Allcargo Terminals Limited (ATL) Q3 FY2026 Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to Allcargo Terminals Limited Q3 and 9 Months FY '26 Earnings Conference Call. [Operator Instructions]. Please note that this conference is being recorded. I now hand the conference over to Mr. Suyash Samant from Stellar IR Advisors. Thank you, and over to you, sir.

Thank you. Good afternoon, everyone, and thank you for joining us today. We have with us today, the senior management team of Allcargo Terminals Limited, Mr. Suresh Kumar, Managing Director; Mr. Pritam Vartak, Chief Financial Officer; and Mr. Sanjay Punjabi, Investor Relations, who will represent Allcargo Terminals Limited on the call. The management will be sharing the key operating and financial highlights for the quarter and 9 months ended 31, December 2025, followed by a question-and-answer session. Please note, this call may contain some of the forward-looking statements, which are completely based upon the company's beliefs, opinions and expectations as of today. These statements are not a guarantee of the company's future performance and involve unforeseen risks and uncertainties. The company also undertakes no obligation to update any forward-looking statements to reflect developments that occur after the statement is made. I now hand over the conference to Mr. Suresh Kumar sir. Thank you, and over to you, sir.

Thank you. Thank you, Suyash. Good afternoon to everyone, and a warm welcome to the Allcargo Terminals Limited Quarter 3 and 9 months FY '26 Earnings Call. We have uploaded the results press release and presentation on the stock exchanges and the company's website. I hope you have had an opportunity to go through the same. To begin with, a brief outlook on global trends. The IMF expects global growth to remain resilient at 3.3% in 2026 and 3.2% in 2027. This is broadly in line with the recent years and reflects a modest upward revision for 2026. Growth is supported by technology-led investment, including artificial intelligence investments, continued fiscal and monetary support, accommodative financial conditions and private sector resilience, which are offsetting some of the headwinds from shifting trade policies. Global inflation is easing and is projected to decline to about 3.4% by 2027. Coming closer to home, India, in the recently announced union budget, it highlights the government's focus on public investment, raising FY '27 capital expenditure to INR 12.2 lakh crores from INR 11.2 lakh crores in FY '26. This targets infrastructure across roads, railways, ports, logistics parks and multimodal connectivity, enabling and supporting manufacturing exports and MSMEs. Large-scale spending is expected to enhance freight movement, improve logistics efficiency, reduce supply chain costs and create sustained opportunities for infrastructure-linked businesses. Additionally, you would have seen a INR 10,000 crore scheme to promote domestic container manufacturing, which was announced, aimed at strengthening India's logistics ecosystem, reducing import dependence and supporting higher container availability and trade growth. Coming to Allcargo Terminals, Q3 FY '26 was a quarter where Allcargo terminals witnessed significant growth. Volumes for the quarter stood at 1.76 lakh TEUs, reflecting a growth of 18% year-on-year. The volume growth is a clear reflection of the early benefits from our 3-year strategic plan, in which we have added capacity at JNPA in Q2 FY '26 and earlier in the year, renewed contract with CWC in Mundra. Revenue grew by 17% during the same period, while profit after tax increased by 28%, underscoring the operating leverage that we have in our business. Our deep customer equity is enabling us to leverage capacity expansion, grow volumes and strengthen profitability. Continuing on the 3-year plan, with the capacity augmentation, we have recently been awarded a 10-year extension of our speedy JNPT facility. We plan to upgrade the facility with assistance from JNPA, and there is a potential for annual capacity enhancement in this facility by up to 60,000 TEUs. We remain confident about the long-term growth prospects of CFS and ICD operations in India, especially at a time when global trade dynamics are being reset. Recent trade agreements signed by India with the European Union and the United States are expected to provide a meaningful boost to manufacturing activity and India's Exim trade. On that note, I wish to hand over the call to our CFO, Mr. Pritam Vartak.

