Container Corporation of India Limited (CONCOR)
Mid CapServices stocks · Mid cap · NSE
Container Corporation of India Ltd. (CONCOR) is a Navratna CPSE of the Government of India, operating as a multi-modal logistics company. It provides containerized rail and road transportation services, managing a network of Inland Container Depots (ICDs) and Container Freight Stations (CFSs) across India, facilitating EXIM and domestic trade.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 2/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 35/100Rev +0% YoY · PAT +1% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,160 Cr | +0.3% | -4.5% |
| EBITDA | ₹444 Cr | +2.5% | +4.0% |
| Operating margin | 21.0% | +100 bps | +200 bps |
| PAT | ₹269 Cr | +0.8% | +1.9% |
| PAT margin | 12.4% | +5 bps | +78 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
CONCOR achieved record throughput of 5.58M TEUs in FY26 (+9.6% YoY), driven by 8% EXIM and 14.6% domestic growth. Rail freight margin increased to 27.16% (+1.51%), and overall operating margin to 30.89% (+1%). However, PAT decreased by 4.5% due to international trade challenges and domestic demand issues.
While CONCOR delivered record throughput and improved operating margins, the PAT decline and significant domestic segment margin erosion in Q4 FY26 due to specific commodity issues and empty container runs are concerning. Geopolitical uncertainties and conservative guidance suggest near-term challenges, despite strong infrastructure additions and strategic initiatives.
FY26 Throughput by Segment (TEUs)
Latest issuer-disclosed distribution across 2 reported categories.
Western DFC Connectivity
WDFC connectivity to JNPT will be commissioned by June 1, 2026, expected to give a very big boost to EXIM volumes.
Bulk Cement Transportation
Bulk cement transportation in tank containers is well received; company expects to do at least 1 million tons in FY27.
Bharat Container Shipping Line
CONCOR has a 30% stake in Bharat Container Shipping Line, aiming to be a top 10 shipping line by 2047, driving future business.
New Terminals & Nepal Traffic
Commissioned new terminals (Mandalgarh, Kadakola, Jajpur, Paradip) and expanding Nepal traffic points (Raxaul, Biratnagar soon).
High-Speed Rakes
Commissioned 43 high-speed rakes in FY26, taking total to 423.
New Containers
Procured 4,729 new containers, taking total fleet size to 57,746.
Tank Containers
Fleet of 500 tank containers, adding 200 monthly. Board approved procurement of 2,000 more, apart from 1,000 approved earlier.
Capex Budget
Achieved highest capex of INR1,085.20 crores in FY26. Board approved INR945 crores for FY27, with potential for mid-year increase.
WDFC Commissioning
WDFC connectivity to JNPT from June 1, 2026, will enable double stack trains from NCR to JNPT, boosting EXIM volumes.
Liberalized DPD & Cabotage Policy
Unveiled liberalized DPD and cabotage policy, resulting in a 38% increase in DPD volumes, expected to grow further.
Indian Railways Reforms
Indian Railways is working on various reforms for the container sector, expected to be unveiled soon, focusing on transit time and costs.
FTAs & Export Growth
Government of India signed various FTAs, positively impacting business and contributing to good import volumes at gateway ports.
Geopolitical Uncertainties
International conflicts and trade tensions severely disrupted global supply chains and increased trade risks in FY26.
Trade Restrictions & Tariffs
Trade restrictions and tariffs by the United States (up to 50%) affected volumes, especially in textiles and marine products.
Global Economic Slowdown
Global economic slowdown in U.S., Europe, and parts of Asia, along with currency fluctuations, impacted EXIM trade.
Domestic Demand Issues
Less demand in domestic streams, primarily Gunny Bales traffic (due to jute supply issues) and tiles traffic (due to gas supply issues in Morbi), severely affected profitability.
Geopolitical Factors
Management's FY27 guidance is conservative due to various geopolitical factors, indicating ongoing uncertainty.
Dependence on Indian Railways
Company's operational efficiency and cost structure are heavily dependent on Indian Railways' policies, reforms, and haulage charges.
Domestic Empty Running
Profitability in domestic segment is severely affected by empty running of containers when return cargo (like Gunny Bales) is unavailable.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Full-year financial and operational performance (throughput, margins, PAT) is best viewed YoY. However, specific quarterly issues, such as the domestic segment's profitability decline in Q4, and recent operational trends (e.g., May's business pickup) are better understood QoQ.
Total Throughput (FY26)
Achieved ever highest throughput of 5.58 million TEUs in FY26, a growth of 9.6%.
