1. Middle East shipping services established Delivered - At the Q3 FY26 call, management stated Middle East presence was established. In Q4 FY26 around 700 CONCOR containers moved to the Middle East under own bill of lading before conflict stopped movement, and roughly 700 containers moved again in Q1 FY27.
2. Far East shipping services to start "very soon" Pending - At the Q3 FY26 call, management stated a Far East contract was finalized with another agency, one container had already been sent, and services would start "very soon". Neither the Q4 FY26 nor Q1 FY27 transcripts mention Far East services, so whether services have started is not yet evidenced.
3. Assured transit train between North India and JNPT from October 2026 On track - At the Q1 FY27 call, management stated that from October 2026 they will launch an assured transit train between JNPT and North India. DFC connectivity to JNPA was achieved on 20 June 2026 with double-stack trains running since that date; the October 2026 launch date has not yet arrived.
4. Nepal services to Raxaul and Biratnagar to start "very soon" Delivered - At the Q3 FY26 call, management stated Nepal services to Raxaul and Biratnagar would start "very soon". A Nepal point was opened at Raxaul in Q4 FY26, and by Q1 FY27 the first train had been handled at Biratnagar, with Nepal traffic up 61% YoY.
5. 1,000 tank containers for bulk cement On track - At the Q3 FY25 call, management stated CONCOR was procuring 1,000 tank containers for bulk cement, with 500 each to Braithwaite and Basant Fabricator; at Q4 FY26 the Board approved 2,000 more. By Q1 FY27 the CONCOR fleet was \~700 tank containers, \~1,000 in the country including industry-owned.
6. 100 LNG trucks ordered and deployed Delivered - At the Q4 FY23 call, management stated 100 LNG trucks were ordered with an LNG station to be set up in own terminal; the Board later authorized 200 more. 100 LNG trucks were procured and deployed by Q1 FY25, and the fleet reached 230 by FY26.
7. 8,000 containers every year for five years Partial - At the Q1 FY22 call, management announced a container procurement plan of "8000 containers every year for next five years". Procurement was highly uneven: only 100-150 containers arrived in FY23 vs \~9,000 scheduled, but FY24 saw 7,653 and FY25 \~9,000; FY26 brought 4,729.
8. Domestic volumes of 2.5 crore tons after three years Missed - At the Q4 FY22 call, management saw domestic volumes at 2.5 crore tons after three years, vs 1.2 crore tons handled in FY22. FY25 domestic tonnage was 1.38 crore tonnes and the FY26 run-rate 1.4-1.5 crore tons, far short of the target.
9. Bulk cement volume of \~1.2 crore tons over three years Missed - At the Q4 FY22 call, management guided bulk cement volume of \~1.2 crore tons over the next three years. FY23 saw only 3,700-3,800 containers handled, loading stopped in FY24 after railways withdrew the FAK circular, and the first tank-container rake loaded only on 30th June 2025.
10. 0.5 crore TEU handling in FY25 Delivered - At the Q3 FY25 call, management expressed confidence of achieving the historic 0.5 crore TEUs handling target in FY25. FY25 throughput was 0.51 crore TEUs, or 50,94,942 TEUs, crossing 0.5 crore for the first time.
11. 0.4 crore TEU handling in FY22 Delivered - At the Q3 FY22 call, management expected to cross 0.4 crore TEUs total handling for the first time in FY22. FY22 handled 4-plus million TEUs, with throughput of 40,72,925 TEUs.
12. 4,000 double-stack trains in FY23 Delivered - At the Q2 FY23 call, management stated double-stack trains were likely to cross 4,000 this year, reiterated at Q3 FY23. FY23 closed with 4,100 double-stack trains.
13. 5,000 double-stack trains in FY24 Delivered - At the Q4 FY23 call, the CMD set a target to cross 5,000 double-stack trains in FY24, versus 4,100 in FY23. FY24 delivered 5,440 double-stack trains, a 33% growth.
