1. Management transition - Pranav Choudhary as MD from September 1 Delivered - At the Q1 FY27 call, management said Suresh Kumar would step down as MD by end of August, with Pranav Choudhary taking charge as MD from September 1. The transition was announced and took effect on September 1, 2026.
2. Group business contribution - \~10% of volumes Delivered - At the Q4 FY25 call, management stated group businesses could contribute around 10% of volumes. As of Q1 FY27, the LCL business from Allcargo Logistics comprises close to 10-12% of overall revenue.
3. CWC Mundra renewal - additional 10 acres, capacity in Q1-Q2 FY26 Delivered - At the Q4 FY25 call, management said the renewed CWC Mundra contract with additional 10 acres would give capacity in Q1-Q2 FY26; the FY25 annual report noted a renewed partnership for additional six years. The license was renewed early calendar 2025 with the additional 10 acres granted, adding 50,000 TEUs of capacity.
4. Volume growth - faster than industry Partial - At the Q2 FY24 call, management committed to volume growth faster than industry pace, reiterated across later quarters. FY24 volumes grew 8% vs industry \~7%; FY25 grew 1% vs industry \~10%; FY26 grew 6% vs industry \~6-7%; Q1 FY27 grew 7.2% YoY.
5. HORCL stake acquisition - 7.6% for ₹115 cr Delivered - The Q4 FY25 PPT disclosed acquiring a 7.6% stake in HORCL from Allcargo Logistics for ₹115 Cr. On October 28, 2024, the company purchased 7.6% of HORCL, 9.12 crore equity shares, for ₹115 crore.
6. Speedy Multimodes - 100% ownership Delivered - The FY25 annual report stated the Board approved acquiring the balance 15% stake in Speedy Multimodes, making it a wholly owned subsidiary. In FY25 the stake rose from 85% to 100%.
7. Smart Yard Management System - rollout across all locations On track - The Q1 FY27 PPT disclosed the Smart Yard Management System is being rolled out across all locations, with a pilot at the largest facility in JNPT. Smart YMS was successfully deployed at JNPT CFS during FY26; no full-rollout completion has been disclosed.
8. Mundra market share - increase from 12% to 15% Pending - The Q4 FY26 PPT set an aim to increase Mundra market share from 12% to 15%. Market share is estimated at 12.5-13% in CFS space across operating markets, with no Mundra-specific share disclosed.
9. Speedy JNPT license renewal - by December 2025 Delivered - The FY25 annual report said renewal of the Speedy JNPT yard would be fast-tracked by December 2025. A 10-year extension was received in the last week of December 2025.
10. FY26 digital targets - 70% customer digital clearance, 95% VBI claims, NPS 15% above industry Partial - The FY25 annual report set FY26 targets of 70% customer digital clearance, 95% of VBI claims via the VI portal, NPS 15% above industry, 80% actionable feedback addressed within one quarter, and 100% survey coverage. In FY26, 67% of documentation/counter activities were digitally enabled and 70% of active customers were onboarded on myCFS, with NPS at 65% and industry leading; no VBI claims or feedback resolution disclosures.
11. Capacity utilization - 80-85% short-term goal Delivered - At the Q2 FY26 call, management set a short-term goal of 80-85% utilization by end of year, sharpened at Q3 FY26 to about 85-86%. Utilization was 76-77% in Q2 FY26 and improved to 80-85% by Q1 FY27, with Chennai and one Mundra facility fully utilized.
12. Aspiration 2030 - revenue ₹1,400 cr, EBITDA ₹275 cr On track - The Q4 FY26 PPT laid out Aspiration 2030 of FY30E revenue > ₹1,400 Cr and EBITDA > ₹275 Cr, repeated in the Q1 FY27 PPT. FY26 revenue was ₹821 cr with EBITDA of ₹162 cr, and Q1 FY27 revenue ₹214 cr with EBITDA ₹47 cr; the FY30 horizon is not yet reached.
13. Chennai facility - Kattupalli cluster, timeline to be given next quarter Pending - At the Q1 FY27 call, management said negotiations for a Chennai facility near the Kattupalli cluster were at an advanced stage, with a firm timeline possibly in the next quarter call; Q2 FY26 commentary pointed to early 2027 and the FY25 annual report to a 30-acre FTWZ facility through a JV with VCPL. The Q4 FY26 PPT shows a proposed 170,000 TEU facility on 30 acres with status FY27; no firm timeline had been disclosed as of Q1 FY27.
14. Speedy JNPT upgrade - 60,000 TEUs capacity, operational by Jan-Feb 2027 On track - At the Q3 FY26 call, management said the Speedy JNPT upgrade would add up to \~60,000 TEUs of annual capacity with benefits in H2 FY27, later committing to completion by Jan-February 2027 as part of a ₹40 crore upgrade shared 50% with JNPA. A 10-year extension was received in December 2025, tendering is completed, and work starts post monsoons in August-September 2026; completion is pending.
15. Debt-free - Q4 FY26 Delivered - At the Q3 FY26 call, the CFO committed the company would be debt-free in Q4 FY26. Borrowings were repaid by the call date of February 11, 2026, ahead of the commitment, with Mar-26 borrowings at ₹0.
16. Total capex plan - ₹400+ cr phased till FY30 On track - At the Q2 FY26 call, management estimated ₹400 crores to complete the entire expansion plan, spent in phases till FY2030, later described as upwards of and then close to ₹400 crores. \~₹100 crores of capex is guided for FY26-27; CWIP rose from ₹0.39 cr in FY25 to ₹1.95 cr in FY26, with no cumulative spend disclosed.
