The detailed Management Discussion and Analysis forms a part of this report at Annexure-A .
CORPORATE GOVERNANCE & GREEN INITIATIVE:
Your Company has taken structured initiatives towards Corporate Governance & its practices are appreciated by various stakeholders. Your Company believes in the principle that good Corporate Governance establishes a positive organizational culture and it is evident by responsibility, accountability, consistency, fairness and transparency towards its stakeholders. As required under SEBI (LODR) Regulations and DPE guidelines on Corporate Governance, a separate report on Corporate Governance practices followed by the Company forms part of this Report at Annexure-B .
Your Company has complied with the provisions of the Companies Act, 2013, SEBI (LODR) Regulations, 2015 and DPE guidelines on Corporate Governance in respect of Composition of Board of Directors, Board Committees, Holding Board & Committee meetings, Related Party Transactions and Disclosures & Transparency to the extent, the same are in control of the Company. The details in this regard are as per report placed at Annexure-B .
A Practicing Company Secretary has examined and certified your Companys compliance with respect to conditions enumerated in SEBI (LODR) Regulations and DPE guidelines on Corporate Governance. The certificate required under DPE guidelines and SEBI (LODR) Regulations forms part of this Report at Annexure- C .
As a responsible corporate citizen and to reduce carbon footprint, your Company has actively supported the implementation of Green Initiative. Electronic delivery of notice of Postal Ballot, notice of Annual General Meeting (AGM) and Annual Report along with other communications is being done to those shareholders whose email ids are already registered with the respective Depository Participants (DPs) and downloaded from the depositories i.e. NSDL/CDSL and who have not opted for receiving Annual Report in physical form. Accordingly, unless otherwise desired by the shareholders, the Company sends all documents to the shareholders viz. Notice, intimation for dividend, Audited Financial Statements, Directors and Auditors Report, etc. in electronic form to their registered e-mail addresses.
In terms of exemption granted by MCA vide General Circular No. 03/2025, dated 22.09.2025 read with earlier Circulars and updated SEBI Listing Regulations, Annual Reports are being circulated among the members whose email IDs are available with the Company through electronic mode. Accordingly, no physical copies of the Annual Reports are being circulated among the members of the Company for Financial Year 2025-26.
CORPORATE SOCIAL RESPONSIBILITY (CSR) AND SUSTAINABLE DEVELOPMENT:
CONCORs social initiatives in FY 2025-26 continued to be focused on overall development of society with main focus on Health & Nutrition activities in terms of guidelines issued by Department of Public enterprises (DPE). Activities in other areas like Education, Skill Development, Environment Sustainability, Sports, Infrastructure development etc. have also amply been addressed for the overall welfare of the society with focus on mainly deprived section of society. Some of major activities undertaken by the company during the year are:
- Preventive Health camps continued to be organized like previous years in major locations of CONCOR facilities benefitting approximately 7000 stakeholders by organizing 18 health camps which have been instrumental in providing Primary Health Checks and arresting growth of other diseases. Health camps were also organized by CONCOR in Chitrakoot, Uttar Pradesh, West Bengal & Delhi. -
- Supported to Heartfulness Institute towards Yoga Maha Kumbh, 2025 from 18 th June, 2025 to 20 th June, 2025 at New Delhi. The said Yoga Maha Kumbh was organized in association with Ministry of Ayush for overall benefit of Health of the community.
Yoga Maha Kumbh 2025 in New Delhi
Supported Menstural Health & Hygiene Initiative: Installation of Sanitary Pad Vending Machine & Incinerator Units in 70 Government Schools in the Aspirational district of Baran, Rajasthan, Chandauli, Uttar Pradesh and Faridabad & Gurgaon in Haryana.
Supported towards Procurement of Medical Equipment in Government Hospital of kamle Distict, Arunachal Pradesh.
Menstrual Health & Hygiene Initiative in Baran Rajasthan
Provided One (1) 09 Mtr Electric AC Bus - JBM (Low Floor with 196 kwh Battery) to All India Institute of Medical Sciences (AIIMS), New Delhi under CSR activities. This will help patients and their families to commute to the respective treatment centres for treatment. It will also be helpful for green energy initiatives.
- Supported the project of Renovation and preservation of monument near 14 th / 16 th hole, monument at the swimming pool and monument at the 4 th hole at Delhi Golf Club, New Delhi. This project is an important step towards conservation of old monuments.
Visit at Delhi Golf Club, New Delhi
- CSR activities in Aspirational districts adopted by CONCOR in Asifabad (Telangana), Shravasti (UP) and Chandauli (UP) are continued by taking up health activities, i.e., setting up infrastructure &providing health equipments to Govt. Hospital/PHC/CHC at Shravasti and Chandauli, Uttar Pradesh and Infrastructure facilities in Govt. Degree Junior Colleges, Model School & Boys Hostels in Kumurambheem Asifabad in Talangana for the benefit of needy people of these aspirational districts. The facilities created utilizing CSR funds have been helpful to uncounted common people of these districts.
Empowering Women Health Projects in Chandauli District, Uttar Pradesh
- Continued its support towards education of underprivileged and poor students by supporting 30 bright students towards preparation for higher studies (NEET) in Madhya Pradesh as well as supporting in operation and strengthening of infrastructure of primary schools and Secondary school at Haryana Uttar Pradesh, Bihar and Delhi benefitting 7500 such students.
- Supporting in improvement and up-gradation in 23 Rural Schools of Jalna District of Maharashtra and Construction of seven additional rooms with washrooms Tribal Girls Hostel Building of Rajkiya Kanya Mahavidyalaya, Shimla, Himachal Pradesh. In addition, CONCOR also supported for distribution of 130 Smart Shiksha Tablet which is helpful for Advancing Digital Learring in Dewas, Madhya Pradesh.
- Installation of Atmospheric Water Generators (AWG) system at Kendriya Vidyalaya, Dundigal, Hyderabad.
Atmospheric Water Generators (AWG) system at Kendriya Vidyalaya, Dundigal, Hyderabad.
- Skill Development Training to 170 women/girls Empowerment (Cutting & Tailoring, Beauty Culture & Computer Operation) in Kohra Colony, Dist, Ghaziabad, Uttar Pradesh and Skill development training and handholding for employment women economically empowered in Delhi stitching tailoring and Office Management at New Delhi. CONCOR also supported Computer Training to 100 children at Varanasi, Uttar Pradesh and Mobile First-Aid Skill Training to the 1700 Rural Women of Morigaon District, Assam.
Skill training at Ghaziabad, Uttar Pradesh and Varanasi, Uttar Pradesh
- Development of Shanti Dhyan Vitika - Budhha Theme Park beside Udayagiri Heritage site Jajpur, Odisha.
- Installation of open outdoor GYM machine in, Bulandshahar Chandauli, Ballia, Sitapur, Uttar Pradesh and Balasore, Odisha.
Finishing & interior work of ground floor in hostel for Mental wellness & De-Addiction at wave city Ghaziabad, Uttar Pradesh.
- An amount of H40.59 crores have been disbursed in FY 2025-26 towards CSR activities involving Health & Medical care, sanitation, education/literacy enhancement, community development, rural development, environment protection, conservation of natural resources and infrastructure development etc.
Further, the Board of Directors are satisfied that the funds of CSR have been spent in the manner approved by it and this has also been certified by the Director (Finance) & CFO of the Company. The Annual report on CSR activities is as per Annexure-D . Further, the Compliance parameter on DPE guidelines on CSR expenditure have been complied with by the Company in terms of MoU for the year 2025-26.
RISK MANAGEMENT:
As per the requirement of SEBI (LODR) Regulations, 2015, the Company is having a Board level Risk Management Committee. The particulars of Committee, its terms of reference, meetings held, etc. are stated in the Corporate Governance Report forming part of this Report. The Company has a well laid down Risk Management (RM) system to identify, evaluate risks and opportunities. The said system seeks to create transparency, minimize adverse impact on the business objectives and enhance the Companys competitive advantage. The risk management system defines the risk management approach across the enterprise in various business activities. The RM structure has different risk models which help in identifying risk trends, exposure and potential impact analysis at Company level and also separately for business segments. It forms an integral part of the Companys functioning and the Board of Directors are being regularly apprised about the status of various risk elements and the mitigation plans for the same.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:
CONCORs Internal Control Systems are commensurate with its size, scale and complexity and nature of its business activities. Internal audit constitutes an important element in overall internal control systems of the Company. The scope of work of the internal audit is well defined and is very exhaustive to cover all crucial functions and businesses of the Company. The internal audit in the Company is carried out by the independent professional firms appointed for this purpose.
The respective department of the Company monitors and evaluates the efficacy and adequacy of internal control system in the Company, its compliance with operating systems, accounting procedures and policies. Based on the report of internal auditors, necessary steps are taken at regular intervals to further strengthen the existing systems and procedures. The significant observations of internal auditors and corrective actions thereon are presented to the Audit & Ethics Committee of the Board at regular intervals. In addition, the implementation and effectiveness of internal financial controls during 2025-26 was also reported by the internal and statutory auditors of the Company.
PARTICULARS OF EMPLOYEES:
As per provisions of section 197 of the Companies Act, 2013 read with the Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, every listed company is required to disclose the ratio of the remuneration of each director to the median employees remuneration and such other details as may be prescribed in the Directors Report. However, as per Notification No. GSR 463(E) dated 5 th June, 2015 issued by the Ministry of Corporate Affairs, Government Companies are exempted from complying with provisions of section 197 of the Companies Act, 2013. Therefore, CONCOR being a Government Company, such particulars are not included as part of Directors Report.
