Western Carriers India Ltd Management Discussions

Disclaimer

The Management Discussion and Analysis report outlines the Companys objectives, assumptions, expectations and forward-looking statements, as defined under applicable laws and regulations. It should be noted that actual outcomes may vary significantly from those anticipated. Factors that could materially influence the Companys performance include changes in tax legislation, shifts in government policies, prevailing economic conditions in India and other unforeseen circumstances.

Global Economy

Despite the series of shocks such as persistent geopolitical tensions and elevated inflation, in CY 2024, the global economy grew by 3.3%.¹ The Emerging Markets and Developing Economies (EMDEs) delivered stronger growth of 4.3%, compared with 1.8% in Advanced Economies. Inflation also moderated, easing from 6.6% in CY 2023 to 5.7% in the year under review.² This growth in the global economy was supported by the decisive actions undertaken by individual countries through the adoption of appropriate fiscal and monetary policies.

Looking ahead, global economic activity is expected to face headwinds from trade frictions. However, inflation is projected to decline gradually to 4.3% in CY 2025 and 3.6% in CY 2026, which may support the economic activities in the coming years. Global GDP is forecast to expand by 2.8% in CY 2025 and improve further to 3.0% in CY 2026. In addition, the gradual easing of monetary policies is anticipated to create a more stable and supportive environment for sustained global growth over the medium term.

Growth in the Global GDP

Indian Economy

India upheld its position as one of the fastest-growing major economies, delivering a GDP growth rate of 6.5% in FY 2025, even as global economic conditions remained uncertain.³ This growth was supported by strong private consumption, resilient consumer confidence and steady domestic demand. Additionally, in the reporting year, the Inflation was 3.34%, with urban and rural inflation at 4.89% and 5.95%, respectively.⁴ The Government of India played a critical role in supporting the economic growth through timely implementation of policy measures. Strategic initiatives such as the China+1, the Production Linked Incentive (PLI) Scheme and the ‘Make in India programme strengthened investor confidence and accelerated the growth in manufacturing sector. Foreign Direct Investment (FDI) remained resilient at USD 67.7 Billion in FY 2025, rising from USD 60.2 Billion in FY 2024. Within this, FDI inflows into the manufacturing sector showed significant improvement, while the automobile and other sectors also witnessed steady growth. Infrastructure development continued to receive a strong push with contributions from both public and private players. Flagship government programmes such as PM Gati Shakti, Bharatmala Pariyojana and Pradhan Mantri Grameen Sadak Yojana have been instrumental in shaping the expansion of Indias infrastructure landscape.

Looking ahead, the Indian economy is expected to experience positive growth and by FY 2026, it is anticipated to grow at 6.5%. This growth is expected to be supported by rising consumer demand, improving investment activity and continued policy support. By 2028, India is projected to emerge as the worlds third-largest economy. The tax relief announced in the Union Budget 2025-26 is anticipated to provide a further boost to consumption in the near term. At the same time, the Government is closely monitoring the global tariff developments and is adopting a calibrated policy response to safeguard long-term growth prospects.

Global logistics Industry

The global logistics industry served as the backbone of international trade and commerce by enabling the seamless movement of goods across the globe and it was valued at USD 11.26 trillion in CY 2024.⁵ Strong logistics plays a critical role in driving supply chain efficiency, reducing delivery times and lowering operational costs for businesses. The industry witnessed a strong push from automation and artificial intelligence during the reported year, which enhanced efficiency as well as reduced costs. Further to this, the growing use of data analytics is reshaping logistics management by enabling route optimisation, demand forecasting and efficiency improvements also expanded the market share.⁶

The rapid expansion of e-commerce continued to be a major growth driver for logistics worldwide. Rising online shopping volumes have significantly increased demand for fast and reliable delivery, particularly in last-mile logistics. In CY 2024, the Asia-Pacific region emerged as the market leader, accounting for over 48.7% of the global share.

The global logistics industry is projected to expand substantially, with the market expected to reach USD 8.07 trillion by 2033.⁷ North America is anticipated to record notable growth during the forecasted period, supported by its strong infrastructure base, particularly in road and rail connectivity. This growth is anticipated to be driven by the rapid rise of the e-commerce sector and it will influence consumer behaviour thereby, stimulating demand for logistics solutions.