Thank you, Suresh. Good afternoon, everyone. Welcome to our Q3 and 9 months FY '26 earnings calls. I will now present the key highlights of the financial results for the third quarter and the 9 months ended FY '26. Total volume handled in Q3 FY '26 was 1,76,560 TEUs, up by 18% over Q3 FY '25 and 5% over Q2 FY '26. For 9 months FY '26, total volume stood at 4,96,296 TEUs, up 7% over 9 months FY '25. Revenue for Q3 FY '26 was INR 218 crores, up 17% over Q3 FY '25 and 5% over Q2 FY '26. For 9 months FY '26, revenue stood at INR 613 crores, up 7% over 9 months FY '25. EBITDA, excluding other income, for Q3 FY '26 was INR 43 crores, up 31% over Q3 FY '25 and 6% over Q2 FY '26, implying an EBITDA per TEU of INR 2,435. For 9 months FY '26, EBITDA stood at INR 118 crores, up by 24% over 9 months FY '25. Net profit for Q3 FY '26 was INR 15 crores, up by 28% over Q3 FY '25 and up by 33% over Q2 FY '26. For 9 months FY '26, net profit stood at INR 35 crores, up by 9% over 9 months FY '25. I would like to highlight here that we have repaid our borrowings and the company will be debt-free in Q4 FY '26. As on date, we have repaid that balance loan, and we stand debt-free as of today. With this, I would like to open the floor for the question-and-answer session.

[Operator Instructions]. Our first question comes from the line of Vikram Suryavanshi with PhillipCapital.

You've given volume numbers overall, but obviously, if you are not comfortable, you can give the actual number at ICD, but directionally, are we seeing good growth even at ICD also? Or similar to what we are looking at CFS?

Thank you, Vikram, for the question. In terms of directional growth in the ICD, it is similar growth that we have seen.

If you look at JNPT particularly or even at other location, customer trying to facilitate the trade with a lot of automation and risk management system. Particularly, my question regarding the Speedy CFS opportunity, will that create more opportunity for importers to take a cargo, basically faster clearance without taking it to the CFS? Can that impact? Or how do you see that panning out? What improvement in processes will it impact this particularly opportunities for Speedy?

That's a good question, and I think we have spoken about this in earlier calls. Any improvement in technology, which makes life simpler for the customer is obviously very welcome, because it only makes -- brings down logistics costs for everybody concerned, makes the whole trade action cycle move faster. CFSs and ICD exist because there is a need for customers to store the containers at strategic locations for a certain amount of time. We are seeing that there is -- even when there is an overall increase in volume and when DPD volumes pick up, there are a set of customers, there are a group of customers, there are a set of commodities, which definitely end up coming to the CFSs for the reasons that are value-adding for the customer, so that trend continues. For Speedy, once we have the renewal and once we are able to do the necessary infrastructure upgrade. As you would know, it's a 20-year-old facility. Now we have got another 10-year extension. The facility will be enhanced with regard to some of the technology that we have in the other Allcargo facilities. It will only make the whole process better for customers. Speedy also has a unique advantage of being the CFS, which is closest to the port and therefore, the most attractive location for over dimension cargo and the amount of refurb work that we do. We believe that the extension is a very good one for us and will help us in the plans that we have chalked ahead.

How much would be spending on Speedy upgradation and capacity increase?

In terms of the CapEx requirement, we are in discussion with JNPA to finalize the work. The work which needs to be done there involves some technology deployment. There is also yard and warehouse repair work, which needs to be done. We received the extension in the last week of December. We are in the process of working out the estimated investment along with JNPA. Maybe in the next investor call, I think we will have clarity about this. The work is expected to start maybe in another 3 to 4 weeks. We are in the final stages of getting the estimates done, and we are in discussion with JNPA.

I think just last question. What would be broadly proportion of DPD? DPD at JNPA port currently? Are we seeing that is almost like a mature now?

It's mature. This number has been in the high 70s for the past many quarters, and it is in that range. It remains at that. It is a stable kind of a number. Some months, it gets to about 78%, 79%, some months, it comes down a little. If my memory is right, in the month of December, the DPD volumes marginally dipped, but it is, as you rightly mentioned, matured, and it's in the range of about 75% to around 80%.

The next question comes from the line of Darshil Jhaveri with Crown Capital.

Firstly, congratulations on a good set of numbers. I'm a bit new to the company, so pardon my ignorance. I just saw that we've done an expansion in JNPT, right? For FY '27, we can expect the full kick in of that, right?

Yes. Thank you, Darshan, for asking the question, and thank you for covering this sector. Your question about JNPA is about the capacity that we added there. The capacity addition that we did was in the month of August. We added about 1,70,000 additional TEU handling capacity in JNPA. For the first 4, 5 months of the year, we didn't have that capacity. When you build the capacity, it takes a little time to fill in that capacity. This whole capacity, as you rightly mentioned, will come into play for us in the next financial year.

