How has been the historical performance of Allcargo Termi?

Revenue and Operating Performance

Allcargo Termi’s net sales have shown a consistent upward trajectory, increasing from ₹705.71 crores in March 2023 to ₹757.81 crores by March 2025. This steady growth in top-line revenue reflects the company’s ability to expand its operational footprint and capture market demand effectively. Total operating income mirrored this trend, with no other operating income reported during this period, indicating that core business activities remain the primary revenue source.

On the expenditure front, total costs excluding depreciation rose from ₹562.28 crores in March 2023 to ₹629.33 crores in March 2025. Manufacturing expenses, the largest component of costs, increased notably from ₹437.60 crores to ₹501.39 crores, signalling higher operational activity or input costs. Employee costs, however, saw a slight decline from ₹69.54 crores in March 2023 to ₹67.99 crores in March 2025, suggesting some efficiency gains or workforce optimisation.

Operating profit before depreciation and other income (PBDIT excl. other income) declined from ₹143.43 crores in March 2023 to ₹128.48 crores in March 2025, reflecting margin pressures despite revenue growth. Including other income, operating profit (PBDIT) also decreased from ₹154.91 crores to ₹137.47 crores over the same period. Operating profit margins followed suit, contracting from 20.32% to 16.95%, indicating tighter profitability conditions.

Profitability and Earnings

Profit before tax (PBT) declined significantly from ₹72.01 crores in March 2023 to ₹40.66 crores in March 2025, impacted by rising interest costs and depreciation. Interest expenses increased from ₹31.90 crores to ₹33.59 crores, while depreciation rose from ₹51.00 crores to ₹55.72 crores, further squeezing earnings. The company recorded an exceptional item of -₹7.50 crores in March 2025, which also weighed on profitability.

Consequently, profit after tax (PAT) dropped sharply from ₹55.19 crores in March 2023 to ₹23.52 crores in March 2025. Consolidated net profit followed a similar pattern, falling from ₹57.56 crores to ₹30.49 crores. Earnings per share (EPS) reflected this decline, decreasing from ₹4.69 to ₹1.16 over the three-year span. PAT margins contracted from 8.33% to 3.99%, underscoring the challenges faced in maintaining profitability amid rising costs.

On a positive note, the company’s share in profit of associates improved steadily from ₹3.60 crores to ₹6.72 crores, providing some support to consolidated earnings. Minority interest also turned positive in the latest fiscal year, contributing ₹0.25 crores compared to negative figures in prior years.

Balance Sheet and Financial Position

Allcargo Termi’s balance sheet has strengthened over the period, with shareholder’s funds rising from ₹205.76 crores in March 2023 to ₹268.40 crores in March 2025. Reserves increased robustly from ₹156.62 crores to ₹219.28 crores, reflecting retained earnings and capital accumulation. The company’s equity capital remained stable at ₹49.14 crores, with a face value of ₹2 per share.

Long-term borrowings surged notably from ₹27.17 crores in March 2023 to ₹102.12 crores in March 2025, primarily in secured loans, indicating increased leverage to fund growth or capital expenditure. Other long-term liabilities also rose from ₹363.34 crores to ₹398.85 crores, contributing to a total non-current liability increase to ₹444.24 crores.

Current liabilities increased moderately to ₹173.57 crores, while total liabilities expanded from ₹718.62 crores to ₹895.57 crores. On the asset side, total assets grew from ₹718.62 crores to ₹895.57 crores, supported by increases in gross block and non-current investments, which rose substantially from ₹26.65 crores to ₹141.59 crores. Net block of fixed assets, however, declined slightly from ₹149.63 crores to ₹132.71 crores, possibly due to higher depreciation.

Current assets improved from ₹135.53 crores to ₹187.17 crores, with current investments rising sharply, enhancing liquidity. Net current assets turned positive at ₹13.60 crores in March 2025, compared to negative figures in previous years, signalling better working capital management.

Cash Flow Trends

Cash flow from operating activities remained healthy, though showing a slight decline from ₹124 crores in March 2023 to ₹108 crores in March 2025. Cash flow after changes in working capital also decreased from ₹140 crores to ₹127 crores, reflecting stable but moderated operational cash generation. Investing activities saw increased outflows, rising from ₹12 crores to ₹130 crores, indicating significant capital expenditure or investments during the period.

Financing activities fluctuated, with a net inflow of ₹18 crores in March 2025 compared to outflows in previous years, suggesting fresh borrowings or capital injections. Despite these movements, the company’s net cash position remained relatively stable, with closing cash and cash equivalents at ₹17 crores in March 2025, slightly down from ₹20 crores the prior year.

Overall, Allcargo Termi’s historical performance reveals a company growing its revenue base and asset strength while facing margin pressures and profitability challenges. The balance sheet shows increased leverage and investment activity, balanced by improved reserves and working capital management. Investors should weigh these factors carefully when considering the company’s future prospects.

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