AUDITORS:
Being a Government Company, the Comptroller & Auditor General (C&AG) of India had appointed Companys Statutory Auditors for the financial year 2025-26. M/s. Hem Sandeep & Co., Chartered Accountants were appointed as Companys Statutory Auditors for the year 2025-26. The statutory auditors were appointed by C&AG vide its letter No. CA.V/COY/ CENTRAL GOVERNMENT, CCIL(1)/382, dated 10.09.2025. The Statutory Auditors of the Company is being paid fee of H31,81,500/- (excluding GST). The Statutory Auditors have audited the Annual Financial Statements of the Company for the financial year ended on 31.03.2026. During the year under review, Auditors have not reported to the Audit Committee or the Board, under Section 143(12) of the Companies Act, 2013 any instances of fraud committed against the Company by its officers or employees. In respect of observations of the Statutory Auditors in their report on Standalone and Consolidated Financial Statements, Management replies have been enclosed as Addendum-I and Addendum-II to this report.
The C&AG has undertaken supplementary audit on the accounts of the Company for the year ended 31 st March, 2026 under Section 139(5) of the Companies Act, 2013. The comments of the C&AG on the Annual Accounts of the Company for the year ended 31 st March, 2026 along with management reply, if any, will forms part of this report as and when received.
Further, CONCOR is not required to maintain cost records as required under section 148 of Companies Act, 2013 and rules made thereunder.
BOARD OF DIRECTORS:
CONCOR being a Government Company, the appointment of directors on its board are communicated by the Ministry of Railways from time to time. During the financial year 2025-26, six meetings of the Board of Directors were held for transacting various businesses. During the year and upto the date of this report, the directorship in the Company are, as under:
- Shri Ajit Kumar Panda, Chairman and Managing Director w.e.f. 01.08.2026 and Director (Project & Services) [DIN: 08221385] upto 31.07.2026.
- Shri Vijoy Kumar Singh, Director (International Marketing & Operations) [DIN: 10391476] with additional charge of Director (Projects & Services) w.e.f. 01.08.2026
- Shri Harbrinder Singh Bajwa, Director (Domestic Division) [DIN: 11506675] (additional charge) (w.e.f. 01.03.2026)
- Shri Vivek Gupta, Director (Finance) & CFO [DIN:
11674836] (w.e.f. 21.04.2026)
- Shri Rakesh Kumar Rousan (Part-Time Govt. Nominee) [DIN: 11350227] (w.e.f. 22.10.2025)
- Shri Rahul Agarwal (Part-Time Govt. Nominee)
[DIN:08970712] (w.e.f. 19.03.2026)
- Shri V. Kashiho Sangtam, Independent Director
[DIN:11911049] (w.e.f. 26.08.2026)
- Shri Sanjay Swarup, Chairman and Managing Director [DIN: 05159435] (upto 31.07.2026)
- Smt. Namita Devi alias Lovely Gupta, Independent Director [DIN:07436235] (w.e.f. 07.07.2025 and upto 06.07.2026)
- Smt. Pallavi Joshi, Director (Finance) [DIN:08117196]
(additional charge) (w.e.f. 08.04.2026 and upto 21.04.2026)
- Shri Chesong Bikramsing Terang, Independent Director [DIN: 09401230] (reappointed w.e.f. 15.04.2025 and upto 14.04.2026)
- Shri Kedarashish Bapat, Independent Director [DIN:
02535543] (reappointed w.e.f. 15.04.2025 and upto 14.04.2026)
- Shri Anurag Kapil, Director (Finance) [DIN:06640383]
(additional charge) (upto 31.03.2026)
- Shri Mohammad Azhar Shams, Director (Domestic Division) [DIN: 07627473] (upto 28.02.2026)
- Shri Prabhas Dansana (Part-Time Govt. Nominee) [DIN: 07973307] (upto 17.02.2026)
- Shri R. C. Paul Kanagaraj [DIN:10199485] (reappointed w.e.f. 16.04.2025 and upto 30.01.2026)
- Shri Sandeep Jain (Part-Time Govt. Nominee) [DIN: 09435375] (upto 07.08.2025)
In terms of provisions under SEBI (LODR) Regulations and DPE guidelines, CONCOR being a listed Company and having an executive Chairman, 50% of its Board of Directors should comprise of Independent Directors. However, the company was not having requisite number of Independent directors during the year, including at least one woman Independent Director for part of the year. The Secretarial Auditor has also given observations in this respect in their report. In this respect, as Directors on the Board are appointed by Government, CONCOR had regularly requested Ministry of Railways for appointment of requisite number of Independent Directors to comply with the applicable requirements under SEBI (LODR) Regulations, DPE Guidelines and Companies Act and the same was also informed to Stock Exchanges. Further, it is stated that except the above issue of not having requisite number of Independent Directors (on which the Company has no control), impacting Board and its Committee Composition, the Company has duly complied with all the provisions of Companies Act, 2013, SEBI (LODR) Regulations, 2015 including related to Corporate Governance, holding Board & Committee meetings, Related Party transactions, Disclosure and Transparency, etc.
RETIREMENT OF DIRECTORS BY ROTATION:
As per the Companies Act, 2013 the provisions in respect of retirement of Directors by rotation will not be applicable to Independent Directors. In view of this, no Independent Director is considered to be retiring by rotation but all other directors are liable to retire by rotation. Accordingly, one third among all other directors namely Shri Vijoy Kumar Singh, Director (International Marketing & operation) is liable to retire by rotation and being eligible, offer himself for reappointment.
EVALUATION & REMUNERATION:
As per provisions of Section 134(3)(p) of the Companies Act 2013, the Boards Report of a Listed Company shall include a statement indicating the manner of formal annual evaluation of Board, Committees & Individual Directors etc. Ministry of Corporate Affairs has vide its notification dated 5 th June, 2015 notified the exemptions to Government Companies from the provisions of the Companies Act, 2013 which inter-alia provides that Section 134(3)(p) regarding statement on formal annual evaluation shall not apply to Government Companies in case the Directors are evaluated by the Ministry which is administratively in-charge of the company as per its own evaluation methodology. Further, it has been provided that the provisions of Sub-Sections (2), (3) & (4) of Section 178 regarding appointment, performance evaluation and remuneration shall not apply to Directors of Government Companies.
In terms of notification dated 05.07.2017 issued by MCA the provisions in Schedule IV of the Companies Act, 2013 about reviewing the performance of Chairperson and nonindependent directors and the Board as a whole by the Independent Directors in their separate meeting and that on the basis of performance evaluation of Independent Directors, it shall be determined whether to extend or continue their term of appointment shall not apply to a Government Company if the requirements in respect of same are specified by the concerned Ministries or Departments of the Central Government and such requirements are complied with by the Government Companies. In view of above, since the appointment of all Directors in the Company is decided by the Govt. of India, the requirement related to evaluation of directors as stated in Schedule-IV are not applicable to CONCOR.
Similarly, the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 also provides that the Nomination and Remuneration Committee to formulate the criteria for evaluation of performance of independent directors and the Board of directors, evaluation of independent Directors to be done by the Board of Directors and the independent directors in their separate meeting inter-alia to review the performance of Chairperson, non-independent directors and the Board of directors as a whole. Since CONCOR is a Government Company, which is exempt under Companies Act, 2013 from similar provisions, the Company has sought exemption from SEBI regarding applicability of above SEBI (LODR) provisions to it. SEBI vide its letter dated 26.03.2025 has granted exemption from certain provisions of SEBI (LODR) Regulations, 2015 which are Regulation 34(3) read with clause (d) of Para 4 of Part C of Schedule V regarding Nomination and Remuneration Committee (NRC) to lay down performance evaluation criteria for Independent Directors; Regulation 17(10) (a) regarding performance evaluation of Independent Directors by the Board; and Regulation 19(4) read with clause (2) of Para A of Part D of Schedule II regarding NRC to laid down the criteria for evaluation of Independent Directors and Board of Director.
On perusal of the above provisions, it can be concluded that there is no requirement for evaluation of Board, Non-Independent Directors, Chairperson and Independent Directors under Companies Act, 2013. For the evaluation of all the Directors in a Government Company, the Government has already laid down the procedure, which is being followed.
The above provision applicable for evaluation of the Chairperson/ Directors/Board, were placed before the separate meeting of the Independent Directors in its meeting held on 29.01.2026. In the said meeting the Directors have taken note of the provisions and stated that being a Government Company the Directors performance may continue to be reviewed by the Government in the same manner as is being done every year, hitherto. The Independent Directors have also placed on record their appreciation for the Chairman and Managing Director, functional Directors as well as the entire CONCOR team.
Similarly, the above provision applicable for evaluation of the Chairperson/ Directors/ Board and statement in board report have been taken note by the Board of Directors of the Company in its meeting held on 24.07.2026. In the said meeting the Board
has taken note of the same and have reiterated that being a Government Company the performance of Chairman/ Directors may continue to be reviewed and evaluated by the Government in the same manner as is being done every year, hitherto. The Board also placed on record its appreciation for the contribution being made by the Independent Directors.
The selection, evaluation criteria and the remuneration guidelines which are being followed in the Company are elaborated as under:
CONCOR is a Government Company under the administrative control of Ministry of Railways. The selection procedure for all the directors is also laid down by the Government of India and all the directors of the company have been appointed in accordance with the said procedure. The functional directors including CMD are selected on the recommendations of PESB in accordance with the procedure and guidelines laid down by Govt. of India. Its Board of Directors are appointed by Government of India and there is a system and procedure laid down by Department of Public Enterprises for evaluation of its functional directors including Chairman and Managing Director. The evaluation framework for assessing the performance of functional directors comprises of the following key areas:
- Performance of the company under the MOU signed with Ministry of Railways.