Indian logistics Industry⁸

Source: KPMG analysis

The Indian logistics industry is a critical backbone of the countrys economy, valued between USD 310-330 Billion in FY 2025 and growing at a robust CAGR of around 9% over recent years. It plays a vital role in supporting key sectors such as manufacturing, automotive, pharmaceuticals, BFSI and particularly the rapidly expanding e-commerce and express delivery markets. The logistics ecosystem is composed of multiple components, including transportation (road, rail, air and water), warehousing, express services and allied value-added services, all of which have evolved dynamically fuelled by government infrastructure initiatives and policy reforms.

Emphasis on B2B Logistics

While the Indian logistics industry has witnessed tremendous growth driven by the explosion of e-commerce and consumer retail, the B2B segment remains substantial and forms the backbone of the logistics demand. B2B logistics supports multiple industries such as automotive, electronics, pharmaceuticals, textiles and manufacturing supply chains, which require reliable, timely and specialised logistic services. These industries depend on logistics solutions for just-intime (JIT) and just-in-sequence (JIS) inventory management, efficient transportation of components, spare parts and raw materials and seamless integration with production and distribution networks.

Market Composition and Transport Modalities

Modal split of domestic express industry

The express industry, which is a key facilitator of B2B supply chains, has become increasingly important. The majority of express cargo movement for domestic shipments is road-based (around 82%), with air cargo representing a significant part (about 17%) for high-value and urgent B2B consignments, especially in sectors like pharma and electronics. Rail transport is still emerging but represents a promising, cost-effective alternative, particularly with the development of dedicated freight corridors (DFCs) and initiatives like the Rail Post Gati Shakti Express service targeted at time-sensitive B2B cargo.

Supply Chain Complexity and Infrastructure

The industry faces considerable challenges in infrastructure and regulatory workflows. Despite significant progress in road networks, airport expansions and digital integration via GST and e-way bills, B2B logistics often contends with congestion, variable interstate regulations, customs clearance delays and fragmented service providers. However, government programs like PM Gati Shakti, Industrial Corridors, Multimodal Logistics Parks (MMLPs) and e-commerce export hubs (ECEHs) are laying the foundation for integrated, efficient and scalable logistics operations that can support the growing requirements of B2B clients.

Technology and Innovation

B2B logistics providers are increasingly adopting advanced technologies such as AI-powered route optimisation, warehouse automation, blockchain for provenance and transparency and digital platforms for end-to-end shipment tracking. Furthermore, leveraging data analytics enables predictive maintenance and better inventory management, improving service reliability and reducing operational costs vital for industrial supply chains.

Regulatory Evolution and Trade Facilitation

Regulatory frameworks have evolved to facilitate trade, finance and operational efficiency. Customs clearance for express cargo has been digitised via ECCS, simplifying export-import formalities especially for small shipments common in B2B refrigerated pharma logistics and electronics. Nevertheless, the industry urges further reforms, such as unified GST registration, streamlined multi-leg documentation and supportive policies for trans-shipment and international logistics to enhance competitiveness.

Employment and Human Capital

The logistics sector is a significant employment generator with millions engaged directly and indirectly. The rise of the gig economy supports last-mile B2B deliveries, while there is a critical emphasis on skilling workers to match the sectors growing sophisticated technological requirements, especially in warehouse management and digital logistics.

B2B Logistics Outlook

Looking ahead, the B2B logistics segment in India is poised for strong growth driven by expanding manufacturing capabilities, increased global trade linkages and the rise of MSMEs integrating into export supply chains. The policy-driven push for India as a global manufacturing hub (via PLI schemes and Make in India) will fuel demand for robust, reliable logistics solutions tailored to industrial requirements. Additionally, innovations in cold chain logistics, specialised packaging and last-mile delivery solutions will gain prominence given the diverse product mix in B2B trade.

Overall, the Indian logistics industry is backed by government infrastructure investments, digital reforms and technology adoption is transforming into a resilient and agile ecosystem capable of addressing the complex demands of modern B2B supply chains. With continuous policy support and private sector innovation, the logistics sector will remain a key enabler of Indias economic growth and competitiveness domestically and internationally.

Growth Drivers⁹

Robust Economic Growth and Consumption

Indias strong GDP growth (6.5% in FY2025) and rising private consumption, especially rural demand rebound, drive continuous growth in logistics requirements. Increasing consumer demand fuels warehousing and distribution needs.

