WCIL
Western Carriers (India) Limited
Multi-modal rail-focused 4PL asset-light logistics company
Services›Services›Transport Services›Logistics Solution Provider
western-carriers.com(opens the company website in a new tab)Key metrics
Price as of 2026-10-16
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
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What you need to know
WCIL (Western Carriers) runs multimodal logistics for industrial and consumer-goods customers in India, moving containers and cargo by rail, road and port with a leased-infrastructure, asset-light model.
Company snapshot
17thBy market cap
Ranked among 34 companies in Logistics Solution Provider.
What we see
- ✓Debt-to-equity of 0.25x — the company is largely funded by its own money, not borrowed funds.
- ✗Net margin is very thin at 2.1% — little room for error if costs rise.
Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 423 Cr | 431 Cr | 443 Cr | 429 Cr | 416 Cr | 440 Cr | 478 Cr | 496 Cr | 465 Cr |
| Operating expenses (approx.) | 387 Cr | 395 Cr | 420 Cr | 404 Cr | 395 Cr | 421 Cr | 454 Cr | 474 Cr | 446 Cr |
| EBITDA | 35 Cr | 36 Cr | 23 Cr | 25 Cr | 21 Cr | 19 Cr | 24 Cr | 21 Cr | 19 Cr |
| OPM % | 8.4% | 8.4% | 5.3% | 5.8% | 5.0% | 4.3% | 5.0% | 4.3% | 4.0% |
| Other income | 1 Cr | 2 Cr | 5 Cr | 5 Cr | 4 Cr | 4 Cr | 3 Cr | 3 Cr | 4 Cr |
| Interest | 6 Cr | 7 Cr | 5 Cr | 4 Cr | 5 Cr | 5 Cr | 4 Cr | 5 Cr | 4 Cr |
| Depreciation | 5 Cr | 6 Cr | 6 Cr | 7 Cr | 6 Cr | 6 Cr | 8 Cr | 8 Cr | 7 Cr |
| Profit before tax | 26 Cr | 26 Cr | 18 Cr | 19 Cr | 15 Cr | 12 Cr | 15 Cr | 11 Cr | 12 Cr |
| Tax % | 26.0% | 25.8% | 25.9% | 25.8% | 26.6% | 26.4% | 26.1% | 26.6% | 26.8% |
| Net profit | 19 Cr | 19 Cr | 13 Cr | 14 Cr | 11 Cr | 9 Cr | 11 Cr | 8 Cr | 9 Cr |
| EPS (₹) | ₹2.40 | ₹2.33 | ₹1.11 | ₹1.32 | ₹1.06 | ₹0.88 | ₹1.06 | ₹0.81 | ₹0.85 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|
| Sales | 1,471 Cr | 1,633 Cr | 1,686 Cr | 1,726 Cr | 1,829 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 1,367 Cr | 1,511 Cr | 1,540 Cr | 1,606 Cr | 1,744 Cr | Sign in free for the trailing twelve months |
| EBITDA | 104 Cr | 122 Cr | 146 Cr | 120 Cr | 85 Cr | Sign in free for the trailing twelve months |
| OPM % | 7.1% | 7.4% | 8.7% | 6.9% | 4.6% | Sign in free for the trailing twelve months |
| Other income | 5 Cr | 5 Cr | 6 Cr | 13 Cr | 15 Cr | Sign in free for the trailing twelve months |
| Interest | 14 Cr | 15 Cr | 22 Cr | 22 Cr | 18 Cr | Sign in free for the trailing twelve months |
| Depreciation | 12 Cr | 15 Cr | 21 Cr | 24 Cr | 28 Cr | Sign in free for the trailing twelve months |
| Profit before tax | 83 Cr | 96 Cr | 108 Cr | 88 Cr | 53 Cr | Sign in free for the trailing twelve months |
| Tax % | 26.7% | 25.5% | 25.9% | 25.8% | 26.4% | Sign in free for the trailing twelve months |
| Net profit | 61 Cr | 72 Cr | 80 Cr | 65 Cr | 39 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹7.77 | ₹9.09 | ₹10.21 | ₹7.16 | ₹3.81 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | 0.0% | 0.0% | Sign in free for the trailing twelve months |
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Equity capital | 39 Cr | 39 Cr | 39 Cr | 51 Cr | 51 Cr |
| Reserves | 218 Cr | 279 Cr | 359 Cr | 777 Cr | 816 Cr |
| Borrowings | 150 Cr | 210 Cr | 266 Cr | 172 Cr | 217 Cr |
| Other liabilities | 82 Cr | 75 Cr | 90 Cr | 103 Cr | 121 Cr |
| Total liabilities | 490 Cr | 604 Cr | 754 Cr | 1,104 Cr | 1,205 Cr |
| Fixed assets (net) | 36 Cr | 55 Cr | 71 Cr | 119 Cr | 167 Cr |
| CWIP | 9 Cr | 17 Cr | — | 15 Cr | 31 Cr |
| Investments | 4 Cr | 4 Cr | 3 Cr | 3 Cr | 3 Cr |
| Loans & advances | — | — | — | 25 Cr | 29 Cr |
| Trade receivables | 311 Cr | 390 Cr | 525 Cr | 620 Cr | 695 Cr |
| Cash & bank | 3 Cr | 1 Cr | 2 Cr | 5 Cr | 9 Cr |
| Other assets | 127 Cr | 137 Cr | 152 Cr | 316 Cr | 271 Cr |
| Total assets | 490 Cr | 604 Cr | 754 Cr | 1,104 Cr | 1,205 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Cash from operating activity | 5 Cr | 2 Cr | 0.73 Cr | -3 Cr | -22 Cr |
| Cash from investing | -3 Cr | -36 Cr | -40 Cr | -241 Cr | 2 Cr |
| Cash from financing | -3 Cr | 33 Cr | 40 Cr | 247 Cr | 25 Cr |
| Net cash flow | -0.89 Cr | -1 Cr | 0.43 Cr | 3 Cr | 4 Cr |
| Free cash flow (OCF − Capex) | -10 Cr | -40 Cr | -35 Cr | -90 Cr | -102 Cr |
Ratios
| Metric | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| ROCE % | 23.8% | 21.0% | 19.7% | 10.9% | 6.6% |
| ROE % | 23.7% | 22.5% | 20.2% | 7.9% | 4.5% |
| Debtor days | 77 | 87 | 114 | 131 | 138 |
| Inventory days | — | — | — | 0 | 0 |
| Days payable | 16 | 12 | 15 | 17 | 16 |
| Cash conversion cycle | 61 | 75 | 99 | 114 | 122 |
| OCF / EBITDA % | 5.0% | 1.5% | 0.5% | -2.2% | -25.6% |
| OCF / EBITDA % (3 years) | — | — | 2.1% | -0.0% | -6.8% |
| Debt / equity | 0.58 | 0.66 | 0.67 | 0.21 | 0.25 |
| Current ratio | 1.79 | 1.91 | 1.91 | 3.60 | 2.60 |
| Net debt / EBITDA | 1.42 | 1.72 | 1.81 | 1.39 | 2.45 |