With that additional capacity, which I think is nearly a quarter's volumes. What can the growth be in FY '27?

Yes. I'll just take a couple of data points here. In the first quarter of this year, including our Dadri facility, we used to do an average of about 56,000 TEUs. That is what we were doing in Q1 of this financial year. Q3, the quarter we just ended, our average monthly volumes grew to about 64,000 TEUs. There's about 7,500 to 8,000 increase in TEUs, out of which about 3,500 came in from the JNPA facility. We had also got an extension in Mundra in the beginning of the calendar year. There also, compared to Q1, we have been able to grow our volumes. That also has contributed to another 3,000 to 3,500. Both the locations where we have added capacity, we have seen growth in volumes. Out of the 8,000, about 80% of that volume growth has come in from JNPA and Mundra. If you were to look at what's happened in the industry and the overall growth, JNPA has been one of the faster-growing ports in the country. Overall, volumes have increased somewhere in the range of about 6% to 7%. We have outpaced that marginally. We expect this to strengthen with the trajectory that we are having now. We're currently this year growing at about 7%. We expect to add at least another 1 or 2 percentage points to this growth next year.

We can be around 8% to 9% volume growth in FY '27?

Yes.

Just wanted to know, once the additional volumes kick in, what operating leverage we can get? Because as the volumes have increased, our EBITDA margin has also been increasing, right? That journey will keep on continuing, right? How do we see the EBITDA margin? Because I think it's around the highest in the last few years also maybe right now in Q3, so how do we see that going ahead?

Yes, I'll request Pritam to answer this.

You're right. I think last few quarters, as we have been able to push the volumes up, the operating leverage has come into play here. In a few quarters back, we were very close to 2,000 or looking to break the INR 2,000 per TEU is the KPI, which we basically track every month-on-month, EBITDA per TEU. It used to be around INR 1,800, INR 1,900, then we crossed INR 2,000 and now we are very close to INR 2,500. There has been a substantial operating leverage, which has come into picture. Initially, when we added capacity, we were started paying the rent. However, the volume impact has kicked in, in the last couple of quarters. As there are still some capacity, which is available, especially, in JNPT and also in Speedy, the capacity would get added once the upgradation is done. We expect that this upward trend, which is there in EBITDA per TEU or would continue because the operational leverage would be there and it will come into picture. Just to answer your question, yes, the operational leverage has come into play here. We have been able to push our EBITDA per TEU upwards. As we do the better utilization of our capacity, which has been added, this upward trend, we expect it to continue.

Even if it's not a very significant uptick, but at least the new normal of around INR 2,500 that you're saying or INR 2,400, that is something that we can sustain for sure, because that's enough to do, right? That's a fair way to look at it?

Yes.

Just wanted to know, we've been very turbulent times, especially the last 12 months, and we've navigated it decently well. Now, where all this macro risk has reduced, how do we see the next 2 years? Because if everything is working at a normal, what do we look at it? What are our internal estimates of the macro environment, as well as how will our company also look to accelerate in terms of growth? Could you just help us with that?

Again, if you were to look at what's happened in the macro environment and what's happened in the Indian economy, Indian economy has managed to be a strong contributor to what's happening in the world in terms of GDP growth and various other macro indices. This could only further strengthen as we go ahead. Port volumes in the country have grown at about 7% as of now. A couple of ports have done better. Overall, that's been the kind of volume growth. If we were to look at for the coming years and even as the 3-year plan discussions that we are having, we have estimated market to grow at about anywhere between 6% to 8%. That's the range that we are talking about for market. Our ambition and aspiration is to grow faster than the market. The capacity additions that we have planned and the capacity additions that we have already completed, when we began this financial year, we began with a capacity of about 8.3 lakh TEUs annually. During the course of the year, with the expansions, we are now at about 10 lakh TEUs annually. There are further steps which are planned. Our primary focus is to ensure that the capacity utilization that we have gets to about 85%, 86%. That's a good level of capacity utilization with laden containers. When we talk about capacity utilization, normally, we use the laden containers. On top of that, there is empty containers, which move in and out of the CFSs. So 85% laden capacity utilization would mean that the CFSs are virtually full, including the laden, including the empty containers. Our estimate is market should grow anywhere between 6% to 8%. We will do all that we can. Then with the support of our customers and the equity of the brand, we expect to grow a shade better than how much the market grows. That's what we spoke about a little earlier. This year, we grew at about 7%. We expect at least 1 to 2 basis point improvement in that growth going into next year.

