• Geopolitical impact: Disruptions along Middle East and Red Sea shipping routes continue to create a 7% to 10% hit on export volumes, with the overall uncertainty expected to linger for at least another three months.
• FY27 volume guidance: The company is maintaining a target of double-digit volume growth for FY27, supported by domestic contracts like the ArcelorMittal coil movement and the planned operationalization of Ankleshwar by September.
• Market share position: Regional market share remains intact at around 28% in Ludhiana, 16% to 17% in NCR, and 30% to 33% in Uttarakhand, with competitive intensity remaining stable across key regions.
• Double-stacking target: Double-stacking share dropped to 39% in Q1 due to route imbalances and weather disruptions, prompting a revision of the full-year target from 43–44% down to 41–42%.
• Capex and funding: Planned capital expenditure includes roughly 100 crore for Indore, 75 crore for Jaipur, three rakes at 16–17 crore each, and about 100 crore over the next 12 months for fleet replacement, maintenance, and warehouse expansion, funded via internal accruals and debt.