Container Corporation Of India Ltd

Page 2 of 16 Ladies and gentlemen, good day and welcome to the Container Corporation of India Limited Q3 FY 2026 Earnings Conference Call hosted by DAM Capital Advisors Limited.

As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing “*” then “0” on your touchtone phone. Please note that this conference is being recorded.

I now hand the conference over to Mr. Kunal Shah from DAM Capital. Thank you and over to you, sir.

Yes, hi everyone. Welcome to the 3Q FY 2026 Earnings Call of Container Corporation of India.

We have the Management being represented by Mr. Sanjay Swarup – Chairman and Managing Director.

At this point, I would like to hand over the call to the Management for their opening remarks, post which we can take up the Q&A. Thanks, and over to you, sir.

Good morning to all of you. I am Sanjay Swarup – CMD of Container Corporation. I am joined by my directors, Shri. Ajit Kumar Panda, Director - Projects and Services; Mr. Vijoy Kumar Singh, Director - International Marketing and Operations; Mr. Mohammad Azhar Shams, Director - Domestic; And Mr. Harish Chandra, Principal Executive Director - Finance, Company Secretary, and CFO.

So, I like to give some opening remarks. After that, we can go for question-answer session.

At the outset, I am glad to announce that the Board of Directors have approved a dividend of Rs. 3.40 on share of Rs. 5 par value, that is 68% in its meeting concluded yesterday. So, till now, the total dividend for this FY that has been given to shareholders is Rs. 7.60, which is 152%.

We have achieved a throughput of 4.15 million TEUs in the period ending December 2025, which is ever highest in the company’s history. Throughput growth has been around 11%, in which EXIM has increased by 10% and domestic has shown a growth of 13%. In fact, it is better than the India’s international trade, Mercantile’ s growth also, in which exports have shown a growth of 2.4%, which is USD 330.3 billion. And imports have shown a growth of 6% at USD 578.6 billion for the first nine months of this financial year.

Page 3 of 16 There has been a less growth as we had projected. We had projected 20% growth, whereas we have achieved around 13%. The primary reasons for this is that we have not picked up the low- margin business in the domestic. Second is that the tank containers, which we were thinking that in Q3 we will get a good supply, but somehow it got delayed during manufacturing. And now in Q4, we are getting a supply of tank containers, and domestic loading is picking up now. And there has been less demand of gunny bales also because of the disturbances in Bangladesh.

As far as market share is concerned, we increased our market share at JNPT by 186 basis points and at the Pipavav Port by 93 basis points, and Mundra, our market share went down by 232 basis points. And the good thing is that we increased the market share without sacrificing our margins. Rail freight margin increased by around 200 basis points from 25.7% to 27.7%, and operating margin also increased by around 100 basis points from 30.2% to 31.2%.

Operating income has shown a good growth of 3.3%. Profit before depreciation has shown a growth of 1.8% for the period ending, and if we see for the Q3, the profit before depreciation has increased by 7.6%. There has been a flattish performance of PAT due to the depreciation, which was high by around Rs. 68 crores in this quarter. The reason for that is because in last financial year, we had done some corrections for life of wagons; because of that, the depreciation was less in last financial year. So, that has been now at par and because of that effect, we are seeing a dip in PAT, where profit before depreciation is showing a very healthy growth.

Reason for less PAT are some other reasons are also there, like there is subdued demand in domestic streams, and second is the decrease in EXIM lead by 2% due to less demand in North India. And depreciation, I have already explained to you. LLF also in this quarter, LLF is showing increase of around 23% and which is in line with the total LLF that we pay to railways around Rs. 450 crores every year. Last year, there were some reversals because of that the LLF in this quarter was Rs. 89 crores. In this financial year, it is corrected to Rs. 110.7 crores, which is the actual LLF we will be paying to railways.

Now, there has been growth in double-stack rakes also. Growth of 7% in this financial year till now from 4608 rakes to 4933 rakes, which is quite a healthy growth. And a reduction in empty running of rakes is also quite substantial. In EXIM, it is 21%, domestic it is 8.5%, total 12%. So, both these factors, growth in double-stack, reduction in empty rakes, have made a positive contribution to the company’s bottom line.

We are continuously upgrading our infrastructure, as I have been telling in previous calls also.

In this financial year till now, we have commissioned 31 high-speed rakes, which is also an all- time high for the company. And now we are having a robust fleet of 413 rakes in our kitty. And we have procured around 3,800 containers in this financial year till now. So, total container fleet stands at around 57,000 containers of our own ownership.

