Container Corporation Of India Ltd (CONCOR) Q2 FY27 Results Analysis: PAT Slips 7.85%, Domestic Profit Plunges

Cofacto Research Published November 02, 2026 4 min read

Negative

Container Corporation Of India Ltd's Q2 FY27 numbers came in soft, with revenue of Rs. 2,373.21 Cr (+0.93% YoY) and PAT growth of -7.85% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quick Details

Results date	November 02, 2026
Revenue (Q2)	Rs. 2,373.21 Cr (+0.93% YoY)
PAT (Q2)	Rs. 347.16 Cr (-7.85% YoY)
EBITDA margin	25.79% (-137 bps YoY)
EPS (Q2)	Rs. 4.56 (-7.88% YoY)

Quarter Snapshot

Q2 FY27 was a cost-driven margin compression quarter: revenue was flat (+0.93% YoY) while PAT fell 7.85% and EBITDA margin slipped ~137 bps to 25.79%, with the Domestic segment result collapsing to Rs.14.57 Cr from Rs.64.42 Cr. Management's FY27 volume guidance (9.5% overall, 25% domestic) is off pace, with H2 requiring +14.31% volume growth versus +0.53% in Q2. Offsets include EXIM margin resilience (27.15%), cash conversion at 1.28x PAT, and the margin/capex guidance remaining on track.

Q2 FY27 Expectations vs Results

Driver	What happened	Verdict
Blended volumes in-line-to-behind; domestic +25% guidance "looks stretched" vs +2.43% Q2 print	Q2 +0.53%; domestic margin 1.86%	Played out
EXIM ahead on trade tailwind but CONCOR volumes constrained	EXIM volume −0.07%; EXIM result +Rs.8.24 Cr, margin 27.15% — profit held, volume didn't	Partially
Margin flat-to-supportive; no fuel shock; LLF true-up the swing factor; 24–25% band hinges on LLF/domestic mix	Q2 margin 25.79% in band but down YoY; domestic mix was the swing, not LLF	Partially
2nd interim dividend possible	Declared Rs.1.90/share, Rs.144.71 Cr	Played out
GST appeal/provisioning language; board-independence remediation	No provision; Rs.12.34 Cr under appeal; two IDs appointed but auditor note persists	Played out / Partially
Domestic guidance re-base question	Not addressed in the filing — remains open for the call	Not observable

Read our full results preview.

Management Guidance vs Delivery

What management said	Where	What happened	Verdict
Overall volume growth 9.5% FY27	Q4 FY26 earnings call (26.05.2026), retained at Q1 FY27 call	Q2 TEUs +0.53%; H1 +4.48% (provisional) — H2 now needs 32,59,301 TEUs, +14.31% vs H2 FY26	Off pace
EXIM volume growth 8% FY27	Q4 FY26 earnings call	Q2 −0.07%; H1 +4.57%	Off pace
Domestic volume growth 25% FY27	Upgraded at Q1 FY27 call (27.07.2026) from 15%	Q2 +2.43%; H1 +4.22%; domestic segment margin 1.86%	Effectively unreachable
EBITDA margin 24–25% FY27 (company definition, incl. other income)	Q4 FY26 earnings call	Q2: 25.79% standalone / 25.77% consolidated; H1: 24.74% / 24.73% — H1 inside the band	On Track
Capex Rs.945 Cr, may rise at midyear	Q4 FY26 earnings call	Rs.452.10 Cr in H1 (standalone) — ~48% of budget	On Track
First/last-mile 80%; JNPT rail coefficient 30–35%; bulk cement 1 Mn tons; 100 terminals/500 rakes/70,000 containers by 2028; 10 Mn TEUs/Rs.15,000 Cr by FY29	Q1 FY27 / Q3 FY26 / Q2 FY26 calls; 38th AGM	Not derivable from this filing	Too Early

Key Numbers, Quarter by Quarter

Metric	Q2 FY26	Q1 FY27	Q2 FY27
Handling TEUs	~1.44 Mn	14,04,821	14,48,379
Volume YoY	—	+0.21% (rev)	+0.53%
EBITDA margin (mgmt def., standalone)	27.16%	23.58%	25.79%

Key Investment Insights

Key Positives

EXIM segment result grew to Rs.432.12 Cr from Rs.423.88 Cr YoY with margin up ~28 bps to 27.15%, recovering from Q1's 21.78%
EBITDA margin of 25.79% (management definition) landed inside the guided 24-25% FY27 band
H1 standalone CFO of Rs.799.87 Cr was 1.28x PAT; FCF of Rs.347.77 Cr
Capex of Rs.452.10 Cr in H1 tracks ~48% of the Rs.945 Cr FY27 budget
2nd interim dividend of Rs.1.90/share (Rs.144.71 Cr) declared
JV/associates line swung to +Rs.15.91 Cr in Q2 from −Rs.3.56 Cr in Q1
Trade receivables eased to Rs.472.96 Cr from Rs.479.73 Cr on flat revenue

Risk Factors

Domestic segment result collapsed to Rs.14.57 Cr from Rs.64.42 Cr YoY (margin 1.86% vs 8.32%), worse than Q1's 3.52%
FY27 volume guidance of 9.5% is off pace: Q2 volumes +0.53%, H2 needs +14.31%; domestic +25% guidance effectively unreachable
Standalone PAT fell 7.85% and PBT fell 8.40% YoY on revenue up only 0.93%
EBITDA margin compressed ~137 bps YoY to 25.79% (management basis) with EBITDA down Rs.28.41 Cr in absolute terms
Finance costs rose 20.29% YoY on lease liabilities building to Rs.1,066.75 Cr
LLF of Rs.216.65 Cr booked on own assessment is 'not final' with auditor emphasis of matter; true-up direction open