The next question comes from the line of Kiran Gadge with Knightstone Capital Management.

Has dedicated freight corridor network been connected to JNPT port?

Dedicated freight corridor.

Not yet. It's not yet, yes.

What sort of volume uptick can we see once it is connected?

We have not really done an estimate around it. The point which I made in response to Darshil's earlier question is, our intention is the market grows at a certain pace. We would like to grow faster than the market. We have built capacity, and we believe an 85% capacity utilization is the growth that we need to get into. I think there is enough containers in the market for us to achieve that.

[Operator Instructions]. The next question comes from the line of Nilesh Sharma with [indiscernible] Icon Private Limited.

Last year, we have handled 6.8 lakh TEU, and in this quarter, we have handled 1.76 lakh TEU. We will reach around 7 lakhs. May I know the capacity utilization percentage that we can expect for this year?

Yes. Thank you, Nilesh, for that question. This year, most part of the year, we were having a capacity of around 8.3 lakh TEUs till about September. Post the expansion that we have had in JNPA, our capacity has increased to about 10 lakh TEU. Weighted average for the year, you could consider our capacity to be in the range of about 9 lakh to 9.2 lakh TEUs for the year. Then that, if you were to do around 7 lakh TEU, that's the capacity utilization that we have of laden containers. Just as I was answering the earlier question from Kiran and Darshil, when we talk about capacity utilization, we also need to factor in laden-plus empty. If you were to look at it on a monthly basis, we handle close to 30,000, 35,000 empty containers also in the facilities that we handle, which we don't add in the laden container volume that we report.

How much EBITDA that we can expect in coming 2, 3 years per container, which was around INR 2,300 last year?

I think Pritam answered this in terms of the earlier question. We have seen a steady uptick in our EBITDA per TEU over the last 6 to 7 quarters, which is a reflection of operational efficiency, the kind of work that we have done on the cost side, holding revenue where it is in a market in which there is always a lot of pressure. With the capacity addition, we are now starting to get operational leverage. We have now come to an EBITDA per TEU in the range of around INR 2,400. We expect our EBITDA to be around this region because we also need to remain competitive in terms of pricing. We expect our EBITDA to remain at this level. Whatever operation leverage, which can happen, that can add a few percentage to the current level of EBITDA that we are having. We would be happy if we are able to hold our EBITDA at the current levels. If there are opportunities in terms of operational leverage, more capacity as we build in further, that will flow in into EBITDA.

What percentage of revenue that we can expect from dedicated freight corridor expansion?

Again, I was trying to answer this in the earlier question. We have not separately looked at dedicated freight corridor. The way in which we approach the market is there is certain capacity that we have built in. There is a rate in which the markets will grow, then the cargo gets into DPD cargo and non-DPD cargo and DPD CFS cargo. From that, a certain share of cargo is what we target, and that will deliver us the revenue and EBITDA goals that we have planned ahead.

As a last question, any planning to raise the debt for capacity expansion? Because in your capacity expansion in today's presentation, target is 13 lakhs TEU till 2030. Any planning to raise the fund?

I will answer the initial portion, and then I'll hand it over to Pritam. The 13 lakh TEU that we are talking about is a combination of the present capacity that we are up at about 10 lakh. We started the year at 8.3. The expansion till now has taken us to 10. There are a couple of projects that are lined up in which there is -- the most important project for us in the future years, in the coming years is the Farukhnagar ICD project, which is estimated to go live in 2027, April, May time frame. That will add another 1.5 lakh capacity. Plus, there is the search for adding another facility in Chennai. These are the key projects that we have in terms of adding capacity. For this funding, what is required, Pritam will take you through.

