Western Carriers FY26 Results: Revenue ₹1,829 Cr; Q4 EBITDA Margin at 4.3%

Western Carriers (India) Limited held its Board of Directors meeting on Saturday, May 16, 2026, wherein the board considered and approved the Audited Standalone and Consolidated Financial Results for the quarter and year ended March 31, 2026. The results were reviewed by the Audit Committee and approved in compliance with Regulations 30 and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The statutory audit was conducted by M/s. D C Dharewa & Co., Chartered Accountants (FRN: 322617E), who issued an Audit Report with an unmodified opinion on both standalone and consolidated financial results. The meeting commenced at 12:15 P.M. and concluded at 01:55 P.M., with the outcome filed by Company Secretary & Compliance Officer Sapna Kochar from Kolkata, West Bengal.

Standalone Financial Performance

Western Carriers (India) Limited reported standalone revenue from operations of ₹18,292.38 million for the year ended March 31, 2026, compared to ₹17,257.20 million in the previous year. Total income, including other income of ₹145.49 million, stood at ₹18,437.87 million. The company's total expenses for the year were ₹17,910.36 million, resulting in a profit before tax of ₹527.51 million. After accounting for total tax expenses of ₹139.35 million, the standalone net profit for the year was ₹388.16 million, compared to ₹651.28 million in the prior year. Total comprehensive income for the year stood at ₹388.89 million. On a quarterly basis, Q4 standalone net profit stood at ₹83 million, compared to ₹141 million in Q4 of the prior year, while Q4 revenue came in at ₹5 billion versus ₹4.3 billion previously.

The following table summarises the key standalone financial results:

Metric: Q4 FY26 (Audited) Q3 FY26 (Unaudited) Q4 FY25 (Audited) FY26 (Audited) FY25 (Audited) Revenue from Operations (₹ Mn): 4,957.16 4,780.89 4,285.79 18,292.38 17,257.20 Other Income (₹ Mn): 32.61 27.56 48.49 145.49 132.05 Total Income (₹ Mn): 4,989.77 4,808.45 4,334.28 18,437.87 17,389.25 Total Expenses (₹ Mn): 4,877.25 4,661.95 4,144.59 17,910.36 16,510.92 Profit Before Tax (₹ Mn): 112.52 146.50 189.69 527.51 878.33 Net Profit (₹ Mn): 82.60 108.27 140.79 388.16 651.28 Total Comprehensive Income (₹ Mn): 87.39 109.11 139.27 388.89 649.15 Basic EPS (₹): 0.81 1.06 1.32 3.81 7.16 Diluted EPS (₹): 0.81 1.06 1.32 3.81 7.16

EBITDA Performance

On a quarterly basis, Western Carriers reported Q4 EBITDA of ₹21 crores, with an EBITDA margin of 4.3%, declining sequentially from ₹24 crores and a margin of 5.0% in Q3 FY26. For the full year FY26, EBITDA stood at ₹85 crores, with a margin of 4.6%. The Q4 EBITDA margin also contracted from 5.81% in the corresponding prior-year period, indicating sustained pressure on operating profitability.

Metric: Q4 FY26 Q3 FY26 QoQ Change Revenue from Operations (₹ Cr): 496 478 4% EBITDA (₹ Cr): 21 24 -10% EBITDA Margin (%): 4.3 5.0 Contraction PAT (₹ Cr): 8 11 -24% PAT Margin (%): 1.7 2.3 Contraction

Consolidated Financial Performance

On a consolidated basis, which includes the results of three associates — F.M Carriers Private Limited, Success Suppliers Private Limited, and S M P Properties Private Limited — the financial performance closely mirrored the standalone figures. Consolidated revenue from operations was ₹18,292.38 million and total income was ₹18,437.87 million for the year ended March 31, 2026. The consolidated net profit for the year was ₹388.17 million, with total comprehensive income of ₹388.90 million. The Group's share of total net profit from associates was ₹0.01 million for the quarter and year ended March 31, 2026.

Metric: Q4 FY26 (Audited) Q3 FY26 (Unaudited) Q4 FY25 (Audited) FY26 (Audited) FY25 (Audited) Revenue from Operations (₹ Mn): 4,957.16 4,780.89 4,285.79 18,292.38 17,257.20 Total Income (₹ Mn): 4,989.77 4,808.45 4,334.28 18,437.87 17,389.25 Profit Before Tax (₹ Mn): 112.50 146.51 189.68 527.52 878.35 Net Profit (₹ Mn): 82.58 108.28 140.78 388.17 651.30 Total Comprehensive Income (₹ Mn): 87.37 109.12 139.26 388.90 649.17 Basic EPS (₹): 0.81 1.06 1.32 3.81 7.16 Diluted EPS (₹): 0.81 1.06 1.32 3.81 7.16

Balance Sheet Highlights

As at March 31, 2026, the standalone total assets stood at ₹12,054.84 million, up from ₹11,036.27 million as at March 31, 2025. Total equity on a standalone basis was ₹8,670.23 million, comprising equity share capital of ₹509.78 million and other equity of ₹8,160.45 million. Non-current assets increased to ₹3,778.91 million from ₹2,137.33 million, driven by growth in property, plant and equipment (₹1,671.32 million) and other financial assets (₹986.28 million). On the liabilities side, current borrowings rose to ₹2,107.52 million from ₹1,533.37 million, while non-current borrowings declined to ₹64.18 million from ₹186.72 million. On a consolidated basis, total assets were ₹12,054.30 million and total equity was ₹8,669.69 million.