- Performance with respect to the targets fixed for the respective director.
The evaluation includes self-evaluation by the respective Board member and subsequent assessment by CMD for the functional directors and thereafter final evaluation by the Ministry of Railways, the Administrative Ministry. In respect of CMD the evaluation includes self-evaluation and final evaluation by the Ministry of Railways. In respect of Government nominee directors their evaluation is done by the Ministry of Railways as per the laid down procedure.
The induction of officers at below Board level is made by way of recruitment, promotion and/or lateral entry by way of deputation/immediate absorption of the officials from Ministry of Railways, Govt. Departments and other PSUs.
The performance of below Board Level Officials at General Manager and above Grades is evaluated on the basis of criteria laid down by DPE in which the achievement of MOU targets as approved by Administrative Ministry and DPE is given due weightage.
CONCOR follows a robust Performance Management System (PMS) in compliance with the DPE instructions for evaluation of performance of its officials in Dy. General Manager and below grade. Format for evaluation comprises broad parameters for assessment of personal traits of the officials and contribution towards performance of the organization. The Key Result Areas (KRAs) are proposed by the appraisee and approved by appraiser in the beginning of the year which is subject to midyear review for further modification/improvement, if any. For the payment of Performance Related Pay (PRP) as per DPE
guidelines/ instructions, the performance rating of an individual officer is considered.
The Company follows the guidelines of Department of Public Enterprises (DPE) on salary structure for Board Level Executives and as well as Below Board Level Executives and Nonunionised Supervisors. These are adopted by CONCOR with the approval of Board of Directors and Presidential directive issued thereof by the Ministry. In respect of unionised workmen, salary and allowances are settled through collective bargaining and settlement thereof under Industrial Disputes Act 1947.
The Nomination and Remuneration Committee of the Board had taken note of the remuneration policy of the company and the procedure and policy for selection of the Directors, Senior Management and their evaluation/remuneration and also the evaluation criteria being followed for the evaluation of Chairman/Directors by the Government, Ministry of Railways (Government of India).
RELATED PARTY TRANSACTIONS:
The related party transactions that were entered into during the year were on an arms length basis and were in the ordinary course of business. Omnibus approval of the Audit & Ethics Committee is being taken for the related party transactions which are of foreseen and repetitive nature. The transactions entered into pursuant to the omnibus approval so granted are placed before the Audit & Ethics Committee and the Board of Directors on a quarterly basis. The policy on material related party transactions, as approved by the Board has been uploaded on the Companys website at https://www.concorindia.co.in/ assets/pdf/CONCOR Policy MRPT.pdf. Though there are no materially significant related party transactions entered by the Company, the particulars as required under section 134(3) of the Companies Act 2013 are as per Annexure-E to this report.
SECRETARIAL AUDIT:
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s Amit Agrawal & Associates, a firm of Company Secretaries in Practice to undertake the Secretarial Audit of the Company. The Secretarial Audit Report from the auditor is annexed as Annexure-F to this report.
The Secretarial Auditor as well as the Auditor who has given Corporate Governance Compliance certificate had given observations in their report regarding matters related to composition of Board of Directors i.e. not having adequate number of independent directors on its Board during the year and non-composition of Board committees along with appointment of one woman Independent Director for part of the year as per applicable provisions. The remarks of the directors on the same are that the Director including independent directors in the Company are appointed by President of India, through Ministry of Railways, Government of India. The Company has regularly requested Ministry of Railways, Government of India for appointment of requisite number of independent directors
on its Board. Further, on the matters of observations of the Secretarial Auditors regarding imposition of fines by the Stock Exchanges, the matters in which fines were imposed, its period, status along with managements remarks on same in detail have been provided in the enclosed Corporate Governance Report forming part of this report.
OTHER DISCLOSURES:
A copy of the annual return is placed on the website of the company at www.concorindia.co.in . In addition, statement pursuant to Section 129 of the Companies Act, 2013 (AOC- 1) relating to Subsidiary Companies and Joint Ventures is as per Annexure-G .
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS:
During the year, your Company has not made any investment into its subsidiary.
The particulars of investments in Joint Venture/Subsidiary Companies as on 31.03.2026 have been provided in the Financial Statements of the year 2025-26. There are no loans outstanding from the Joint Venture and Subsidiary Companies. In CONCOR, there was no instance of one-time settlement for any loan from the Bank(s)/Financial Institution(s) during the year.
ACCEPTANCE OF DEPOSITS:
Your Company has not accepted any deposits from public as envisaged under Sections 73 to 76 of Companies Act, 2013 read with Companies (Acceptance of Deposit) Rules, 2014.
CREDIT RATING:
The Companys credit rating for the Long term Non-Fund based Bank Facilities (H800 crore) and Issuer Rating, as assigned by M/s ICRA Limited is [ICRA] AAA (Stable) reaffirmed.
INSOLVENCY AND BANKRUPTCY CODE, 2016:
The details of application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 with their status, are as under:
i) Claims against the Company:
There are no cases filed against the Company with National Company Law Tribunal (NCLT) in which
claim has been made.
Two parties namely M/s. RCI Industries & Technology (Claim amount NIL) filed cases in which CONCOR is not the main respondent. As per companys assessment, no liability in these cases is being envisaged.
ii) Claims by the Company:
There are no cases filed by the Company with National Company Law Tribunal (NCLT) in which
claim has been made.
MATERIAL CHANGES & COMMITMENTS:
There have been no material changes & commitments affecting the financial position of the Company, which have occurred between the end of the financial year and date of this report.
DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:
Container Corporation of India Ltd. (CONCOR) complies with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and an Internal Compliant Committee has been constituted under the Act.
Container Corporation of India Ltd. (CONCOR) prohibits any kind of Act of Sexual Harassment at Work Place and included the acts amounting to Sexual Harassment at Workplace in its Conduct Rules and Certified Standing Orders and Discipline & Appeal Rules so as to prohibit any such Act. CONCOR has an Internal Complaints Committee to receive and investigate complaints related to Sexual harassment at workplace following the guidelines issued by Honble Supreme Court of India in Visakha Vs. State of Rajasthan.
The Internal Complaints Committee consists of four members at the senior level including one external female member. CONCOR has 156 female employees out of total 1,238 employees. The company has created a conducive work environment free from any kind of harassment and details for the year 2025-26 are as below:
(a) number of complaints of sexual harassment received in the year : Nil
(b) number of complaints disposed off during the year : Nil
(c) number of cases pending for more than ninety days : Nil
CEO & CFO CERTIFICATION:
Pursuant to provisions of Regulation 17(8) of the SEBI (LODR) Regulations, certificate for the year under review from Shri Sanjay Swarup, Chairman and Managing Director and Shri Vivek Gupta, Director (Finance) & CFO was placed before the Board of Directors of the Company at its meeting held on 25.05.2026. A copy of the said certificate on the financial statements for the financial year ended 31 st March, 2026 is as per Annexure-H .
BUSINESS RESPONSIBILITY & SUSTAINABILITY REPORT (BRSR):
In terms of SEBI (LODR) Regulations, for describing the initiatives taken by the companies from Environmental, Social and Governance (ESG) perspective, it has been mandated that the top 1,000 listed entities, based on market capitalisation to include Business Responsibility & Sustainability Report (BRSR) as part of the Annual Report. SEBI has provided the format for BRSR reporting in which it has elaborated a disclosure framework mapping Companys performance on the nine Principles and Core elements. In this respect, a brief of actions on the ESG front along with Business Responsibility & Sustainability Report are at Annexure-I and Annexure-J respectively.
SEBI vide its circular SEBI/HO/CFD/CFD-SEC-2/P/CIR/2023/122 dated 12.07.2023, has mandated top 500 companies on the basis of market capitalisation to obtain a reasonable assurance on BRSR Core from FY 2025-26. Accordingly, your Company has obtained the required certificate of Reasonable Assurance from M/s The Energy and Resources Institute (TERI) and a copy of the same is placed at Annexure-K .
CODE OF CONDUCT:
The Code of Conduct has been laid down for the Board Members and senior management. A copy of the same is available on the website of the Company.
Based on the affirmation received from Board Members and Senior Management Personnel, it is hereby declared that all the members of the Board and Senior Management Personnel have affirmed compliance of Code of Conduct for the financial year ended on 31.03.2026.
CONCLUSION:
Your Directors place on record their appreciation for the esteemed Shareholders, Institutions, State Governments where Company operates or is planning to expand its business and all other agencies for reposing their faith, trust and confidence in the Company.
Your Directors express their gratitude for co-operation, support and guidance provided by Government of India, in particular the Ministry of Railways, Customs, Ports and above all the customers who have continued to patronize the services provided by your Company.
Your Directors appreciate and acknowledge the suggestions received from Auditors and Comptroller & Auditor General of India and are grateful for their consistent support and guidance.
Your Directors would like to place on record their deep and sincere appreciation for the dedication, hard work & valuable contributions made by Team CONCOR for the outstanding performance during the year and they are looking forward with confidence and commitment for a rewarding future ahead for all stakeholders.
