Revenue and Profitability Trends
Over the past six years, Allcargo Logist. witnessed substantial swings in net sales, peaking notably in the fiscal year ending March 2022 before experiencing a sharp decline in the latest fiscal year. Net sales rose from approximately ₹6,895 crores in March 2019 to a high of over ₹20,000 crores in March 2022, reflecting robust growth in the logistics sector during that period. However, the fiscal year ending March 2025 saw a steep drop to just under ₹2,000 crores, indicating a significant contraction in operating income.
Operating profit margins, excluding other income, have also varied considerably. Margins improved from around 6.5% in March 2019 to a peak of 7.55% in March 2022, before declining to 10.25% in the latest year, which, despite the margin increase, coincides with the sharp revenue fall. Gross profit margins followed a similar pattern, peaking in 2022 before retreating.
Profit after tax (PAT) margins have been volatile, with a high of 4.81% in March 2022 and a low of 0.71% in March 2025. The consolidated net profit mirrored this trend, reaching a peak of over ₹925 crores in 2022 before plummeting to ₹20 crores in 2025. Earnings per share (EPS) also reflected this volatility, with a high of 37.68 in 2022 and a low of 0.06 in the most recent fiscal year.
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Cost Structure and Expenses
Examining the cost components, employee costs steadily increased from ₹1,070 crores in 2019 to over ₹1,900 crores in 2023, before dropping sharply to ₹222 crores in 2025. Manufacturing expenses followed a similar trajectory, rising to over ₹16,200 crores in 2022 before falling to ₹1,363 crores in 2025. Other expenses also showed a gradual increase until 2023, then a decline. These shifts in expenditure align with the revenue fluctuations, indicating operational scaling and contraction phases.
Interest expenses have fluctuated, peaking at ₹135 crores in 2021 and reducing to ₹75 crores in 2025, while depreciation costs increased over the years, reflecting asset base growth and ageing.
Balance Sheet and Financial Position
On the balance sheet front, shareholder's funds grew from ₹2,146 crores in 2020 to a peak of over ₹3,160 crores in 2022, before declining to approximately ₹2,423 crores in 2025. Total liabilities peaked in 2022 at nearly ₹9,591 crores but have since reduced to ₹7,331 crores. Notably, long-term borrowings decreased significantly from ₹980 crores in 2022 to just ₹38 crores in 2025, indicating deleveraging efforts.
Current liabilities have remained substantial, with trade payables and other current liabilities consistently high, reflecting the company's operational scale. Total assets peaked in 2022 at ₹9,591 crores and have since contracted to ₹7,331 crores in 2025.
Net block of fixed assets has remained relatively stable, fluctuating around ₹1,900 to ₹2,000 crores in recent years, while non-current investments have decreased from over ₹1,420 crores in 2022 to ₹162 crores in 2025.
Cash Flow Dynamics
Cash flow from operating activities has been inconsistent, with a high of ₹1,582 crores in 2023 but turning negative in 2024 before recovering to ₹261 crores in 2025. Investing activities have generally been cash outflows, except for a positive inflow in 2025. Financing activities have mostly been cash outflows, reflecting debt repayments and other financing adjustments.
Closing cash and cash equivalents have fluctuated, reaching ₹919 crores in 2023 before settling at ₹577 crores in 2025, indicating a moderate liquidity position despite operational challenges.
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Summary and Outlook
Allcargo Logist.'s historical performance reveals a company that has experienced significant growth phases followed by sharp contractions. The peak years around 2022 showcased strong revenue and profitability, supported by expanding asset base and shareholder funds. However, the subsequent years have seen a marked decline in sales and profits, accompanied by efforts to reduce debt and manage costs.
Investors should note the volatility in earnings and margins, as well as the company's ongoing adjustments in capital structure and cash flows. While the recent financial year reflects a challenging environment, the company's sizeable asset base and liquidity position provide a foundation for potential recovery.
Careful monitoring of future quarterly results and strategic initiatives will be essential to assess whether Allcargo Logist. can regain its earlier momentum and sustain profitability in the evolving logistics sector landscape.
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