Seeing the robust demand in the market, which I will be just telling you a short while from now, the Board of Directors have yesterday enhanced the CAPEX budget for this financial year by 23%, from Rs. 860 crores to Rs. 1,060 crores. Till now in this financial year, we have already spent Rs. 717 crores on CAPEX. So, we are on track, and we are procuring infrastructure, building up infrastructure, seeing the robust demand in the market.

Now I would like to tell you about the two streams – EXIM and domestic:

EXIM is showing excellent growth in this financial year. EXIM alone is likely to cross the turnover of USD 60 billion in revenue, which will be an all-time high for EXIM stream. It is a very handsome growth. And it is likely to increase in the coming months, which I will be explaining a short while from now.

Western DFC connectivity is expected by March 2026 to JNPT. It will give a very big boost to EXIM business. Export growth, till now, we have experienced around 23% growth in aluminum ingots, 22% growth in meat, 14% growth in auto parts, and very good growth in rapeseed meal and rice. Imports, also we have experienced a growth of 4 times growth in glass items, which are used in solar panels, 69% growth in raw cotton; 29% growth in auto parts; 22% growth in furniture.

We have rolled out a liberalized policy for cabotage movement and DPD, and this is likely to make a very big contribution in volumes in the coming months. Already, we are seeing the impact in EXIM. There is a healthy growth of 7.5% on a pan India basis in imports, out of which JNPT has shown a growth of 17%, Mundra has shown a growth of 8.4% for us, Chennai has shown a growth of 14%; and Vishakhapatnam has shown a growth of 28%; and there is a healthy growth of 7% in exports also for CONCOR in this financial year.

In domestic, there is a bulk cement and tank containers, which is likely to drive growth in the coming months in a big way. Then talks are in an advanced stage with Petronet Limited for ethane propane loading on a long-term basis. And long-term agreement we are going to sign with this company at Dahej, loading at Dahej. And also talks are in advanced stage with GAIL, Gas Authority for their PTA business from Mangalore Port. And the end-to-end logistics train that we are running from Delhi to Kolkata (Calcutta) via Agra and Kanpur, that has been a huge success, and we are getting very good business on this end-to-end train also.

At this juncture, I will like to keep my guidance for 13%, that is 10% EXIM, 20% domestic unchanged. We are confident that by the end of the financial year, we will be able to meet this guidance.

So, the EXIM, which will be as per our calculations and predictions. By FY 2029, every year EXIM will show growth of more than 15% per annum. So, for three years, we can see back-to- back growth of 15%, and primary drivers will be Western DFC by March 2026. Second is assured transit time trains that we will be running between JNPA and NCR on our mega terminal at Dadri and Kathuwas.

And next is the double-stacks, we will be bringing, I am glad to announce you that we will be bringing Jodhpur on double-stack map very soon in this financial year only. We are going to commission a new terminal from where we will be running double-stack trains between Jodhpur and Ports. Second is Ahmedabad also, we are going to bring double-stack business very soon.

At present, our terminal is not able to handle double stack because of that we are not able to get that much business. And once we develop a new terminal, we are developing near Sanand, which will be capable of handling double-stack trains, and it will be also on DFC. That will also give big boost to our traffic at Ahmedabad.

We have already commissioned a few terminals at Mandalgarh, Jajpur, Kadakola, from which we are expecting good traffic in the coming three years. And then, next is the Nepal traffic that we are catering from our facility at Vishakhapatnam and Kolkata (Calcutta), also. So, Nepal traffic we are running at present to Birgunj, and now very soon we will be starting at Raxaul and Biratnagar also. So, this will give further boost to our EXIM business as well as domestic business till FY 2029.

We are having a tie-up, five-year contract with all major shipping lines like Maersk, MSC, CMA-CGM, Hapag-Lloyd, etc. These are also going to positively contribute. And next big thing is the shipping sector in which we have made our presence felt in Middle East. And we have finalized a contract with another agency for Far East. So, Far East also we will be starting the services. Already one container we have sent. So, Middle East plus Far East, the short voyages we will see for few years and then we will go for longer voyages. So, these will be the major contributors for more than 15% growth in EXIM.

Domestic, there is a huge potential. Untapped market is there and we are expecting more than 20% growth every year for the next three years, in which bulk cement and tank containers will be a primary contributor. We have already signed agreement with UltraTech, with Adani, with My Home Cement, with JK, and with other parties and they are expected to give very good business to us in bulk cement. And we have also tied up with big corporate customers like Vedanta, Jindal, Tata, GAIL, Petronet already I have told you.