Rising Capital Expenditure (Capex)

Government commitment to infrastructure development is robust, with a 10% YoY increase in capital expenditure allocated to key sectors like roads, railways and power. This spending fuels logistics infrastructure development, improving connectivity and efficiency.

Institutional and Foreign Investments

The logistics sector has attracted significant investments from institutional and foreign investors (accounting for about 50-68% of investments). These inflows enable development of premium, technologically advanced warehousing and logistics facilities.

Growth of E-commerce and Third-party Logistics (3PL)

Rapid expansion of e-commerce and 3PL companies has been a major driver, with increased warehousing leasing and demand for quick and last-mile delivery hubs, including in-city micro-fulfilment centres.

Manufacturing Sector Expansion

Indias emphasis on becoming a manufacturing powerhouse with initiatives like Make in India and establishment of industrial parks contributes to logistics demand for both raw materials and finished goods transport and warehousing.

Urbanisation and Consumer Expectations

Increasing urban populations with fast delivery expectations accelerate demand for smaller, strategically located warehouses near major cities to facilitate last-mile delivery efficiency.

Digitalisation and Technology Adoption

TheuseofadvancedtechnologiessuchasAI,IoT,automation and data platforms improves operational efficiency and transparency across logistics chains, attracting more users and enabling growth.

Regulatory and Policy Support

Reforms such as GST, National Logistics Policy, PM GatiShakti Master Plan and government incentives for infrastructure, industrial parks and ease of doing business create a supportive environment for sectoral growth.

Supply Chain Modernisation with High-Quality Warehousing

The trend toward institutional-grade, environmentally sustainable "green-certified" warehouses with better design, automation and amenities attracts top-tier users and investors, enhancing sector maturity.

Growing Trade and Export Volumes

Rising exports and cross-border trade expansion increase demand for efficient logistics networks and port infrastructure, stimulating investments in related logistics facilities.

Strategic Location Developments

Development of logistics hubs along major industrial and transportation corridors addresses rising land costs and complex land acquisition issues in prime locations, facilitating sector expansion.

Challenges

Rising Costs and Pricing Pressure from Clients

Higher prices for key inputs such as commodities and crude oil have forced logistics providers to focus on cost control as clients demand lower prices. This increases the pressure to reduce costs while still ensuring efficient delivery, making it necessary for organisations to innovate in value addition and continuously seek cost-saving measures.

Regulatory Pressures and Infrastructure Challenges

Intensified regulatory checks, stricter audits and more quality inspections are putting logistics operators under pressure to meet national standards and avoid penalties. At the same time, major infrastructure issues such as traffic congestion and the slow rollout of multimodal transport options, especially in Tier 2 and 3 cities continue to slow last-mile delivery. Addressing these issues will demand serious investments in modern urban logistics and advanced fulfilment systems.

Labour Shortages and Wage Inflation

There is a persistent shortage of skilled workers in logistics, pushing wages higher as companies compete to attract and retain quality staff. While higher pay helps sustain productivity and service standards, it also raises operational costs. Managing talent well and setting clear expectations is crucial to avoid cost overruns and productivity losses.

Consumption Slowdown and Lower Utilisation

A slowdown in the economy has led to lower demand for freight services, causing underutilisation of logistics networks and affecting profitability. Sectors like FMCG and automotive are especially impacted, with disruptions in supply chains forcing logistics providers to struggle to maintain efficient use of their resources.

Geopolitical Tensions Affecting Supply Chains

Rising geopolitical conflicts, as highlighted in the Economic Survey 2024, can disrupt supply chains by increasing costs, causing delays and leading to inflationary pressures. Such tensions may force companies to reroute shipments, creating unpredictability and further disturbing the global flow of goods.