14. Capex programme of ₹8,000-10,000 crores over 3-4 years Missed - At the Q4 FY22 call, management guided capex infusion of ₹8,000-10,000 crores over the next three to four years, reaffirmed at Q4 FY23. Actual capex was ₹560 crores in FY23, ₹745 crores in FY24, ₹810 crores in FY25 and ₹1,085 crores in FY26 - about ₹3,200 crores cumulative.
15. Container fleet expansion to 1.5-2 lakh containers in 3-4 years Missed - At the Q2 FY23 call, management stated own container inventory would be raised to roughly 1.5 lakhs to 2 lakhs in the next 3 to 4 years, later extended to 1-2 lakh over five years. As of Q1 FY27 the own fleet was 58,000+, with 4,729 procured in FY26.
16. 270-rake procurement programme Pending - At the Q1 FY22 call, management announced a plan for 270 rakes in five years, with 48 being procured that year; by Q4 FY23, 33 had been received with the remaining 237 to be acquired over the next three to four years. No rake-fleet figures appear in the cited Q4 FY26 disclosures, so completion of the programme cannot be verified from the evidence.
17. Domestic growth of 20% per annum for three years (FY27-FY29) Pending - At the Q3 FY26 call, management expected domestic growth of more than 20% every year for the next three years. At Q4 FY26 management did not withdraw this but guided domestic growth of 15% for FY27, with a midyear review possible; FY27-FY29 outcome is not yet available.
18. EXIM growth of more than 15% per annum for three years till FY29 Pending - At the Q3 FY26 call, management projected back-to-back EXIM growth of more than 15% per annum for three years through FY29. At Q4 FY26 management guided only 8% EXIM growth for FY27, to be reviewed mid-year, and no FY27-FY29 outcome is yet available.
19. FY29 targets - ₹15,000 crores topline, 1 crore TEUs, 7.5 crore tonnes Pending - At the Q3 FY26 call, the CMD projected an FY29 top line of ₹15,000 crores, 1 crore TEUs handling throughput and 7.5 crore tonnes of containerized cargo. At Q4 FY26 management gave only FY27 volume guidance (EXIM 8%, domestic 15%, overall 9.5%) without restating or withdrawing the FY29 projections, and the FY29 horizon remains unreached, so no outcome can yet be judged.
20. JNPT rail coefficient to double to 30-35% in 2-3 years On track - At the Q4 FY26 call, management guided the JNPT rail coefficient to at least 18-19% in FY27 and "30% or 35%" in about three years with DFC connectivity, reiterated at Q1 FY27. The Q1 FY27 coefficient was 14.13% vs 15.5% a year earlier; the horizon has not been reached.
21. DFC connectivity to JNPT by December 2025, revised to March 2026, then June 2026 Partial - At the Q4 FY25 call, management stated WDFC commissioning up to JNPT by December 2025, with the CMD saying "It will not get delayed. It will be on time"; the date was later pushed to March 2026 and then 1st June 2026. DFC connectivity to JNPA was achieved on 20 June 2026, with double-stack trains running since that date.
22. Bulk cement in tank containers - 0.1 crore tons per year On track - At the Q4 FY26 call, management guided "at least 0.1 crore tons" of bulk cement in tank containers in FY27; at Q1 FY27 the full annual run-rate was pushed to "maybe from next financial year" (FY28). Bulk cement in tank containers was introduced in Q1 FY27 with a \~700-container fleet and agreements with UltraTech, Maha Cement and Ambuja.
23. FY27 FMLM coverage of 80%, 100% by FY28 On track - At the Q1 FY27 call, management targeted FMLM coverage rising from 46% at end-FY26 to 80% for FY27 and 100% by FY28. The horizon has not been reached, and no Q1 FY27 FMLM figure is disclosed in our record.
24. FY27 EBITDA margin of 24-25% On track - At the Q4 FY26 call, management guided EBITDA margin to be maintained "between 24% to 25%" in coming years. Q1 FY27 EBITDA margin was 23.6% vs 23.1% in Q1 FY26; the FY27 horizon is not yet reached.