So, all these sectors will give very good growth in domestic of more than 20% for next three years. So, by FY 2029, I am projecting a top line of Rs. 15,000 crores for the company, which is quite achievable and 10 million TEUs handling throughput 75 million tonnes of cargo, containerized cargo. These three projections I am making for FY 2029 and Board of Directors has appreciated these projections and that was the reason for enhancing the capital budget, so that we are having equipment with us to meet these targets. And let me assure you, CAPEX will be around the same lines for next three years also. We are in expansion mode because there is lot of demand in the market and we are going to tap all the demand and bring more and more business to our company.

So, these were my opening remarks. Now we can start the question-and-answer session.

Thank you very much. We will now begin the question-and-answer session. The first question is from the line of Pulkit Patni from Goldman Sachs. Please go ahead.

Sir, my question is you have been giving guidance on volumes and as you rightly highlighted, you are not too far from that. But on the revenue front, we are significantly lower. We barely do mid-single-digit revenue this year based on how we are tracking. So, I just wanted to understand what is really happening on realization, because it is not only domestic, but even on the EXIM side, our realizations have been fairly muted this year. And in your expectation, because you are guiding for a pretty robust number even for the next three years, what is the assumption of realization increase that you have taken?

See, EXIM, there is a realization not commensurate with the physical. The reason is you are seeing the throughput growth and you are correlating it with the revenue growth. Actually, you should see originating numbers for that purpose. And second thing is, tonnage is not the correct parameter for correlating the revenue. Actually, it is NTKM, net tonne kilometers. That is the basic parameter you should be focusing, because the revenue is a function of two things, tonnage and distance, lead. So, if you see tonnage increases, but lead comes down, so that has an effect on NTKM.

So, correct parameter to correlate loading with revenue will be NTKM, in my opinion. So, as I already told in my opening remarks, the lead of EXIM has gone down by 2% due to less demand in North India. That is a primary contributor for less realization, as you call. But as far as we are concerned, we got a good realization in EXIM as compared to last year. Okay, it is not commensurate with the physical volume. That reason, already I told you.

Now, for the next three years, top line of Rs. 15,000 crores that I have told is quite achievable because when DFC comes, we are quite optimistic that we will be able to run assured transit train on that, which will be bringing long lead traffic, because it is 1,500 kilometers from NCR to JNPA, and it will give a good revenue also. And light cargo, which is at present moving by road, it will come on rail because there will be transit assurance, there will be cost benefits. So,

Page 7 of 16 the growth that we will be getting will be excellent in terms of physical volumes as well as revenue.

Sir, can I take the liberty of asking one more question? Yes, sure.

Sir, if I look at the last three years, while I understand the full connection of DFC to JNPT has been completed, and the impact will come through, but few ports in Gujarat, Mundra, Pipavav have been connected to DFC for a while now, and the impact of that have not really reflected. If you could just help us sort of solve this a little bit. What is the reason that just JNPT connection would be such a big game changer for CONCOR in terms of volume?

Now, the thing is that Gujarat ports like Mundra and Pipavav, which have been connected, they are actually, strictly speaking, not on DFC. They are connected till Palanpur, there is a station.

DFC is there. After that, there is a feeder route for Mundra and Pipavav. So feeder route actually is not a DFC, it is an Indian Railways route. So, while the connection with JNPA is different.

JNPA, DFC will be going up to JNPA. So, only freight trains fast moving container trains will be moving on this circuit. Whereas, on that route, goods train, passenger train, everything moves on feeder route, because it is Indian Railways route. So, that is the difference.

And the second thing is that, which is very important for you to understand, is that 25 tonne axle load wagon, that is high-capacity wagons that we are procuring, BLCS and BLSS. These are the two type of wagon, which are having a 25 tonnes axle load. That means they can carry a payload of 80 tonnes. So, that cannot move on Indian Railways route and it cannot have a payload of 80 tonnes. So, that restriction is there, whereas on DFC, 80 tonnes payload can move. So, it will improve the double-stacking.

If I can carry more load on that wagon on DFC, because JNPA is pure DFC, there is no feeder route. So, that advantage will be the second advantage. So, these two advantages will see a distinct shift of traffic from road to rail.

Okay. Sir, lastly, which quarter should we see the impact of DFC come through for us?

It will be starting from the next financial year. So, I am not an astrologer, I cannot predict that which quarter you will see the impact. But definitely from Q1 of next FY, we should start seeing some difference.

Fair point. Thank you so much for taking these questions.

Page 8 of 16 Thank you. The next question is from the line of Jayman Shah from Equirus Securities. Please go ahead.

Yes. Thanks for the opportunity. I also just wanted one clarification. The volume, growth guidance that we have given for the five-year timeline - four-year timeline, is it on the railing part or is it on the originating part? I have given only for three-year time… Yes, this is for the… Yes, if you have listened carefully, first is 10 million TEUs which is on handling throughput.