Government Initiatives Supporting Indian Logistics¹⁰

Government Initiatives	Detailed Description
National Logistics Policy (NLP)	Launched in September 2022, the NLP is aimed at creating a seamless and efficient logistics ecosystem throughout India. Its key goals are to improve operational efficiency, reduce the overall logistics cost and facilitate smoother movement of goods. It is strongly backed by digital reforms such as the Unified Logistics Interface Platform (ULIP) and Logistics Data Bank (LDB), which are both fully operational. The NLP improves tracking of containerised export-import (EXIM) cargo, making doing business easier through digitalisation and transparency.
PM GatiShakti Master Plan	Introduced in October 2021, GatiShakti integrates various modes of transportation, which are the roads, railways, ports, airports and more into a single coordinated national platform. It aims to accelerate the planning and execution of large-scale infrastructure projects for faster connectivity and logistics development. The plan unites 57 central ministries/departments and all states and union territories, along with over 1,700 data layers, to support integrated and comprehensive infrastructure development and multimodal connectivity.
Maritime Amrit Kaal Vision 2047	This is a long-term vision aligned with the principles of the "blue economy," designed to transform India into a global maritime powerhouse by 2047. The roadmap focuses on expanding port capacity, digitalisation and automation of port operations, as well as promoting green initiatives such as hydrogen hubs. It emphasizes boosting coastal tourism, maritime skill development and making India a centre for shipbuilding and repair. At the 2023 Global Maritime India Summit, over H 10 Lakh Cr in investments were earmarked, showcasing strong momentum in maritime sector development.
Dedicated Freight Corridors	The two main corridors, which are the Eastern Dedicated Freight Corridor (EDFC: Ludhiana to Sonnagar, 1,337km) and the Western Dedicated Freight Corridor (WDFC: JNPT to Dadri, 1,506km) are specialised rail lines for heavy freight, developed by the Ministry of Railways. These are designed to ease congestion on passenger routes, lower freight transportation costs and improve energy efficiency. As of March 2025, 96.4% of the total 2,843km are operational and these corridors are expected to drive industrial growth and job creation in logistics.
Multi-Modal Logistics	Developed under the Bharatmala Pariyojana, MMLPs offer integrated warehousing, storage and distribution, bringing together different aspects of logistics at one location. These parks are planned based on regional demand in 35 key locations (such as Chennai, Bengaluru, Nagpur and Indore).
Parks (MMLPs)	By 2027, five of these parks are expected to be operational. They are designed to increase overall logistics efficiency and reduce costs for supply chain businesses.
Logistics Data Bank (LDB)	LDB is a digital tracking system for export-import (EXIM) containers. It significantly boosts transparency and real-time visibility throughout the supply chain. By October 2024, LDB has tracked over 75 Million containers and records more than 4.5 Million unique container searches monthly. Its wide adoption shows its success in enhancing both efficiency and trust across the logistics sector.
Unified Logistics Interface Platform (ULIP)	ULIP is a digital platform consolidating data from various logistics ministries and departments, providing a single interface for the entire industry. By March 2025, it recorded 1 Billion API transactions, reflecting the scale of its adoption. ULIP supports supply chain digitalisation by enabling estimated time of arrival (ETA) predictions for shipments, better inventory planning and reduced operational costs, making logistics more globally competitive.

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Government Initiatives	Detailed Description
Goods and Services Tax (GST)	Implemented in 2017, GST unified taxes on goods and services across India. This reduced the hassle of interstate checkpoints, significantly lowered transit times (by over 33%) and streamlined supply chain management. GST has been transformative for Indian logistics, allowing for smoother, faster and more cost-effective movement of goods nationwide.
E-Way Bill	As part of the GST framework, the e-Way Bill is a mandatory digital document for transporting goods worth over _50,000 across states. It reduces physical paperwork, increases transparency and encourages compliance, all of which make interstate logistics more efficient and accountable by checking tax evasion and simplifying procedures.
Gati Shakti Vishwavidyalaya (GSV)	GSV is Indias first university dedicated to the transportation and logistics sector, conceptualised to support the goals of the National Master Plan for infrastructure. It equips students and professionals with the skills needed for logistics and transportation, supporting Indias future workforce requirements. GSV collaborates with about 40 industry and academic partners through signed Memoranda of Understanding (MoUs).
Logistics Ease Across Different States (LEADS)	LEADS is an annual ranking by the Ministry of Commerce & Industry that assesses how well states and Union Territories perform in terms of logistics infrastructure, services, regulatory environment and sustainability. It gathers feedback from thousands of industry participants (manufacturers, exporters and logistics firms), helping guide policy decisions and investments by highlighting logistics challenges and performance on the ground.

challenges and performance on the ground.