EXIM Throughput Growth (FY26)
EXIM growth was 8% in FY26, reaching 4.21 million TEUs handling, an ever highest in company's history.
Domestic Throughput Growth (FY26)
Domestic growth was 14.6% in FY26.
Rail Freight Margin (FY26)
Rail freight margin increased from 25.65% to 27.16%, a growth of 1.51%.
FY27 Guidance
Management gives FY27 guidance: EXIM 8%, Domestic 15%, Overall 9.5% throughput growth, noting it is 'a bit conservative'.
No Long-Term Guidance
Management feels it is better not to make any long-term guidance forecast until the situation stabilizes.
EBITDA Margin Target
Company aims to maintain EBITDA level between 24% to 25% in the coming years.
Future-Ready Infrastructure
Company is incurring capex to be future-ready with infrastructure additions to meet customer demand and avoid losing business.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| JNPT Rail Coefficient | 15.12% (FY26) | Increase to 18-19% in FY27 and eventually 30-35% in 3 years, driven by WDFC and competitive tariffs. |
| Domestic Segment Profitability | 0.2% EBIT margin in Q4 FY26 | Revival of Gunny Bales and tiles traffic, and traction from bulk cement transportation to improve margins and reduce empty running. |
| Bulk Cement Volumes | New product stream | Achievement of 1 million tons of bulk cement transportation in tank containers in FY27. |
| Indian Railways Reforms | Expected in coming weeks | Specific announcements on assured transit times and cost rationalization to improve rail competitiveness. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
CONCOR targets to have 100 terminals, over 500 rakes, and 70,000 containers by 2028.
"Target for infrastructure for 2028 remains the same, 100 terminals, 500-plus rakes and 70,000 containers"
CONCOR will very soon start Far East shipping services, expecting over 30% margin per container and exponential expansion in the future, contributing to top-line and bottom-line growth.
"we will very soon starting our Far East services also. This is also a very high-margin business."
Outcome check: OPM moved from 24.0% to average 20.5% (-3.5 pp).
CONCOR expects to achieve an overall volume growth of 13% for FY26, with EXIM growing by 10% and domestic by 20%.
"guidance, I would like to keep them unchanged at 13%, EXIM 10%, domestic, 20%"
Outcome check: Revenue YoY averaged 1.7% across 2 later quarter(s).
Connectivity of the Western Dedicated Freight Corridor (WDFC) to JNPT is likely by March 2026.
"WDFC, connectivity to JNPT is likely by March 2026"
Trend score and candlestick chart
57NeutralSMA20 +2.5% / mo · MACD −
Technical chart
CONCORdaily · 1Y · AUTO+5.8%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 49. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- Recent golden cross (SMA50 crossed above SMA200).
- SMA20 rising (~2.4% over last month) — short-term momentum positive.
- RSI(14) at 49 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 11% off 52W high · 21% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- 10.0% below the 52-week closing high after prior strength.
- The 30-week proxy has stalled (+0.2% over 20 sessions).
- Price has not yet confirmed a full Stage 4 downtrend.
Valuation & score drivers
U-Score 33 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 33 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 11/15 to the score.
- Cash flow contributes 6/10 to the score.
Main drags
- Fair-value margin of safety is negative at -18.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 1/20; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Management has 50% delivered/partly-delivered outcomes on 2 checked claims, with 1 adverse claim outcome. It ranks around the 81st percentile of the scored universe and 88th percentile within Services. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Services: 88th pctile, median 66 · Mid: 55th pctile, median 76
81 documents have extracted text, but claim history is not strong enough yet.
2/4 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.2%.
- ▸8 years of positive FCF.
- ▸Debt/equity is 0.07.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 31.20
- P/B
- 2.99
- EV/EBITDA
- 16.04
- Market Cap
- 38690.00Cr
Profitability
- ROE
- 9.81%
- ROCE
- 12.40%
- ROA
- 8.22%
- Dividend Y
- 1.50%
Growth (CAGR)
- Revenue 5Y
- 7.00%
- EPS 5Y
- 17.00%
- Revenue 3Y
- 4.00%
- EPS 3Y
- 2.00%
Balance Sheet
- Debt/Equity
- 0.07
- Interest Coverage
- 23.35×
- Altman Z
- 8.47
- Book Value
- 170.00
Cash Flow
- FCF Yield
- 2.20%
- FCF Positive Y
- 8/5
- OCF
- 1482.00 Cr
- EPS TTM
- 16.30
Shareholding
- Promoter Hold
- 54.80%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 58%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
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