Second is 75 million tonnes, which is on cargo movement, containerized cargo. Third is Rs. 15,000 crores, which is on top line of revenue.

Got it. Sir, if you can just provide me the originating volume for this particular quarter? For this particular quarter, Q3? Yes. For EXIM and domestic.

Okay. Originating volume for this quarter is EXIM, it is 564,324 TEUs; domestic is 120,817 TEUs; and total is 685,141 TEUs.

Sir, just wanted to understand one thing. As you are highlighting clearly that we should be looking at the originating volume and net tonnes kilometers for revenue part and all those things.

Why we are not publishing the originating kilometers in the press release after the quarter ends and why we are only focusing on the handling volumes? Because whenever we are asking the question on the realization, the first point is always that we should be looking at the originating volume. Then why we are shying away from giving the originating volume growth and of course on the originating volume growth, what could be the market share that we have witnessed over nine months and for this particular quarter?

Okay, I have noted your request. We will see.

And sir, what would be the market share for this particular quarter and for the nine months at the all India level?

I do not have the market share with me right now for this particular quarter. For nine-month period, I can give you the market share, for EXIM, it is 53.8%; and domestic it is 55.88%. Total is 54.35%.

And what could be the comparison for last nine months?

Page 9 of 16 Last financial year?

Nine months of FY 2025, yes, nine months of FY 2025.

Yes. EXIM it is 55.28%; domestic 58.03%; total is 56.05%.

Yes. Sir, my question would be on this that of course we are near to our target in terms of EXIM volume guidance. We are little bit away from our domestic volume guidance and there has been reasons. But why we are not taking any major steps to make sure that our market share does not fall? We were at 75% a few years and 15 years back. Now we are at 53% - 54%. So, what kind of things which has happened over last decade, which has resulted in this kind of market share dip for us? And what kind of market share we are expecting with this kind of 15,000 revenue that we are expecting? Our market share is constant in that case. We are increasing it or we are thinking that it might reduce further from here on?

See, fall in market share in every conference I am giving you the details, reasons are pretty obvious. We are not picking up the low margin business, because we believe in giving good service to our customers while retaining our margins. That is the primary reason. To arrest this decline in market share and to increase our market share, our company is taking lot of steps.

Like we are focusing on multi modal logistic paths. We are focusing on first mile, last mile transportation. So, the projection that I have given for FY 2029, definitely it is going to increase our market share and take it between 65% to 70%.

Got it, sir. If the comment of us is that we are not taking low margin contracts in this time, but if you see a margin pre-COVID, it used to be 25% - 26% excluding you can say other income part. Whereas as of now, it is ranging in between 20% - 22%. Of course, there has been an effect of LLF. But apart from that, despite having the recent DFC getting operational to a larger extent, we are doing double-stacking on all these parts, we are doing so much of CAPEX. Our margin has really not improved, of course, our revenue growth has been slow. But on the margin part also, we are now taking no margin contract. There has to be some, you can say, compensatory impact on the margin, but which has not been reflective over the last so many quarters.

If you compare pre-COVID and because there was a change in LLF payment to railway that is so more like CAPEX… Excluding LLF also, there has been a bit of a dip in the margin.

Yes, 4 times it increased from Rs. 100 crores to Rs. 400 crores. To Rs. 400 crores, yes.

And as far as the EBITDA margins are concerned, I have the numbers with me. For Q3 of this financial year, we have achieved EBITDA margin of Rs. 601 crores, if you take other income

Page 10 of 16 also, which is 25.1%. And last Q3, last financial year, it was 24.2%. So, there has been an improvement of around 100 basis points and I do not know from where you are getting the numbers. There is an improvement of margin. Similarly, for the period ending this financial year, this December, we are having a margin of Rs. 1,785.8 crores, which is 25.2%. And last financial year, it was Rs. 1,753.7 crores, which is 25.4%. So, percent wise, it is exactly the same, whereas money wise, it has increased. So, in fact, we have improved our margins. You please correct your numbers.

Sir, from the analyst point of view, we do not take other income into the margin, but if we exclude the other income, our margin was 22.2%, whereas this time, it is 22%.

I will request you to discuss it separately. Sure. Okay. Thank you.

Thank you. The next question is from the line of Sumit Kishore from Axis Securities. Please go Thanks for the opportunity. Sir, we have been talking about bulk cement in tank containers for quite some time now. So, what is the total number of tank containers that we have presently and what do you expect by the end of the financial year? And if you were to utilize those tank containers reasonably well, what kind of volumes would you be able to handle in a quarter? That is my first question.