For and on behalf of the Board of Directors
| sd/- | |
| (Ajit Kumar Panda) | |
| Date: 03.09.2026 | Chairman & Managing Director |
| Place : New Delhi | DIN: 08221385 |
Management Discussion and Analysis
INDUSTRY OVERVIEW:
The Indian Railways registered a marginal increase of 3.25% in originating loading of cargo, from 1,617.38 million tons in 2024-25 to 1,669.93 million tons in 2025-26. While, originating containerized cargo transported by rail has increased from 88.73 million tons in 2024-25 to 93.69 million tons in 2025-26 reflecting an increase of 5.59%. The containers handled at all ports of the country registered a growth of 6.46% from 23.29 million TEUs in 2024-25 to 24.79 million TEUs in 2025-26.
Jawaharlal Nehru Port registered a growth of 11.93% from 7.30 million TEUs to 8.17 million TEUs; Mundra Port registered a growth of 2.30% from 8.28 million TEUs to 8.47 million TEUs; Kolkata Port registered growth of 18.39%, Haldia Port registered growth of 22.70%; Vizag port registered growth of 2.75%, Chennai Port registered a growth of 6.71%; V.O. Chidambaranar Port has registered a growth of 8.93% and Kamrajar Port registered a growth of 2.94% in container handling in 2025-26 as compared to 2024-25.
In value terms, total merchandise exports of the country have marginally increased by 0.09% from 437.70 billion dollars in 2024-25 to 441.78 billion dollars in 2025-26. Imports of the country have also registered a positive growth by 7.45% from 721.20 billion dollars in 2024-25 to 774.98 billion dollars in 2025-26. CONCOR experienced a rise in export of commodities, such as Auto Parts, Iron & Steel, Food Items, Buffalo Meat, Aluminium, Ingot, Furniture, Pharmaceuticals & Medical Supplies, Organic & Inorganic Chemicals, Spices, Oil Cakes & Seeds Furniture, etc., while import of commodities,
such as Auto Parts, Waste paper, Glass & Glassware, Machinery & Equipment, Aluminium Scrap, Polymer Products, Spares & Parts, Solar Module, Furniture etc. have also increased.
In the above-mentioned external business environment, your company carried 51.02 million tons of containerized cargo by rail during FY 2025-26 as compared to 49.22 million tons carried in 2024-25, i.e. an increase of 2.82%. Your Company achieved highest ever throughput of 5.58 million TEUs in FY 2025-26 as against 5.09 million TEUs in FY 2024-25 i.e. growth of 9.56%.
EXIM & DOMESTIC BUSINESS:
During FY 2025-26, the EXIM container traffic handled at all Indian ports increased by 6.46% as compared to FY 202425. In EXIM segment your company handled ever highest 4.21 million TEUs in 2025-26 as against 3.90 million TEUs in 2024-25. In terms of tonnage, the marginal increase in EXIM originating loading was 3.57% from 35.37 million tons in 202425 to 36.63 million tons in 2025-26. During the same period, EXIM containerized loading of Indian Railways increased by 6.13% from 64.03 million tons in 2024-25 to 67.96 million tons in 2025-26.
The total traffic handled in domestic segment was 13,74,437 TEUs in 2025-26 as against 11,99,438 TEUs in 2024-25 i.e. an increase of 14.59%. In terms of tonnage, there was increase in domestic originating loading by 0.97% from 14.24 million tons in 2024-25 to 14.38 million tons in 2025-26. During the same period, domestic containerized loading of Railways increased by 4.17% from 24.70 million tons in 2024-25 to 25.73 million tons in 2025-26.
CONCOR BUSINESS OVERVIEW
Performance
During the year under review, CONCOR recorded growth in its operational performance, with total revenue increasing by 2.21% to H9,059.45 crore, primarily driven by higher container handling and transportation volumes. However, the Profit After Tax (PAT) decreased by 3.94% to H1,221.81 crore. The decline in profitability was primarily due to higher operating and transportation costs, including rail haulage and related logistics expenses, coupled with competitive market conditions that exerted pressure on margins, notwithstanding the growth in business volumes. CONCOR was able to register the highest- ever Throughput of 5.58 Million TEUs in 2025-26, which was a growth of 9.56% over the previous year.
Your Company continued to place great emphasis on providing total logistics solutions to its customers by expanding its sphere of business in all segments of transport value chain, both in EXIM and Domestic sectors. Special emphasis was also given on providing First-Mile Last-Mile (FMLM) logistic solutions to the trade through optimal utilization of infrastructure. To support increasing demand, CONCOR is expanding and modernizing its warehousing infrastructure at strategically located terminals across India. Presently, CONCOR has warehousing facility at 55 locations on Pan India basis. Warehousing capacity increased by 2.6% in FY 2025-26 from 4.60 million square feet to 4.72 million square feet and warehousing income increased by 13% in FY 2025-26.
Towards its commitment on Environmental, Social and Governance (ESG), CONCOR has introduced green logistics initiatives by continuous deployment of LNG trucks from 202425 for facilitating eco-friendly logistics operations besides initiatives taken on development of solar-based infrastructure at its various terminals. Keeping in pace with the dynamics of the logistics industry, your company has also adopted various technological advances in logistics, such as digital solutions in operations, launch of logistics apps, adoption of ice-battery technology in cold chain logistics, pilot project on AI-based transportation management contributing towards enhanced productivity, customer-centric services, and logistics efficiency.
FINANCIAL PERFORMANCE:
The Revenue from operations increased from H8,863.37 crores in FY 2024-25 to H9,059.45 crores in FY 2025-26 i.e. a growth rate of 2.21%
Your Company continued to place great emphasis on providing total logistics solutions to its customers by expanding its sphere of business in all segments of transport value chain, both in EXIM and Domestic sector. Special emphasis was also given on providing First-Mile Last-Mile (FMLM) logistic solutions to the trade through optimal utilization of infrastructure. Towards its commitment on Environmental, Social and Governance (ESG), CONCOR has introduced green logistics initiatives by deployment of LNG trucks for facilitating eco-friendly logistics operations besides initiatives taken on development of solar- based infrastructure at its various terminals. Keeping in pace with the dynamics of the logistics industry, your company has
also adopted various technological advances in logistics, such as digital solutions in operations, launch of logistics apps, adoption of ice-battery technology in cold chain logistics, pilot project on AI-based transportation management contributing towards enhanced productivity, customer-centric services and logistics efficiency.
INTERNAL CONTROL SYSTEMS:
CONCOR has robust Internal Control Systems and processes in place for smooth and efficient conduct of business and it complies with relevant laws and regulations. It has well- documented system of internal financial controls in place, in the form of delegation of powers, policies and procedures that cover critical as well as important activities of financial and other operating functions. The procedures are in the form of manuals, guidelines, delegation of powers and IT system and controls which are effective through people operating in various departments within the Company at different levels at each stage of the process. These are designed to put in place robust practices for Internal Financial Controls and to ensure compliance as detailed in the Companies Act, 2013. CONCOR uses a state-of-the-art Enterprise Resource Planning (ERP) system that connects all parts of the organization, to record data for accounting, consolidation and management information purposes. The organization continuously assess the effectiveness of its internal controls through extensive internal audits, which are being conducted on regular basis by experienced independent firms of Chartered Accountants in close co-ordination with Companys own internal audit Department. Internal audit constitutes an important element in overall internal control systems of the Company. The internal audits are conducted as per the detailed well documented audit program which has been duly approved by Audit & Ethics Committee.
CONCORs Internal Control Systems are commensurate with its size, scale & complexity and nature of its business activities. A well-defined internal control framework has been developed identifying key controls and independent external auditors verifies the adequacy and effectiveness of the internal financial control system through regular periodic audit and system review, provides assurance on the compliance of internal polices & procedures of the Company and certify the appropriateness of internal controls. Internal audit firms directly report to the management at higher level. The respective department of the Company monitors and evaluates the efficacy and adequacy of internal control system in the Company, its compliance with operating systems, accounting procedures and policies. The significant observations of internal auditors and corrective actions thereon are presented to the Audit & Ethics Committee on quarterly basis.
The functioning of the internal audit as well as internal financial control systems are periodically reviewed by the Audit & Ethics committee to ensure comprehensive coverage of the areas and necessary directions are issued whenever required to further strengthen the internal financial control system & procedures keeping in view the dynamic business environment in which the Company operates. Reports of the auditors are reviewed,
compliances are ensured and the reports along with the compliances are apprised to Audit & Ethics committee on quarterly basis. Proactive steps have been taken to ensure compliance with various upcoming regulations through deployment of cross functional teams. In addition, implementation and effectiveness of internal financial controls during 2025-26 was also reported by the internal and statutory Auditors of the Company.
PROPERTY, PLANT AND EQUIPMENTS (i.e. FIXED ASSETS):
| Year ended March 31 | 2025-26 | 2024-25 | % age Growth |
| Original Cost of Assets | 12,083.88 | 10,942.69 | 10.43 |
| Less: Accumulated Depreciation and Amortization | 5,173.53 | 4,643.42 | 11.42 |
| Net Fixed Assets | 6,910.35 | 6,299.27 | 9.70 |
Note: As per IND AS, Net Block of Fixed Assets as on the date of transition i.e. 01.04.2015 has been considered as original cost of Assets i.e. Gross Block and Assets are re-classified. Further, this also includes ROU Assets recognized on account of Ind AS 116 w.e.f. 01.04.2019.
An amount to the tune of H1,003.02 crores was capitalized during the year. The main additions were on development/ expansion of terminals, acquisition of wagons, handling equipments and IT Infrastructure etc.