Technology Adoption in Indian Logistics Sector¹¹

Technology is revolutionising the Indian logistics sector, making supply chains more efficient, transparent and adaptive to evolving global demands. Recent disruptions such as the COVID-19 pandemic and geopolitical challenges have accelerated the adoption of advanced digital tools, enabling the sector to respond swiftly and sustainably.

Key Drivers for Technology Adoption

Need for End-to-End Visibility and Traceability: Real-time monitoring of shipments throughout the supply chain improves productivity and accuracy, enabling better decision-making.

Transition to Networked Supply Chains: Moving from linear to integrated, agile and resilient logistics networks to cope with uncertainties.

Automation for Operational Efficiency: Enhances speed and reduces manual errors, enabling faster delivery and optimised resource use.

Sustainability Mandates: Environmental concerns and regulatory requirements are motivating companies to adopt technology that supports greener logistics.

Core Technologies in Use

	Enables secure, paperless documentation, smart contracts and facilitates transparent cargo tracking.
Blockchain	Indian initiatives like the Electronic Cargo Tracking System (ECTS) are piloting blockchain to enhance security and efficiency.
	Globally, ports like Rotterdam and companies such as Maersk use blockchain extensively.
	Supports predictive maintenance of equipment and optimised operations.
Big Data Analytics	Helps companies forecast demand, plan routes and improve fuel efficiency.
	Indian startups are leveraging big data for freight booking and route optimisation.
	The big data market in India is expected to grow to US$16 Billion by 2025.
	Powers fleet management, warehouse management, cargo tracking and transparent market platforms.
Cloud Computing	Indian ports and logistics companies have adopted cloud-based ERP and real-time monitoring tools to improve operations.
	Autonomous trucks and ships are being tested internationally.
Autonomous Vehicles and Equipment	Indian shipyards are manufacturing electric autonomous ferries, exemplifying early adoption.
	Autonomous systems are expected to enhance middle and last-mile delivery, reduce costs and improve safety.
	Used in emergency deliveries and last-mile logistics.
Drones	Indian government initiatives, including the legalisation of drones for commercial purposes and start-up support under the ‘Drone Shakti program, are paving the way for wider drone use.
Digital Twins	Virtual replicas used to simulate warehouse layouts, transport routes and port operations to anticipate and mitigate disruptions.
	Enables optimisation of facility design and operational resilience.
	Adoption in India is growing with increased use of warehouse management and visibility systems.

Government Initiatives Supporting Technology Adoption

The government has taken significant steps to drive technology adoption in the Indian logistics sector. One key initiative is the launch of the Unified Logistics Interface Platform (ULIP), which offers a unified, real-time digital platform integrating data across various transport modes and regulatory bodies, thereby enhancing cargo visibility and reducing delays. Additionally, digital solutions like ICEGATE, E-Logs and NLP-Marine have been introduced to facilitate electronic documentation, enable real-time tracking and streamline clearance processes. The government is also promoting the deployment of integrated Enterprise Business Systems across major ports to standardize operations and automate workflows. Furthermore, efforts to encourage public–private partnerships (PPP) and promote the startup ecosystem through incubation programs and dedicated funding are helping catalyse innovation and accelerate the digital transformation of the logistics industry.

Challenges in Technology Adoption

Legacy systems and paper-based processes are still common, limiting digitisation benefits.

Fragmentation and lack of interoperability among various digital platforms slow adoption.

Lack of standardised data management and regulatory complexities around data privacy.

The need for greater coordination among stakeholders for comprehensive digital ecosystem creation.

Future Outlook

The future outlook for technology adoption in Indian logistics involves enhanced collaboration among government, industry stakeholders and start-ups to accelerate digital transformation. There is a pressing need to scale advanced technologies such as artificial intelligence (AI), the Internet of Things (IoT), autonomous vehicles and blockchain across the entire supply chain. The adoption of digital marketplaces, collaborative logistics and innovative business models is expected to make the logistics ecosystem more agile, cost-effective and customer-centric. Additionally, integrating sustainability into technology adoption will be crucial for supporting Indias environmental objectives and ensuring long-term sector resilience.