We have as of now 300 tank containers of our own ownership. Apart from that, one of our customer has also procured 200 tank containers, for which we have signed an agreement and he is using our services. So, if we add these two numbers, 500 tank containers are already there in our circuit of bulk cement by tank containers. Now, we are getting 100 containers around one rake every month. So, we expect that by the end of the financial year, one rake in February, one rake in March. 200 more containers we will get. And after that, every month, we will be getting 100 containers.

So, it depends on the actually lead like it depends, if the lead is between 700 kilometers to 1,000 kilometers from the origin point to the destination point, and turn around, we are now improving with every movement, because it is a new product, so in de-stuffing at some places, sometimes is being taken. We are in touch with our customers, we are improving that and we hope that a very good impact will be visible in Q1 of the next financial year.

What I am trying to if you quantify this, let us say you have four rakes also, and those rakes make, let us say for argument’s sake, 10 rakes I mean, we are still talking about what, 4x10x200 - 300 containers, so that would be how much as a percentage of your existing quarterly volumes in domestic. Is it going to make a meaningful difference when you are doing already something like 350,000 in TEU in a quarter in domestic?

Page 11 of 16 So, at this moment of time, I do not have the numbers with me. I will provide you later on.

Sure. Sir, my second question is, you mentioned in response to the first question that a net tonne kilometer would be the right parameter. Could you provide us some sense of what has been done in the nine-month FY 2026 period in net tonne kilometer terms in EXIM and domestic, and please provide this on a recurring basis so that we can analyze your company properly.

So, I have noted your request. We will definitely act on that.

The last question is that of the 15% and you have given guidance of 20% on three years for domestic. The first nine months is 13%. What is so extraordinary that is going to happen in the fourth quarter that you will get to 20% growth, which will imply a very high growth for the fourth quarter? And finally, on volumes on the 15% guidance for EXIM and 20% for domestic over the next three years. For EXIM in particular, how much is the dividend you are expecting because of DFC commissioning? If you were to segregate the benefit of DFC in that 15% figure, we will have to understand how much is going to be just DFC commissioning up to JNPT. Thank you.

See, as far as the first question is concerned, in the domestic we are going to, we are getting good loading now in all the factors like cement, is there, and tiles are there, and other merchandise is there. So, based on that, we are quite optimistic of achieving the target that we gave at the start of the financial year. Now as far as the EXIM, more than 15% growth is there. We have the numbers with us of what different parameters that I told you, but at this stage we cannot disclose those numbers to you.

Sure. Thank you and wish you all the best.

Thank you. The next question is from the line of Priyankar Biswas from JM Financial. Please go ahead.

Thanks, sir, for the opportunity. Sir, I would like to ask more about the long-term guidance. So, you said 10 million TEUs on handling this what we should expect in let us say FY 2029. Now, can we get a similar assessment like in that should we assume that the originating also grows at the same level or should we assume like the originating goes at a lower level like what is your underlying assumption for it?

The originating definitely will grow, then only we will get more handling volumes, originating with… No. Same levels or would it be somewhere lower or higher? Try to assess that. It will be on similar lines, of course.

Page 12 of 16 Okay. Similarly, like the leads, because as you rightly said NTKM should be the parameter we should watch out. So, in that what you are building, is there a lead improvement, because let us say we are connecting to JNPT and consequently the leads improve or are we saying this Rs. 150 billion revenue based on a leads which is similar to today’s level. So, trying to assess that as well.

See, definitely there will be improvement in lead. Because JNPT as I mentioned in my earlier answer is 1,500 kilometers from NCR to JNPT and EXIM, the average lead in this financial year till now has been 693 kilometers. So, if we get a lot of business of 1,500 kilometers, definitely it will have a positive impact on lead. So, lead will definitely improve.

So, can the lead be something like a 800 kilometers or something like based on like let us say the increase JNPT that is how let us say the mix improves. So, would it be a right assessment?

I will not be making any speculation at this moment. We will be present, so we can see what will be lead that we achieve. It will gradually increase.

And sir, if I can just squeeze one more question in. While you gave the movement of market shares in the key ports that is there, would you kindly share the rail coefficient in each of these ports and what it was, let us say, for the nine-month period last year? That will help.

Yes. I can tell you for three ports, JNPT, it is 15.57% in this FY; last year it was 15.7%. In Mundra port, last year it was 23.9%; this year, it is 24.5%. In Pipavav port, last year, it was 57.7%; this year, it is 57%, rail coefficient.

And would you be able to provide, since you give the market share movements, what it would be in absolute terms, like, let us say, JNPT, Mundra, and Pipavav? That is my last question.