WAGONS:
As on 31 st March 2026, CONCOR is having 250 BLCM Rakes, 17 nos. BLC Rakes, 11 nos. BFKHN Rakes, 35 nos. BLL Rakes, 61 nos. BLCS and 26 nos. BLSS wagons with 25 Ton axle load high speed wagons and 315 nos. BVZI (brake Van). Further, 10 numbers of BLCM Rakes have been taken on Lease for a period of 10 years since 2018-19 and since 2025-26 additional 14 BLSS Rakes also taken on Lease for the period of 10 years. Therefore, there was total holding of 424 rakes and 315 BVZI as on 31.03.2026.
INVENTORIES:
The Company being a service company, does not have stock in trade. The inventory is represented by stores and spares kept by the Company for maintenance of its own equipments.
SUNDRY DEBTORS:
Sundry debtors are 5.30% of the operating income of the year. Provision for doubtful debts, wherever considered necessary, has been made.
CASH AND BANK BALANCE:
The Company keeps majority of its cash & bank balances in short term fixed deposits with the banks. These cash reserves have been retained for financing the creation of infrastructure and expansion plans as well as investments in new businesses and alliances, including in JVs/Subsidiaries as per the plans of the Company.
CURRENT LIABILITIES:
The current liabilities of the Company comprises of financial and other liabilities. The financial liabilities are of the nature of trade payables and other financial liabilities.
The trade payables were amounting to H248.77 crores at the end of the year, which during previous year were Rs 228.09 crores, it is the amount payable to the vendors and suppliers of the Company.
The other financial liabilities which are on account of employee related dues, security deposit received and other payables on account of capital works, revenue, etc. were Rs 336.07crores at the end of the year, which were Rs 313.36 crores in the previous year.
The other current liabilities of the Company comprises of amount due towards advances/ deposits from customers against the services, statutory dues and unearned revenue. The balance on this account at the end of the current year was H397.80 crores, which was H412.40 crores in the previous year.
INCOME:
Income from operations has increased by 2.21% over FY 202425 to Rs 9,059.45 crores. Between the two business segments i.e. EXIM & Domestic, EXIM segment contributes the major share of freight revenues. The increase in revenue was mainly on account of increase in revenue from rail freight, road freight, warehousing income and other operating income.
EXPENSES:
Terminal and other service expenses have increased by 1.43% to H6,260.34 crores from H6,172.33 crores for FY 2024-25. The increase was corresponding to higher operating activities.
FINANCE AND OTHER EXPENSES:
Finance cost has increased from Rs 69.49 crores to Rs.74.37 crores in FY 2025-26. The other expenses have increased by 18.00% to Rs 358.30 crores in FY 2025-26 from Rs 303.64 crores in FY 2024-25.
EMPLOYEE REMUNERATION:
The employee cost during FY 2025-26 has increased by 6.23% over FY 2024-25 which is normal increase due to increments and other factors.
RATIO ANALYSIS:
Details of significant financial ratios along with explanation thereof are as under:
| Ratios | FY 2025-26 | FY 2024-25 | Change (%) |
| Debtors Turnover ratio (Times) | 20.73 | 24.49 | (-) 15.35% |
| Inventory Turnover Ratio (Times) | Not Applicable | ||
| Interest Coverage Ratio (Times) | 22.83 | 25.92 | (-) 11.92% |
| Current Ratio (Times) | 3.82 | 4.04 | (-) 5.45% |
| Debt Equity Ratio (Times) | 0.07 | 0.07 | 0 |
| Operating Profit Margin (%) | 21.21 | 21.42 | (-) 0.98% |
| Net Profit Margin (%) | 12.95 | 13.64 | (-) 5.06% |
| Return on Net Worth (%) | 9.48 | 10.30 | (-) 7.96% |
The net profit margin of the Company has marginally decreased during the year due to trade imbalance and inherent business dynamics despite cost cutting and other measures taken by the Company. This has also being reflected in marginally reduced Return on Net Worth of the Company.
FOREIGN EXCHANGE EARNING & OUTGO:
During the year the total foreign exchange outgo on account of various business related activities, including import of stores and capital goods was H1.16 crores, which was H0.89 crores during the previous year.
CONCOR is committed for protection & conservation of environment, technological conservation, renewable energy development and foreign exchange conservation, the applicable detailed particulars regarding the work done on these aspects have been provided in the Directors Report and Business Responsibility & Sustainability Report (BRSR) both forming part of the Annual Report.
TAXATION:
Current and deferred income tax provision for the year have been made in accordance with the provisions contained in Income Tax Act, 1961 and the relevant Indian Accounting Standard. Accordingly, current tax, including earlier years tax adjustment and deferred income tax provisions have been worked out as H357.83 crores and H43.70 crores respectively.
MATERIAL DEVELOPMENT IN HUMAN RESOURCES/INDUSTRIAL RELATIONS FRONT:
CONCOR appreciates that an organization exists in a perpetual dynamism so do the business process and policies including HR Policies. CONCOR supports a continuous learning and thinking work-culture and encourages new and innovative development and updation of HR Policies. Updation and rationalization of several HR Policies were undertaken during the year.
Total manpower strength was 1,238 on 31.03.2026. The Industrial Relations remain cordial and harmonious and on account of issues, if any, raised by the Union, no-man-days were lost during the year. All the issues raised by the union were seized under conciliation under the Industrial Disputes Act 1947.
CORPORATE SOCIAL RESPONSIBILITY:
CONCOR is committed to implement its CSR policy in letter and spirit by taking up various welfare projects, including on environment sustainability for the betterment of all its stakeholders as well as weaker sections of the society to enable them to grow and prosper together. In this regard, detailed particulars of the work done under CSR have been provided in the annual report on CSR activities forming part of Directors report to the shareholders.
RISK MANAGEMENT:
The Company has an elaborate Enterprise Risk Management (ERM) framework in place. As a part of implementation of the ERM framework and in terms of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, CONCOR has in place a Board level Risk Management Committee (RMC) which reports to the Board about the risk elements, their mitigation plans, etc. at regular intervals. The RMC has been entrusted with the responsibility to identify and review the risks and formulate action plans and strategies for risk mitigation. The main function of RMC is to monitor various risks and to examine
| ENVIRONMENTAL CONSERVATION, CONSERVATION, DEVELOPMENTS, CONSERVATION: | PROTECTION AND TECHNOLOGICAL RENEWABLE ENERGY FOREIGN EXCHANGE |
the adequacy of risk management policy and practices adopted by the Company and also to initiate action for mitigation of risks arising in operations and other key functional areas of the Company. CONCOR also has a committee below Board level RMC, which comprises of Area Heads from each area and other functional heads of the Company. This committee is entrusted with responsibility of effective implementation of action plan formulated by Board level RMC. Further, CONCOR has appointed a Chief Risk Officer (CRO) for coordination among various departments and management of Risk Assessment exercise every quarter.
The Company takes responsibility to proactively identify and address risks and opportunities to protect and create value for its stakeholders. All terminal heads of the operating units are required to regularly define the effectiveness or non-effectiveness of control /action plans formulated to mitigate the risk elements. The ERM reports are reviewed and evaluated by the RMC periodically and main risks identified by the RMC are appraised to Board of Directors.