17. Rights issue - up to ₹80 cr, in next few weeks Delivered - At the Q2 FY26 call, management planned a rights issue up to ₹80 crores "in the next few weeks". A fully subscribed rights issue raised ₹79.6 crore gross, issuing 3,97,98,999 partly paid-up equity shares at ₹20 per share.
18. HORCL rail connectivity - within \~10 months (by Q1 FY27) Partial - At the Q4 FY25 call, the CFO stated HORCL rail connectivity, including Allcargo Terminals' connectivity, should be in place within the next \~10 months. At Q1 FY27 the HORCL project was placed 1-1.5 years out, giving preferential access to DFCC, with no completion disclosed.
19. Doubling profitability - PBT from \~₹47 cr to \~₹90 cr by FY28 On track - At the Q4 FY25 call, management targeted doubling profitability measured on PBT from \~₹47 crores to nearly ₹90 crores by FY28. FY25 PBT before exceptional items was ₹55 cr, FY26 PBT ₹55 cr (0% YoY), and Q1 FY27 PBT ₹14 cr (+0.4% YoY); the FY28 horizon is not yet reached.
20. FY26 volume growth - 8-10% Missed - At the Q4 FY25 call, management targeted FY26 volume growth of 8-10%. FY26 volumes were 723,035 TEUs, up 6% YoY, with 9M FY26 up 7% over 9M FY25 - below the guided floor.
21. Capacity expansion - 8.5 lakh to \~12 lakh TEUs in 2-3 years On track - At the Q2 FY25 call, management guided capacity from 8.5 lakh TEUs to "close to about 12 lakh TEUs" over the coming 2-3 years; this was later raised to over 13 lakh TEUs on a 3-year plan and a FY30 roadmap of 830k to 1,345k TEUs. Capacity rose from 8.3 lakh to 10.5 lakh TEUs in calendar 2025, \~10.1 lakh in FY26, with JNPT (170k) and CWC Mundra (50k) done and Farukhnagar (120k) and Chennai (120k) upcoming.
22. JNPT expansion - business by March-April 2025 / Q2 FY26 Delivered - At the Q2 FY25 call, management expected business from the \~25-acre expanded JNPT facility by March-April 2025, later moved to Q2 FY26. The 170,000 TEU expansion was commissioned in August 2025 and operations from the expanded yard started mid-August 2025.
23. Mundra expansion - Phase 1 by Q4 FY26, business from Q3 FY26 Partial - Management expected the Mundra expansion "in the coming years" at Q4 FY24, then guided a first construction phase in 9-12 months with business from Q3 FY26, and Phase 1 in Q4 FY26; later revisions pushed it towards end of 2026 and set Phase 1 Q1 FY27, Phase 2 Q2 FY30. 60 acres outside Adani SEZ were acquired and IMC LOI approval received, but no construction completion or business start was disclosed as of Q1 FY27.
24. Gati Shakti terminals - 4-6 locations on DFC, participation in tenders Pending - At the Q2 FY24 call, management identified 4-6 key locations on the DFC stretch for Gati Shakti terminals and said it would participate in tendering, later citing six or seven stations and then one each in Gujarat, Maharashtra and Haryana. Three stations of interest were identified by Q2 FY25, and management will participate in bids when opportunities come up; no tender participation or award is disclosed.
25. EBITDA per TEU - sustain \~₹2,000, later revised upward to ₹2,400, with a ₹2,750 3-year target Delivered - At the Q3 FY24 call, the CFO said \~₹2,000 was sustainable; guidance later rose to ₹2,000-2,100, then \~₹2,200-2,300, then \~₹2,400, and a 3-year plan target of ₹2,750. EBITDA/TEU rose from ₹2,067 in Q2 FY24 (₹1,879 reported in Q3 FY24, \~₹2,000 normalized) to stay above ₹2,000 for the last eight quarters through Q1 FY27's ₹2,898.
26. Jhajjar ICD - commissioning by FY26 / first volumes December 2026-January 2027 Partial - At the Q2 FY24 call, management targeted 2025-26 for commissioning the Jhajjar ICD, with land acquisition to complete by December 2024 and operations by mid-FY26-27; revisions pushed first volumes to December '26-early January '27, construction start in Q3 FY26 with completion by end FY27, go-live April-May 2027, and PFT by February-March 2027 with ICD by Q3 FY27. Land acquisition and railway approvals are complete, PFT-ICD construction at Farukhnagar started in Q4 FY26, and a promoter-group MoU covers the PFT, with no commissioning yet as of Q1 FY27.
27. Double volumes - 2x volumes in 4 years / by FY26-27 On track - At the Q2 FY24 call, management said ATL aims to double volumes in the next 4 years, reiterated as doubling by FY26-27; this was reframed to crossing 1 million TEUs in FY27-28, then an aspiration of 10 lakh laden TEUs by FY28 and, in the Q4 FY26 and Q1 FY27 PPTs, FY30E volumes > 0.1 crore TEUs. FY24 volumes were 613,000 TEUs, FY25 6.7 lakh, FY26 723,035 TEUs and Q1 FY27 176,499 TEUs (+7.2% YoY), with capacity at \~10.1 lakh TEUs in FY26; the FY30 target horizon is not yet reached.