JNPT last year it was 58%, market share of CONCOR; this year it is 60%. Mundra last year it was 38%; this year it is 36%. Pipavav last year it was 48%; this year it is 49%.

Thank you so much, sir. I wish you all the best.

Thank you. The next question is from the line of Mukesh Saraf from Avendus Spark. Please go Yes. Thank you for the opportunity. My first question is on the JNPT connectivity of DFC.

Currently, could you give us some sense on the opportunity size, say either in tonnage or in number of containers or the number of container equivalents, basically on the shipment that is happening by road, this light cargo that you mentioned between say the Northern Hinterland and JNPT, which eventually can shift to rail?

Page 13 of 16 See, that is a market intelligence information that I cannot share on this platform.

Just the opportunity size, I mean, the reason I am asking this question is there was an understanding that a lot of the cargo has already moved to the ports in Gujarat. And secondly, a lot of JNPT, what is catering to now is more Central India and maybe Andhra Pradesh that kind of a market. So, just trying to assess is there a large market from the Northern Hinterland into JNPT, which is moving by road? Because all these years this is what we have been understanding that that cargo has already shifted to other ports.

See, whatever you have mentioned is partially correct. It has shifted. It was it has shifted, but now, it can come back also if there is efficiency in movement. And shipping is a ever changing process. Suppose a ship calls at JNPT first and in three days it goes to Mundra. And in those three days, the cargo already comes to NCR. So, as a consignee, what will you prefer? What will be your preference? All right, understood.

Will not you prefer that before the ship goes to Mundra, my container comes to my factory? So, if those efficiencies are available, a lot of cargo can shift back to JNPT. I am telling you a situation, which can happen.

Sure. Got it. And also, we have Varnama as a large trans-shipment hub, where we are taking a lot of the double-stacking cargo as close as possible to JNPT. So in some form are not we already catering to that possible demand that will come up because of the DFC connectivity?

See Varnama, we started giving facility to double-stack to our NCR customers. But Varnama we cannot run assured transit time train. Assured transit time train, we can run only to JNPT because double-stacking and then changing it to single-stack. Assured transit, we cannot give to our customers, that we can give only if we have direct connectivity to JNPT.

Got it. And just lastly, because you had kind of outlined the CAPEX plan going up, would you be able to give some break-up of how much on rolling stock and how much on land for MMLPs?

Why do you want that? We do not give such information.

Just help us understand the gestation period, sir. I mean, if there is a lot of investment on land, probably the benefits of that would be slightly back ended. So, just want to understand that.

See, infrastructure projects are long gestation period projects. Suppose I created MMLP today, from tomorrow, I will start getting profits. So, it takes some time. Right.

Page 14 of 16 Normally, we share such information.

Got it. Thank you. Thanks a lot for this. I will get back.

Thank you. The next question is from the line of Sandesh Shetty from HSBC. Please go ahead.

Hello. Good afternoon, sir. Sir, my first question is on the growth guidance that you have given.

Can you outline like the key factors driving both EXIM and domestic? That would be first question.

See, Mr. Shetty, already I told in detail the growth drivers when I was mentioning the guidance. But for your benefit, I will repeat it. Thank you, sir.

For EXIM, growth driving factors will be the commissioning of Western DFC up to JNPT by March 2026. And assured transit time train services between JNPA and NCR that we will be running. Third is the double-stack trains to Jodhpur. We are bringing Jodhpur on double-stack map in this financial year only. Fourth is double-stack trains to the Ahmedabad area, where we are commissioning a terminal, which will be able to handle double-stack trains.

Next is the very good traffic we are hoping from our new terminals Jajpur, Kadakola and Mandalgarh, and Paradip also, which we have commissioned recently. We have got customs notification for a few of them, so we will get good EXIM business at these terminals. Then there is a very good potential for Nepal traffic that we will be getting that already we are getting a good business for Nepal from Visakhapatnam and some from Kolkata. So, we are going to start the facility at Raxaul very soon, and Biratnagar also. Customs has issued a notification, and we are going to generate good business for Nepal at all the three places.

Then I told that we are having a tie-up with all major shipping lines like MSC, Maersk, CMA, Hapag-Lloyd, etc. Then shipping sector, where already we have started our sending our containers to the Middle East and Far East also, very soon we are going to start. We will consolidate these two sectors, which are going to give us good business, good volumes and good profit also. These are the main factors which will drive the growth in EXIM.

As far as domestic is concerned, the primary will be the bulk cement and tank containers for which we have already signed an agreement with big players like UltraTech Cement, Adani Cement, My Home Cement and JK, apart from a few others. Then we have tied up with big corporate customers like Vedanta, Jindal, Tata and Gas Authority and Petronet we are going to sign agreements. So, these will be the additional growth drivers and normal business will continue.