Some of the key risks which the Company faces and the corresponding strategies undertaken for their mitigation by the Company are as under:
| Associated Risk Event | Mitigation Plan | |
| - Low profit margins for Domestic due to uncontrollable factors | - Rationalization of tariffs in most of the streams has been | |
| and fall in market share. | done to increase profit margins. | |
| - Levy of Busy Season Surcharge of 10% by Indian Railway | - Empty container repositioning is being reviewed at regular intervals. | |
| - Generate traffic on empty flow directions. | ||
| - Identify the streams of traffic that CONCOR is not carrying. Formulate a plan for each such stream with potential revenue impact. | ||
| - Approach Customers for committed business and enter into agreements to arrive at competitive pricing. | ||
| Competition from Road due to following factors: | - Direct loading from Sidings is being carried out to | |
| - Reduced transit time | reduce transit time. | |
| - Abolition of toll gates | - End to End solution is being provided to customers. | |
| - Multi axle vehicles carrying higher loads. | - Introduction of LNG trucks. | |
| Threat from competition | - Competitive pricing is being provided. | |
| - Exploring new streams and their business potentials. | ||
| - Focus on long term volume commitments by signing of agreements & competitive pricing. | ||
| - Liberalization of free time is being offered to the trade. | ||
| - Being in constant touch with Customers to assess the market needs and initiate action for bringing new business and retaining existing traffic. | ||
| - Focus on long term volume commitments with major customers by signing of agreements and providing competitive pricing and VD scheme to retain their continued patronage. | ||
| - Designing new service offering leading to extension of value chain. | ||
| - Use of IT to ensure correct and timely dissemination of information. | ||
| Asset Optimization | - Induction of high capacity BLCS Rakes. | |
| - Interchange-ability of Base for CC exam of BLCS, BLCM, BLC and BLL rakes. | ||
| - Maximizing Double stack to and from Ports. | ||
| Associated Risk Event | Mitigation Plan | |
| System downtime and cyber security risk leading to adverse | - CONCOR is ISO/IEC 27001:2022 certified. This is related to | |
| impact on operations | international standard for ISMS. | |
| - Develop Preventive & corrective maintenance plan. | ||
| - Possibility of maintaining standby server may be explored | ||
| - Disaster Recovery (DR) site at Mihan, Nagpur exists. | ||
| - The various security solutions such as NTA Solution, IPAM Solution, PAM Solution, MFA solution and APM Solution and SOAR solution exist. | ||
| Sustainability Development and Technological Innovation | - Implementation of AI based Container Terminal Management System at ICD/TKD | |
| - Possibility to be explored towards the deployment of equipment/ DG Sets operating on alternative fuel/ green fuel | ||
| Low Employee Motivation and Morale | - Social Security Provisions and Loans and Advances for Vehicle, Housing etc. | |
| - Continuous analysis of working culture & environment in order to maintain high level of Total Employees Involvement (TEI) and sense of belongingness. | ||
| STRENGTHS: | wagons are designed to handle larger loads, making them ideal for moving heavy and bulk cargo more efficiently with lesser cost per ton. | |
| CONCORs strengths are as under:- | ||
| - As a progressive enterprise, CONCOR is relentlessly striving towards bringing a transformational shift from traditional supply-focused production to innovative, demand responsive value chains fostering value addition to significantly strengthen the client competitiveness. | - CONCOR is also having different capacity of Reefer Power Packs (i.e. 22 Container Capacity, 24 Container Capacity and 44 Container Capacity) to feed power supply to refrigerated containers while transporting to ports. | |
| CONCOR has expanded its terminal network to 68, of which 04 are Exim Terminals, 25 Domestic Terminals, 35 Combined Container Terminals and 04 strategic tie-ups. | - Presently, 80% of bulk cement in India is transported by road. To divert this volume, CONCOR has procured specialized tank containers to carry bulk cement. | |
| - Thus, large network of state-of-the-art terminals located across the country, giving it an unparalleled reach and penetration. Distinct cost advantage offered by CONCOR CFSs to users by virtue of their locations within ICD premises. | - More than 35 years of presence in organizing efficient rail movement of containers & highly professional terminal management and operations of ICDs, combined with the experience of coordinating /liaisoning with Indian Railways, Customs and other Central & State Government agencies. | |
| - A large infrastructure base of rolling stock, especially the ownership of high-speed container flats (BLC/BLL wagons), and specialized container handling equipment etc. The Company owns a total of over 424 Rakes including High Speed (BLC+BLL+BLCM+BLCS+BLSS) and BFKHN Rakes as on 31.03.2026. | - Highly committed team of experienced and skilled workforce with in depth knowledge of multi modal logistics business with a customer sensitive outlook. Ability to provide choice of mode of transportation between rail/road/sea (coastal)/ air according to the needs of the customer. | |
| - The company is having 424 Rakes, 57,746 Containers, 104 Reach Stackers (RSTs), 5 Gantry Cranes, 29 Fork Lifts & 24 Shunting Engines, 230 LNG Trucks & 02 Electric Trucks as on 31.03.2026. | - Lean and thin organization with reduced fixed costs. | |
| - Strong presence in virtually all container handling ports in India having forged good working partnerships with these ports. | ||
| - Procured 5,009 new indigenously manufactured Containers-a Boost for Atma-Nirbhar Bharat Mission during the financial year. Now it is having total Fleet of 22,164 Containers acquired under Atma Nirbhar Bharat Mission as on 31.03.2026. | ||
| - Established & sustained long term relations with credible high-volume customers in the domestic sector. | ||
| - Major alliances have also been established with shipping lines and other logistics service providers. | ||
| - The Company has initiated the acquisition of BLCS Rakes with a loading capacity of 80MT per wagon. These new | ||
- Robust IT infrastructure with customized software applications for both EXIM and Domestic segments with internet-based customer interface & full EDI connectivity with Customs & Indian Railways and Customs interface.
- Blue Chip Company with good market capitalization and viewed as a very good financial proposition by investors.
WEAKNESSES:
- Exposure to vagaries and uncertainties of International Business/Trade trends has direct bearing on the EXIM Traffic.
- Frequent market fluctuations in global EXIM trade and imposition of various Tariffs imposed by various Countries may result in imbalance in Import and exports.
- Overdependence on EXIM traffic & resultant exposure to vagaries of International Business/Trade trends.
- Large dependence on Railways as a transporter leaves CONCOR vulnerable to increase in Haulage Charges & Policy changes. Increase in Haulage Charges by Railways affects overall costing to the Customer.
- Shipping lines entering into the business of providing end-to-end logistics and diversifying their services which includes arranging Inland haulage of EXIM containers, providing CHA/FF business along with First-Mile-Last- Mile logistics services.
- Some Shipping Lines are having stake/strategic tie-ups with various PCTO/ICDs due to which their EXIM volume gets diverted to these PCTOs.
- Setting up of various Private Ports over the Eastern and Western Coastal Indian peninsular and tie-up of these Ports with some major shipping lines/PCTOs.
- Increasing trend in clearance of Import/Export containers on DPD/DPE mode, which poses serious threat on modal shift of EXIM cargo from Rail to Road sector.
- Rapid development of advanced road infrastructure and resultant reduction in transit time by road between various hinterland locations connecting to Gateway Ports may pose serious impact on short lead EXIM Rail traffic.
- Technological advance like induction of LNG/electric trailers, GPS tracking facility on trailers, ensuring sustainability and continuous cargo/container tracking may pose threat to the containerized rail movement.
- Land Acquisition - A big constraint.
- Difficulty in arranging return cargo, empty running.
- Number of Rakes are increasing with PCTOs month-bymonth and Proliferation of ICDs in Private Sectors. -
- Gaps between quality of service and the ever-growing expectations of the customers. At some places outsourced services are not of desired level on account of differences in the objectives of the service providers and CONCOR.
OPPORTUNITIES & THREATS:
- The DFC network has significant potential for growth within the logistics sector and is already being touted as Game Changer in freight transportation.
- The Company is well poised to tap the new business opportunities arising from potential Growth in EXIM container volumes and the likely increase in container traffic due to development of Dedicated Freight Corridors (DFCs).
- CONCOR is actively leveraging the Dedicated Freight Corridors (DFCs) to enhance operational efficiency, improve transit reliability, and reduce overall logistics costs for customers.
- CONCOR is running Double-Stack and Long-Haul Container Trains on DFC routes connecting Kathuwas, Dadri, Jaipur, Swarupganj, Varnama, and MMLP Mundra. In addition, another terminal is being developed at Chharodi to further strengthen DFC-linked operations.
- Freight Corridor (WDFC) has been fully commissioned and with this milestone, CONCOR now offers Double Stack Container Train services directly between MMLP Dadri, MMLP Khatuwas and MMLP Varnama and JNPA, in both directions. The service also provides extended connectivity from JNPA to key inland destinations including Tughlakabad and Ludhiana (via Kathuwas), Moradabad (via Dadri) and Indore (Tihi) (via Varnama), along with several other route combinations.
- DFC is also in the process of development of Industrial Corridors, New Private Freight Terminals (PFTs), Goods Sheds, Multi-Modal Logistics Parks (MMLPs) and Inland Container Depots (ICDs) across its routes. CONCOR contemplates to join hands with the freight fraternity to offer best integrated logistics solutions with collaborative approach for inclusive growth.
- The governments recent announcement to set up dedicated container terminals under the ECRT policy represents another crucial step in bolstering domestic container traffic. Historically containerized cargo on rail has been dominated by export-import (EXIM) traffic, with domestic movement lagging behind. By implementing ECRT policy, IR aims to change that by repurposing existing railway infrastructure, including returned CONCOR terminals, by upgrading them to handle larger volumes of domestic containerized cargo. By identifying 24 strategic locations and permitting container storage, stability in access charges and hub-and- spoke operations, with the potential to add another 30-40 terminals in the future, the policy is designed to make rail an attractive option for shippers looking to capitalize on the cost efficiencies of rail over longer distances.
- CONCOR is in the process to convert its Terminals into ECRT facility, wherever it is possible. So far approx. 13 locations have been Notified under ECRT Policy. In this way, CONCOR would be able to grab some more new opportunities of Domestic freight handling.
- Shipping Lines are entering into Rail Movement and ICD Operations. In such scenario, CONCOR intends to explore the possibilities to collaborate with the Shipping Lines or Port Operators. The mandate of such JVs may be of settingup and running of the MMLPs, procurement of Vehicles for Road movement, International Freight Forwarding, etc.
- CONCOR is expanding its wings through strategic collaborations with major Logistics players, where CONCOR can be permitted to operate as an Exclusive Service Provider for mutual growth.
- Indias e-commerce exports hold immense potential to grow significantly and become a key contributor to the countrys GDP. Addressing some of the existing challenges can further unlock opportunities for the sector to achieve its full potential and strengthen its position among leading global e-commerce exporters.
- The Company is well positioned to pursue the opportunities to tap into the vast potential of the e-commerce sector within the realm of rail transportation and to achieve this ambitious goal.
- There is a growing opportunity for CONCOR to attract private investment through Public- Private Partnerships (PPPs). Private sector involvement can bring in additional capital, innovation and operational efficiency, helping to accelerate the development and expansion of freight corridors and associated infrastructure.
- The Company is well positioned to offer Built-to-Suit Warehouses through PPP Model for e-Commerce Companies and Electronics Industry.
- The Company is also making dedicated efforts towards Net Zero Warehouses.
- The global manufacturing landscape has undergone significant shifts over the past decade. India has been one of the dynamic economies that gained greater presence in the space gradually vacated by developed countries. Industries such as Steel, Cement, Chemicals and Petrochemicals have stabilised industrial growth, while consumer-focused sectors like Automobiles, Electronics and Pharmaceuticals have emerged as growth drivers.
- The development of logistics hubs, investments in infrastructure, and policy reforms to improve supply chain efficiency are measures in this direction. This requires collaboration between sellers and e-commerce operators at various stages of export and payment processes.
