Allcargo Terminals is fundamentally a port-side and inland extension of India’s container trade - it unpacks, stores, clears and forwards the shipping containers that carry the country’s imports and exports. The business was carved out of the Allcargo Logistics Group through a demerger in 2022 and listed independently in 2023, though its first container freight station opened at JNPT port back in 2003. Everything it does follows an “Asset Right” approach - owning the operating infrastructure and customer relationships while keeping the balance sheet light enough to expand without being weighed down by property, a model that has made it one of India’s largest CFS operators with a steady market share of about 13%. # Business segments A single engine - operating container freight stations and inland container depots at India’s major ports and industrial hinterlands - where the company earns a fee on every container it handles, stores or moves. ## 1. Container freight stations and inland container depots: the port’s overflow yard, owned and operated by Allcargo **The company runs seven facilities next to India’s busiest ports and in its northern industrial belt, charging for every container-related service from the moment a box leaves the vessel until it clears customs and heads inland.** - **Paid by the container, across multiple services** - revenue comes from handling charges, transportation, stuffing and de-stuffing cargo, bond income, and ground rent (the fee for storing containers on its premises), with ground rent now running at close to 20% of CFS revenue. Every additional container handled adds directly to earnings, because the business tracks an EBITDA-per-TEU metric - roughly INR 2,390 per box in late 2025 - and a 10% volume increase delivers incremental profit. - **The licence is the moat** - there are about 150 to 155 CFS operators across India, but the government has indefinitely closed proposals for new CFS development in the key “Green and Blue zones” of Mumbai, Gujarat and Chennai, capping new competition in the markets where Allcargo already leads. The company is the market leader at Mundra and JNPT, and ranks among the top three operators in Kolkata and Chennai. - **Facilities sit where the containers are** - the seven sites span 203 acres with a total throughput capacity of one million TEUs, located at ports that handle roughly 80% to 85% of India’s container traffic. The Nhava Sheva facility alone can process 360,000 TEUs and is just 18 kilometres from India’s largest port; the Mundra operations are eight kilometres from a port that liners favour for its fast vessel turnaround. - **Digital interface locks in customers** - two-thirds of all documentation and counter activities are now paperless through the company’s “myCFS” portal and mobile app, and 70% of active customers are onboarded on it. That digital stickiness, combined with a Net Promoter Score of 65% - well above the industry - and a base of roughly 3,000 customers empanelled with every shipping line, makes switching costly for clients. - **Expansion is already plotted** - a planned INR 400-crore capacity programme running to 2030 is adding land and throughput: a 59-acre parcel at Mundra for roughly 0.16 million TEUs of new capacity, a 30-year lease on 22 acres near JNPT, and a proposed 30-acre evaluation at Chennai. The company will be debt-free in Q4 FY26, so the build-out can be funded from its own cash flows alongside a promoter warrant issuance and a planned rights issue. # Group structure and partners **Allcargo Terminals sits inside the Allcargo Group, which gives it a built-in customer pipeline across 180 countries and a shared-services backbone, while its own subsidiary and joint-venture structure extends its reach from Gujarat to Nepal.** - **A demerged entity with group muscle** - the company was separated from Allcargo Logistics in 2022 and listed in August 2023, but it still draws on group companies for cross-selling: ECU Worldwide provides global freight forwarding reach, Allcargo Supply Chain handles contract logistics, and AllcargoGATI runs ground express. Freight consolidators within the group are described as a “huge partner” that drives business into the CFS network. - **Speedy Multimodes is now fully owned** - the subsidiary that runs the closest CFS to JNPT port was originally 85% held; the remaining 15% was acquired in early 2025 through a share swap with its CEO, making it a wholly owned operation that adds bonded warehousing and hazmat cargo handling at both Nhava Sheva and Mundra. - **A rail-connected associate for the northern push** - the company bought a 7.6% stake in Haryana Orbital Rail Corporation, a government joint venture building a new electrified double-track rail line that will connect the upcoming Farukhnagar ICD directly to the Dedicated Freight Corridor and Indian Railways, cutting transit time by an estimated 15-20%.