In our investors' presentations also, in our investor meet presentation have mentioned that for all these expansions, which we are looking at by 2030, we would be investing CapEx upwards of -- in the range of INR 400 crores. The primary sources of funds identified for these investments is, number one is equity. Recently, we issued a rights issue, which was fully subscribed, INR 80 crores was the quantum of right issue that we also made allotment of warrants to the promoters and promoters' group. That gave us access to INR 40 crores of equity, overall INR 120 crores by way of equity. We do have existing cash reserves in the tune of INR 30 crores. That would also be used for the future expansion. Also, the existing business generate very strong or continue to generate very strong cash flow in the range of INR 100 crores every year, and that would also be deployed for the expansion projects. Because of these identified sources, the dependency on borrowings, external borrowings would be minimal. We expect that we would be borrowing somewhere in the range of INR 100 crores, INR 150 crores based on the present estimate. We will try and limit our borrowings to that extent. The primary source of funding for this project would be equity and internal accruals. The gap would be bridged by way of external borrowing.

[Operator Instructions]. The next question comes from the line of Aryan Bhatia with [indiscernible] Research.

My first question, I'm new to the company, I have a basic question. My first question is, what is the incremental benefit to terminals get having a CTO license as compared to us because we don't have CTO license? Just wanted to know the EBITDA per TEU, we get INR 2,400, what is the incremental TEU they get due to having the CTO license is the container train, in license?

Thank you, Mr. Bhatia, for the question. You're talking about the rail connectivity and what is the likely additional EBITDA that can happen out of that, is that your question, if I understand you correctly?

Yes.

As of now, if you were to look at the operations that we have, we have 7 facilities in the country, out of which 6 are CFSs and 1 is ICD. The ICD is in Dadri, where we have a tie-up with CONCOR and the rail operations are completely handled by CONCOR. Our first rail connected ICD facility, which is the Farukhnagar facility is estimated to go live in the month of April. We have a certain estimate as to what the economics would be for that facility. I think it is a little too early for us to talk about it at this stage, but in the future right time, I think we will be able to respond to with an estimate for what are we planning at Farukhnagar. If I'm suffice to say that if you have rail connectivity, obviously, it's another service that you're giving the customers and therefore, the EBITDA that you get for handling the cargo, including the CFS-plus the rail will be significantly better than what you do by only handling CFS. Some of our peers in the industry, listed peers, if you were to look at their numbers, it clearly shows the EBITDA per TEU would be at a different level than the EBITDA per TEU of a CFS-heavy business like ours.

I will just like to add here. Currently, in our CFS, our operations, which are CFS dominated, we handle transportation from port to CFS, which is a certain portion of our overall revenue of INR 12,000 per TEU. However, when you have CTO license, you have access to the rail revenue as well, wherein the cargo is transported by way of rail from port to the hinterland ICD. Just to give you an idea in terms of revenue earn for Mundra to North ICD transportation could be in the range of INR 40,000 to INR 45,000 per TEU. Currently, as our business is CFS dominated, we are handling only port to CFS transportation, whenever we operate an ICD where we have rail license, this revenue will also become part of our portfolio with a significantly higher revenue per TEU.

My second question is, are we looking to bid for some new terminals, specifically the Gati Shakti terminals? Just wanted to understand, what is the difference between the business model of the Gati Shakti terminals and additional CFS or ICD terminals?

In terms of Gati Shakti terminals, this is a program announced by the government, and these are on the Indian Railway facility, you have identified areas where a certain amount of railway land is allocated on a PPP basis to develop passenger freight terminals. We have identified a few stations across the country, whenever there are opportunities which come up there, that follows the bidding process, we will participate in them. Ahead of that, we have identified our own PFT terminal to come up in Farukhnagar, and that is the Farukhnagar project that we spoke about, which we are estimating to go live by April '27.

[Operator Instructions]. The next question comes from the line of Sanskar Raja, an individual investor.

My first question would be, as we can see the financial performance this quarter has been very strong. Can you elaborate more on the key drivers of operating leverage that has led to this higher profitability?

Any other follow-up questions? Or would you want me to answer this first, please?

You can go ahead and answer this first.