Balance Sheet Item: Standalone Mar 31, 2026 (₹ Mn) Standalone Mar 31, 2025 (₹ Mn) Consolidated Mar 31, 2026 (₹ Mn) Consolidated Mar 31, 2025 (₹ Mn) Total Non-Current Assets: 3,778.91 2,137.33 3,778.37 2,136.78 Total Current Assets: 8,275.93 8,898.94 8,275.93 8,898.94 Total Assets: 12,054.84 11,036.27 12,054.30 11,035.72 Total Equity: 8,670.23 8,281.34 8,669.69 8,280.79 Total Non-Current Liabilities: 204.87 281.37 204.87 281.37 Total Current Liabilities: 3,179.74 2,473.56 3,179.74 2,473.56

Cash Flow Summary

For the year ended March 31, 2026, the standalone net cash used in operating activities was (₹217.63 million), compared to (₹26.94 million) in the prior year. Net cash from investing activities was ₹15.57 million, while net cash from financing activities was ₹245.80 million. As a result, cash and cash equivalents at the end of the year stood at ₹92.20 million, up from ₹48.46 million at the beginning of the period. The consolidated cash flow position was identical, with closing cash and cash equivalents of ₹92.20 million.

Cash Flow Item: FY26 (₹ Mn) FY25 (₹ Mn) Net Cash from Operating Activities: (217.63) (26.94) Net Cash from Investing Activities: 15.57 (2,413.15) Net Cash from Financing Activities: 245.80 2,469.76 Closing Cash & Cash Equivalents: 92.20 48.46

IPO Proceeds Utilisation

Western Carriers (India) Limited had completed its Initial Public Offer (IPO) of 28,655,813 equity shares at an issue price of ₹172 per share, comprising a fresh issue of 23,255,813 equity shares aggregating to ₹4,000.00 million and an offer for sale of 5,400,000 equity shares aggregating to ₹928.80 million. The equity shares were listed on NSE and BSE on September 24, 2024. Net IPO proceeds available for utilisation, after deducting offer expenses of ₹370.62 million, amounted to ₹3,629.38 million. As at March 31, 2026, the company had utilised ₹2,716.38 million of these proceeds, with ₹913.00 million remaining unutilised and temporarily invested in fixed deposit accounts with scheduled commercial banks.

IPO Proceeds Utilisation: Amount to be Utilised (₹ Mn) Utilised up to Mar 31, 2026 (₹ Mn) Unutilised up to Mar 31, 2026 (₹ Mn) Repayment of Borrowings: 1,635.00 1,635.00 - Capital Expenditure (Vehicles, Containers, Reach Stackers): 1,517.10 604.10 913.00 General Corporate Purposes: 477.28 477.28 - Total: 3,629.38 2,716.38 913.00

Management Commentary

Commenting on the results, Rajendra Sethia, Chairman and Managing Director, Western Carriers (India) Limited, said: "Our company continues to consolidate and grow our position as a dependable multimodal logistics partner, backed by integrated capabilities and a strong customer franchise. The fourth quarter was shaped by significant geopolitical disruptions. Despite which, we sustained momentum with steady sequential revenue growth, supported by stable domestic operations and disciplined execution ensuring customer delight. Our multimodal network ensured consistent service reliability, and this together with our Gati Shakti Multi Modal Cargo Terminal near Morbi, we've been able to further strengthen our offerings. This has allowed us to continue delivering dependable service to all our clients across India, supporting both our corporate and MSME customers through seamless multimodal connectivity. As we move into FY27, our focus remains on operational resilience, measured capacity expansion, and improving realizations. We are well positioned to benefit as trade flows normalise, and remain committed to delivering consistent performance and long-term value."

Trading Window and Regulatory Compliance

In line with insider trading regulations, Western Carriers (India) Limited had closed its trading window since April 01, 2026. The trading window will remain closed until the expiry of 48 hours after the audited financial results are declared to the stock exchanges. The results and related information are available on the company's official website at www.western-carriers.com . The filing was digitally signed by Sapna Kochar, Company Secretary & Compliance Officer (ICSI Mem. No.: A56298), on May 16, 2026, and submitted to both BSE Limited and the National Stock Exchange of India Limited.

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