Sustainability in Logistics Sector¹²

Indias logistics sector is actively adopting sustainable practices to balance the growing demand for convenience with environmental responsibility. Government-led initiatives are driving a strong focus on green logistics, integrating sustainability into the core logistics strategy through infrastructure investments and innovative programs. Tools like the Freight Greenhouse Gas (GHG) Calculator enable stakeholders to assess transportation costs alongside carbon emissions, promoting awareness and support for eco-friendly development. Indian Railways Rail Green Points initiative incentivises freight customers by highlighting potential carbon savings, reinforcing the governments target to boost rail freight share from 35–36% to 45% by 2030 to reduce environmental impact. Additionally, strategic plans such as the Coal Logistics Plan prioritize shifting freight transport toward rail to lower emissions further. Digital platforms like ULIP enhance sustainability efforts by assisting companies in choosing greener transportation modes, thereby contributing significantly to Indias overarching carbon reduction objectives and the creation of a more environmentally sustainable logistics ecosystem.

Logistics Sector Outlook

The logistics sector in India is projected to experience robust and sustained growth driven by multiple favourable factors, including strong economic expansion, rising consumer demand and significant government support. With Indias GDP growth anticipated at around 6.5% in FY2026, the logistics industry is poised to support this momentum by enhancing supply chain efficiency across manufacturing, retail and e-commerce sectors. Key growth drivers include increased infrastructure investments under flagship initiatives like PM Gati Shakti and Bharatmala Pariyojana, the rapid rise of e-commerce and third-party logistics and the adoption of advanced technologies such as AI, IoT and automation that enable real-time tracking, route optimisation and smart warehousing. The sector is also benefitting from digital reforms like the National Logistics Policy, GST and unified platforms that streamline operations and reduce costs. Despite challenges such as poor infrastructure quality, regulatory complexities and fragmentation of the market, ongoing efforts to modernize the supply chain, coupled with sustainability initiatives and the development of multimodal logistics parks, reinforce the positive outlook. Overall, the Indian logistics market is forecast to grow at a CAGR of around 6.5%, potentially reaching USD 428.7 Billion by 2033, positioning it as a critical enabler of Indias broader economic growth and global trade ambitions.

Company overview

Western Carriers is a leading integrated logistics service provider in India, delivering end-to-end supply chain solutions across a range of industries. The Company has established a strong presence through its expertise in warehousing, distribution and value-added services. With a customer-focused approach, supported by advanced infrastructure and technology-driven operations, Western Carriers is well placed to meet the evolving requirements of trade. Leveraging over five decades of experience, an asset-light and scalable model as well as long-standing client relationships, the Company has maintained a leading position in the industry. It takes pride in its high customer retention, with more than 80% of its revenue derived from clients who have been associated for over three years.

Technology Integration

Western Carriers Limited has made technology a central part of its operations by using IT and software tools for real-time tracking of cargo and container trailers. Their asset-light business model is supported by a strong technology infrastructure and a transport management system, ensuring timely and reliable deliveries. The Company operates a fully integrated ERP system that tracks shipments through every transport mode and manages key functions like billing, invoicing, accounts and GST filing. All logistics operations are automated, from consignment notes to management reports. GPS tracking is installed in every vehicle and delivery tracking reports are generated as per customer needs, such as hourly, daily, weekly or monthly. They also use advanced software for e-way bill monitoring, which allows them to catch and correct issues before bills expire, further improving efficiency and customer service.

Expansion of Multimodal Logistics Infrastructure: Gati Shakti Multi Modal Cargo Terminal

Western Carriers (India) Limited (WCIL) successfully completed and launched its state-of-the-art Gati Shakti Multi Modal Cargo Terminal at Devaliya Station near Morbi, Gujarat. Spanning over 30 acres, this strategically located facility significantly strengthens WCILs multimodal logistics capabilities by integrating container and wagon rake systems for efficient road and rail cargo handling.

This terminal is designed to support diverse cargo types and serve key regional industries such as the Maliya salt industry and the Morbi ceramic sector, which produces over 5 Million tonnes annually, fulfilling more than 80% of Indias demand. In addition, industries including chemicals, agriculture, fertilizers and MSMEs stand to gain from the enhanced logistics infrastructure.

The new terminal marks a major step forward in WCILs commitment to providing seamless, safe, and cost-effective logistics solutions reinforced by advanced technology and integrated services. Plans are underway to further develop complementary infrastructure facilities, such as an inland container depot and warehouses, enabling comprehensive supply chain support.