Earlier in the conversation, what we talked about as the prime driver for this growth is as part of our 3-year plan, we have been adding capacity. The first capacity enhancement, large capacity enhancement that we did was by adding about 25 acres of yard capacity in JNPA in the flagship ATL facility. The necessary approvals and everything had come in the beginning of the financial year, and we started operating that facility from mid-August. That's a capacity addition of about 1,70,000 TEUs that we have done there. That is something which has helped us add volumes. The second is, we had renewed our CWC Mundra license. There is an extension of the contract that we had. Last year, there was a point in time in which heading towards the renewal, there was a bit of slowness in volumes. Once the renewal happened and an additional 10 acres of facility has been granted to us in the renewal, we have been able to add capacity there, too. These 2 locations, and I've taken you through the numbers, the incremental numbers between Q1 and Q3 that we have had on a monthly average basis is about 8,000 TEUs, out of which around 75% to 80% has come in from these 2 locations. Otherwise, the market has grown organically. There have been market growth even in the other markets that we operate, Chennai and Dadri and Kolkata. The rest of the volumes have come in from there. In terms of operational leverage, wherever we have had volume growth in the existing facilities, in JNPA where we have extended the yard, operational leverage starts to kick in because in terms of people, in terms of equipment, in terms of all the other support facilities which are required to keep the CFS running, you start to get the operational leverage. That is what is starting to reflect in the EBITDA per TEU that we have been having. This EBITDA per TEU strengthening is not only a phenomenon based on the capacity addition. Over the last 6, 7 quarters, through a combination of measures that we have taken, both on the revenue and the cost side, we have been able to slowly inch this EBITDA per TEU number up, and now the latest increases in the last couple of quarters or in Q3 specifically can be attributed to the operational leverage from the additional capacity that we have put up in JNPA. Whenever we add capacity, I think there is scope for operational leverage. This comes from better utilization of the equipment that we have, better utilization of the people that we have at the facility, better utilization of the warehousing that we have in the facility, and that's how margins show upward trend.

As we are talking about capacity expansion, can you put some more light on the time line of Speedy JNPT facility, the 6,000 TEU capacity that what is the time line that we are seeing?

Yes. Speedy JNPT is an existing facility. It's a 20-year facility, which has been operated by the Allcargo Group over the last 5, 6 years. At the time of renewal, we have taken stock along with the experts in JNPA, and we have recommended that upgrade has to be facilitated for the yard and some of the warehouses. Once the upgrade of the yard is completed, which we expect to take about 3 to 4 months, we will be able to handle more containers in the yard. That is expected to give us an additional capacity improvement of about 60,000 annually. This is because portions of the yard are not in great shape now for us to stack multiple containers. We'll be able to do that post this upgrade. It's not as if we are getting additional area or something. It's because the quality of the yard becomes better. Then the warehouses that we operate in also needs a bit of refurbishment. Both this will enable the additional capacity. The time line for this, I said, we expect the finalization of the scope of work, everything to happen by March and maybe another 3, 4 months for completing the necessary work. H2, definitely, we will have the benefits of this upgradation.

I guess that was good enough for me. One last question from my side would be on the current scenario. As we are seeing, there are agreements, trade agreements with EU and U.S. How do you think this is expected to increase our volumes moving forward? Would you like to share some point on this?

Yes. I would like to share this thing that during the course of this year, we have had a bit of turbulence around different changes, which have been happening. They have impacted volumes for the industry. Obviously, that impact cascades down to [indiscernible] operator like us. In spite of all the things, current year volume, the Indian EXIM trade volume, which comes into CFSs have grown at about 6%, 7%. With stability and clarity about some of these trade agreements and tariffs coming in, we expect sentiment to improve, more export to happen and which is why in terms of growth of the industry, we have always said that it is in the range of 6% to 8%. Sometimes you fall a little down and get to around 5.5%, 6%, everything becoming better and no other instability on account of global shipping or any of those things, then it gets to about 8%, 9%. We are optimistic that with all the changes which have happened, we should see an uptick in growth. That is one. Second is the contribution from U.S. and EU to the container volumes which come in into the country, and that is estimated close to about 30%, 32% is the estimate that we have, at least for the facilities that we operate. In that portion of the volume, one could see uptick. You also know, and I'm sure that everybody is in the public domain, it's clear that the EU agreement in terms of becoming operational could take x number of months. We are also waiting for all these procedural things to get done. Finally, I would like to say that the way in which we plan our business is, there is a certain capacity that we have built for our business. There is a certain amount of cargo which is available. Customers need great quality service, we need to be operationally excellent and operationally efficient. By this, we attract cargo to us, and we try to keep ourselves a little away from some of these larger macro things which happen, even though there will be an impact of that on our business. We are sharply focused on ensuring that we meet customer requirements with the capacity that we have. With that, we have planned the growth for the coming years.