25. FY27 capex of ₹945 crores On track - At the Q4 FY26 call, the Board approved a capex budget of ₹945 crores for FY27, kept intact at Q1 FY27. Q1 FY27 capex achieved was \~₹118 crores; the year is still running.
26. FY27 volume guidance - EXIM 8%, domestic 15%, overall 9.5%, revised to EXIM 15%, domestic 25%, overall 18% On track - At the Q4 FY26 call, management guided FY27 growth of EXIM 8%, domestic 15%, overall 9.5%, raised at Q1 FY27 to EXIM 15%, domestic 25%, overall 18%. Q1 FY27 throughput growth was 9% YoY (EXIM +9.8%, domestic +6.2%); the year is not complete.
27. 2028 infrastructure target - 100 terminals, 500+ rakes, 70,000 containers On track - At the Q3 FY25 call, management stated that by 2028 the company will have 80 terminals, 500-plus rakes and around 70,000 containers, revised upward at Q4 FY25 to 100 terminals and reiterated through Q1 FY27. As of Q1 FY27: 66 terminals, 423 rakes and 58,000+ containers.
28. FY26 FMLM coverage of 100% Missed - At the Q4 FY25 call, management targeted 100% first mile/last mile coverage for FY26, vs 35% in FY25. FMLM coverage reached 46% by end of FY26, against 35% in Q1 FY26.
29. FY26 LLF of ₹370-400 crores Missed - At the Q1 FY26 call, management guided LLF of "between ₹370 crores and ₹400 crores should be a good number" for FY26, later widened to ₹400-420 crores. Around ₹450 crores is paid to railways every year, with ₹327 crores paid up to Q3 FY26, and Q1 FY27 LLF alone was ₹113 crores.
30. FY26 capex of ₹860 crores, revised to ₹1,060 crores Delivered - At the Q4 FY25 call, management approved an FY26 capex budget of ₹860 crores, enhanced by 23% to ₹1,060 crores at Q3 FY26. FY26 capex achieved was ₹1,085.20 crores, above the revised budget.
31. FY26 volume growth - EXIM 10%, domestic 20%, overall 13% Missed - At the Q4 FY25 call, management guided FY26 EXIM growth of 10%, domestic growth of 20%, overall 13%, maintained through Q3 FY26. FY26 throughput was 0.56 crore TEUs, growth 9.6% (EXIM 8%, domestic 14.6%).
32. FY25 FMLM coverage of 50% of total volume Missed - At the Q4 FY24 call, management targeted first mile/last mile coverage of 50% of total volume in FY25, reiterated at Q1 FY25. FY25 FMLM was 35% of total volume, though FMLM container movement grew 17.49% to 7,83,404 TEUs.
33. FY25 LLF of ₹400-420 crores, later revised to ₹350-400 crores Delivered - At the Q4 FY24 call, management guided FY25 LLF provisions around ₹400-420 crores, "not more than ₹420 crores", revised at Q2 FY25 to ₹350-400 crores and by Q3 FY25 to a hoped-for ₹350 crores close. FY25 LLF was ₹370 crores net of ₹65 crores impact.
34. FY25 capex of ₹610 crores, revised to ₹855 crores Delivered - At the Q4 FY24 call, management finalized the FY25 capex budget at ₹610 crores, revised upward by 40% to ₹855 crores at Q3 FY25. FY25 capex achieved was ₹810 crores, within \~5% of the revised budget.
35. FY25 EBITDA margin of 25% Delivered - At the Q4 FY24 call, management guided EBITDA margin to be maintained at 25% in FY25, saying "we will not reduce our margins", confirmed at Q2 FY25 including other income. FY25 EBITDA margin was 24.9% per the CMD's calculation; reported financials show FY25 OPM of 21.71% on a statement basis.
36. FY25 volume growth - EXIM 15%, domestic 25%, overall 18-20% Missed - At the Q4 FY24 call, management guided FY25 EXIM volume growth of 15%, domestic growth of 25%, overall 18% to 20%, maintained until Q3 FY25 toned down the EXIM leg. FY25 throughput was 0.51 crore TEUs, growth \~8% (EXIM 7%, domestic 12%).