This development not only elevates WCILs operational reach in Indias western corridor but also aligns with the companys vision to deliver scalable, future-ready logistics solutions that support Indias broader economic growth goals under the "Viksit Bharat" initiative. The terminal will play a pivotal role in enhancing service quality and operational efficiency for WCILs domestic customers, positioning the company for sustained growth in a highly competitive logistics landscape.

Consolidated Financial Performance of Last 5 Year

Particulars (J Crs)	FY21	FY22	FY23	FY24	FY25
Revenue from Operations	1110.1	1470.9	1633.1	1685.8	1725.7
Total Revenue	1110.1	1470.9	1633.1	1685.8	1,725.7
Operational Expenses	960.7	1280.4	1421.3	1436.6	1,489.8
Gross Profit	149.4	190.5	211.7	249.2	236.0
Gross Profit Margin	13.5%	12.9%	13.0%	14.8%	13.7%
Employee Expenses	27.7	37.0	41.8	46.9	53.1
Other Expenses	40.9	49.5	48.3	56.2	62.9
EBITDA	80.8	104.0	121.7	146.1	119.9
EBITDA Margin (%)	7.3%	7.1%	7.4%	8.7%	6.9%
Other Income	3.8	4.9	4.8	5.6	13.2
Depreciation	11.6	11.6	15.3	21.2	23.8
EBIT	73.0	97.3	111.2	130.5	109.3
EBIT Margin (%)	6.6%	6.6%	6.8%	7.7%	6.3%
Finance Cost	13.0	13.9	15.1	22.2	21.5
Share of Profit of an Associate	0.0	0.0	0.0	0.1	0.0
Profit before Tax	60.0	83.4	96.1	108.4	87.8
Profit before Tax(%)	5.4%	5.7%	5.9%	6.4%	5.1%
Tax	15.5	22.2	24.5	28.1	22.7
Profit After Tax	44.5	61.1	71.6	80.3	65.1
PAT Margin (%)	4.0%	4.2%	4.4%	4.8%	3.8%
EPS (As per Profit after Tax)	11.3	7.8	9.1	10.2	7.2

Key financial ratios

S.NO PARTICULARS	Financial Year ended 2025	Financial Year ended 2024
1 Revenue from Operations (H Million)	17257.20	16857.69
2 Revenue growth rate (%)	2.37	3.23
3 EBITDA (H Million)	1199.37	1461.83
4 EBITDA growth rate	-17.95	15.61
5 EBITDA Margin (%)	6.95	8.70
6 Profit after tax (PAT) (H Million)	651.30	803.47
7 PAT Margin (%)	3.77	4.77
8 Net Debt/EBITDA	0.00	1.52
9 Return on Equity (RoE) (%)	10.62	22.41
10 Return on Capital Employed (RoCE) (%)	12.50	29.23
11 Working Capital Days	111.00	96.00
12 Debt to Equity Ratio	0.21	0.67
13 Consolidated Throughput (Volume in TEU)	213475.00	212500.00
14 Volume growth	0.46	10.03
Throughput by multimodal movement (TEU)
15 - Domestic	79840.00	60863.00
16 - EXIM	133635.00	151637.00

Outlook for Western Carriers (India) Limited

Western Carriers (India) Limited looks set for strong growth in the future. The Company is working to build closer relationships with its customers by offering more services and covering new locations. By giving clients customised and complete logistics solutions, they aim to keep current customers happy and attract new ones.

They are expanding into new regions across India and focusing on areas where logistics demand is high. Western Carriers also plans to reach new business sectors and use customer referrals to grow even more.

The Company wants to improve profits by focusing on valuable, integrated services and making their operations more efficient. They are investing in new technology to manage orders better and provide real-time updates, which helps them handle both small and large shipments easily. Growth will also come from acquiring other companies and forming partnerships, which will make it easier to enter new markets faster. Western Carriers continues to upgrade its vehicles, containers and equipment to boost safety and service quality.

By deepening their role in customers supply chains and offering a wide range of services, Western Carriers expects to increase productivity and get even more value from their network. Overall, they are on track to become a top logistics provider in India, with reliable growth expected in the coming years.

