Gateway Distriparks (GATEWAY) Q4 25/26 earnings summary

Executive summary

• Volumes remain subdued due to the ongoing West Asia conflict, impacting both imports and exports, with no clear recovery timeline.

• Snowman Logistics became a subsidiary from December 2024, consolidating its financials and driving revenue growth.

• Major expansion projects include a new ICD near Indore (120,000 TEU capacity, Rs. 150 crore capex) and domestic operations at MMLP New Ankleshwar.

• Promoter shareholding increased to 33.92% in Q4 FY26.

• The Board approved audited standalone and consolidated financial results for the year ended March 31, 2026.

Financial highlights

• FY26 consolidated revenue rose to ₹222,944.03 lakhs, up 30% YoY, with EBITDA at ₹49,700 lakhs and PAT at ₹25,935.62 lakhs, impacted by exceptional items.

• EBITDA margin for FY26 was 22.3%, down from 24.4% YoY; PAT margin at 11.6% (excluding exceptional items).

• Exceptional items included a Rs. -258.8 crore fair value loss on Snowman acquisition and a non-recurring expense of ₹274.19 lakhs for new labour codes.

• Basic and diluted EPS for FY26 were ₹5.12, down from ₹7.42 in FY25.

• Cash flow from operating activities for FY26 was ₹46,905.34 lakhs, up from ₹38,486.84 lakhs in FY25.

Outlook and guidance

• Targeting 15% growth in Rail and Snowman segments, and 5% in CFS, contingent on fewer disruptions.

• Orders placed to expand train fleet to 37 by Q1 FY26, including 9 high-capacity trains; pilot project for 40-foot EV trailers initiated.

• CapEx guidance includes Rs. 150 crore for Indore ICD, Rs. 70 crore for Jaipur ICD, and Rs. 125 crore for new equipment and warehouses over the next two years.

• Snowman’s INR 1,000 crore revenue target is deferred to FY 2029, with a 15% EBITDA margin goal.

• The company plans to opt for a lower tax regime under Section 115BAA from FY27.