Transshipment mix supports ATL margins, but tax limits profit conversion
Management linked improved profitability to JNPA transshipment volumes, while interest, depreciation and a 53.06% tax rate weighed below operating profit.
Filed 11 Aug 2026, 18:57 IST · after market close · ATL (ATL)
Key takeaways
- ATL's consolidated operating margin was 22.14%, with management attributing the improvement to a higher share of transshipment container volumes at JNPA.
- Interest of Rs 15.93 cr, depreciation of Rs 20.78 cr and a 53.06% tax rate sharply reduced the conversion of operating profit into net profit.
- Management said it targets 20% capacity growth to reach 1 million TEUs, alongside planned additions at JNPA, Mundra and Chennai.
Operating profit held up, but below-operating charges were heavy
ATL reported consolidated revenue of Rs 214.41 cr and operating profit of Rs 47.47 cr, translating into a 22.14% operating margin. Interest of Rs 15.93 cr and depreciation of Rs 20.78 cr reduced profit before tax to Rs 13.57 cr. Other income of Rs 2.81 cr was material against pre-tax profit, while the 53.06% tax rate further limited net profit to Rs 6.37 cr.
JNPA transshipment mix was the reported margin driver
Management said profitability improved because transshipment container volumes formed a larger share at JNPA. The company also said it intends to grow volumes while protecting profitability through pricing and operational discipline. With no year-on-year or sequential comparison in this release, the quarter's margin direction cannot be assessed across periods.
Capacity expansion remains central to the business plan
Management said it targets 20% capacity growth to reach 1 million TEUs and that construction of the Farukhnagar Private Freight Terminal remains on track for completion by March 2027. The company said tendering for the Speedy JNPT expansion is complete, adding 60,000 TEUs of annual handling capacity. It also identified planned capacity additions at JNPA, Mundra and Chennai.
Q1FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q1FY27 |
|---|---|
| Revenue | ₹214 cr |
| Other income | ₹3 cr |
| Expenses | ₹167 cr |
| Operating profit | ₹47 cr |
| Operating margin (%) | 22.14% |
| Interest | ₹16 cr |
| Depreciation | ₹21 cr |
| Profit before tax | ₹14 cr |
| Tax | ₹7 cr |
| Net profit | ₹6 cr |
| EPS (₹) | ₹0.24 |
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- Profitability improved due to a higher share of transshipment container volumes at JNPA.
Guidance & outlook
- The company targets 20% capacity growth in FY26 to reach 1 million TEUs.
- The company plans to grow volumes while protecting profitability through pricing and operational discipline.
Expansion
- Construction of the Farukhnagar Private Freight Terminal remains on track for completion by March 2027.
- Tendering for the Speedy JNPT expansion has been completed, adding 60,000 TEUs of annual handling capacity.
- The company plans strategic capacity additions in JNPA, Mundra and Chennai.
- The company states that 170,000 TEUs of capacity was initiated in August 2025.
What to watch
- Whether operating margin holds at 22.14% as the company adds capacity and volumes.
- Whether the tax rate moves below 53.06% in the next quarter.
- Progress on the 1 million TEU capacity target and the additional 60,000 TEUs at Speedy JNPT.