- The Company aims to lower costs for Indian businesses, making exports more competitive and enabling quicker, smoother movement of goods domestically and internationally and doing great efforts in this direction. This approach aligns with the governments commitment to the National Logistics Policy. -
- Company is also in the process of procurement of Tank Containers to support the Cement Manufacturing companies for the movement of Bulk Cement from their plants to destinations across India. In this Business Model, we are planning to enter into long-term arrangement with Cement Manufacturing companies to offer a new product in the market on a win-win situation basis is being followed.
- The growing market potential in Air Cargo, Automobile Sector, Food Supply Chain management, Coastal shipping and Distribution Logistics offers scope for diversification, which will be effectively worked upon.
- CONCOR launched a new business vertical, Shipping and New Initiatives, with a primary focus on establishing overseas shipping services. This export movement was executed under CONCORs in-house shipping initiative, providing end-to-end supply chain solutions in line with the Atmanirbhar Bharat Mission. As CONCOR ventured into the movement of Export Cargo in own Containers to overseas locations, marking a strategic expansion of its service portfolio. During FY 2025-26, CONCOR successfully moved Containers from various ICDs to Middle East Countries and the containers returned to India with the loaded condition.
- Towards graduating from being a Rail/Terminal Operator to a full fledged NVOCC, CONCOR launched the first ever In House Bill of Lading (BL) on 09.12.2025.
- Formation of Bharat Container Shipping Line: CONCOR has operational presence at all the major ports. CONCOR has inked an MoU with Shipping Corporation of India (SCI), V.O. Chidambarnar Port Authority (VOCPA), Jawaharlal Nehru Port Authority (JNPA), Chennai Port Authority (CPA) and Sagarmala Finance Corporation Ltd. (SMFCL) for the formation of a Joint Venture namely Bharat Container Shipping Line (BCSL). The stakes of the Constituents are - CONCOR and SCI 30% each, JNPA 10%, VOCPA and CPA 5% each and SMFCL 20%.
According to the MoU, Bharat Container Shipping Line is formed for acquiring, owning, leasing, and operating container vessels, containers, and related logistics assets to support export-import (EXIM) and coastal trade. The collaboration seeks to provide comprehensive end-to- end logistics solutions by integrating port-based services with land and sea-based transportation, leveraging the combined expertise of all participating entities.
- Port Terminal Operations: For the provision of end-to- end services, including coastal and short-sea services in partnership with shipping lines and freight forwarders, CONCOR signed MOUs with JNPA for Vadhvan Port as Common Rail Handling Operator and with Bhavnagar Port Infrastructure Pvt. Ltd. (BPIPL) for operation and maintenance of the upcoming container terminal. This initiative is expected to positively alter CONCORs long-term growth trajectory by leveraging existing infrastructure in support of Indias port-led growth.
- Door-to-Door Parcel Service by utilizing Railways Parcel Van (Mumbai to Kolkata)-CONCOR in strategic collaboration with Indian Railways, has launched a new End-to-End Parcel Service, offering a greener, more cost-effective alternative to road transport. This is an integrated Rail Parcel Model offering first and last mile delivery through CONCORs certified Business Associates. The facility will be connecting from Bhiwandi Station (Mumbai) to Kolkata (Sankrail) using Railway Parcel Vans for providing seamless end-to-end logistics services to the Trade. The traffic of Lube Oil, Bags, Electrical Appliances & FMCG products would be captured under this service.
Bulk Cement Movement in Specialized Containers:
CONCOR has entered into two strategic MoUs with Adani Cement to enable rail-based transportation of bulk cement using specialized tank containers. Under these MoUs, CONCOR will deploy dedicated container rakes across key corridors-leveraging our network & multimodal expertise-to shift cargo from road to rail and drive sustainable, efficient logistics. CONCOR entered into a Strategic Agreement with M/s UltraTech Cement Ltd. to transport Bulk Cement through specialized tank containers. This first-of-its-kind initiative will redefine bulk cement logistics by enabling a shift from road to rail-enhancing efficiency, reliability, and sustainability in Indias supply chain.
Bulk Liquid Movement: CONCOR has introduced the movement of customer owned specialized Tank Containers for loading of Bulk Liquid. This initiative of CONCOR will support the Liquid Cargo movement by enabling bulk movement via Rail-an efficient, green and sustainable mode of transport.
Handling Container Terminal at Port: CONCOR signed an MoU with Bhavnagar Port Infrastructure Pvt. Ltd. (BPIPL) to Operate & Maintain the upcoming Container Terminal at Bhavnagar Port in Gujarat. This port facility is expected to play a crucial role in catering to the logistics needs of Central Gujarat, the Dholera Industrial Belt, and even extend services to customers in the National Capital Region (NCR).
Adoption of IceBattery Technology: CONCOR had inked an MoU with M/s ITE Japan in the year 2019 for two years for use of Ice Battery Technology in India. CONCOR have carried out movements to serve Agriculture and Pharmaceutical Industry using Ice Battery Containers and Road Vehicles over a period of around 06 years. To strengthen these collaborative efforts, the extension of MoU with M/s ITE Japan has been done for a period from 01.04.2025 to 30.11.2026 on existing Terms & Conditions with mutual Agreements.
Air Cargo: CONCOR achieved a significant milestone with the successful clearance and dispatch of its first air cargo consignment from CONCOR-CFS, Multi-Modal Logistics Park (MMLP), Dadri to Ethiopia via Delhis Indira Gandhi International (IGI) Airport. The inaugural shipment comprised pasteurized liquid egg , a perishable commodity, transported in a CONCOR-owned reefer iceBattery CBT unit
- 100 Terminals by 2028: Expansion of the terminal network across India from the existing 68 terminals to 100 terminals, including development under the PM Gati Shakti scheme, aimed at capturing new traffic and increasing business volumes.
- Increase in number of Rakes: Increase in rake fleet from 424 rakes to 500 rakes by 2028.
- Increase in Container Fleet: Expansion from 57,746 containers to about 70,000 containers by 2028 through indigenously built containers under Make in India Mission of GOI.
- Acquisition of Container Handling Equipment:
Procurement of 30 RSTs in next 3 years.
- Assured Transit Container Service: Inauguration of Assured Transit Container Train Service (Delhi-Kolkata) on 14.10.2025 CONCOR. The Route will be connecting Delhi-Agra-Kanpur-Kolkata assuring a 120 Hour transit time, with bi-weekly departures and flexible booking options. This facility is poised to handle a diverse range of commodities, including Moong Churi, Rice, Mustard Oil, Distemper Powder, FMCG Products. CONCOR has initiated the dedicated Weekly Container Train Service from, Chennai Ports - Harbour of Madras, Ennore Port, Kattupalli Port via ICD Tondiarpet to ICD Sanathnagar, Hyderabad. On approval of more Streams by Railway Board, additional traffic is likely to shift from Road to Rail.
FUTURE OUTLOOK AND INITIATIVES:
- Bharat Container Shipping Line : Leveraging the
participation in the Government of Indias flagship programme for setting up the Bharat Container Shipping Line, as per Governments directives.
- Bulk Cement and Bulk Liquid Movement : Capturing Bulk Cement traffic and Liquid Cargo movement in specialized tank containers.
- Inclusive Growth through Partnerships: Augmentation of cement traffic and liquid cargo in specialised Tank Containers and steel coil traffic through collaborative efforts and long-term Agreements.
- Increase in Overseas Movement : Deployment of
CONCORs own Export loaded containers to Middle- East countries with Import loaded return traffic. Further, as part of the transition from a rail/terminal operator to a full-fledged NVOCC, CONCOR launched its first-ever In-house Bill of Lading (BL) on 09.12.2025 for export cargo carried in CONCORs own containers. Expansion of overseas operations has already been planned and is under implementation.
- Door-to-Door Parcel Services : Expansion of parcel services to shift small consignments from road to rail. Presently, one such movement is being done from Bhiwandi Road (BIRD) to Sankrail (SGTY) and more streams are being explored.
CONCOR
- Port Terminal Operations: Provision of end-to-end services, including coastal and short-sea services in partnership with shipping lines and freight forwarders. CONCOR has signed MOUs with JNPA for Vadhvan Port as Common Rail Handling Operator and with Bhavnagar Port Infrastructure Pvt. Ltd. (BPIPL) for operation and maintenance of the upcoming container terminal. This initiative is expected to positively alter CONCORs longterm growth trajectory by leveraging existing infrastructure in support of Indias port-led growth.
- Built-to-Suit Warehouses: Introduction of niche
warehousing solutions through PPP models for e-commerce and electronics industries, including development of Net-Zero Warehouses.
- First & Last Mile Logistics (FMLM): Target to increase FMLM coverage to 100% of CONCOR volumes from the existing level of above 43%.
- Air Freight Stations (AFSs): Tie-ups and Agreements with airport operators or major airlines for setting up Air Freight Stations (AFSs)
- Cold Storage: CONCOR will explore PPP and partnership models with specialised cold-chain operators to leverage domain expertise and technology, while aligning with national Agri-Logistics and food security initiatives.
- Strategic Partnership and Joint Ventures (JVs): CONCOR is also exploring opportunities for strategic partnerships, Joint Ventures (JVs), and collaborations with ports, logistics operators, industrial entities, and state agencies for development of logistics infrastructure and multimodal transportation solutions to venture into new verticals.
STRATEGY TO MEET THE CHALLENGES:
Your company has formulated a strategy for further growth
with profitability in the growing Logistics sector. The
strategy includes:
- Setting up of Multimodal Logistics Parks at strategic locations along the Dedicated Freight Corridors (DFC) and at major industrial estates.
- Diversifying service offering Freight Forwarding,
Distribution, Customs Clearance by forming Strategic Tie- up and alliance with shipping line, port terminals.
