Gateway Distriparks (GATEWAY) Q1 26/27 earnings summary

Executive summary

• Market share in the ICD segment remains stable despite a year-over-year market decline due to the West Asia crisis, with expectations of double-digit growth once the situation stabilizes.

• Q1 FY27 total income was ₹553.7 cr, with EBITDA at ₹121.5 cr and a margin of 21.9%.

• PAT for Q1 FY27 stood at ₹51.3 cr, reflecting a margin of 9.3%.

• Snowman Logistics, now a consolidated subsidiary, contributed ₹177.1 cr in revenue and ₹29.3 cr in EBITDA.

• Key developments included land acquisition at Indore, new customs permissions at Ankleshwar, and sustainability initiatives.

Financial highlights

• Q1 FY27 total income was flat year-over-year and up 3% sequentially.

• EBITDA margin declined slightly to 21.9% from 22.2% YoY and 22.8% QoQ.

• PAT declined 18% YoY and 20% QoQ, mainly due to higher tax rates under the new regime.

• Reported tax rate increased to 25%-26%, but cash tax outgo remains stable at 17%-18% due to accumulated MAT credit.

• EPS for Q1 FY27 was ₹0.98.

Outlook and guidance

• Confident of achieving 10%-15% growth in the medium term, contingent on resolution of geopolitical uncertainties.

• Operations at MMLP Ankleshwar to commence September 2026.

• Indore ICD construction ongoing, with operations expected in 2028.

• Snowman Logistics expects 10%-15% top-line growth across all segments, with ongoing pallet additions and expansion in warehousing.