Really happy with the numbers as I can see that the quarterly and the 9 months figures are our best ever. All the best for the coming quarters.

[Operator Instructions]. The next question comes from the line of Deepak Karwa, an individual investor.

Congratulations for a good set of numbers. Can you quantify the contribution from the JNPA capacity addition and the CWC Mundra contract renewable in Q3 volumes?

I had shared this earlier in response to one of the questions I'm happy to share that again. In Q1, our average monthly volumes, including Dadri was about 56,000 TEUs per month. In Q3, we have grown that to around 64,000 TEUs a month, including our Dadri joint venture. It's an increase of about 8,000 TEUs per month on an average, out of which about 75% to 80% has come in equally divided between JNPA and Mundra.

How should we think about the margins going forward in the new capacity ramp-ups? What will be the EBITDA per TEU during the quarter?

In terms of margins, we have paid a lot of attention to growing margins over the last 2, 3 financial years, and we are starting to see the benefits of that. Some of this takes a little time to actually put in. Over the last 6 quarters, if you were to see, the trajectory for EBITDA per TEU has constantly been on an upward trajectory. We have reached close to 2,400 levels, and we believe this is the right level to operate what we have because we also need to be competitive in terms of pricing and then there is competition and there are other operators also in the market that we operate. Therefore, we'll be happy if we can maintain the current EBITDA levels. In terms of EBITDA growth in the coming quarters and months, whenever there is capacity addition, which could be in the form of additional capacity, whenever we get into the Mundra project, which is some quarters away or when we have Farukhnagar, those are the times in which you will see step jumps in margins. Like we were answering in response to an earlier question, the Farukhnagar facility is a rail-linked facility, and therefore, there is a portion of rail margins, which will come into the ATL operations. We expect a significant jump around that time, but that clearly falls into April '27 onwards. It's a good one financial year away. We can talk about it closer to the launch of Farukhnagar. As of now, the current levels, we'll be happy to maintain continuing to give best services to our customers and remaining competitive and increasing market shares wherever possible.

My last question, what will be the EBITDA per TEU during the quarter?

You are talking about this current quarter?

Yes, current quarter.

Current quarter EBITDA per TEU, which we have reported is INR 2,412.

We have a follow-up question. It's from the line of Darshil Jhaveri with Crown Capital.

Just wanted to clarify one thing kind of. In terms of, when we are adding the capacity of JNPT right now, which is a significant addition, then why are we saying, only 6% to 7% growth, right? Because for half of the year, we didn't have JNPT with us. Ideally, we should at least be able to grow around 12%, 13% at least, right? Because that itself will be available for the full-year, right? I just wanted to get your thoughts about that.

In terms of announcements and what we share in our earnings call, we do not want to give a long-term guidance on the volume. We would just like our track record to speak for itself, and that's the approach that we have been maintaining in all these calls over the past many quarters. If you were to look at how volumes have picked up, I think that gives a very clear indication of the trajectory that we have. Basis our track record, I would allow us to keeping -- give us the opportunity to update these numbers as we meet you in the coming quarters. As of now, I hold on to what we had said earlier, there is a certain market growth that we anticipate, which is in the range of 6% to 8%. Our goal aspiration and our track record has been to grow slightly faster than the market wherever possible, keeping an eye on volumes, keeping an eye on EBITDA. That approach is what we will continue to adopt because that we believe will deliver a healthy business for all stakeholders.

As there are no further questions from the participants, I now hand the conference over to Mr. Suresh Kumar for closing comments.

Thank you, and thank you to everyone for all your questions. Some of your questions make us also reflect and think a little more about the business that we are doing, and it helps us in terms of planning ahead. I wish to assure you that me and my team are completely committed to driving the trajectory of our business results in a positive direction in the coming quarters. The expansion that we have done in the past quarters is starting to bear fruit. With the customer confidence, which is there for Allcargo Terminals as a brand and for Allcargo Group overall, we expect to continue to maintain the momentum in the coming quarters. Thank you very much for your interest in Allcargo Terminals and looking forward to talking to you during other interactions and the next quarter results. Thank you very much.

Thank you. On behalf of Allcargo Terminals Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.