- Setting up of Private Freight Terminals (PFTs)/ Gati Shakti Multi Modal Cargo Terminal with road bridging solutions.
- Promoting Double Stack Long Haul Trains and development of Rail Transshipment Hubs (RTH). -
- Exploring possibility of setting-up/ operation of State- of-the-Art Warehouses at various locations with the partnership of entities willing to associate in PPP Model for long-term. This Model will cater the demand of Built- to-Suit Warehouses and also fulfil the requirement of 3PL services of manufacturing.
- Setting-up a facility for Storage and Transportation of Liquid & Gas Cargo at CONCOR Terminal primarily from Dahej Region through a Logistics Associate.
- Rationalization of Haulage Charges to attract light weight traffic.
- Under First Mile Last Mile Connectivity, CONCOR is making efforts to achieve it for 100% volumes of CONCOR with effective strategies & possible collaborations.
MEDIUM AND LONG TERM STRATEGY:
The evolving business environment offers CONCOR immense potential to identify new business opportunities and remain the market leader with a majority market share in this field. In FY 2025-26, CONCOR achieved its highest-ever handling of more than 5.58 million TEUs. It is further making intensive efforts to increase its rail share in line with Indian Railways vision of increasing overall rail traffic to 3,000 MT by 2030, including 400 MT of container traffic. Broadly, CONCOR aims to adopt a suitable strategy to achieve its targets:
Medium Term Plan:
Time-bound Action Plan with predefined milestones specifying measurable improvements, to be achieved year-wise, are as follows:
- 100 Terminals by 2028: Expansion of the terminal network across India from the existing 68 terminals to 100 terminals, including development under the PM Gati Shakti scheme, aimed at capturing new traffic and increasing business volumes.
- Increase in number of Rakes: Increase in rake fleet from 424 rakes to 500 rakes by 2028.
- Increase in Container Fleet: Expansion from 57,746 containers to about 70,000 containers by 2028 through indigenously built containers under Make in India
Mission of GOI
- Acquisition of Container Handling Equipment:
Procurement of additional 30 RSTs in next 3 years.
- Increase in Loading Capacity of Wagons: Enhancement of loading capacity from 20/22 tonnes (BLC/BLCM) to 25 tonnes in newly procured Rakes (BLCS/BLSS)
- Bharat Container Shipping Line: Participation in the Government of Indias flagship programme for setting up the Bharat Container Shipping Line, as per Governments directives.
- Enhancement of Double-Stack Operations: Expansion of double-stack operations after commissioning of WDFC upto JNPT for productive and efficient utilisation of rolling stock, reduction in dwell time at Ports and Terminals, thereby lowering logistics cost.
- Bulk Cement and Bulk Liquid Movement: Capturing Bulk Cement traffic and Liquid Cargo movement in specialized tank containers.
- Increase in Overseas Movement: Deployment of
CONCORs own Export loaded containers to Middle- East countries with Import loaded return traffic. Further, as part of the transition from a rail/terminal operator to a full-fledged NVOCC, CONCOR launched its first-ever In-house Bill of Lading (BL) on 09.12.2025 for export cargo carried in CONCORs own containers. Expansion of overseas operations has already been planned and being implemented in its order.
- Door-to-Door Parcel Services: Expansion of parcel services to shift small consignments from road to rail. Presently, one such movement is being done from Bhiwandi Road (BIRD) to Sankrail (SGTY) and more O-D pairs are being explored.
- Ease of Doing Business: Introduction of Block Train Scheme for Shipping Lines, Terminal Specific Volume Discount Scheme for Shipping Lines and Committed Volume Discount Scheme for Shipping Lines.
- IT Advancements: Wider and innovative use of
information technology to minimise transaction costs and enhance customer satisfaction i.e. plan for development, upgradation and merging of EXIM Commercial Application etc. CONCOR has also launched the Rake Monitoring Portal and with the help of this Portal, Real-Time Geospatial monitoring of all India Rakes is possible, which is giving Live Rake Visibility, Smarter Forecasting, Improved Planning & Analytics Proactive Maintenance.
- Running of Assured Transit Time Trains: At present, one assured transit train from Tughlakabad to Shalimar Via Agra and Kanpur is running. On approval of more Streams by Railway Board, additional traffic is likely to shift from Road to Rail.
Long-Term Plan (7 - 15+ Years)
- Planned structural, capacity and technology advancements to enhance long-term competitiveness, are as follows:
- Port Terminal Operations: Provision of end-to-end services, including coastal and short-sea services in partnership with shipping lines and freight forwarders. CONCOR has signed MOUs with JNPA for Vadhvan Port as Common Rail Handling Operator and with Bhavnagar Port Infrastructure Pvt. Ltd. (BPIPL) for operation and maintenance of the upcoming container terminal. This initiative is expected to positively alter CONCORs longterm growth trajectory by leveraging existing infrastructure in support of Indias port-led growth.
- Inclusive Growth through Partnerships: Augmentation of cement traffic and liquid cargo in specialised Tank Containers and steel coil traffic through collaborative efforts and long-term Agreements. -
- New Container Designs: Adoption of newer and more productive container types as per industry requirements.
- Built-to-Suit Warehouses: Introduction of niche warehousing solutions through PPP models for e-commerce and electronics industries, including development of Net-Zero Warehouses.
- First & Last Mile Logistics (FMLM): Target to increase FMLM coverage to 100% of CONCOR volumes from the existing level of above 43%.
- New Revenue Streams - Non-Core Business: Tie-ups and Agreements with airport operators or major airlines for setting up Air Freight Stations (AFSs).
- Use of Artificial Intelligence: Deployment of a cutting- edge AI-based Command Centre using GNSS, with realtime tracking of 3D container stack locations.
- Sustainable Logistics through Green Initiatives: Focused efforts towards sustainable logistics through green initiatives like deployment of LNG Trucks, e-RSTs and Electric Trucks etc.
- Business in Empty Direction: Exploring all possibilities to generate traffic in empty directions by targeting new traffic (to reduce empty running and improve traffic volumes).
- Warehousing: CONCOR is already on the task to expand value-added warehousing facilities across its terminal network, with a focus on providing integrated logistics solutions. This includes development of Built-to-Suit warehouses through PPP models, tailored to customer- specific requirements. Emphasis will be placed on niche warehousing catering to sectors such as e-commerce, electronics, FMCG, and time-sensitive cargo. Plans are there to develop warehousing infrastructure by adopting Net-Zero and energy-efficient designs, aligned with sustainability objectives, and integrating with rail-based multimodal logistics. From a measurable outcomes perspective, plans are also there to create modular warehousing capacity at select terminals, based on market demand.
- Cold Storage: CONCOR proposes to develop Temperature- Controlled Logistics and Cold Storage facilities at select terminals, based on cargo potential and regional demand. These facilities will primarily support the movement of Agri-produce, Pharmaceuticals, Dairy Products, Seafood, and other Perishables. The initiative aims to promote a modal shift from Road to Rail for refrigerated cargo, thereby reducing logistics costs and environmental impact. CONCOR will explore PPP and partnership models with specialised cold-chain operators to leverage domain expertise and technology, while aligning with national Agri-Logistics and food security initiatives.
- Bulk Cement : CONCOR plans to expand the movement of bulk cement through specialised Tank containers, reducing reliance on conventional bagged Cement transportation. This initiative will be supported through long-term tie-ups with cement manufacturers and the use of customized bulk cement containers designed for efficient loading, unloading, and minimal handling losses. The strategy leverages CONCORs pan-India terminal network to enable a rail-centric, environmentally efficient distribution model for bulk cement.
- AI Based Container Terminal: Plan for expansion of AI Based Container Terminal Management System at multiple terminals.
CAUTIONARY STATEMENT:
Statements in the Boards Report and Management Discussion & Analysis, describing the Companys objectives, strategies, projections and estimates, expectations, etc. may be forward looking statements and progressive within the meaning of the applicable laws and regulations. By their nature, forwardlooking statements require your Company to make assumptions and are subject to inherent risks and uncertainties. Forward looking statements which involve a number of underlying identified / non-identified risks and uncertainties that could cause actual results to differ materially from the expectations. Critical factors that could influence the Companys operations include
global and domestic demand and supply conditions, changes in Government regulations/tax laws, economic developments within the country and factors such as litigation and industrial relations. Since the factors underlying these assumptions are subject to change over time, the estimates on which they are based, are also likely to change accordingly. These forwardlooking statements represent only your Companys current intentions, beliefs and expectations. Your Company assumes no obligation to revise or update any forward-looking statement, whether as a result of new information, future events, or otherwise. Readers are cautioned not to place undue reliance on the forward-looking statements.
For and on behalf of the Board of Directors
sd/-
(Ajit Kumar Panda)
Date: 03.09.2026 Chairman & Managing Director
Place: New Delhi DIN: 08221385
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
Download The App Now
Follow us on
2026, IIFL Capital Services Ltd. All Rights Reserved
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132 (Member ID - NSE: 10975 BSE: 179 MCX: 55995 NCDEX: 01249), DP SEBI Reg. No. IN-DP-185-2016, IA SEBI Regn. No: INA000000623, Merchant Banker SEBI Regn. No. INM000010940, RA SEBI Regn. No: INH000000248, BSE Enlistment Number (RA): 5016, AMFI-Registered Mutual Fund Distributor & SIF Distributor
ARN NO : 47791 (Date of initial registration – 17/02/2007; Current validity of ARN – 08/02/2027), PFRDA Reg. No. PoP 20092018, IRDAI Corporate Agent (Composite) : CA1099
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.