So, all these factors will give a growth of more than 20% in domestic. I hope you are satisfied.

Page 15 of 16 Yes. Thank you, sir, for the detailed answer. And sir, my second and last question is, sir even though there is improvement in EBITDA margin, if we see the segmental margins, there has been a decline both in EXIM and domestic. Is it just attributed to depreciation or is there some other factor as well? That would be my last question. Thank you.

Yes. Actually, primary reason is depreciation only and one more thing is the land license fees that I mentioned in my opening remarks. In previous years, we had done some reversals and some adjustments and whatever land license fee we have shown this year is actual. Normally, you may be observing that we pay around Rs. 450 crores to the railways. So, up to Q3 already, we have paid Rs. 327 crores, which is in line with those calculations. Thank you, sir.

Thank you. The next question is from the line of Ankita Shah from Elara Capital. Please go Hi. Thank you for the opportunity. Sir, this is on the guidance, so if we assume a risk of DFC getting delayed further, then in that scenario how much the growth guidance of 15% growth on the EXIM side and similarly, on growth on the domestic side, how much would that get lower in case if there is further delay in DFC that could happen? That is the contingency risk that I was looking at.

See, actually, I have spoken to very senior officers of DFC myself now and they have assured me maybe before 31st March, maybe by February, they will be able to commission connection to JNPA. So, I have no reasons to disbelieve that it will be extended beyond 31st March. I am very, very confident and it will be a pleasant surprise to us also and to the trade also that DFC is commissioned before 31st March.

Okay. And the increase in CAPEX number that you have mentioned from Rs. 860 crores to Rs. 1,000 crores this is for FY 2026 or from FY 2027 onwards?

It is for FY 2026 that BOD has yesterday revised the by 23% increase they have approved. For FY 2027, I will be telling about CAPEX in my conference call at the end of Q4 results.

And what is this incremental amount for going towards?

This is primarily for containers and rolling stock.

Okay. And sir, we were also planning increase in terminals. I think 10 new terminals we were planning to add this year. So, are we on track for that?

Page 16 of 16 Yes, yes, we are on track. Already we have commissioned two terminals in this financial year and more terminals we are going to commission and they are in advanced stage. So, we are quite on track.

Okay. So this 10 will come over a period of time not in FY 2026 itself?

Yes, yes, they will come over a period of time not all in FY 2026. Okay. All right, sir.

Thank you. As there are no further questions from the participants, I now hand the conference over to the management for closing comments. Over to you, sir.

So, we are quite confident that we are going to be on a very high growth path from now onwards and we can see the results in a positive manner very soon. Thank you.

Thank you. On behalf of DAM Capital Advisors Limited, that concludes this conference. Thank you for joining us and you may now disconnect your line. Thank you.

Management 1141673000 Container Corporation of India Ltd. 3 Aakash Goyal 9830519144 Tara Capital 4 Aakash Kumar 9920804560 5 Aarti 9166911697 ICICI Bank 6 Abhishek Kumar 6569235178 Balyasny 7 Aditya Mondal 918481025006 8 Aditya Mongia 919833234463 Kotak Securities 9 Ajit Darda 9049224455 10 Akshata Thaker 917208211260 Asian Market Securities 11 Akshay Sharma 917303854285 Abakkus Asset Managers 12 Ali Khan 2406135002 Alpha Capital 13 Ali Khan 9226535120 Nexa 14 Alok D 61291549 15 Amit Khurana 2240969791 Dolat Capital 16 Anant Poddar 9727709469 Tripura Infra Developers 17 Anish Rankawat Rankawat 919820563345 UTI MF 18 Ankit Jain 912267800305 Mirae Asset 19 Ankita Shah 9820679464 Elara Capital 20 Anshul Agarwal 66121228 Emkay Global 21 Arshit S 9007036570 Axis Capital 22 Arun Kumar 15103907767 AlphaStreet 23 Aryan Mahadevan 9352609089 InVed 24 Ashish Shah 6566025000 Millennium Capital 25 Atul Kumar 9820034170 Salvation Captial 26 Bharat Parekh 912266505020 CLSA 27 Bharati C Sawant 919004192576 Dam Capital Advisors Ltd 28 Bharti Sawant 67800306 Mirae Asset 29 Bianca Sayon 17812306877 Aiera 30 Brijesh Gupta 9619309121 Tentancle Infoedge Solutions 31 David Andersson 19376321077 Andersson Family Office 32 David Yehuda 2245630325 S&P Global 33 Deepak Krishnan 917022619241 Kotak Securities 34 Deepak Kumar 7838341823 Fedelity 35 Disha 9324791509 Ashika Institutional Equities 36 Durgesh Shukla 8506882086 incred capital 37 Dushant Arrorra 69209663 Baroda bnp 38 Gorav Narayan 9820073819 Seltora 39 Guatam 9384112771 Vara Technology 40 Harish Grover 8076180580 41 Harsh Dole 9967581549 Optivus Technologies Private Limited 42 Harsh Jain 918240684867 SUD Life Insurance 43 Harsh Shah 9833504037 SRE PMS 44 Harshil Shah 8779640875 Philip Capital 45 Het Patel 919909374685 Elara Capital 46 Himani Negi 8287616135 District D 47 Hritik Daman 66323075 Bank Of America 48 Jaiwant Shah 61910261 SBI Life THANK YOU FOR BEING WITH US Participants List Total - 112 Participants including the Speakers.