37. FY24 LLF of \~₹500 crores, later revised to \~₹450 crores Delivered - At the Q1 FY24 call, management guided an LLF ballpark of "nearly 500" crores for FY24, revised down to around ₹450 crores at Q2 FY24 and to ₹388-400 crores maximum by Q3 FY24. FY24 actual payout was ₹424 crores, with ₹370 crores booked.
38. FY24 capex of ₹600 crores Delivered - At the Q4 FY23 call, management guided capex of about ₹600 crores for FY24, reiterated at Q1 and Q2 FY24. FY24 capex spent was ₹745 crores, above the plan.
39. FY24 volume growth of 10-12% Missed - At the Q4 FY23 call, management targeted around 10-12% volume growth for FY24, later clarified to \~12-15% company-wide at Q2 FY24. FY24 throughput was 0.47 crore TEUs, growth of 8.23%, with EXIM handling +7.08% and originating +7.59%.
40. FY23 LLF not more than ₹450 crores Delivered - At the Q2 FY23 call, management committed the land license fee for railway land would "not be more than 450 Crores" for FY23, firmly reiterated at Q3 FY23. FY23 LLF actually paid was around ₹392 crores on an actual basis.
41. FY23 PAT of ₹1,200 crores Partial - At the Q3 FY23 call, management projected PAT of ₹1,200 crores for FY23. FY23 PAT was ₹1,173 crores, about 2% short of the target.
42. FY23 volume growth of 10-12% Missed - At the Q4 FY22 call, management targeted FY23 total volumes of 0.5 crore TEUs, with EXIM growth of 10-12% and domestic growth of 25%, reiterated through Q2 FY23. FY23 volumes grew around 7%, with throughput of 0.44 crore TEUs vs 0.41 crore in FY22, growth of 7.08%.
43. Long-term lease of 24 railway-land terminals - one-time payment Missed - At the Q4 FY21 call, management stated intent to sign a long-term lease with Railways for 24 of 26 railway-land terminals for 35 years, paying 99% of current market value as a one-time payment, later quantified at ₹6,000-7,000 crores. The policy never gained clarity, and at Q3 FY25 the company decided not to migrate Brownfield terminals to the Gati Shakti policy; no one-time payment has been made through Q1 FY27.
44. FY22 LLF of ₹450 crores Delivered - At the Q4 FY21 call, management estimated FY22 land license fee at ₹450 crores, based on 6% of market value as on 1st April 2021, reaffirmed at Q2 FY22. FY22 LLF was provided at ₹465 crores in the balance sheet, though actual payment was less than the ₹450 crore guidance.
45. FY22 topline growth of \~12% and PAT of ₹1,000 crores Delivered - At the Q4 FY21 call, management gave initial FY22 guidance of top line growth around 12% and PAT of ₹1,000 crores from \~₹500 crores in FY21, raised at Q2 FY22 to \~15% growth and PAT "better than 100%". FY22 net operating income was almost ₹7,600 crores and PAT ₹1,062.34 crores, approximately 100% growth.
46. FY21 LLF not to exceed ₹450 crores Missed - At the Q2 FY21 call, management committed FY21 land license fee would be approximately ₹450 crores and the LLF issue "will definitely be resolved by the end of this financial year", reiterated at Q3 FY21. FY21 LLF paid was \~₹680 crores - about ₹520 crores on a like-for-like basis against the ₹450-crore estimate - and the dispute was not resolved by year-end.
47. FY21 volume guidance - \~20% decline, later revised to \~5% decline Delivered - At the Q1 FY21 call, management reiterated FY21 volume guidance of \~20% decline, "Guidance we are not changing", revised at Q2 FY21 to \~10% less and at Q3 FY21 to \~5% below last year. FY21 originating volumes ended higher than last year, revenue only \~₹80 crores lower, with throughput of 0.36 crore TEUs vs 0.38 crore, a drop of 2.79%.