Risk management

Risk description	Risk mitigation strategy
Economic risk
Fluctuations in economic factors such as inflation or interest rates, along with geopolitical disruptions, may adversely affect the organisations ability to maintain smooth and uninterrupted operations	Your Company is expanding its domestic offerings as well as launched its MMLP- both offset global geopolitical risk.
	Your Company is focused on growth of service offerings and believes in in-house expertise to offset inflationary service presence and by being low debt company, not much worry on interest rate increase.
Fuel price risk
The Company is exposed to risks from sudden increases in fuel prices, which could adversely impact profitability, as the business remains sensitive to such fluctuations and may find it difficult to fully mitigate the pressure on margins.	The Company has structured most of its large customer contracts on a Diesel Price Variation Clause (DPVC) basis. Accordingly, any increase in diesel prices results in a corresponding upward adjustment in rates, while reductions in fuel prices are passed on to customers, ensuring fairness and cost alignment.
	For rail movements, the Company operates largely under haulage contracting arrangements with customers. Any revision in haulage charges by Indian Railways is, in most cases, passed through to customers under the contractual terms. Benefits of lower haulage rates are similarly passed on, whereas increases are appropriately recovered through customer contracts.
	This contracting structure ensures that the impact of fluctuations in fuel and haulage costs on the Companys financial performance is significantly mitigated
Concentration risk
Western Carriers faces customer concentration risk, as a significant portion of its revenue is derived from a limited base of key clients	Though 50% of business is from metals. The same is mitigated by various metals serviced- aluminium, zinc, steel etc. which all have different LME cycle. Your company is also rapidly expanding client base in MSME, SME, industrials, FMCG, pharma etc to offset customer concentration.
Infrastructure risk
Any disruption or deficiencies in the logistics infrastructure, including those affecting freight and container traffic could impair our operations and adversely affect our business and results of operations. Any damage to our brand image or reputation may adversely affect our growth	By creating entire supply chain your company can offset deficiency in one part by pivoting to others. For e.g. if rail track is closed for repair & maintenance, we pivot movement to road and vice versa.
Employee risk
A shortage of skilled personnel or disruptions arising from strikes and disputes with employees, may negatively impact the Companys business operations, financial performance and overall condition.	Your Company is well poised in term of industry best HR practices and a dedicated workforce.
	Your Company focuses a skill development and internal growth more than lateral line and always keeps a strong contingency plan in place for all eventuality.
Operational risk
Western Carriers is exposed to operational risks, including accidents, equipment breakdowns and potential damage to its warehousing facilities, which may disrupt operations and affect the continuity of services.	Your Company follows industry best practices in PM- preventive maintenance and skill bases as well as safety training at all locations to mitigate this risk.
Technology risk
The Companys operations are highly dependent on the uninterrupted performance of its technology infrastructure and systems. Any disruption or failure or challenges in adopting new technologies, may adversely affect business efficiency and overall operations.	Your company depends on mostly in house software and tech infra and does extreme precautions and fail safe in all IT operations per industry norms.
Financial risk
Failure to meet debt obligations in a timely manner or to comply with the financial covenants and other terms and conditions of financing agreements, may have a material adverse effect on the Companys financial position.	Your company is well funded with low debt, decent EBIDTA and a track record of high ROE and ROCE ensuring making our debt obligation coverage at higher than optimal levels at all times.

Human resources

The Company recognises that its workforce is central to driving growth and supporting the achievement of long-term objectives. Human Resource initiatives focus on attracting, developing and retaining the right talent to ensure the organisation has the skills, capabilities and leadership required to address evolving business challenges. Acting as a strategic partner, HR enables innovation, strengthens employee engagement and builds resilience, positioning people as the Companys greatest competitive advantage. The Company is committed to providing a positive work environment and supporting the continuous development of its employees to secure long-term success. In addition, employee safety and wellbeing remain integral, with dedicated measures in place to maintain a secure, healthy and supportive workplace.

Internal control and their adequacy

TheCompanyhasestablishedinternalfinancialcontrolsystems that are suited to its size, complexity and the nature of its operations.Thesecontrolsaredesignedtoensuretheaccurate preparation and fair presentation of financial statements. To maintain transparency and independence, regular internal audits are conducted by an external, independent agency, with the findings and recommendations placed before the Audit Committee for review. The Board derives confidence from these audits regarding the effectiveness and reliability of the Companys financial controls. In addition, the internal audit team continuously monitors and evaluates operations to reinforce the effectiveness of these control mechanisms.