Name Phone 49 Janhavi Jain 9969378247 Axia India 50 Jay Bhatia 919833231037 Joint Vision 51 Jayman Shah 918758759924 Equirus Securities Private Limited 52 Jegniesh M 9930122599 53 Jehangir Master 919869444648 NSFO 54 Jinay Bhansali 919372789943 55 Kapil Agarwal 9582939294 Daksh and Assosiates 56 Kartika 9166911697 ICICI 57 Kaushal Chandarama 9820385213 58 Kiran K 16465173334 Bloomberg 59 Koundinya 912242246159 Jefferies 60 Krupa Shankar 9884128127 61 Laxmi Narayan 9789951580 Ksema Wealth Pvt Ltd 62 Lekha Badlani 9820654602 MC Research 63 Lizian Maharana 8123210284 Tijori Finance 64 M S Arun 8655956230 Capital Market 65 Mani Kanthalia 66121389 MK Investment MAnagers 66 Manya Kakkar 919971734529 BoFA Sec 67 Mehul Sawla 2249790915 RW Equitiy 68 Mohit C 9034299517 Shubhlabh Research 69 Mukesh Saraf 9840016171 70 Neelotal Sahu 9355735975 JM Financial 71 Nilesh Rai 919819502023 blue sapphire 72 Paresh Dave 912266520067 ASK Hedge Solutions 73 Pranali Patil 912261047504 Iden Investment 74 Prithvi Ranga 8525020335 75 Priyankar Biswas 9731956565 JM Financial 76 Pulkit Patni 66169044 Goldman Sachs 77 Rachel Smith 17812306877 Aiera 78 Rahil Bohra 917738370836 SBI Pension Fund 79 Rahul Agarwal 2243422807 Bandan AMC 80 Rajashi Mehta 9820637133 InCred 81 Ratnakar 12032048517 Factset 82 Rishab Gathan 17856293739 Alphasense 83 Rohan Jain 9896593945 Nuvama Wealth 84 Rohit Mishra 18085949726 Max Solution 85 Rohit Ohri 9870448599 Progressive Share Brokers Pvt. Ltd. 86 Sandesh Shetty 8983386423 HSBC 87 Saunak Mayani 9833448425 88 Saurabh Kachhawa 918655707761 Indusind General Insurance 89 Sheena 85291631120 TRow Pribe 90 Sheena Barbosa 911205052490 91 Shivaji Mehta 9892729143 92 Shivam Agarwal 8877441119 93 Shrey Mehta 8369749502 Goldman Sachs 94 Shriram Rajaram 9699085560 Sampada Capital 95 Shruti Vasani 9820527639 96 Subrotho Sarkar 8697983934 Mount Infra Global Private Limited 97 Sumit Kishore 8169836189 Axis Securities 98 Sunil Ragu 69854003 Informist Media 99 Suriya Kiran 8618598567 EQ India Advisors 100 Tvisha 919820722403 Karma capital 101 Udit Dhekale 919766645997 bank of america 102 Urmil Dhiraj Shah 919819916595 Ageas Federal Life Insurance 103 Urmil Shah 912269317829 Anvil Research 104 Vaibhav Grag 9868164488 Vikas Portfolio Pvt Ltd 105 Vibhav 7738959037 J.P. Morgan 106 Vikram Suryavanshi 9867327414 Philip Capital 107 Vishnu Selvam 912266786760 UTI AMC 108 Vivek 66121306 MK Global 05-02-2026 Page 2

Name Phone 109 Vyom Chedda 9167333110 BT Group 110 Yash Jain 918291040927 Dam Capital Advisors Ltd 111 Yash Tanna 9920046969 iThought PMS 112 Yogesh Patil 66016073 LIC MF 05-02-2026 Page 3