.6 | 104.1 | 82.4 | 87.7 |
| Profit for period including post-tax JV share | 366.3 | 367.3 | 300.1 | 267.3 | 380.0 | 335.0 | 263.5 | 268.9 |
| Diluted EPS (INR; post-bonus base) | 4.81 | 4.82 | 3.94 | 3.51 | 4.99 | 4.40 | 3.46 | 3.53 |
| Rail freight and terminal expenses | 1,511 | 1,544 | 1,610 | 1,505 | 1,571 | 1,586 | 1,581 | 1,526 |
| Rail freight expenses | 1,252 | 1,297 | n.r. | n.r. | 1,264 | 1,286 | 1,202 | |
| Other operating expenses | 258.4 | 312.9 | 321.8 | 295.0 | 324.2 | |||
| Employee benefits expense | 115.1 | 124.1 | 133.3 | 146.3 | 115.6 | 125.0 | 132.7 | 113.5 |
| Other expenses | 80.0 | 75.3 | 103.6 | 69.9 | 92.2 | 82.5 | 122.3 | 75.7 |
| EBITDA (revenue less operating, employee and other expenses) | 582.0 | 465.0 | 440.6 | 432.7 | 575.7 | 514.1 | 427.5 | 444.3 |
| Other income | 128.9 | 95.7 | 128.5 | 95.2 | 87.7 | 92.5 | 88.8 | 85.5 |
| Depreciation and amortisation | 166.3 | 85.5 | 160.0 | 161.6 | 147.3 | 153.5 | 153.1 | 149.7 |
| Exceptional expense | 33.3 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of profit/(loss) in JVs | -4.99 | 26.8 | 12.5 | 8.15 | 11.0 | 6.51 | 4.21 | -3.56 |
| Profit attributable to non-controlling interests | 0.86 | 0.63 | 0.35 | 0.74 | 1.28 | 1.07 | 0.85 | 2.16 |
| Profit attributable to owners | 365.4 | 366.7 | 299.8 | 266.5 | 378.7 | 333.9 | 262.7 | 266.7 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 19.4% | -2.4% | 16.2% | 2.7% | 2.2% |
| EBITDA margin | 22.6% | 21.7% | 21.5% | ||
| Net margin | 14.6% | 14.5% | 13.7% | ||
| Return on equity | 10.8% | 10.6% | 9.8% | ||
| Return on capital employed | 12.9% | 13.8% | 10.7% | 13.7% | 12.7% |
| Return on assets | 9.2% | 9.0% | 8.4% | ||
| Net debt (₹ crore) | -2,359 | -2,912 | -2,523 | ||
| Net debt / EBITDA | -1.21x | -1.51x | -1.29x | ||
| Interest cover | 23.5x | 24.4x | 18.8x | 24.6x | 22.2x |
| Asset turnover | 0.60x | 0.56x | 0.63x | 0.62x | 0.61x |
| Receivable days | 9 | 11 | 14 | 16 | 19 |
| Inventory days (on revenue) | 1 | 2 | 2 | 2 | 2 |
| Payable days (on revenue) | 20 | 19 | 12 | 9 | 9 |
| Cash conversion | 1.33x | 1.19x | |||
| Capex intensity | 7.7% | 7.6% | 10.0% | 11.9% | |
| Free cash flow (₹ crore) | 495.2 | 728.3 | 819.5 | 399.4 | |
| Dividend payout | 56.7% | 56.2% | |||
| EPS, diluted (₹) | 17.29 | 19.26 | 20.71 | 16.98 | 16.36 |
| Book value per share (₹) | 178.2 | 185.9 | 195.7 | 162.6 | 169.9 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt negative for net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS as reported).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
With Individual or above
What the full research on Container Corporation of India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
See Mool’s call and the full research
Individual or above opens every piece of research Mool has published. A new account can start with 10 days of Pro, or of Firm on a work email address. No card needed.
Report history
Reports on Container Corporation of India
- Research reportLatest
Same sector
More research in Industrials
Adani Ports and Special Economic Zone Limited
NSE: ADANIPORTS
Industrials · Marine Shipping
₹1,763.00 last close on 13 Oct 2026 +0.51%Research updated
Hindustan Aeronautics Ltd.
NSE: HAL
Industrials · Aerospace & Defense
₹4,869.00 last close on 13 Oct 2026 +2.29%Research updated
Bharat Electronics Limited
NSE: BEL
Industrials · Aerospace & Defense
₹380.00 last close on 13 Oct 2026 +1.63%Research updated
InterGlobe Aviation Ltd.
NSE: INDIGO
Industrials · Airlines
₹4,800.40 last close on 13 Oct 2026 +0.11%Research updated
Bharat Heavy Electricals Ltd.
NSE: BHEL
Industrials · Specialty Industrial Machinery
₹442.35 last close on 13 Oct 2026 +0.56%Research updated
Prices are the last close on the NSE, 13 Oct 2026. Research from Mool’s report of 14 Oct 2026; page updated 14 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.